N.M. Code R. § 12.15.1.13

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.15.1.13 - DISCLOSURES

A lending institution/affiliate or any third-party provider that sells or arranges for the sale of annuities on the premises of a lending institution shall:

A. conspicuously post a notice that is clearly visible to anyone who may purchase annuities that annuities are not deposit accounts insured by a federal deposit insuring agency;

B. orally inform a prospective purchaser of annuities that annuities are not deposit accounts insured by a federal deposit insuring agency;

C. provide a written disclosure to the customer containing the following statements before a sale of annuities is completed:

(1) annuities are not lending institution deposits and are not insured by its federal deposit insuring agency (FDIC, NCUA);

(2) annuities are not obligations of, or guaranteed by, the lending institution; and

(3) annuities may involve investment risks, including possible loss of principal.

D. require before a sale of annuities is completed that the annuity agent obtain a written statement signed by the purchaser of the annuity stating that the purchaser has received the oral and written notices required by this section.

N.M. Code R. § 12.15.1.13

12/15/95; Recompiled 10/15/01