§ 28-5-1-19 — Exclusion from banking business; false advertising; desist orders

A company may not engage in the banking or
trust business, operate a savings bank, commercial bank or trust
company, advertise or hold itself out to the public as a bank, savings
bank or trust company, or use the word "bank" in connection with its
name or business in any of its advertising or literature. A company may
not accept deposits or "savings accounts" or advertise or hold itself out
to the public as accepting deposits of money or "savings accounts",
unless the company maintains federal deposit insurance, as authorized
by section 6(a)(16) of this chapter. A company may not advertise, print,
display, publish, distribute, or broadcast or cause or permit to be
advertised, printed, displayed, published, distributed, or broadcast, in
any manner whatsoever, any statement or representation with regard to
the rates, terms, or conditions for the lending of money, credit, goods,
or things in action which is false, misleading, or calculated to deceive.
If any company refers in any advertising matter to the rate of charge
upon loans to be made by it, the department may require such company
to state such rate of charge fully and clearly in such manner as it may
deem necessary to prevent misunderstanding thereof by prospective
borrowers. The department may order any company to desist from any
conduct which it shall find to be a violation of this section.
Formerly: Acts 1935, c.181, s.19. As amended by P.L.269-1983,
SEC.4; P.L.90-2008, SEC.37.