C.M.R. 02, 029, ch. 109 - ADVERTISING BY FINANCIAL INSTITUTIONS, FINANCIAL INSTITUTION HOLDING COMPANIES AND SUBSIDIARIES OR SERVICE CORPORATIONS (Reg. 9)
- § 029-109-I - AUTHORITY
- § 029-109-II - Purpose
- § 029-109-III - Definitions
- § 029-109-IV - General Provisions
- § 029-109-V - Use of the Words "Free," "Fees Waived" or "Profit"
SUMMARY: In 1986, the Bureau of Financial
Institutions (t/k/a the Bureau of Banking) revised Regulation #9 to reflect
changes resulting from deregulation and competition within the industry. At
that time, changes in both State and federal law broadened the scope of
products and services that could be provided by the regulated industry to
include nondeposit investment products such as insurance and securities. Since
1986, a number of State and federal laws governing distribution of nondeposit
investment products or services have been promulgated.
The current iteration of Regulation #9 includes restrictions on advertising of commercial deposits and related services not found in federal law. The Bureau of Financial Institutions proposes to repeal and replace Regulation #9, narrowing its application to the advertising of deposit accounts and related services consistent with federal law, while retaining relevant guidelines for all types of deposit accounts. Guidance for advertising of consumer deposit accounts is similar to rules issued under federal law. Advertising of any product or service by regulated industry will continue to be generally subject to regulation pursuant 9-B M.R.S.A. §§231, 241 and 242.
Notes
May 26, 1986
NON-SUBSTANTIVE CORRECTION:
January 14, 2000 - duplicate phrase removed from Section V(A)
REPEALED AND REPLACED:
March 5, 2006, filing 2006-92
STATUTORY AUTHORITY: Title 9-B M.R.S.A. §§215 , 241 and 242
E.g., Bureau of Financial Institution's Regulation #29, "Financial Institutions and Broker-Dealers Engaging in Third Party Brokerage Arrangements&" (effective 1/18/2003); Bureau of Financial Institution's Regulation #30, " Distribution of Annuities Through Financial Institutions&" (1/1/1995); Bureau of Financial Institution's Regulation #39, "Sale of Insurance Products by Financial Institutions and Supervised Lenders&" (11/26/1997); "Federal Financial Institutions Examination Council Interagency Statement on Retail Sales of Nondeposit Investment Products&" (2/15/1994) and "Federal Financial Institutions Examination Council Interagency Guidance on Electronic Financial Services and Consumer Compliance&" (7/15/98).
Federal Reserve Regulation Z - Truth-in-Lending ( 12 C.F.R. Part 226 ).
Federal Reserve Regulation DD - Truth-in-Savings ( 12 C.F.R. Part 230 ) and National Credit Union Regulation ( 12 C.F.R. Part 707 ).
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