§ 27-58-6. Anti-tying provisions.
(a) No financial institution may offer a banking product or service, or fix or vary the conditions of this offer, on a condition or requirement that the customer obtains insurance from the financial institution, or any particular insurance producer.
(b) No person shall require or imply that the purchase of an insurance product from a financial institution by a customer or prospective customer of the institution is required as a condition of, or is in any way related to, the lending of money or extension of credit, the establishment or maintenance of a trust account, the establishment or maintenance of a checking or savings account or other deposit account, or the provision of services related to any of these activities.
History of Section.P.L. 1996, ch. 325, § 1.
Structure Rhode Island General Laws
Chapter 27-58 - The Banking and Insurance Consumer Protection Act
Section 27-58-1. - Short title.
Section 27-58-3. - Definitions.
Section 27-58-4. - Authorization for implementing regulations.
Section 27-58-5. - Licensure requirement.
Section 27-58-6. - Anti-tying provisions.
Section 27-58-7. - Disclosures.
Section 27-58-8. - Sales force.
Section 27-58-9. - No discrimination against non-affiliated agents.
Section 27-58-10. - Confidential customer information.
Section 27-58-11. - Insurance in connection with a loan.
Section 27-58-12. - Physical location of insurance activities.