| The creditor or lender at the time of application for the loan |
or at the outset of negotiations regarding the loan or sale shall |
inform the purchaser or borrower of that person's right of free |
choice in the selection of the agent and insurer through or by |
which the insurance in connection with the loan is to be placed, |
including the right to choose an agent or broker whether or not |
that agent or broker is affiliated with a creditor or lender. |
For purposes of this section, "affiliated" has the same meaning |
as set forth in section 1514-A 1443-A, subsection 1, paragraph A, |
with respect to financial institutions and credit unions or in |
Title 9-A, section 1-403 4-403 with respect to supervised |
lenders. In conjunction with this notice, a creditor or lender |
shall inform its purchasers or borrowers that obtaining insurance |
products from a particular agent or broker does not affect credit |
decisions by the creditor or lender regarding the purchaser or |
borrower, unless the insurance product selected violates the |
terms of the extension of credit regarding adequacy of coverage |
or is otherwise not approved under section 2168, subsection 2. |
Another person may not interfere either directly or indirectly |
with the borrower's, debtor's or purchaser's free choice of an |
agent and of an insurer that complies with the requirements set |
out in section 2168 and the creditor or lender may not refuse an |
adequate policy so tendered by the borrower, debtor or purchaser. |
A creditor or lender may not reject an insurance product selected |
by a purchaser or borrower because the product was not obtained |
from or through an insurance agent or broker affiliated with the |
institution. For purposes of this section, the term "policy" |
includes, but is not limited to, any temporary contract or |
binder, by whatever name known, under the terms of which |
insurance coverage commences at a specified time, and continues |
until a finished policy is issued or the risk is declined and |
coverage is terminated. Upon notice of any refusal |