Unlawful advertising practices and solicitation of business

(1) No licensee shall engage in advertising which is likely to mislead the public concerning– (a) the relation of the licensee to the Central Bank or any department or officer thereof; (b) the interest rate paid on deposits, securities or other similar instruments or charged on credit; (c) the effective annual percentage rate charged on loans and other extensions of credit; 201 (d) the insured or guaranteed status of deposits or other liabilities of the licensee; or (e) the financial condition of the licensee. (2) A licensee shall not advertise or solicit business, directly or indirectly, for a foreign bank or foreign financial institution. (3) Any person who contravenes sub-section (1) or (2) commits an offence and is liable on summary conviction to a fine not exceeding fifty thousand dollars for each contravention. CAP. 266. CAP. 262.