§ 27-58-7. Disclosures.
(a) A financial institution shall prominently disclose in writing, in clear and concise
language, to the institution's customers, including in any advertisement or promotional
material, pursuant to regulations prescribed by the commissioner, that insurance offered,
recommended, sponsored, or sold by the financial institution:
(1) Is not a deposit;
(2) Is not insured by the Federal Deposit Insurance Corporation;
(3) Is not guaranteed by the financial institution or an affiliated insured depository
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§ 27-58-7. Disclosures.
(a) A financial institution shall prominently disclose in writing, in clear and concise
language, to the institution's customers, including in any advertisement or promotional
material, pursuant to regulations prescribed by the commissioner, that insurance offered,
recommended, sponsored, or sold by the financial institution:
(1) Is not a deposit;
(2) Is not insured by the Federal Deposit Insurance Corporation;
(3) Is not guaranteed by the financial institution or an affiliated insured depository
institution; and
(4) Where appropriate, involves investment risk, including potential loss of principal.
(b) A financial institution, for any loan for which insurance is required, shall disclose
in writing to the institution's customers, in clear and concise language prior to
the signing of a loan or mortgage application, that by law the purchase of insurance
from that financial institution cannot be required as a condition of loan or mortgage
approval.