33-3-23
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33-3-23.
(a)
For the purposes of this Code section, the term:
(1)
'Bank holding company' means the definition as set forth in Code Section 7-1-600
and in Section 2 of an act of Congress entitled the Bank Holding Company Act of
1956, as amended.
(2)
'Lending institution' means any domestic institution that accepts deposits from
the public and lends money, including banks and savings and loan associations.
(b)
A lending institution, bank holding company, or subsidiary or affiliate of
either of the foregoing doing business in this state, or any officer or employee
of any of the foregoing, may be licensed to sell insurance, including but not
limited to credit insurance, in this state and may engage in underwriting and
act as an underwriter for credit life insurance and credit accident and sickness
insurance subject to the provisions of this title and in conformity with rules
and regulations promulgated by the Commissioner of Insurance.
(c)
Nothing in this chapter shall prohibit the purchase of mortgage guaranty
insurance, also called credit loss insurance, by a lending institution from a
mortgage guaranty insurance company directly or indirectly.
(d)
No lending institution, bank holding company, or any subsidiary or affiliate of
any of the foregoing doing business in this state that was not in the business
of selling title insurance on or before April 1, 2000, shall be permitted to
sell title insurance.