Section 28-7-1-9.1 - Sale of life insurance policy or annuity contract; prohibitions(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: (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.As added by P.L. 188-1997, SEC.11. Amended by P.L. 63-2001, SEC.16, P.L. 81-2001, SEC.5 and P.L. 134-2001, SEC.18; P.L. 130-2002, SEC.8; P.L. 178-2003, SEC.93.