§ 27-1-38-10 — Acknowledgment of receipt of required disclosure

(a) A depository institution that solicits,
sells, advertises, or offers insurance, a depository institution's affiliate
that solicits, sells, advertises, or offers insurance, or a person that sells,
solicits, advertises, or offers insurance on behalf of a depository
institution shall obtain from a customer to whom a disclosure is made
under section 9 of this chapter a written acknowledgment of receipt of
the disclosure:
(1) when the customer receives the disclosure; or
(2) at the time of the initial purchase of the insurance.
(b) If a solicitation for insurance is conducted by telephone, the
depository institution, the affiliate of a depository institution, or the
person that sells, solicits, advertises, or offers insurance on behalf of a
depository institution shall:
(1) obtain an oral acknowledgment of receipt of the disclosure;
(2) maintain documentation to show that the acknowledgment was
given by the customer; and
(3) make reasonable efforts to obtain a written acknowledgment
from the customer.

Legislative History

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