Current through December 3, 2024
Section 230-RICR-20-60-6.4 - Anti-Tying ProvisionsA. In addition to those restrictions contained in R.I. Gen. Laws § 27-58-6, no Financial Institution may offer a banking product or service, or fly or vary the conditions of such offer on any of the following conditions: 1. That the customer purchase Insurance from any particular Insurance Producer;2. That the customer obtain Insurance from the Financial Institution; or3. That the customer shall not obtain Insurance from a competitor of the Financial Institution other than a condition or requirement that the Financial Institution shall reasonably impose in a credit transaction to assure the soundness of the credit.B. A Solicitation may not be made while an application for or the underwriting of a loan or credit to the customer or prospective customer is pending, except that the following activities shall not be considered a violation of § 6.4 of this Part: 1. A Solicitation made in the ordinary course of a mass mailing by a Financial Institution; or2. A Solicitation made by an employee of the Financial Institution when the employee has no knowledge after reasonable inquiry that an application for or the underwriting of a loan or credit to the customer or prospective customer is pending; provided, however, that for purposes of § 6.4(B)(2) of this Part only, the term "Solicitation" shall not include: a. A negotiation, effectuation, procurement, delivery, renewal, continuation or binding of or otherwise offering Insurance as a result of an inquiry of or contact with the Financial Institution for such a purpose initiated by the customer or prospective customer of the Financial Institution, orb. The renewal or continuation of an existing policy of Insurance between the Financial Institution and the customer.230 R.I. Code R. 230-RICR-20-60-6.4