CHAPTER 238
SB 164 - FINAL VERSION
03/06/03 0362s
29may03... 1319h
06/24/03 2041eba
2003 SESSION
06/09
SENATE BILL 164
AN ACT relative to the unauthorized and deceptive use of a financial institution's name.
This bill:
I. Prohibits the unauthorized and deceptive use of a financial institution's name or trademark.
II. Grants the bank commissioner authority to issue a cease and desist order against any individual or business entity using a financial institution's name in an unauthorized and deceptive manner.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/06/03 0362s
29may03... 1319h
06/24/03 2041eba
03-1131
06/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to the unauthorized and deceptive use of a financial institution's name.
Be it Enacted by the Senate and House of Representatives in General Court convened:
238:1 New Paragraph; Cease and Desist Order; Unauthorized and Deceptive Use of a Financial Institution's Name. Amend RSA 384:12-a by inserting after paragraph III the following new paragraph:
IV. If, in the opinion of the commissioner, an individual or business entity is engaging in or has engaged in the unauthorized and deceptive use of the name or trademark of any bank, as defined in RSA 384-B:1, I, national bank, federally chartered savings bank or association, federally or state chartered credit union, any mortgage lender as defined in RSA 397-A and 397-B, or any affiliate or subsidiary thereof, in violation of RSA 384:67, the commissioner may issue and serve an order upon the individual or business entity requiring the individual or business entity to cease and desist from such unauthorized and deceptive use.
238:2 New Subdivision; Unauthorized and Deceptive Use of the Name of a Financial Institution. Amend RSA 384 by inserting after section 66 the following new subdivision:
Unauthorized and Deceptive Use of the Name of a Financial Institution
384:67 Unauthorized and Deceptive Use. No individual or business entity shall use in an unauthorized and deceptive manner the name or trademark of any bank, as defined in RSA 384-B:1, I, national bank, federally chartered savings bank or association, federally or state chartered credit union, any mortgage lender as defined in RSA 397-A and 397-B, or any affiliate or subsidiary thereof, or any other financial institution as defined in the Gramm-Leach-Bliley Act (PL 102-106) in any written or oral advertisement or solicitation. Prior written consent of the financial institution shall constitute authorization and shall be an affirmative defense to any violation of this paragraph.
384:68 Cease and Desist Order. The bank commissioner may issue a cease and desist order, as provided in RSA 384:12-a, IV, against any individual or business entity which uses in an unauthorized and deceptive manner the name or trademark of any bank, as defined in RSA 384-B:1, I, national bank, federally chartered savings bank or association, federally or state chartered credit union, any mortgage lender as defined in RSA 397-A and 397-B, or any affiliate or subsidiary thereof, in violation of RSA 384:67. The insurance commissioner may issue a cease and desist order, as provided in RSA 400-A:14, against any individual or business entity which uses in an unauthorized and deceptive manner the name or trademark of any financial institution subject to the jurisdiction of the insurance commissioner in violation of RSA 384:67.
238:3 Effective Date. This act shall take effect January 1, 2004.
(Approved: July 7, 2003)
(Effective Date: January 1, 2004)