(a) If insurance is required as a condition of obtaining a loan, the credit and insurance transactions shall be completed independently and through separate documents.
(b) A loan for premiums on required insurance shall not be included in the primary credit without the written consent of the customer.
(c) No title insurance shall be issued until the title insurance company has obtained a title opinion of an attorney licensed to practice law in West Virginia, which attorney is not an employee, agent, or owner of the insured bank or its affiliates. Said attorney shall have conducted or cause to have conducted under the attorney's direct supervision a reasonable examination of the title. In no event shall the authority of a state-chartered bank to sell title insurance exceed the authority of a nationally chartered bank to do so.
Structure West Virginia Code
Article 11A. Insurance Sales Consumer Protection Act
§33-11A-4. Authorization to Implement Regulations
§33-11A-5. Licensure Requirement for Insurance Sales
§33-11A-6. Insurance Sales Separate From Loan Transaction
§33-11A-7. Referrals by Unlicensed Persons Allowed
§33-11A-8. Tying of Products Prohibited
§33-11A-10. Timing of Insurance Solicitation
§33-11A-11. Insurance in Connection With a Loan
§33-11A-12. Prohibition of Discrimination Against Agents or Brokers
§33-11A-13. Confidentiality of Insurance Information Obtained by Financial Institutions
§33-11A-14. Physical Location of Insurance Sales