Indiana § 28-7-1-9.1 Sale of life insurance policy or annuity contract; prohibitions

Indiana Statutes

§ 28-7-1-9.1 — Sale of life insurance policy or annuity contract; prohibitions

Indiana § 28-7-1-9.1

Art. 7SPECIALIZED FINANCIAL INSTITUTIONS

Ch. 1Credit Unions

This text of Indiana § 28-7-1-9.1 (Sale of life insurance policy or annuity contract; prohibitions) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-7-1-9.1 (2026).

Text

1.

(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:

(A)extending credit;

(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

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1. (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:
(A) extending credit;
(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.

Legislative History

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.