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§ 5-807. Misleading or deceptive advertisements

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 8. Prohibited Activities; Penalties (Refs & Annos)
MD Code, Financial Institutions, § 5-807
§ 5-807. Misleading or deceptive advertisements
Currentness
In general
(a) A banking institution may not:
(1) Issue an advertisement or make a representation that is false, misleading, or deceptive;
(2) Impose as a condition for a loan any restriction on obtaining credit, property, or service from a competitor unless the restriction is reasonably necessary to secure the loan;
(3) Impose as a condition for a service any restriction on obtaining credit, property, or service from a competitor; or
(4) Engage in an act or practice that is anticompetitive, unfair, deceptive, or injurious to public interest.
Specific acts or practices injurious to the public interest
(b) The Commissioner may further define specific acts or practices that are anticompetitive, unfair, deceptive, or injurious to the public interest.
Fines and penalties
(c) A banking institution and any director, officer, trustee, manager, agent, or employee of a banking institution who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both.

Credits

Added by Acts 1981, c. 754, § 1, eff. July 1, 1981. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 5-807, MD FIN INST § 5-807
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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