Section 5-807 - Anticompetitive, unfair, or deceptive practices.
§ 5-807. Anticompetitive, unfair, or deceptive practices.
(a) False, misleading, or deceptive advertisements or representations; imposition of certain conditions.- 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.
(b) Rules, regulations, and standards.- The Commissioner may further define specific acts or practices that are anticompetitive, unfair, deceptive, or injurious to the public interest.
(c) Penalties.- 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.
[1981, ch. 754; 1996, ch. 326, § 2.]