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. (1) is subject to the requirements of IC 27 ; and
   2. (2) must comply with the disclosure requirements of IC 27-1-38 .

2. (b) A credit union or credit union service organization may not condition:

   1. (1) an extension of credit;
   2. (2) a lease or sale of real or personal property;
   3. (3) the performance of a service; or

   4. (4) the amount charged for:

      1. (A) extending credit;
      2. (B) leasing or selling real or personal property; or

      3. (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.

3. (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.

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.