6-116. Sale of securities; disclosure
A. A financial institution doing business in this state or any other person shall
not sell or offer to sell equity securities or debt instruments to the public in a
financial institution's retail office where deposits are accepted without the prior
written approval of the superintendent.
B. A financial institution or any other person that receives written approval as
prescribed by subsection A and that sells or offers to sell equity securities or debt
instruments of the financial institution or the holding company of a financial
institution shall disclose to the purchaser prior to any sale that the equity security or
debt instrument is not a federally insured deposit and shall provide to the purchaser a
disclosure form that is approved by the superintendent. The superintendent may by rule
prescribe requirements for the disclosure form.
C. A financial institution's or a holding company of the financial institution's
application for approval of the disclosure form required by subsection B shall include
information describing the policies and procedures that the financial institution or any
other person authorized to offer or sell the securities has adopted to ensure that it is
marketing the securities with appropriate disclosures regarding the nature of the
investment.
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