Insurance in connection with a loan
Known as the Financial Institution Insurance Sales Act
The act spans §§ 27–27 (13 sections).
P.L. 1996, ch. 325, § 1.
(a) If insurance is required as a condition of obtaining a loan, the credit and insurance transactions shall be completed independently and through separate documents.
(b) A loan for premiums on required insurance shall not be included in the primary credit without the written consent of the customer.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.