1. (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. (1) when the customer receives the disclosure; or
   2. (2) at the time of the initial purchase of the insurance.

2. (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. (1) obtain an oral acknowledgment of receipt of the disclosure;
   2. (2) maintain documentation to show that the acknowledgment was given by the customer; and
   3. (3) make reasonable efforts to obtain a written acknowledgment from the customer.

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