§ 10-2-606 — Discrimination against affiliated agents

(1) No financial
institution shall:

(a) Require, as a condition of providing or renewing a contract for providing a
product or service to any customer, that the customer purchase, finance, or
negotiate any policy or contract of insurance through any particular person;

(b) In connection with a loan or extension of credit that requires a borrower
to obtain insurance, reject an insurance policy solely because such policy has been
issued or underwritten by any person who is not associated with such institution;

(c) Impose any requirement on any insurance producer who is not associated
with the financial institution that is not imposed on any insurance producer who is
associated with such institution; or

(d) Unless otherwise authorized by applicable federal or state law, require
any debtor, insurer, or producer to pay a separate charge in connection with the
handling of insurance that is required under a contract.

Legislative History

Source: L. 97: Entire section added, p. 430, � 4, effective April 24. L. 2001: (1)(c) and (1)(d) amended, p. 1209, � 28, effective January 1, 2002.