R.I. Gen. Laws § 19-14-25 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-25
§ 19-14-25. Transactions and place of business limited by license  Remote locations.
Status: in_force

(a) No licensee shall transact the business provided for by this chapter under any other name or at any other place of business than that named in the license or branch certificate, unless that place is for the exclusive convenience of the customer or meets the requirements for a remote location. The fact that closings occur at a place other than a licensed place of business shall not be deemed to be a violation of this section.

(b) Notwithstanding anything to the contrary under this chapter or chapter 14.10 of this title, employees of a licensee may perform services for the licensee or act as a mortgage loan originator from a remote location subject to each of the following requirements:

(1) The employee is subject to the supervision of the licensee;

(2) The remote location is the employees residence or other location identified in the records of the licensee and is within a reasonable distance of a place of business named in the licensees license or branch certificate, as established by regulations adopted by the director or the directors designee;

(3) The licensee has written policies and procedures for supervision of, and employs appropriate risk-based monitoring and oversight process of work performed by, employees working from remote locations;

(4) Access to the licensees computer platforms and to customer information is in accordance with the licensees comprehensive written information security plan. The licensee must maintain appropriate safeguards for licensee and consumer data, information, and records, including the use of secure virtual private networks (VPNs) where appropriate;

(5) No in-person customer interaction occurs at the remote location, and the licensee will not designate the remote location to consumers or customers as a business location unless the remote location is properly licensed as a branch;

(6) Physical records related to the licensees business, including consumer information, are not maintained at the remote location;

(7) The licensee must ensure consumer and licensee information and records remain accessible and available for regulatory oversight and exams; and

(8) The licensee must provide training to keep all conversations about, and with, consumers conducted from a remote location confidential, as if conducted from a licensed commercial location, and to ensure remote employees work in an environment conducive and appropriate to that privacy.

(c) A remote location shall not be considered a branch of the licensee; however, activities conducted at a remote location shall be subject to examination under this chapter and § 19-14.10-5.

(d) The director, or the directors designee, shall have the authority to promulgate rules to establish requirements and standards relating to remote locations.
R.I. Gen. Laws § 19-12-15 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-15
§ 19-12-15. Notice to parties.
Status: in_force

The court having jurisdiction over any proceedings under this chapter shall have full power to shorten the time for scheduling hearings and giving notice thereof and to limit notice of creditors, depositors, and other parties in interest to newspaper publication or other means as it shall deem appropriate, given the exigencies of the proceeding, the number of parties to be given notice, and the expenses of providing that form of notice.
R.I. Gen. Laws § 19-26-8 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-8
§ 19-26-8. Ascertainment of ownership of articles pawned.
Status: in_force

No pawnbroker shall knowingly take from any apprentice, servant, or employee any article or thing offered by the apprentice, servant, or employee in pledge without first ascertaining that the article or thing is the property of the person so offering it for sale. For every violation of this section the pawnbroker shall be fined not exceeding one hundred dollars ($100).
R.I. Gen. Laws § 19-32-5 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-5
§ 19-32-5. Disclosures.
Status: in_force

Guaranteed asset-protection waivers must disclose, in writing and in clear, understandable language that is easy to read, the following:

(1) The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor.

(2) The purchase price and the terms of the GAP waiver, including, without limitation, the requirements for protection, conditions, or exclusions associated with the GAP waiver.

(3) That the borrower may cancel the GAP waiver within a free-look period as specified in the waiver, and will be entitled to a full refund of the purchase price, as long as no benefits have been provided; or in the event benefits have been provided, the borrower may receive a full or partial refund pursuant to the terms of the waiver.

(4) The procedure the borrower must follow, if any, to obtain GAP-waiver benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower may apply for waiver benefits.

(5) Whether or not the GAP waiver is cancellable after the free-look period, and the conditions under which it may be cancelled or terminated, including the procedures for requesting any refund due.

(6) That in order to receive any refund due in the event of a borrowers cancellation of the GAP waiver agreement or early termination of the finance agreement after the free-look period of the GAP waiver, the borrower, in accordance with terms of the waiver, must provide a written request to cancel to the creditor, administrator, or such other party within ninety (90) days of the occurrence of the event terminating the finance agreement.

(7) The methodology for calculating any refund of the unearned purchase price of the GAP waiver due, in the event of cancellation of the GAP waiver or early termination of the finance agreement.

(8) That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease may be conditioned upon the purchase of the GAP waiver.
R.I. Gen. Laws § 19-4-1 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-1
§ 19-4-1. Examination on application by depositors, stockholders, directors, or trustees.
Status: in_force

Upon the written application, under oath, to the director, or the directors designee, by depositors representing five percent (5%) of the deposits of any financial institution, as shown by the last published return of the financial institution, or upon the written application to the director, or the directors designee, of persons holding at least twenty-five percent (25%) of the outstanding capital stock of any regulated institution, or upon the written application to the director, or the directors designee, of at least one third ( ) in number of the board of directors or trustees of any regulated institution, setting forth their interest and the reasons for making an examination, and requesting him or her to examine the regulated institution, the director, or the directors designee, may make or cause to be made a full investigation or examination of its affairs as provided by law.
R.I. Gen. Laws § 19-9-11 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-11
§ 19-9-11. Control of deposits by minors.
Status: in_force

Every person not under guardianship who may make a deposit personally in any regulated institution may control, transfer, or withdraw the money so deposited, including accruing dividends or interest; notwithstanding, that the person at the time of exercising control or making the transfer or withdrawal, may be a minor.
R.I. Gen. Laws § 19-6-1 — RI Code / Title 19 / Chapter 19-6 / Section 19-6-1
§ 19-6-1. Definitions.
Status: in_force

For purposes of this chapter:

(1) Company, control, and subsidiary have the meaning set forth in the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq.

(2) Rhode Island bank-holding company means any company, association, partnership, corporation, or any other entity, however formed, that controls a regulated institution.
R.I. Gen. Laws § 19-9-16 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-16
§ 19-9-16. Replacement of lost or destroyed passbook.
Status: in_force

When any person to whom a passbook, share certificate, membership certificate, stock certificate, deposit certificate, or other form of investment contract has been issued by any regulated institution, or by any insured-deposit-taking institution organized under the laws of the United States, states in writing, under oath, to the regulated institution or insured-deposit-taking institution organized under the laws of the United States that issued the book, certificate, or other form of investment contract, that the book, certificate, or other form of investment contract has not been hypothecated, but has been lost or destroyed, and shall make written application for the issue of a duplicate book, certificate, or other form of investment contract, then the regulated institution or insured-deposit-taking institution organized under the laws of the United States may issue a duplicate book, certificate, or other form of investment contract, and upon delivery, the regulated institution or insured-deposit-taking institution organized under the laws of the United States shall be discharged from all liability on account of the issue of the original book, certificate, or other form of investment contract. References in this section to an issuing regulated institution or insured-deposit-taking institution organized under the laws of the United States shall be taken to include any successor regulated institution or insured-deposit-taking institution organized under the laws of the United States.
R.I. Gen. Laws § 19-34-2 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-2
§ 19-34-2. Reporting suspected financial exploitation of elder adults.
Status: in_force

(a) If an employee of a regulated institution has reasonable cause to believe that financial exploitation of an elder adult who is an account holder with the regulated institution has occurred, is occurring, or has been attempted, the employee shall notify the regulated institution of the suspected financial exploitation.

(b)(1) If a regulated institution is notified of suspected financial exploitation under subsection (a) of this section or otherwise has reasonable cause to believe that financial exploitation of an elder adult who is an account holder with the regulated institution has occurred, is occurring, or has been attempted, the regulated institution shall assess the suspected financial exploitation and submit a report to the department identifying the name, address and, if known, the age of the elder adult; the name and address of any person responsible for the care of the elder adult; the nature and extent of the facts of the suspected activity; the basis of the reporters knowledge; and any other relevant information; or any other reporting requirements consistent with the provisions of § 42-66-8.

(2) The regulated institution shall submit the required report no later than the earlier of:

(i) The second business day following the date the regulated institution completes the regulated institutions assessment of the suspected financial exploitation; or

(ii) The seventh business day after the date the regulated institution is notified of the suspected financial exploitation under subsection (a) of this section or otherwise has reasonable cause to believe that the suspected financial exploitation has occurred, is occurring, or has been attempted.

(c) A regulated institution that submits a report to the department of suspected financial exploitation of an elder adult under subsection (b) of this section is not required to make any additional report of suspected abuse, neglect, or exploitation for the same conduct constituting the reported suspected financial exploitation.

(d) Each regulated institution shall adopt internal policies, programs, plans, or procedures for:

(1) The employees of the regulated institution to make the notification required under subsection (a) of this section; and

(2) The regulated institution to conduct the assessment and submit the report required under subsection (b) of this section.

(e) The policies, programs, plans, or procedures adopted under subsection (d) of this section may authorize the regulated institution to report the suspected financial exploitation to other appropriate agencies and entities in addition to the department, including the attorney general, the Federal Trade Commission, and the appropriate law enforcement agency.
R.I. Gen. Laws § 19-32-3 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-3
§ 19-32-3. Requirements for offering guaranteed asset-protection waivers.
Status: in_force

(a) GAP waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter.

(b) GAP waivers may, at the option of the creditor, be sold for a single payment, or may be offered with a monthly or periodic payment option.

(c) Notwithstanding any provision of the general or public laws to the contrary, any cost to the borrower for a guaranteed asset-protection waiver entered into in compliance with the Truth in Lending Act, 15 U.S.C. § 1601 et seq., and its implementing regulations, as they may be amended from time to time, must be separately stated and is not to be considered a finance charge or interest.

(d) A retail seller must insure its GAP waiver obligations under a contractual liability or other insurance policy issued by an insurer. A creditor, other than a retail seller, may insure its GAP waiver obligations under a contractual liability policy or other such policy issued by an insurer. Any such insurance policy may be directly obtained by a creditor, retail seller, or may be procured by an administrator to cover a creditors or retail sellers obligations; provided, that retail sellers that are lessors on motor vehicles are not required to insure obligations related to GAP waivers on such leased vehicles.

(e) The GAP waiver remains a part of the finance agreement upon the assignment, sale, or transfer of such finance agreement by the creditor.

(f) Any creditor that offers a GAP waiver must report the sale of, and forward funds received on all such waivers to the designated party, if any, as prescribed in any applicable administrative services agreement, contractual liability policy, other insurance policy, or other specified program documents.

(g) Funds received or held by a creditor or administrator and belonging to an insurer, creditor, or administrator, pursuant to the terms of a written agreement, must be held by such creditor or administrator in a fiduciary capacity.
R.I. Gen. Laws § 19-5-1 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-1
§ 19-5-1. Credit union defined.
Status: in_force

In this chapter, the term credit union means a cooperative association formed for the purpose of promoting thrift among its members and offering opportunities for members to use and control their own money in order to improve their economic and social condition.
R.I. Gen. Laws § 19-3-5 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-5
§ 19-3-5. Non-legal investments.
Status: in_force

(a) Any financial institution or credit union may hold stocks, bonds, or other securities of a non-legal character acquired in settlements and reorganizations effected to reduce or avoid losses on defaulted bonds and investments. These securities shall be sold within five (5) years after being acquired; provided, however, that the director, or the directors designee, shall have discretionary power regarding the enforcement of the five-year (5) limitation, and these securities may be held after the expiration of the period of five (5) years until the director, or the directors designee, shall order the sale of these securities.

(b) An investment that was legal when acquired, but because of changed conditions has become of non-legal character may be held subject to the same provisions as subsection (a).
R.I. Gen. Laws § 19-3-13.1 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-13.1
§ 19-3-13.1. ATM cards.
Status: in_force

No financial institution or credit union authorized pursuant to § 19-3-13 to make available for use by its customers any electronic banking devices or machines (customer bank communication terminals/automated teller machines) shall mail to any of its customers any card or device necessary to access the machines without the permission of its customers and neither shall any financial institution or credit union mail to its customer an access card and the access cards personal identification number (PIN) within three (3) days of each other unless requested by the customer. Any violation of this section shall result in a fine of one hundred dollars ($100) per incident to be levied against the offending financial institution, and the financial institution shall be liable for any unauthorized withdrawals from a customers account that results from a violation of this section.
R.I. Gen. Laws § 19-9-13 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-13
§ 19-9-13. Checks of trustees.
Status: in_force

When a deposit is made in a regulated institution in the name of two (2) or more persons as trustees, and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee, nor the other holder, nor the bank is bound to inquire whether it is a breach of trust to authorize the trustee or trustees to draw checks upon the trust account, and the payee, or other holder, or the regulated institution is not liable unless the action of the payee or other holder or the regulated institution amounts to bad faith.
R.I. Gen. Laws § 19-13-2 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-2
§ 19-13-2. Suspension of payment of deposits.
Status: in_force

During the period of a banking emergency, the director may, if deemed necessary for the protection of the public and of the interests of depositors and other creditors of any or all regulated institutions, order the regulated institutions to suspend or restrict, in whole or in part, the payment in currency, or by other means, of the liabilities of the regulated institutions to shareholders, depositors, and other creditors, except as hereinafter provided. The order shall become effective upon receipt by the regulated institutions of notice thereof, and shall continue in full force and effect during the period of banking emergency, until revoked or modified by the director. Whenever, in the judgment of the director, the condition of emergency, because of which the order was made, warrants action, the liability, the payment of which has been suspended or restricted, may be paid by the regulated institution, in whole or pro rata or in part, upon any terms and conditions and in any form as the director shall prescribe, provided that acceptance of any such payment, if and so far as not offered in legal tender, shall be optional with the person entitled to payment of that liability.
R.I. Gen. Laws § 19-9-27 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-27
§ 19-9-27. Check kiting.
Status: in_force

(a) Notwithstanding the provisions of § 19-9-24 or § 19-9-25, any person, natural or otherwise, who shall utilize any scheme, device, or artifice, commonly known as a check kite or check kiting, for the purposes of defrauding any regulated institution or other depository, any vendor of goods, materials, or services, or for the purpose of deception of any investor, potential investor, or purchaser as to the financial condition or status of that person, in an amount not exceeding one thousand dollars ($1,000), shall be fined not exceeding five hundred dollars ($500), or imprisoned not exceeding one year, or both.

(b) Notwithstanding the provisions of § 19-9-24 or § 19-9-25, any person, natural or otherwise, who shall utilize any scheme, device, or artifice, commonly known as a check kite or check kiting, for the purposes of defrauding any regulated institution or other depository or any vendor of goods, materials, or services, or for the purposes of deception of any investor, potential investor, or purchaser as to the financial condition or status of that person, in an amount exceeding one thousand dollars ($1,000), shall be fined not exceeding ten thousand dollars ($10,000), or imprisoned not exceeding ten (10) years, or both.

(c) For the purposes of this section, a check kite or check kiting means the practice of taking advantage of the time that elapses between the deposit or negotiation of a check, draft, or other negotiable instrument in one regulated institution or other depository and its collection or presentment in another regulated institution or other depository with the intent to defraud.
R.I. Gen. Laws § 19-14-29 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-29
§ 19-14-29. Appropriations  Fees.
Status: in_force

The general assembly shall annually appropriate any sums it may deem sufficient for clerical assistance and necessary expenses in carrying out the provisions of this chapter. The state controller is authorized and directed to draw orders upon the general treasurer for the payment of the sums appropriated, or so much of the sums as may from time to time be required, upon receipt by him or her of proper vouchers approved by the director, or the directors designee. All fees received under the provisions of this title shall be turned over to the general treasurer.
R.I. Gen. Laws § 19-14-27 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-27
§ 19-14-27. Modification or repeal of chapter.
Status: repealed

This chapter, or any part of this chapter, may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder, provided that the cancellation or alteration shall not impair or affect the obligation of any pre-existing lawful contract between any licensee and any customer.
R.I. Gen. Laws § 19-8-1 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-1
§ 19-8-1. Definitions.
Status: in_force

For the purposes of this chapter the terms:

(1) Control shall have the meaning set forth in the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq.

(2) Regulated institution shall also include a Rhode Island bank-holding company.
R.I. Gen. Laws § 19-2-9 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-9
§ 19-2-9. Payment for stock in cash  Certificate authorizing transaction of business.
Status: in_force

(a) The financial institution, if a stock financial institution, shall not issue any shares of stock until the par value of the shares has been actually paid in cash, free and clear of all encumbrances. When the whole capital stock has been issued, a complete list of the stockholders, with the name, residence, and post office address of each, and the number of shares held by each, shall be filed with the director, or the directors designee, which list shall be verified under oath by two (2) of the principal officers of the financial institution.

(b) Upon receipt of the statement in the case of stock financial institutions, the director, or the directors designee, shall cause an examination to be made. If, after the examination, it appears that the whole capital stock has been paid in cash for stock financial institutions and that all requirements of law have been complied with, the director, or the directors designee, shall issue a certificate authorizing this financial institution to begin transaction of business, and then the subscribers and their associates, successors, and assigns, shall be authorized to transact business as an organized financial institution, with all of the powers, rights, and privileges, and subject to the liabilities, duties, and restrictions imposed by law, and the records of the first meeting of the subscribers to the agreement to form shall become and be taken as the records of the first meeting of the financial institution. It shall be unlawful for any of these financial institutions to begin the transaction of business until this certificate has been granted.

(c) The financial institution shall in no way be obligated, directly or indirectly, for any indebtedness related to the shareholders acquisition of capital stock.
R.I. Gen. Laws § 19-3-13.2 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-13.2
§ 19-3-13.2. Fee disclosures at automated teller machines.
Status: in_force

(a) Any financial institution, credit union, or other entity operating an automated teller machine pursuant to § 19-3-13 or otherwise, that imposes directly on the machine user any fee for use of its machine to process transactions affecting accounts held by other financial institutions, credit unions, or other entities, shall provide to the machine user the following:

(1) Notice in accordance with the requirements of subsection (b); and

(2) Make available a receipt of transaction(s) in accordance with the requirements of subsection (c).

(b) The notice required under subsection (a) with respect to any fee described in that subsection shall appear by means of a display on the screen of the machine after the transaction is initiated and before the user of the machine is irrevocably committed to completing the transaction, and shall display, at a minimum, the following information:

(1) A statement that a fee is being imposed by the operator of the machine, which fee may be in addition to any fee charged by the entity holding the account;

(2) The amount of the fee; and

(3) Clear instructions on how to continue or cancel the transaction.

(c) The receipt required by subsection (a) shall be available to the machine user upon completion of transaction(s), and shall contain the following information:

(1) The amount of the withdrawal, cash advance, or payment transaction;

(2) The amount of the fee imposed by the machine operator;

(3) A statement indicating that the fee is being imposed by the machine operator;

(4) A total based upon the sum of the withdrawal, cash advance, or payment transaction and the operators fee; and

(5) A statement indicating how the total amount of the transaction will affect the applicable account (e.g. payment to or withdrawal from the account).

(d) Banks, credit unions, or other financial institutions that operate fifteen (15) or fewer ATMs shall be deemed to comply with this act if they post the fees charged by a machine adjacent to the machine.
R.I. Gen. Laws § 19-2-2 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-2
§ 19-2-2. Contents of agreement to form.
Status: in_force

(a) Any agreement to form shall state that the subscribers to the agreement associate themselves with the intention of forming a financial institution pursuant to this title to transact business authorized by this title within this state and shall specify:

(1) The name by which the financial institution shall be known, which shall be consistent with words identified with those of financial institutions.

(2) The purpose for which it is formed.

(3) The address at which its business is to be transacted.

(4) For stock-owned companies, the amount of its capital stock, which shall in no event be less than three million dollars ($3,000,000), and the number of shares into which the capital stock is to be divided.

(5) Whether the financial institution intends to exercise trust powers.

(b) Each agreement to form shall contain the name, residence, and post office address of each subscriber, and, for stock-owned companies, the number of shares of stock that each subscriber agrees to take.
R.I. Gen. Laws § 19-13-7 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-7
§ 19-13-7. Violation of orders or rules.
Status: in_force

Any person or regulated institution violating any order or any provision of any rule or regulation made by the director under the authority of this chapter, shall be punished by fine of not more than one thousand dollars ($1,000), or by imprisonment for not more than one year, or both.
R.I. Gen. Laws § 19-5-24 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-24
§ 19-5-24. Merger.
Status: in_force

(a) Any credit union may, with approval of the director, or the directors designee, merge with another credit union under the agreement to form of the surviving credit union, pursuant to any plan agreed upon by a two thirds ( ) vote of those members of the board of directors of each credit union joining in the merger present at a meeting called for that purpose. Additionally, the merger must be approved by the affirmative vote of members representing two thirds ( ) of the members present of the credit union to be merged, who are eligible to vote pursuant to the bylaws of the credit union, either at a meeting of the members duly called for that purpose or in writing, and if the merger has a significant impact on the surviving credit union, as determined by the director, or the directors designee, the merger must also be approved by the affirmative vote of members representing two thirds ( ) of the members present of the surviving credit union, who are eligible to vote pursuant to the bylaws of the credit union, either at a meeting of the members duly called for that purpose or in writing. The credit union being merged shall be required to mail notice of the meeting to its members. Notice of the members meeting shall be mailed to all members of the surviving credit union in the discretion of the director, or the directors designee. The director, or the directors designee, may waive any or all of the foregoing requirements with respect to notice or to votes of members of the merged credit union or the surviving credit union in order to avert insolvency or imminent failure.

(b) Upon approval by the director, or the directors designee, and after the votes by the boards of directors and approval of the members of the credit union to be merged, the president and clerk or secretary of each credit union shall execute, in triplicate, a certificate of merger that shall set forth all of the following:

(1) The time and place of the meeting of the board of directors at which the plan was agreed upon;

(2) The vote in favor of adoption of the plan;

(3) A copy of the resolution or other action by which the plan was agreed upon;

(4) The time and place of the meeting of the members at which the plan agreed upon was approved, if applicable;

(5) The vote by which the plan was approved by the members, if applicable; and

(6) The date the merger was approved by the director, or the directors designee.

(c) The certificates, in triplicate, and a copy of the plan of merger agreed upon shall be forwarded to the director, or the directors designee, and a copy of the certificate, certified by the director, shall be returned to the merging credit unions within thirty (30) days. Upon any such merger so effected, all property, property rights, and interest of the merged credit union shall vest in the surviving credit union without deed, endorsement, or other instrument of transfer, and all debts, obligations, and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union under whose agreement to form the merger was effected.
R.I. Gen. Laws § 19-14-8 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-8
§ 19-14-8. Denial of license due to incomplete application.
Status: in_force

If the applicant has failed to provide the information requested by the department to complete the application, the director, or the directors designee, shall notify the applicant, in writing, that the application shall be considered withdrawn if all information requested is not received within thirty (30) days of the notice. The notice shall specify what information is necessary for completion. The applicant may make a written demand within thirty (30) days for a hearing to determine the reasonableness of the directors, or the directors designees, action. The hearing shall be conducted pursuant to the Administrative Procedures Act, chapter 35 of title 42. If the applicant fails to provide the information or request a hearing within thirty (30) days from the notice, the application shall be withdrawn on the basis that it is incomplete.
R.I. Gen. Laws § 19-5-20 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-20
§ 19-5-20. Regular reserve.
Status: in_force

Each credit union shall establish and maintain a regular reserve, as provided by the Federal Credit Union Act, 12 U.S.C. § 1751 et seq. The director, or the directors designee, shall approve or deny any charges to the reserve.
R.I. Gen. Laws § 19-9-2.1 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-2.1
§ 19-9-2.1. Mortgage billing  Payment allocation.
Status: in_force

All monthly billing by mortgagees to mortgagors must show the allocation of the mortgagors prior monthly payment to principal, interest, and escrow, if applicable.
R.I. Gen. Laws § 19-8-7 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-7
§ 19-8-7. Waiver of application and hearing process in the public interest.
Status: in_force

The application process and public hearing requirement may be waived by the director, or the directors designee, in writing, when, in the public interest, the change in control results from any regulatory action in order to prevent a probable failure or default of the regulated institution.
R.I. Gen. Laws § 19-3-2 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-2
§ 19-3-2. Loans for which financial institution is liable.
Status: in_force

No financial institution shall make any loan or advance whereby it is liable directly, indirectly, or contingently for the repayment of the loan or advance in whole or in part. This restriction shall not impair the right of a financial institution:

(1) To accept, under its letters of credit or other authorization, drafts or bills of exchange arising out of actual commercial transactions or issued or drawn for agricultural, industrial, or commercial purposes, at sight or on time; or

(2) To purchase from and sell mortgage loans with or without recourse to the Rhode Island housing and mortgage finance corporation or other secondary market investors.
R.I. Gen. Laws § 19-9-1 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-1
§ 19-9-1. Definitions.
Status: in_force

For purposes of this chapter:

Lending institution includes any regulated institution and any person who or that makes loans of money or negotiates the lending of money for another in any state or jurisdiction.
R.I. Gen. Laws § 19-14-2 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-2
§ 19-14-2. Licenses required.
Status: in_force

(a) No person shall engage within this state in the business of: (1) Making or funding loans or acting as a lender or small loan lender; (2) Brokering loans or acting as a loan broker; (3) Providing currency transmission for a fee or other consideration; (4) Cashing checks for a fee or other consideration, which includes any premium charged for the sale of goods in excess of the cash price of the goods; (5) Providing debt-management services; (6) Performing the duties of a mortgage-loan originator; (7) Servicing a loan, directly or indirectly, as a third-party loan servicer without first obtaining a license or registration from the director or the directors designee. The licensing requirement for any person providing debt-management plans shall apply to all persons, without regard for state of incorporation or a physical presence in this state, who initiate or service debt-management plans for residents of this state. Special exemptions from licensing for each activity are contained in other chapters in this title.

(b) No lender or loan-broker licensee shall permit an employee to act as a mortgage loan originator without first verifying that the originator is licensed under this chapter. No individual may act as a mortgage-loan originator without being licensed, or act as a mortgage-loan originator for more than one person. The license of a mortgage-loan originator is not effective during any period when the mortgage-loan originator is not associated with a lender or loan-broker licensee.

(c) Each loan negotiated, solicited, placed, found, or made without a license as required in subsection (a) shall constitute a separate violation for purposes of this chapter.

(d) No person engaged in the business of making or brokering loans in this state, whether licensed in accordance with the provisions of this chapter or exempt from licensing, shall accept applications, or referral of applicants from, or pay a fee to, any lender, loan broker, or mortgage-loan originator who is required to be licensed or registered under said sections but is not licensed to act as such by the director, or the directors designee.

(e) No person, except those exempt pursuant to § 19-14.3-1, shall engage in the business of currency transmission in this state without a license as provided in this chapter.

(f) A currency transmission licensee may conduct its business in this state at one or more locations, directly or indirectly owned, or through one or more authorized delegates, or both, pursuant to the license granted under this chapter.

(g) A person is considered to be engaged in the business of currency transmission in this state if that person enters into a transaction with a person physically located in or resident in Rhode Island at the time the transaction is initiated.
R.I. Gen. Laws § 19-5-3 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-3
§ 19-5-3. Membership of credit unions.
Status: in_force

After organization of any credit union has been completed, nothing in this chapter shall be construed to debar from membership any fraternal organization, voluntary association, partnership, or corporation.
R.I. Gen. Laws § 19-4-15 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-15
§ 19-4-15. Examination of books to determine violations  Prosecution of offenses.
Status: in_force

(a) The director, or the directors designee, shall have authority to examine, at any time, the accounts, books, and papers of any person in the business of receiving money on deposit, in order to ascertain whether the person has violated or is violating any provision of this title.

(b) Any person carrying on an unauthorized banking business shall forfeit to the state one thousand dollars ($1,000) a day for every day or part thereof during which the violation continues.
R.I. Gen. Laws § 19-5-8 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-8
§ 19-5-8. Election and terms of directors.
Status: in_force

(a) At the annual meeting, the members shall elect a board of directors, the number of which shall be fixed from time to time by the bylaws, provided, however, that there shall be a minimum of five (5) directors. The directors shall be elected to staggered three (3) year terms so that one-third ( ) of the whole number, or a close approximation of one-third ( ), shall be elected at each succeeding annual meeting.

(b) In case of any increase in the number of directors, the length of the initial term of the new director(s) shall be determined in accordance with the requirement that one-third ( ) of the whole number, or a close approximation of one-third ( ), shall be elected at each succeeding annual meeting.

(c) No more than two (2) employees of the credit union shall be permitted to serve as members of the board of directors at any one time.
R.I. Gen. Laws § 19-2-8 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-8
§ 19-2-8. Certificate of secretary of state.
Status: in_force

The secretary of state shall, upon the filing of certificates, as provided in §19-2-7, and upon the payment of ten dollars ($10.00), record the certificate and issue to the financial institution a certificate, under the seal of the state, substantially in the following form:
R.I. Gen. Laws § 19-2-5 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-5
§ 19-2-5. Proceedings at subscribers meeting.
Status: in_force

At the first meeting, or at the adjournment of any meeting, the subscribers shall, without limiting other actions, choose a temporary secretary, adopt bylaws, and elect, in any manner as the bylaws may determine, directors, a president, a secretary, and any other officers as the bylaws may prescribe. All of the elected officers shall be sworn to the faithful performance of their duties. The temporary secretary shall make and attest a record of the proceedings until the secretary has been chosen and sworn, including a record of the choice and qualification.
R.I. Gen. Laws § 19-12-9 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-9
§ 19-12-9. Payment of certain priority claims.
Status: in_force

(a) In receivership proceedings under this chapter, distributions on account of priority claims described in § 19-12-7(a)(1), (a)(2), (a)(3) and/or (a)(4) shall be made to the persons or entities entitled to them as soon as sufficient funds are available to the receiver, subject, however, to § 19-12-7(b). The holders of claims entitled to priority under § 19-12-7(a)(2), (a)(3) and/or (a)(4) are relieved of the necessity of filing claims with the receiver.

(b)(1) On the recommendation of the receiver, the court may approve a sale or other transfer of all or any part of the assets of the financial institution or credit union for consideration sufficient to pay in full or in part the liabilities of the financial institution or credit union that are entitled to priority in distribution pursuant to § 19-12-7(a). The consideration for the transfer, whether in the form of immediate funds or the issuance of deferred obligations, as shall be distributed in accordance with § 19-12-7 in any manner and at any time or times as shall be recommended by the receiver, in a distribution plan as provided in the order of the court approving the transfer.

(2) If the transferee that assumes deposit liabilities of a financial institution or credit union entitled to priority under § 19-12-7(a)(3) and/or (a)(4) in a transfer so approved is a financial institution or credit union authorized by law to receive deposits, and its deposits, including the assumed deposits of the financial institution or credit union, are protected by federal deposit insurance, the court, on the recommendation of the receiver, may approve the transfer of assets and assumption of liabilities, in which case the priority claims of depositors whose claims were so assumed will be deemed to have been adequately provided for and the priority granted the claims satisfied. If the transferee is an entity, including any corporate entity specially chartered by the Rhode Island general assembly to acquire assets or assume any deposit liabilities of the financial institution or credit union in receivership under this chapter, that assumes all or part of the deposit liabilities of a financial institution or credit union not as deposits in an operating depository institution, but as liabilities to be paid out of the assets acquired, the court, based on the recommendation of the receiver and the best interests of the depositors whose priority claims are to be paid or assumed by the transferee, may approve the transfer and the transferees plan of distribution, including provisions therein that would be authorized under § 19-12-7(b), in which case the claims entitled to priority pursuant to § 19-12-7(a)(3) and/or (a)(4) shall be deemed to have been provided for and satisfied to the extent they have been assumed by the transferee.

(c) A transferee that assumes or pays any claim entitled to priority pursuant to § 19-12-7(a)(2), (a)(3) and/or (a)(4) pursuant to an order entered by the court under subsection (b) shall be subrogated to the claim and priority position of the employees and depositors whose claims have been so assumed or paid.
R.I. Gen. Laws § 19-12-2 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-2
§ 19-12-2. Appointment and powers of receiver.
Status: in_force

The court may appoint, without bond, the director, or one of the directors deputies, or both, as the receiver or receivers to take possession of the property and effects of the financial institution or credit union, subject to any directions prescribed by the court, and this appointment shall vest in the receiver or receivers all the right, title and interest of the financial institution or credit union in and to its property and effects, and shall vacate and dissolve all attachments or liens thereon, created by, or obtained in, or pursuant to, any suit or proceeding at law or in equity against the financial institution or credit union that was begun within four (4) months before the appointment of the receiver or receivers.
R.I. Gen. Laws § 19-34-3 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-3
§ 19-34-3. Notifying third parties of suspected financial exploitation or abuse.
Status: in_force

lf a regulated institution submits a report of suspected financial exploitation or abuse of an elder adult to the department pursuant to § 19-34-2, the regulated institution may at the time the regulated institution submits the report also notify a third party reasonably associated with the elder adult of the suspected financial exploitation or abuse, unless the regulated institution suspects the third party of financial exploitation or abuse of the elder adult.
R.I. Gen. Laws § 19-14-33 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-33
§ 19-14-33. Compliance with federal law governing licensed activities.
Status: in_force

(a) Each licensee shall comply with all applicable federal laws, rules, and regulations, as amended, governing activities conducted under its license.

(b) Each licensee shall exercise due diligence in accordance with the rules and regulations promulgated pursuant to § 19-14-30 in confirming its compliance with applicable state/federal statutes and/or regulations at all phases of activities conducted under the license.
R.I. Gen. Laws § 19-7-10 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-10
§ 19-7-10. Federally chartered institutions.
Status: in_force

To the extent it is empowered to do so, this state authorizes banks organized under the laws of the United States that have a main office in Rhode Island to merge or consolidate with and to acquire assets and assume liabilities of out-of-state banks and to have assets and liabilities assumed by out-of-state banks.
R.I. Gen. Laws § 19-26-5 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-5
§ 19-26-5. Records and reports  Retention of articles pawned  Violations.
Status: in_force

(a) Every pawnbroker shall require positive proof of identification with photograph, date of birth, and current address of every pawnor and shall require the pawnor to sign a statement on a form to be approved or provided by the attorney general stating that the pawnor is the legal owner of the property or is the agent of the owner authorized to pawn the property, and when and where or in what manner the property was obtained.

(b)(1) Every pawnbroker shall keep a copy of the statement form approved by the attorney general, in the English language, in which the pawnbroker shall enter the date, duration, and amount of any loan made by him or her; a full and accurate description of all articles pawned; the rate of interest; and the name, personal description, occupation, telephone number, date of birth, and place of residence (with the street and number of the house) of the pawnor. The pawnbroker shall require the pawnor to sign the statement form with his or her name and address.

(2) Upon the receipt of the property, the pawnbroker shall deliver to the pawnor a memorandum in writing, signed by him or her, numbered with a number corresponding to the number of the statement form, and containing the substance of the statement form.

(3) Whenever required, the pawnbroker shall submit copies of the statement forms to the inspection of the attorney general, mayor, chief of police, or the deputy chief of police, or any member of the detective police of any city, or to the chief of police or the town sergeant of any town, and shall also make out and deliver to the chief of police of the city, or to the chief of police or the town sergeant of the town where the license has been granted, every day before twelve oclock noon (12:00 p.m.), a legible and correct copy of all the statement forms made during the twenty-four (24) hours preceding the hour of ten oclock (10:00) a.m. of the day upon which the copy is made. The pawnbroker shall deliver or mail weekly to the attorney general copies of all statement forms from the preceding seven-day (7) period; and shall retain for inspection of the attorney general, mayor, chief of police, deputy chief of police, or any member of the detective police of any city, or of the chief of police or town sergeant of any town, all articles received in pawn, for a period of at least forty-eight (48) hours from the time the articles were received.

(4) Any pawnbroker who knowingly writes the wrong name or address of a person offering any article for pawn, or who knowingly permits the signing of the wrong name or address, shall be fined one hundred dollars ($100) for the first offense. Upon a second offense, the pawnbrokers license shall be revoked, and he or she shall not be permitted to conduct the business of pawnbroker in this state for one year. For violating any other provisions of this section a pawnbroker shall be fined one hundred dollars ($100).

(5) Any person offering any article for pawn who signs a wrong name or address shall be punished by a fine of not more than one hundred dollars ($100) or by imprisonment for not more than six (6) months.
R.I. Gen. Laws § 19-3-7 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-7
§ 19-3-7. Holding or ownership of real estate.
Status: in_force

(a) Any financial institution may directly or indirectly purchase, own, or otherwise acquire interests in real estate, improved or unimproved, and improve, develop, redevelop, hold, and manage the real estate and any improvements on it, and mortgage, rent, lease, option, sell, or otherwise dispose of it and/or any interest in it; provided, however, that no financial institution shall invest more than five percent (5%) of its assets in investments authorized in this subsection. This limitation excludes real estate owned, held, or leased for the convenient transaction of the financial institutions business.

(b) A financial institution may hold real estate acquired by the foreclosure of a mortgage owned by it, or by purchase at sales made under the provisions of the mortgage, or upon judgments for debts due to it, or in settlements effected to secure debts. All this real estate shall be sold by the financial institution within five (5) years after the title is vested in it, unless the time is extended as provided in the case of non-legal investments.
R.I. Gen. Laws § 19-26-15 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-15
§ 19-26-15. Bond of applicant for search warrant.
Status: in_force

The bond required to be given under § 19-26-14 shall be in double the value of the property claimed, with any surety as the court shall approve, and shall be given to the person from whose possession the property was taken, with condition that the obligor claiming the property will pay all costs and damages that may be recovered by the obligee in any suit brought within ten (10) days from the date thereof.
R.I. Gen. Laws § 19-7-1 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-1
§ 19-7-1. Definitions.
Status: in_force

(a) For the purposes of this chapter, the term or terms:

(1) Bank, bank-holding company, company, subsidiary, and control have the meanings set forth in the federal Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq., except that bank shall also include financial institutions, as defined in this title, and other forms of federally-insured-deposit-taking institutions. Bank-holding companies shall include thrift-holding companies as set forth in the Home Owners Loan Act, 12 U.S.C. § 1461 et seq., whether organized with or without capital stock.

(2) Out-of-state bank means a bank whose principal office is located in any other state.

(3) Out-of-state bank-holding company means a holding company for which the operations of its bank subsidiaries are principally conducted in any other state.

(4) Rhode Island bank-holding company means a bank-holding company that controls a financial institution, provided that an out-of-state bank or bank-holding company that acquired control of one or more financial institutions shall not be deemed to be a Rhode Island bank-holding company, unless operations of its bank subsidiaries are principally conducted in this state.

(b) For the purposes of this chapter, the state in which operations of a bank-holding companys bank subsidiaries are principally conducted is the state in which total deposits of all of its bank subsidiaries are the largest.
R.I. Gen. Laws § 19-33-13 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-13
§ 19-33-13. Investigation and enforcement.
Status: in_force

The attorney general may enforce a violation of § 19-33-12 as an unlawful act or practice under chapter 13.1 of title 6.
R.I. Gen. Laws § 19-34-4 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-4
§ 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation.
Status: in_force

(a) Notwithstanding any other law, if a regulated institution submits a report of suspected financial exploitation of an elder adult to the department pursuant to § 19-34-2, the regulated institution:

(1) May place a temporary hold on any transaction that:

(i) Involves an account of the elder adult; and

(ii) The regulated institution has reasonable cause to believe that financial exploitation of an elder adult has occurred, is occurring, has been attempted, or will be attempted.

(2) Shall place a hold on any transaction involving the account of the elder adult if the hold is requested by the elder abuse unit of the office of attorney general or a law enforcement agency.

(b) Subject to subsection (c) of this section, a hold placed on any transaction under subsection (a) of this section shall expire on the fifteenth business day after the date the regulated institution submits its report pursuant to § 19-34-2.

(c) The regulated institution may extend a hold placed on any transaction under subsection (a) of this section for a period not to exceed thirty (30) business days after the expiration of the fifteen- business-day (15) period prescribed by subsection (b) of this section if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation. The regulated institution may also petition a court to extend a hold placed on any transaction pursuant to subsection (a) of this section beyond the fifteen-business-day (15) period prescribed by subsection (b) of this section. A court may enter an order extending or shortening a hold or providing other relief.

(d) Each regulated institution shall adopt internal policies, programs, plans, or procedures for placing a hold on a transaction involving an account of an elder adult pursuant to this section.
R.I. Gen. Laws § 19-5-19 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-19
§ 19-5-19. Dividends.
Status: in_force

At those intervals that the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates, and at different rates on different types of share draft accounts. Dividends may be declared, in whole or in part, from profits or undivided earnings. Dividends credited may be accrued on various types of shares, share certificates, and share draft accounts as authorized by the board of directors.
R.I. Gen. Laws § 19-14-6 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-6
§ 19-14-6. Bond of applicant.
Status: in_force

(a) An applicant for any license shall file with the director, or the directors designee, a bond to be approved by him or her in which the applicant shall be the obligor.

(b) The amount of the bond shall be as follows:

(1) Small-loan lenders, the sum of ten thousand dollars ($10,000);

(2) Loan brokers, the sum of twenty thousand dollars ($20,000);

(3) Lenders, the sum of fifty thousand dollars ($50,000);

(4) Currency transmission licensees, the sum of fifty thousand dollars ($50,000). If a currency transmission licensee shows that a surety bond is not generally available in this state at a commercially reasonable cost, the department may accept an alternative form of security;

(5) Check-cashing licensees who accept checks for collection with deferred payment or deferred deposit, the sum of fifty thousand dollars ($50,000) subject to a maximum of one hundred and fifty thousand dollars ($150,000) when aggregated with agent locations;

(6) [Deleted by P.L. 2019, ch. 226, § 1 and P.L. 2019, ch. 246, § 1.]

(7) [Deleted by P.L. 2019, ch. 226, § 1 and P.L. 2019, ch. 246, § 1.]

(8) Each debt-management services registrant, the amount provided in § 19-14.8-13;

(9) Each third-party loan servicer, the sum of fifty thousand dollars ($50,000); or

(10) Each debt collector, the sum of fifty thousand dollars ($50,000).

(c) The bond shall run to the state for the use of the state and of any person who may have cause of action against the obligor of the bond under the provisions of this title. The bond shall be perpetual and shall be conditioned upon the obligor faithfully conforming to, and abiding by, the provisions of this title and of all rules and regulations lawfully made, and the obligor will pay to the state and to any person any and all money that may become due or owing to the state or to the person from the obligor under, and by virtue of, the provisions of this title.

(d) [Deleted by P.L. 2019, ch. 226, § 1 and P.L. 2019, ch. 246, § 1.]

(e) The bond shall remain in force and effect until the surety is released from liability by the director, or the directors designee, or until the bond is cancelled by the surety. The surety may cancel the bond and be released from further liability under the bond upon receipt by the director, or the directors designee, of notice in a manner satisfactory to the director, including, but not limited to, for documentation purpose of the cancellation of the bond at least thirty (30) days in advance of the cancellation of the bond. The cancellation shall not affect any liability incurred or accrued under the bond before the termination of the thirty-day (30) period.

(f) Upon receipt of any notice of cancellation, the director may provide notice to the licensee requiring reinstatement or replacement of the bond. Unless the bond is reinstated by the surety, or a satisfactory replacement bond is filed with the director prior to the cancellation of the original bond, the license shall be suspended. The licensee will be provided notice of the suspension and may request a hearing within thirty (30) days. If the licensee does not request a hearing, the director, or directors designee, shall issue an order revoking the license for failure to comply with this section.
R.I. Gen. Laws § 19-14-30 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-30
§ 19-14-30. Rules and regulations.
Status: in_force

The director, or the directors designee, may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. The director, or the directors designee, shall adopt and amend reasonable rules and regulations, not later than March 31, 2008, as may be necessary to effectuate and implement the provisions of §§ 19-14-1, 19-14-2, 19-14-3, 19-14-4, 19-14-6, 19-14-7, 19-14-9, 19-14-22, 19-14-23 and 19-14-33 pertaining to mortgage loan originators in order that those provisions pertaining to mortgage loan originators are in effect and force on January 1, 2009.
R.I. Gen. Laws § 19-33-10 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-10
§ 19-33-10. Fines.
Status: in_force

(a) The director, after an administrative hearing pursuant to chapter 35 of title 42, may issue fines upon a finding that the registrant violated the provisions of this chapter, or any regulation or order lawfully made pursuant to this chapter; or take any other action provided for in this chapter.

(b) Any student loan servicer or the members, officers, directors, agents, and employees of any student loan servicer who or that violate or participate in the violation of any of the applicable provisions of this chapter, or any regulation promulgated thereunder, shall be punished by a fine of not more than two thousand dollars ($2,000) per violation. Each student education loan constitutes a separate offense.