No financial institution, as defined in section 374.300 , shall, as a condition of a loan, require any debtor to purchase life or health insurance from an agent who is employed or retained by, or is a director or officer of the financial institution making the loan. When life or accident and sickness insurance is required or requested as additional security for indebtedness, the debtor shall be informed of the option of furnishing the insurance, or any portion thereof, through existing policies owned or controlled by the debtor, or of procuring and furnishing the required coverage through any agent or insurer authorized to transact such insurance business within this state.
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