§ 19-4-17.1 - Use of regulated financial institutions without permission prohibited.
SECTION 19-4-17.1
§ 19-4-17.1 Use of regulated financialinstitutions without permission prohibited. – Notwithstanding any general or special law to the contrary, a person, domesticor foreign corporation, partnership, association, limited liability company orsimilar entity shall not use the name, trade name or trademark of any coveredinstitution in any written or oral advertisement or solicitation for productsor services, without the express written consent of the covered institution.For the purposes of this section, the word "covered institution" shall mean aregulated institution as defined in § 19-1-1 or a lender or loan brokerlicensed under chapter 14 of title 19 or any subsidiary of any institution,lender or broker; and the words "advertisement" or "solicitation" shall mean anemail, direct mail solicitation, or oral solicitation to a specificallyidentified consumer or which contains specific information on the account orloan of a specifically identified consumer.
A person, domestic or foreign corporation, partnership,association, limited liability company or similar entity shall not makereference to a covered institution without the express written consent of thecovered institution or make reference to a loan number, or other specific loaninformation, on the outside of an envelope, visible through the envelopewindow, or on a postcard in connection with any written solicitation or anemail for products or services to a specifically identified consumer.
A person, domestic or foreign corporation, partnership,association, limited liability company, or similar entity shall not include aloan number, or other specific loan information, other than the loan amount,relative to a specifically identified consumer that is publicly available in awritten or oral solicitation for the purchase of products or services unlessthe solicitation clearly and conspicuously states in bold-face type on thefront page of the correspondence that the person, domestic or foreigncorporation, partnership, association, limited liability company or similarentity is not sponsored by or affiliated with and that the solicitation is notauthorized by the covered institution. The statement shall include the name,address and the telephone number of the person making the solicitation and thatany loan information referenced was not provided by the covered institution.The statements required in this paragraph shall also be given at the time ofany oral solicitation to a specifically identified consumer.
A person, domestic or foreign corporation, partnership,association, limited liability company, association or similar entity, which isconsidered to have violated this section, shall be considered to have engagedin an unfair and deceptive practice.
A covered institution that has had its name, trade name, ortrademark used in violation of this section may in addition to any other remedyprovided by law, bring an action in the superior court in which venue thecovered institution has an office to enjoin an act in violation of this sectionand recover damages. The court shall award damages in the amount of actualdamages or ten thousand dollars ($10,000) per violation whichever is greater.In any successful action for injunctive relief or for damages, the court shallaward the covered institution, attorney's fees and costs, including court costs.
This chapter shall not apply to, nor shall any action bebrought against, the use of a name, trade name or trademark of any coveredinstitution where such use would constitute fair use under federal law.