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Can you summarize 02-031 MECM Ch. 880?
Bureau of Insurance > Sale of Insurance Products by Financial Institutions and Supervised Lenders (Ch. 880 is a Joint Rule with 02-029 Ch.139 and 02-030 Ch.400)
Short Summary
This joint rule, issued by the Department of Professional and Financial Regulation, Bureau of Banking, Office of Consumer Credit Regulation, and Bureau of Insurance, governs the sale of insurance products by financial institutions and supervised lenders in Maine. The rule was enacted to address issues regarding sales of insurance products by these entities and to provide adequate consumer protections. It establishes requirements and procedures related to signage, physical location, and identification of insurance agencies, producers, and consultants. 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.
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