New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL
Part 1 - ANNUITIES
Section 12.15.1.13 - DISCLOSURES

Universal Citation: 12 NM Admin Code 12.15.1.13

Current through Register Vol. 35, No. 18, September 24, 2024

A lending institution/affiliate or any third-party provider that sells or arranges for the sale of annuities on the premises of a lending institution shall:

A. conspicuously post a notice that is clearly visible to anyone who may purchase annuities that annuities are not deposit accounts insured by a federal deposit insuring agency;

B. orally inform a prospective purchaser of annuities that annuities are not deposit accounts insured by a federal deposit insuring agency;

C. provide a written disclosure to the customer containing the following statements before a sale of annuities is completed:

(1) annuities are not lending institution deposits and are not insured by its federal deposit insuring agency (FDIC, NCUA);

(2) annuities are not obligations of, or guaranteed by, the lending institution; and

(3) annuities may involve investment risks, including possible loss of principal.

D. require before a sale of annuities is completed that the annuity agent obtain a written statement signed by the purchaser of the annuity stating that the purchaser has received the oral and written notices required by this section.

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