Sec. 21.36.321. Misrepresentation in financial institution sales.

181 words·~1 min read·/ak/title-21/chapter-36/21-36-321

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In the sale of insurance by a financial institution, a person may not engage in any practice or use an advertisement that may tend to mislead or deceive a consumer or cause a consumer to erroneously believe that

(1)the insurance is backed by or a return on the insurance is guaranteed by the state, the federal government, the person, or the Federal Deposit Insurance Corporation;

(2)the state or federal government

(A)will pay a claim under an insurance contract that is an obligation of or was sold by the person;

(B)is responsible for the insurance sales activities of the person; or

(C)guarantees the credit of the person;

(3)for insurance that contains investment risk, the insurance does not contain investment risk, the principal may not be lost, or the value of the insurance may not decline;

(4)the lending of money, extension of credit, or a renewal of a loan is conditioned on the purchase of insurance from the person and that insurance may not be purchased from another source.