33-20-803. Exemptions. Unless otherwise specifically included, this part does not apply to recommendations involving:
     (1) direct response solicitations when there is not a recommendation made based on information collected from the consumer;
     (2) contracts used to fund:
     (a) an employee pension or welfare benefit plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1001, et seq.;
     (b) a plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code, 26 U.S.C. 401(a), 401(k), 403(b), 408(k), or 408(p), if established or maintained by an employer;
     (c) a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code, 26 U.S.C. 457;
     (d) a nonqualified deferred compensation plan maintained by an employer or plan sponsor;
     (e) settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
     (f) formal prepaid funeral contracts; or
     (3) variable annuities regulated under Title 30, chapter 10.

     History: En. Sec. 3, Ch. 476, L. 2007.