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SUPERINTENDENT’S NOTICE

TO INTERESTED PARTIES

Chapter 109 (Regulation #9) entitled Advertising by Financial Institutions, Credit Unions, Bank Holding Companies and Service Corporations was last amended in 1986.  This regulation repeals and replaces the existing rule.  Since 1986, a number of state and federal laws and rules governing distribution of nondeposit investment products have been promulgated.  In addition, disclosure and advertising requirements for credit-related products have also been strengthened.  Therefore, this regulation narrows the focus of the Bureau advertising guidelines to deposit products and services.  It also adopts advertising guidelines for consumer deposit accounts similar to the rules issued under federal law.  It is a routine technical rule as defined in Title 5, chapter 375, subchapter II‑A.

Notice of this proposed Rule is being published by the Secretary of State.  Interested parties may submit written comments or requests for a hearing to the Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333-0036 by February 11, 2006.  Electronic comments or requests for a hearing may be submitted by accessing the Internet Home Page of the Bureau of Financial Institutions at http://www.maine.gov/financialinstitutions .

A copy of the proposed rule is attached.

Lloyd P. LaFountain III

Superintendent of Financial Institutions

Gardiner, Maine

January 11, 2006

 

Last Updated: June 5, 2013