Sec. 8. (a) A depository institution or the affiliate of a depository institution that:
(1) lends money or extends credit; and
(2) solicits insurance primarily for personal, family, or household purposes;
shall disclose in writing to a customer that the insurance related to the loan or credit extension may be purchased from an insurer or insurance producer chosen by the customer, subject only to the ability of the depository institution or affiliate to reasonably reject an insurer or insurance producer as described in section 7(4) of this chapter.
(b) A disclosure under subsection (a) must inform the customer that the customer's choice of insurer or insurance producer does not affect:
(1) the decision of the depository institution or the affiliate of a depository institution regarding the loan or credit extension; or
(2) the terms of the loan or credit extension;
except that the depository institution or the affiliate of a depository institution may impose reasonable requirements concerning the creditworthiness of the insurer and the scope of insurance coverage chosen, as described in section 7(4) of this chapter.
As added by P.L.130-2002, SEC.2.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 38. Regulation of Depository Institutions
27-1-38-1. "Affiliate" Defined
27-1-38-3. "Depository Institution" Defined
27-1-38-4. "Insurance Producer" Defined
27-1-38-6. Application of Chapter
27-1-38-8. Required Disclosure Concerning Insurance Related to a Loan or a Credit Extension
27-1-38-9. Required Disclosures Before Sale of Insurance
27-1-38-10. Acknowledgment of Receipt of Required Disclosure
27-1-38-11. Requirements for Electronic Disclosure
27-1-38-12. Commissioner Examination and Investigation