Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 109 - ADVERTISING BY FINANCIAL INSTITUTIONS, FINANCIAL INSTITUTION HOLDING COMPANIES AND SUBSIDIARIES OR SERVICE CORPORATIONS (Reg. 9)


Current through 2024-38, September 18, 2024

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.1 Disclosure and advertising requirements for credit-related products also have been strengthened.2 Finally, federal rules implementing the Truth in Savings Act have been promulgated. 3

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.

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 ).

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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