OTIS Federal Credit Union offers OTIS Debt Protector, vehicle service contracts, and GAP coverage in certain circumstances. The option of purchasing these products will be offered to every eligible member, and whether you choose to purchase these additional products or not is at your discretion.
- Insurance products sold through or in the Credit Union are not insured by the National Credit Union Administration and are not issued, guaranteed, or underwritten by the Credit Union or the National Credit Union Administration or any other federal government agency; and
- There is no requirement or obligation to purchase insurance or other products from the Credit Union or any subsidiary, affiliate, or particular unaffiliated third party as a condition to obtaining a loan, and a decision as to insurance agents will not affect credit terms in any way. The Credit Union may not condition an extension of credit on an agreement not to obtain, or a prohibition on the applicant from obtaining an insurance product or annuity from an unaffiliated entity; and
- The Home Ownership & Equity Protection Act (HOEPA) requires that the Credit Union disclose whether credit insurance or debt cancellation insurance is included in the "total amount borrowed" in compliance with Regulation Z.