Acknowledgment of receipt of required disclosure

Sec. 10. (a) A depository institution that solicits, sells, advertises, or offers insurance, a depository institution's affiliate that solicits, sells, advertises, or offers insurance, or a person that sells, solicits, advertises, or offers insurance on behalf of a depository institution shall obtain from a customer to whom a disclosure is made under section 9 of this chapter a written acknowledgment of receipt of the disclosure: (1) when the customer receives the disclosure; or (2) at the time of the initial purchase of the insurance. (b) If a solicitation for insurance is conducted by telephone, the depository institution, the affiliate of a depository institution, or the person that sells, solicits, advertises, or offers insurance on behalf of a depository institution shall: (1) obtain an oral acknowledgment of receipt of the disclosure; (2) maintain documentation to show that the acknowledgment was given by the customer; and (3) make reasonable efforts to obtain a written acknowledgment from the customer. As added by P.L.130-2002, SEC.2.