54-4-60 Purchase of insurance not condition to receive loan.
Purchase of insurance not condition to receive loan.
A licensee may sell insurance
to anyone with whom the licensee has a lending relationship. However, the licensee may not require
the debtor to purchase the insurance from the licensee or any affiliate as a condition of the loan. The
licensee may not require a borrower to purchase credit life insurance or any other life or health
insurance as a condition of receiving the loan or as additional security.