Conditions resulting in no obligation to consumer

Except as provided pursuant to § 58-33A-19 , a producer has no obligation to a consumer under §§ 58-33A-16.1 to 58-33A-16.3 , inclusive, and § 58-33A-17 related to any annuity transaction if: (1) A consumer refuses to provide relevant consumer profile information and the annuity transaction is not recommended; (2) A consumer decides to enter into an annuity transaction that is not based on a recommendation of the producer; (3) A recommendation was made and was later found to have been prepared based on materially inaccurate information provided by the consumer; or (4) No recommendation is made. Source: SL 2008, ch 273 , § 6; SL 2012, ch 250 , § 4; SL 2022, ch 186 , § 10, eff. Jan. 1, 2023.