(1) In addition to the requirements of section 10-3-1105, no financial institution, or subsidiary or employee of a financial institution, shall extend credit, lease or sell property of any kind, furnish any service, or fix or vary the consideration for any such extension of credit, lease, sale, or service on the condition or requirement that the customer shall obtain an insurance contract or an annuity from such financial institution or any subsidiary or employee.
No financial institution may offer a financial product or service, or fix or vary theconditions of such product or service, conditioned on a requirement that the customer obtain insurance from such financial institution or any specific person.
No person shall require or imply that the purchase of an insurance product, or of anannuity from a financial institution, is a condition of the lending of money or extension of credit, maintenance of a trust account, establishment or maintenance of a checking, savings, deposit, or share account, or the provision of products or services related to such activities.
Source: L. 94: Entire section added, p. 1353, § 3, effective January 1, 1995. L. 97: Entire section amended, p. 429, § 2, effective April 24.