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)
Section 029-109-IV - General Provisions

Universal Citation: 02 ME Code Rules ยง 029-109-IV

Current through 2024-38, September 18, 2024

Advertising of deposit accounts by a regulated institution may not be inaccurate or misleading. Inaccurate or misleading advertising, includes but is not limited to, making any statement or claim which cannot be substantiated, which misrepresents the terms or conditions of the deposit accounts offered or which has a tendency or capacity to deceive.

A. All claims of a comparative nature, including claims of certain dollar amounts saved, must be capable of substantiation and must be verified by the regulated institution prior to the appearance of the advertising and must be substantiated upon request.

B. Advertising offering a "bonus" or "premium" must conspicuously state the terms under which the bonus or premium may be collected. Should the bonus or premium represent a prepayment of interest, that fact shall be conspicuously stated in the advertisement.

C. Advertising for consumer deposit accounts must also meet the requirements of Section V of this regulation.

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