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Can you summarize 02-030 MECM Ch. 400?
Bureau of Consumer Credit Protection > Sale of Insurance Products by Financial Institutions and Supervised Lenders (Ch. 400 is a Joint Rule with 02-029, Ch.139 and 02-031, Ch.880)
Short Summary
This rule, jointly enacted by the Superintendent of Insurance, the Superintendent of Banking, and the Director of Consumer Credit Regulation, addresses the sale of insurance products by financial institutions and supervised lenders in Maine. The rule establishes requirements regarding signage, physical location, and the identification of affiliated insurance agencies, producers, and consultants. Its purpose is to minimize customer confusion and provide adequate consumer protections. The rule applies to financial institutions, financial institution holding companies, credit unions, supervised lenders, and their affiliates. However, it does not apply to exempt transactions or transactions not subject to specific provisions of the Maine Consumer Credit Code. The rule does not specify penalties for non-compliance. The effective date of this rule is November 26, 1997.
Whom does it apply to?
Financial institutions, financial institution holding companies, credit unions, supervised lenders, and their affiliates
What does it govern?
Sale of Insurance Products by Financial Institutions and Supervised Lenders
What are exemptions?
Transactions in which an institution or its affiliate is exempt from licensure as an insurance agency, producer, or consultant pursuant to 24-A 1443-A(2), or transactions which are not subject to the provisions of Article 4, Part 4 of the Maine Consumer Credit Code (9-A M.R.S.A. 4-401 et seq.) or 9-B M.R.S.A. 448.
What are the Penalties?
Not specified.
Jurisdiction
Maine