Ind. Code § 27-1-38-8

Current through P.L. 171-2024

Section 27-1-38-8 - Required disclosure concerning insurance related to a loan or a credit extension

(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.

IC 27-1-38-8

As added by P.L. 130-2002, SEC.2.