Section 310.76 - Required purchases of insurance(a) Disclosures.--If a financial institution requires a person to obtain insurance in connection with a loan and the insurance is available through the financial institution, a licensee employed by or affiliated with the financial institution shall inform the person at or prior to the time of application that the purchase of the insurance from the financial institution is not a condition of the loan and will not affect current or future credit decisions. The licensee may inform the person that insurance is available from the financial institution.(b) Acknowledgment.--If the person purchases the insurance through the financial institution, the licensee shall obtain a written statement or acknowledgment from the person prior to the purchase of the insurance stating that the person has been advised that the purchase of the insurance from the financial institution is not a condition of receiving the loan and will not affect current or future credit decisions.(c) Regulations.--The commissioner may promulgate regulations providing for alternative methods of achieving the disclosures and acknowledgment required by this section for situations which do not involve direct contact with the customer at the time of solicitation or application.1921, May 17, P.L. 789, art. VI-A, § 676-A, added 2002, Dec. 6, P.L. 1183, No. 147, § 2, effective in 180 days.