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Can you summarize WIAC DFI-CU Chapter 58?
Department of Financial Institutions-Credit Unions > Sale Of Credit Life And Health And Accident Insurance In Connection With Credit Union Loans
Short Summary
The provided legal document content governs the sale of credit life and health and accident insurance in connection with credit union loans. It states that commissions on the sale of such insurance must be paid to the credit union and become a part of its gross income to avoid conflicts of interest. The credit union is not allowed to share this income with officers, directors, committee members, or employees on a percentage basis. Additionally, the credit union is required to retain copies of all reports to the insurance companies regarding insurance sold in connection with these loans for a period of 2 years. The document does not mention any specific exemptions or penalties. Overall, it establishes guidelines for the sale of insurance in credit unions and ensures transparency and accountability in the process.
Whom does it apply to?
Credit unions, officers, directors, committee members, employees, and insurance companies
What does it govern?
Sale of credit life and health and accident insurance in connection with credit union loans
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Wisconsin