021-14 Wyo. Code R. § 14-4

Current through April 27, 2019

Section 14-4 - Tying Prohibited

(a) A covered agent shall not engage in any practice that would lead a customer to believe that the purchase of insurance or annuities offered by the covered agent was:

• (i) a prerequisite to obtaining credit,

• (ii) a prerequisite to offering a banking product or service, or

• (iii) offering a banking product or service on different terms or conditions because the customer agrees to obtain insurance or annuities from the covered agent or any particular insurer.

(b) A bank or other covered agent may inform a bank customer that insurance is required to obtain a loan or that loan approval is contingent on the customer obtaining acceptable insurance and that such insurance is available from a covered agent. If a covered agent provides such information to a bank customer, the covered agent also shall inform the customer:

• (i) That he or she need not purchase the insurance from the covered agent or from any particular insurer or agent thereof;

• (ii) That insurance is available through brokers or agents other than the covered agent; and

• (iii) That the customers choice of insurer will not affect the banks credit decision or credit terms in any way.

(c) A covered agent shall maintain written documentation of the information and disclosures provided to a customer under Section 4(b).

021-14 Wyo. Code R. § 14-4