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Indiana Code Title 28. Financial Institutions § 28-7-1-9.1

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 9.1.  (a) A credit union or a related credit union service organization (as defined in section 0.5(7) of this chapter) that acts as an insurance producer for the sale of a life insurance policy or an annuity contract issued by a life insurance company (as defined in IC 27-1-2-3):

(1) is subject to the requirements of IC 27;  and

(2) must comply with the disclosure requirements of IC 27-1-38.

(b) A credit union or credit union service organization may not condition:

(1) an extension of credit;

(2) a lease or sale of real or personal property;

(3) the performance of a service;  or

(4) the amount charged for:

(A) extending credit;

(B) leasing or selling real or personal property;  or

(C) performing services;

upon a person's purchase of a life insurance policy or an annuity contract from the credit union or related credit union service organization.

(c) This section does not prohibit a credit union or a credit union service organization from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the credit union or credit union service organization.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-7-1-9.1 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-7-1-9-1/

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