R.I. Gen. Laws § 19-9-14.1 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-14.1
§ 19-9-14.1. Uniform multiple-person accounts.
Status: in_force

(a) Definitions. For purposes of this section the following words and phrases shall have the following meanings, unless the context indicates another meaning:

(1) Account means a contract of deposit between a depositor and a depository institution, and includes a checking account, savings account, certificate of deposit, and share account.

(2) Agent means a person authorized to make account transactions for a party.

(3) Beneficiary means a person named as one to whom sums on deposit in an account are payable on request after death of all parties or for whom a party is named as trustee.

(4) Devisee means any person designated in a will to receive a testamentary disposition of real or personal property.

(5) Depository institution means an organization authorized to receive deposits and to do business under state or federal laws relating to financial institutions and credit unions, and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association.

(6) Heirs means those persons, including a surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.

(7) Multiple-person or Multiple-party account means an account payable on request to one or more parties, whether or not a right of survivorship is mentioned.

(8) Party means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent.

(9) Payment means payment of sums on deposit and includes withdrawal, payment to a party or third person pursuant to check or other request, and a pledge of sums on deposit by a party, or a set-off, reduction, or other disposition of all or part of an account pursuant to a pledge.

(10) Personal representative includes executor, administrator, successor, or other court-appointed fiduciary, and persons who perform substantially the same function under the law governing decedents estates.

(11) POD designation means the designation of: (i) a beneficiary in an account payable on request to one party during his or her lifetime and on his or her death to one or more beneficiaries; or to one or more parties during their lifetimes and on death of all of them to one or more beneficiaries; or (ii) a beneficiary in an account in the name of one or more parties as trustee for one or more beneficiaries if the relationship is established by the terms of the account and there is no trust property other than the sums on deposit in the account, whether or not payment to the beneficiary is mentioned.

(12) Receive, as it relates to notice to a depository institution, means receipt in the principal office or branch office of the depository institution in which the account is established, but if the terms of the account require notice at a particular place, in the place required.

(13) Request means a request for payment complying with all terms of the account, including special requirements concerning necessary signatures and regulations of the depository institution; but, for purposes of this section, if terms of the account condition payment on advance notice, a request for payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for payment.

(14) State includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

(15) Successors means those persons, other than creditors, who are entitled to property of a decedent under the decedents will, by intestacy or otherwise.

(16) Sums on deposit means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance, and any deposit life insurance proceeds added to the account by reason of death of a party.

(17) Terms of the account includes the deposit agreement and other terms and conditions, including the form, of the contract of deposit.

(b) Scope. This section applies to accounts in this state. This section does not apply to:

(1) An account established for a partnership, joint venture, or other organization for a business purpose;

(2) An account controlled by one or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or civic organization; or

(3) A fiduciary or trust account in which the relationship is established other than by the terms of the account.

(c) Types of accounts  Existing accounts.(1) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to subsection (h)(3), either a single-party account or a multiple-party account may have a POD designation.

(2) An account established before, on, or after the effective date of this section [July 5, 2008], whether in the form prescribed in subsection (d) or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship, and with or without a POD designation, within the meaning of this section is governed by this subsection.

(d) Forms.(1) A contract of deposit that contains provisions in substantially the following form establishes the type of account provided; and the account is governed by the provisions of this section applicable to an account of that type:

(2) A contract of deposit that does not contain provisions in substantially the form provided in subsection (d)(1) is governed by the provisions of this section applicable to the type of account that most nearly conforms to the depositors intent.

(e) Designation of agent.(1) By a writing signed by all parties, the parties may designate another person as agent of all parties on an account.

(2) Unless the terms of an agency designation provide that the agents authority terminates on disability or incapacity of a party, the agents authority survives such disability or incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated.

(3) Death of the sole party or last surviving party terminates the authority of an agent.

(f) Applicability of Parts. The provisions of Part II concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and their creditors and other successors, and do not apply to the right of those persons to payment as determined by the terms of the account. Part III governs the liability and set-off rights of depository institutions that make payments pursuant to it.

(g) Ownership during lifetime.(1) In this subsection, net contribution of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party that have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. The term includes any deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question.

(2) During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount.

(3) A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party.

(h) Rights at death.(1) Except as otherwise provided in this section, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If two (2) or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under subsection (g) belongs to the surviving spouse. If two (2) or more parties survive and none is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under subsection (g) belongs to the surviving parties in equal shares, and augments the proportion to which each survivor, immediately before the decedents death, was beneficially entitled under subsection (g), and the right of survivorship continues between the surviving parties.

(2) In an account with a POD designation:

(i) On death of one of two (2) or more parties, the rights in sums on deposit are governed by subsection (h)(1).

(ii) On death of the sole party or the last survivor of two (2) or more parties, sums on deposit belong to the surviving beneficiary or beneficiaries. If two (2) or more beneficiaries survive, sums on deposit belong to them in equal and undivided shares, and there is no right of survivorship in the event of death of a beneficiary thereafter. If no beneficiary survives, sums on deposit belong to the estate of the last surviving party.

(3) Sums on deposit in a single-party account without a POD designation, or in a multiple-party account that, by the terms of the account, is without right of survivorship, are not affected by death of a party, but the amount of which the decedent, immediately before death, was beneficially entitled under subsection (g) herein is transferred as part of the decedents estate. A POD designation in a multiple-party account without right of survivorship is ineffective. For purposes of this section, designation of an account as a tenancy in common establishes that the account is without right of survivorship.

(4) The ownership right of a surviving party or beneficiary, or of the decedents estate, in sums on deposit is subject to requests for payment made by a party before the partys death, whether paid by the depository institution before or after death, or unpaid. The surviving party or beneficiary, or the decedents estate, is liable to the payee of an unpaid request for payment. The liability is limited to a proportionate share of the amount transferred under this section, to the extent necessary to discharge the request for payment.

(i) Alteration of rights. Rights at death of a party under subsection (h) are determined by the terms of the account at the death of the party. A party may alter the terms of the account by a notice signed by the party and given to the depository institution to change the terms of the account or to stop or vary payment under the terms of the account. To be effective, the notice must be received by the financial institution during the partys lifetime. A right of survivorship, arising from the express terms of the account, subsection (h), or a POD designation, may not be altered by will.

(j) Accounts and transfers nontestamentary. A transfer resulting from the application of subsection (h) is effective by reason of the terms of the account involved and this section and is not testamentary or subject to estate administration.

(k) Authority of depository institution. A depository institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation in either a single-party account or a multiple-party account. A depository institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.

(l) Payment on multiple-party account. A depository institution, on request, may pay sums on deposit in a multiple-party account to:

(1) One or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives another party; or

(2) The personal representative, if any, or, if there is none, the heirs or devisees of a deceased party if proof of death is presented to the depository institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary, unless the account is without right of survivorship under subsection (h).

(m) Payment on POD designation. A depository institution, on request, may pay sums on deposit in an account with a POD designation to:

(1) One or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;

(2) The beneficiary or beneficiaries, if proof of death is presented to the depository institution showing that the beneficiary or beneficiaries survived all persons named as parties; or

(3) The personal representative, if any, or, if there is none, the heirs or devisees of a deceased party, if proof of death is presented to the depository institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary.

(n) Payment to designated agent. A depository institution, on request of an agent under a power of attorney or other agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incapacitated, or deceased when the request is made or received, and whether or not the authority of the agent terminates on the disability or incapacity of a party.

(o) Payment to minor. If a depository institution is required or permitted to make payment pursuant to this chapter to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act.

(p) Discharge.(1) Payment made pursuant to this section in accordance with the terms of the account discharges the depository institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors. Payment may be made whether or not a party, beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.

(2) Protection under this section does not extend to payments made after a depository institution has received written notice from a party, or from the personal representative, surviving spouse, or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the account, including one having an agency designation, should not be permitted, and the depository institution has had a reasonable opportunity to act on it when the payment is made. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in request for payment if the depository institution is to be protected under this section. Unless a depository institution has been served with process in an action or proceeding, no other notice or other information shown to have been available to the depository institution affects its right to protection under this section.

(3) A depository institution that receives written notice pursuant to this section or otherwise has reason to believe that a dispute exists as to the rights of the parties may refuse, without liability, to make payments in accordance with the terms of the account.

(4) Protection of a depository institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in accounts or payments made from accounts.

(q) Set-off. Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party is indebted to a depository institution, the institution has a right to set-off against the account. The amount of the account subject to set-off is the proportion to which the party is, or immediately before death was, beneficially entitled under subsection (g) or, in the absence of proof of that proportion, an equal share with all parties.
R.I. Gen. Laws § 19-11-9 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-9
§ 19-11-9. Rules as to new deposits.
Status: in_force

Whenever the period of conservatorship provided for in this chapter has been terminated and the financial institution or credit union is permitted to resume business in accordance with this chapter, or whenever a receiver of the property of the financial institution or credit union has been appointed in accordance with law, the new deposits that may have been received shall be disposed of or held for the persons entitled to them in any manner that the director, or the directors designee, shall prescribe, unless and except as the persons entitled to those deposits have withdrawn the deposits within fifteen (15) days after the conservator has given written notice to them of the opportunity to withdraw those deposits. The conservator shall give this written notice and opportunity at any time and in any manner that the director, or the directors designee, shall prescribe.
R.I. Gen. Laws § 19-14-12 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-12
§ 19-14-12. Place of business  Branch offices  Name changes.
Status: in_force

(a) Additional places of business may be maintained under the same license upon written application to the director, or the directors designee, for the establishment of an additional branch office. A separate application must be filed for each additional branch office being requested. At the time of the application, the licensee shall pay to, and for the use of, the state an investigation fee as provided for in § 19-14-3. Upon the filing of the application, the director, or the directors designee, shall investigate the facts, and if he or she finds that the requirements for licensure have been met, the director, or the directors designee, shall grant authority for the operation of the business under the license at the branch location. If the director, or the directors designee, shall not so find, he or she shall deny the licensee permission to establish the branch location in a manner consistent with the licensing application process. Upon approval of a branch location request, the licensee shall pay an additional annual licensing fee for each branch location in the manner consistent with the licensing application process.

(b) Whenever a licensee wishes to change his or her place of business or branch location to a street address other than that designated in the license, the licensee shall notify the director, or the directors designee, in the manner directed by the director, or the directors designee, prior to conducting business at that location. Unless the director, or the directors designee, finds that the new location is not in the best interests of the public, the director, or the directors designee, will reflect the change in the records of the department. At the time of notification, the licensee shall pay to the state the sum of fifty dollars ($50.00) as a processing fee.

(c) No licensee shall transact the business provided for by this chapter under any other name than that named in the license or branch certificate. Whenever a licensee shall wish to change the name, the licensee shall make written application to the director, or the directors designee. If the director, or the directors designee, shall find that the change of name is appropriate and all requirements for the name change have been met by the licensee, the director, or the directors designee, shall approve the change and reflect the new name in the records of the department. At the time of application for change of name, the licensee shall pay to, and for the use of, the state the sum of fifty dollars ($50.00) as a processing fee.
R.I. Gen. Laws § 19-7-12 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-12
§ 19-7-12. Severability.
Status: in_force

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this chapter are declared to be severable.
R.I. Gen. Laws § 19-2-12 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-12
§ 19-2-12. Relocation of branches.
Status: in_force

Any financial institution or credit union may relocate a branch upon sixty (60) days prior written notice to the director, or the directors designee, provided that the relocated branch is:

(1) To be located within the same city or town as the existing branch; or

(2) To be located within a ten (10) mile radius of the existing branch; and

(3) The existing branch will be closed upon construction and/or occupancy of the relocated branch.
R.I. Gen. Laws § 19-4-4 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-4
§ 19-4-4. Audits.
Status: in_force

Every regulated institution audited by a licensed, independent certified public accountant pursuant to applicable federal law or regulation shall submit a copy of the audit to the director, or the directors designee, within thirty (30) days of receipt of the audit.
R.I. Gen. Laws § 19-4-9 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-9
§ 19-4-9. Reports to general assembly.
Status: in_force

The director shall make available, by electronic means, the annual reports filed by all financial institutions and credit unions regulated by him or her and shall provide such reports to members of the public and general assembly upon request.
R.I. Gen. Laws § 19-11-5 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-5
§ 19-11-5. Creditors rights as in receivership.
Status: in_force

During the time that any conservator remains in charge of the property and affairs of any financial institution or credit union in accordance with the provisions of this chapter, the rights of creditors and all other parties in respect to bringing and prosecuting suits and proceedings against the financial institution or credit union and the conservator, except as otherwise provided in this chapter, shall be the same as if the conservator was a receiver of the property and affairs of that financial institution or credit union duly appointed and qualified in and by appropriate judicial proceedings instituted for that purpose.
R.I. Gen. Laws § 19-5-4 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-4
§ 19-5-4. Contents of bylaws.
Status: in_force

(a) The director, or the directors designee, shall promulgate regulations that prescribe the form and content of the credit unions bylaws that shall, if not contrary to state law, reflect the guidelines of the federal credit union model bylaws and amendment provisions.

(b) No credit union seeking formation shall operate until the time the director, or the directors designee, has approved the bylaws. Amendments to the bylaws shall not be operative until approved by the director, or the directors designee. Any credit union aggrieved by the decision of the director, or the directors designee, shall have the right to appeal pursuant to chapter 35 of title 42.
R.I. Gen. Laws § 19-26-2 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-2
§ 19-26-2. City or town license  Fee  Revocation.
Status: in_force

The city or town council of any city or town may grant licenses to suitable persons, residents of the state, under any conditions and regulations that it may think proper, to carry on the business of pawnbrokers within their respective cities or towns for the term of one year at the place designated in the license, and every license granted shall designate the place where the business shall be carried on, and the carrying on of the business in any other place than that designated in the license, whether by the person named or by any other person, shall be deemed to be without license, and shall be punished accordingly; and every person taking the license shall pay to the city or town treasurer a sum not less than fifty dollars ($50.00), nor more than two hundred dollars ($200), to be fixed by the city or town council, and notwithstanding anything contained in this chapter, any license granted may be revoked and annulled by the city or town council at any time without affecting any liability under the bonds to be given, and without any claim for the money, or any part of the money, paid for the license.
R.I. Gen. Laws § 19-9-28 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-28
§ 19-9-28. False statement to obtain loan.
Status: in_force

Any person who knowingly makes a false statement to any regulated institution, licensee or other depository respecting the financial condition of any person, firm, or corporation for the purpose of obtaining a loan from that regulated institution, licensee, or other depository, whether for that persons own use or for the use of any other person, firm, or corporation, shall be punished by imprisonment for not less than six (6) months nor more than five (5) years.
R.I. Gen. Laws § 19-13-6 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-6
§ 19-13-6. Conformity to federal law.
Status: in_force

All of the regulated institutions to which this chapter is applicable shall be permitted to conform to the requirements of any federal proclamation, law, or regulation.
R.I. Gen. Laws § 19-9-10 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-10
§ 19-9-10. Disbursement requirements  Purchase money loans  Dwellings.
Status: in_force

Any lending institution providing a purchase money first mortgage loan on a property within this state containing less than four (4) living units shall make disbursement of the loan proceeds on or before the date upon which the conveyance and/or mortgage documents are to be recorded. The disbursement shall be in the form of cash, wired funds, government check, cashiers check, or other immediately available funds. The disbursement shall be made to the agent responsible for settlement. If the disbursement is not as provided in this section, no interest shall be charged for the first thirty (30) days following the closing date.
R.I. Gen. Laws § 19-10-4 — RI Code / Title 19 / Chapter 19-10 / Section 19-10-4
§ 19-10-4. Delivery of unclaimed funds and property to general treasurer.
Status: in_force

Whenever the final dividend in liquidation shall be declared by any receiver or officer or agent of any financial institution or credit union, now or hereafter in the hands of a receiver or officer or agent for the purposes of liquidation, and two (2) years shall elapse from the time of the commencement of payment of that dividend, or whenever no dividend has been declared by the receiver of any insolvent financial institution or credit union within three (3) years of the commencement of receivership, it shall be lawful for any receiver or officer or agent, at any time thereafter, upon the allowance of his or her account by the superior court, or in the case of voluntary liquidation upon the allowance by the financial institution or credit union, and upon the order of the court or the financial institution or credit union, to pay over all the funds of the financial institution or credit union remaining in his or her hands, whether arising from unclaimed dividends or otherwise, to the general treasurer of this state to be deposited in the general treasury and to deliver all the remaining property of the financial institution or credit union to the general treasurer, upon his or her receipt for it and upon payment and delivery, the powers, obligations, duties, and liabilities of the receiver or officer or agent shall terminate.
R.I. Gen. Laws § 19-5-6 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-6
§ 19-5-6. Demand deposits.
Status: in_force

(a) A credit union may offer demand deposits to its members provided the following conditions are met:

(1) That the credit union has shares and deposits of one million dollars ($1,000,000) or more;

(2) Every credit union shall maintain reserves as required by the provisions with respect to reserve funds and reserve balances contained in the Federal Reserve Act, 12 U.S.C. § 221 et seq., and in the rules, regulations, orders, and rulings from time to time in force of the Board of Governors of the Federal Reserve System; and

(3) That the credit union obtain the approval of the director, or the directors designee, prior to accepting demand deposits, that approval to be conditioned on compliance with the above requirements and on the soundness of the condition and operation of the credit union.

(b) If at any time the credit union ceases to comply with subdivisions (1) through (3) above, the director, or the directors designee, may, upon thirty (30) days notice and after an opportunity to be heard, withdraw the authority of the credit union to accept demand deposits. Upon withdrawal the credit union shall accept no further sums to be credited to any demand deposit. After two (2) months from the date of withdrawal of authority, the credit union shall cease to maintain demand deposits.
R.I. Gen. Laws § 19-33-1 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-1
§ 19-33-1. Title.
Status: in_force

This chapter shall be known and may be cited as the Student Loan Bill of Rights Act.
R.I. Gen. Laws § 19-8-6 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-6
§ 19-8-6. Notice of change in control.
Status: in_force

Whenever a change in control occurs, each regulated institution shall report promptly to the appropriate banking regulator any change or replacement of its chief executive officer or any directors occurring in the next twelve-month (12) period. The report shall contain a statement of the past and current business and professional affiliations of the new chief executive officer or directors.
R.I. Gen. Laws § 19-34-5 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-5
§ 19-34-5. Immunity.
Status: in_force

(a) An employee of a regulated institution who makes a notification pursuant to § 19-34-2, or a regulated institution that submits a report pursuant to § 19-34-2 or makes a notification to a third party pursuant to § 19-34-3, or an employee or regulated institution that testifies or otherwise participates in a judicial proceeding arising from a notification or report shall be immune from any civil or criminal liability arising from the notification, report, testimony, or participation in the judicial proceeding, unless the employee or regulated institution acted in bad faith or with a malicious purpose.

(b) A regulated institution that in good faith and with the exercise of reasonable care places or does not place a hold on any transaction pursuant to § 19-34-4 shall be immune from any civil or criminal liability or disciplinary action resulting from that action or failure to act.
R.I. Gen. Laws § 19-4-2 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-2
§ 19-4-2. Periodic examinations  Access to records.
Status: in_force

(a) The director, or the directors designee, shall, whenever he or she considers it advisable, but at least once in each year, examine each regulated institution. However, the director may extend the examination period for eligible financial institutions to at least once every eighteen (18) months. For the purposes of this section, an eligible financial institution means a financial institution with total assets of less than two hundred fifty million dollars ($250,000,000) that has not experienced a change in control in the last twelve-month (12) period and that is:

(1) Well capitalized;

(2) Well managed;

(3) Highly rated by state and federal banking regulatory agencies; and

(4) Not subject to a formal enforcement proceeding or order.

In addition, the director may also consider other factors that may be considered by federal banking regulatory agencies when those agencies determine whether financial institutions qualify for an extended examination cycle. At each examination the director, or the directors designee, shall have free access to all books, records, papers, assets and any other information deemed necessary by the director, or the directors designee, to ascertain the regulated institutions condition; its ability to fulfill its obligations; and whether it has complied with the provisions of law.

(b) The total cost of an examination made pursuant to this section shall be paid by the examined party and shall include the following expenses:

(1) One hundred fifty percent (150%) of the salary and benefits of the examining personnel engaged in the examination shall be paid to the director to and for the use of the state. The assessment shall be in addition to any taxes and fees otherwise payable to the state. The total examination fees under this section payable in any one year shall not exceed one hundred thousand dollars ($100,000) for any one regulated institution;

(2) All reasonable technology costs related to the examination process. Technology costs shall include the actual cost of software and hardware utilized in the examination process and the cost of training examination personnel in the proper use of the software or hardware; and

(3) All necessary and reasonable education and training costs incurred by the state to maintain the proficiency and competence of the examination personnel. All such costs shall be incurred in accordance with appropriate state of Rhode Island regulations, guidelines, and procedures.

(c) Expenses incurred pursuant to subsections (b)(2) and (b)(3) shall be allocated equally to each regulated institution no more frequently than annually and shall not exceed an annual average assessment of seven hundred fifty dollars ($750) per regulated institution for any given three (3) calendar-year period. All revenues collected pursuant to this section shall be deposited as general revenues. That assessment shall be in addition to any taxes and fees otherwise payable to the state.

(d) The director, or the directors designee, is authorized to accept in his or her discretion the report of any examination conducted by any federal banking regulatory or federal deposit insuring agencies or other state banking regulatory agency in lieu of an examination by the director, or the directors designee.
R.I. Gen. Laws § 19-12-13 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-13
§ 19-12-13. Agreements against interest of the financial institution or credit union.
Status: in_force

No agreement that tends to diminish or defeat the interest of the financial institution or credit union and any asset acquired by the receiver acting in a proceeding under this chapter or by any person or entity acquiring all or any of the interests or assets by a sale or other transfer approved by any order of the court entered in a receivership proceeding under this chapter, including (without limitation) loans made by the financial institution or credit union or any security therefor, shall be valid against the receiver or transferee unless the agreement (1) is in writing; (2) was executed by the financial institution or credit union and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the assets by the financial institution or credit union; (3) was approved by the governing body of the financial institution or credit union or its loan or other authorizing committee, which approval shall be reflected in the minutes of the board or committee; and (4) has been, continuously, from the time of its execution, an official record of the financial institution or credit union.
R.I. Gen. Laws § 19-3-3 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-3
§ 19-3-3. Maximum aggregate liability of one person or company.
Status: in_force

(a) No financial institution shall permit any person or entity to borrow or guaranty an amount(s), directly or indirectly, in the aggregate, that exceeds fifteen percent (15%) of its unimpaired capital. In calculating this limitation, a financial institution shall take into account the credit exposure to any such person or entity arising from derivative transactions. The director shall have the authority to establish the method for determining the credit exposure and the extent to which the credit exposure shall be taken into account. As used in this subsection, derivative transaction includes any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event leading to, one or more commodities, securities, currencies, interest or other rates, indices or other assets. The director may adopt regulations establishing the method for determining credit exposure to derivative transactions and the extent to which the credit exposure shall be taken into account. The director shall apply the limitation included herein to derivative transactions entered into on or after January 1, 2013.

This limitation shall not include:

(1) Obligations issued by the United States;

(2) General obligations of the state of Rhode Island;

(3) Loans or any portion thereof that are insured or guaranteed by the United States or any agency thereof;

(4) Inter-bank transactions involving the transfer of immediately available funds resulting from credits to deposit balances at Federal Reserve banks or from credit to new or existing deposit balances due from a correspondent depository institution (commonly known as the sale of federal funds) with a maturity of one business day or less; or

(5) Loans secured by deposits within the financial institution where a perfected interest in the deposits is on record.

(b) To the extent that a deposit-taking institution regulated by the Federal Reserve System and insured by the Federal Deposit Insurance Corporation is expressly permitted to make loans that would exceed the limitations set forth in this section, the lending limitations of the Federal Reserve System shall apply. Nothing herein shall limit the department of business regulation from taking any action it deems appropriate to maintain appropriate safety and soundness standards relative to any loan or loans made by any financial institutions.
R.I. Gen. Laws § 19-9-8 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-8
§ 19-9-8. Lending institutions  Negative amortization loans.
Status: in_force

Notwithstanding the provisions of any other laws, any person doing business under and as permitted by any law of this state or of the United States relating to lending institutions is authorized, in connection with the making of any loan, to contract for the accrual of interest, at a rate of interest, equal to or less than the note or contractual rate of interest, on unpaid interest accruing during previous billing or payment periods. Accrued and unpaid interest that is thus added to the principal balance of the loan for the purposes of further interest accrual shall, for the purposes of chapter 26 of title 6, be deemed to constitute additional net proceeds or additional principal of the loan, but shall for all other purposes and all other laws constitute interest on the original loan.
R.I. Gen. Laws § 19-26-1 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-1
§ 19-26-1. Businesses subject to chapter.
Status: in_force

Every person, partnership, or corporation, except a national bank or bank or trust company duly incorporated under the laws of this state, engaged in the business of loaning money on the security of a deposit of any personal property other than choses in action, whether or not a note or other evidence of indebtedness be given by the borrower, shall be deemed to be carrying on the business of a pawnbroker, within the meaning of this chapter, and shall be subject to all the provisions contained in this chapter.
R.I. Gen. Laws § 19-9-2 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-2
§ 19-9-2. Escrow accounts  Interest.
Status: in_force

(a) Every mortgagee holding funds of a mortgagor in escrow for the payment of taxes and insurance premiums with respect to mortgaged property located in this state shall pay or credit interest on those funds at a rate equal to the rate paid to the mortgagee on its regular savings account, if offered, and otherwise at a rate not less than the prevailing market rate of interest for regular savings accounts offered by local financial institutions as determined by the director, said determination to be made within thirty (30) days of the effective date of this provision and thereafter annually on the first business day of the year. Said credit of interest shall accrue on the daily balance and be made annually on December 31. If the mortgage debt is paid prior to December 31 in any year, the interest to the date of payment shall be paid to the mortgagor. The provision of this section shall apply only with respect to mortgages on owner-occupied residential property consisting of not more than four (4) living units. The provisions of this section shall not be waived. No mortgagee holding the mortgagors funds in escrow for the payment of taxes shall also charge an annual tax service fee or other annual fee for ascertaining whether or not the real estate taxes have in fact been paid. Any mortgagee violating the provisions of this section shall be fined not more than one hundred dollars ($100) for each offense.

(b) Mortgages insured or guaranteed by the Farmers Home Loan Administration, Federal Housing Administration, or the Veterans Administration, or a private mortgage insurer licensed to do business in the state of Rhode Island or made pursuant to the provisions of chapter 55 of title 42 shall be exempt from the requirements of this section.

(c) The director, or the directors designee, shall adopt any regulations that are necessary to carry out the provisions of this section.
R.I. Gen. Laws § 19-12-8 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-8
§ 19-12-8. Priority of claims  Federally insured financial institutions or credit unions.
Status: in_force

In a receivership, or a conservatorship under chapter 11 of this title, of a financial institution or credit union whose deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration or any other agency or instrumentality of the United States, the allowed expenses and claims against the financial institution or credit union shall have priority in receiving distributions out of the assets of the financial institution or credit union in the following order:

(1) The payment of costs and expenses of the administration of the receivership estate.

(2) The payment of claims for deposits, as that term is defined in 12 U.S.C. §1813( l ), including, but not limited to, the claims of depositors in a mutual savings bank for return of their deposits.

(3) Unsecured claims of any local, state, or federal taxing authority entitled by law to priority in distribution from the receivership or conservatorship estate, to the extent of such priority.

(4) Claims of salaried employees of the financial institution or credit union for wages or salaries earned but unpaid as of the commencement of the receivership or conservatorship.

(5) Claims for all other general liabilities not specified herein.

(6) Claims otherwise proper that were not filed within the prescribed time.

(7) Claims for obligations expressly subordinated to deposits and general liability claims.

Any funds remaining shall be paid to the stockholders of the financial institution or credit union, or, in the case of a mutual financial institution in which there are no stockholders, to the depositors in proportion to the respective amounts of their stock or deposits.

Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or adequately provided for in full.
R.I. Gen. Laws § 19-2-10 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-10
§ 19-2-10. Amendment of agreement to form.
Status: in_force

(a) Subject to the approval of the director, or the directors designee, any financial institution or credit union may amend its agreement to form.

(b) If the amendment increases the capital stock of a stock financial institution, the certificate of the general treasurer that the financial institution has paid into the treasury for the use of the state a sum equal to one tenth of one percent (.1%) of the increase shall be presented to the secretary of state; provided, however, that no share or shares of any increase of stock shall be issued by any financial institution until the par value of the stock has been actually paid in cash.

(c) The director, or the directors designee, may permit any stock financial institution to transfer to its capital account, from any surplus accounts that are not set aside as security for any class of depositors, an amount that will leave, after the transfer, a surplus in addition to any amount set aside as special security of at least one hundred percent (100%) of the total capital stock. The director may authorize the financial institution to issue further shares of stock for the transferred amount whenever the director, or the directors designee, is satisfied that the entire capital stock when added to and the remaining surplus represent assets of equivalent value properly invested for banking purposes; and provided, also, that nothing in this section shall be construed to affect, in any way, any right with respect to the determination of the amount and issue of capital stock conferred upon any existing financial institution by its act of formation or any amendment or addition to its act of formation, except that no capital stock shall be issued until the par value of the stock has been actually paid in cash, and until the director, or the directors designee, certifies this; and provided further that no amendment, change, or alteration shall contain any provision that could not lawfully be contained in an original agreement to form under this title filed at the time of applying for amendment.

(d) Upon the issuance of the duplicate certified by the secretary of state, the agreement to form shall be amended accordingly.
R.I. Gen. Laws § 19-33-14 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-14
§ 19-33-14. Private actions.
Status: in_force

Any student loan borrower may bring an action under § 6-13.1-5.2 for a violation of § 19-33-12 as an unlawful act or practice under chapter 13.1 of title 6.
R.I. Gen. Laws § 19-14-17 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-17
§ 19-14-17. Contracts unimpaired by revocation, suspension, or surrender of license.
Status: in_force

Any revocation, suspension, or surrender of a license shall not impair or affect the obligation of any preexisting lawful contract between the licensee and any customer.
R.I. Gen. Laws § 19-5-16 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-16
§ 19-5-16. Maximum aggregate liability of one person or company.
Status: in_force

A credit union shall not permit any person or entity to borrow or guaranty, directly or indirectly, an amount(s), in the aggregate, that exceeds one percent (1%) of its total assets or twenty percent (20%) of the total unimpaired capital, whichever is greater. This limit shall not apply to a loan or loans secured by pledged shares or deposits in the credit union.
R.I. Gen. Laws § 19-9-19 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-19
§ 19-9-19. Checks on consumer deposit accounts to show date account was opened.
Status: in_force

(a) All checks, drafts, or similar negotiable or non-negotiable instruments or orders of withdrawal that are drawn against funds held by a regulated institution, as defined in this title, shall clearly display on the face the month and year in which the account was opened. This section does not apply to temporary checks, drafts, similar negotiable or non-negotiable instruments, or orders of withdrawal.

(b) For the purposes of this section, the term consumer deposit account means a demand or other similar deposit account established and maintained by a natural person with a regulated institution and operated primarily for personal, family, or household purposes.

(c) No liability or penalty shall be imposed on any depositor, regulated institution, or printer for an unintentional failure to comply with this section.
R.I. Gen. Laws § 19-13-4 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-4
§ 19-13-4. New deposits other than cash.
Status: in_force

New deposits, other than new cash deposits, need not be segregated, but may be drawn against by check to the same extent and in the same manner as deposits existing prior to any order of the director, issued under the provisions of this chapter, and may also be drawn against under the terms of the order; provided, nevertheless, that new deposits made in any medium of exchange prescribed by the director under the provisions of this chapter shall be payable in the deposited medium of exchange, or the medium of exchange into which it may have been converted, and any such deposits may be withdrawn in whole or in part.
R.I. Gen. Laws § 19-32-4 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-4
§ 19-32-4. Contractual liability or other insurance policies.
Status: in_force

(a) Contractual liability or other insurance policies insuring GAP waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the creditor and purchased or held by the borrower.

(b) Coverage under a contractual liability or other insurance policy insuring a GAP waiver must also cover any subsequent assignee upon the assignment, sale, or transfer of the finance agreement.

(c) Coverage under a contractual liability or other insurance policy insuring a GAP waiver must remain in effect unless cancelled or terminated in compliance with title 27.

(d) The cancellation or termination of a contractual liability or other insurance policy must not reduce the insurers responsibility for GAP waivers issued by the creditor prior to the date of cancellation or termination and for which premium has been received by the insurer.
R.I. Gen. Laws § 19-14-10 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-10
§ 19-14-10. Agent for service of process.
Status: in_force

(a) Every licensee shall appoint, and thereafter maintain, in this state a resident agent with authority to accept process for the licensee in this state, including the process of garnishment.

(1) The appointment shall be filed with the director, or the directors designee, electronically through the Nationwide Multistate Licensing System. The designation of an agent shall provide all contact information, including the business address, street, and number, if any, of the resident agent. Thereafter, if the resident agent changes his or her business address or other contact information, the licensee shall, within ten (10) days after any change, file electronically through the Nationwide Multistate Licensing System notice of the change setting forth the agents current business address or other contact information.

(2) If the resident agent dies, resigns, or leaves the state, the licensee shall make a new appointment and file the new appointment electronically through the Nationwide Multistate Licensing System. The original designation shall not be revoked until new appointment shall have been given to some other competent person resident in this state and filed with the department.

(3) Service of process upon the resident agent shall be deemed sufficient service upon the licensee.

(4) Any licensee who fails to appoint a resident agent and file the appointment electronically through the Nationwide Multistate Licensing System, or fails to replace a resident agent for a period of thirty (30) days from vacancy, shall be liable for a penalty not exceeding five hundred dollars ($500) and shall be subject to suspension or revocation of the license.

(5) Upon the filing of any appointment required by this section, a fee of twenty-five dollars ($25.00) shall be paid to the director for the use of the state.

(6) Any licensee that is a corporation and complies with the provisions of chapter 1.2 of title 7 is exempt from the filing requirements of this section. Any licensee that is a limited partnership or limited liability company and complies with the provisions of chapters 13.1 and 16 of title 7 is exempt from the requirements of this section.

(b) Any process, including the process of garnishment, may be served upon the director, or the directors designee, as agent of the licensee in the event that no resident agent can be found upon whom service can be made, or in the event that the licensee has failed to designate a resident agent as required, and process may be served by leaving a copy of the process with a fee of twenty-five dollars ($25.00) which shall be included in the taxable costs of the suit, action, or proceeding, in the hands of the director, or the directors designee. This manner of service upon the licensee shall be sufficient, provided that notice of service and a copy of the process shall be immediately sent by certified mail by the plaintiff, or the plaintiffs attorney of record, to the licensee at the latest address filed with the director, or the directors designee. If the licensee has not filed his or her address pursuant to this chapter, notice of service shall be given in any manner that the court in which the action is pending may order as affording the licensee reasonable opportunity to defend the action or to learn of the garnishment. Nothing contained in this section shall limit or affect the right to serve process upon a licensee in any other manner now or hereafter permitted by law.
R.I. Gen. Laws § 19-5-10 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-10
§ 19-5-10. Credit committee.
Status: in_force

If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint, or the members may elect, a credit committee which shall consist of an odd number of members of the credit union. The method used shall be set forth in the bylaws.
R.I. Gen. Laws § 19-26-9 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-9
§ 19-26-9. Precious metals  Acts tending to destroy identity of articles pawned.
Status: in_force

No pawnbroker shall buy or receive in pawn, gold, silver, or platinum scraps, gold- or silver-plated scraps, gold or silver solder, gold, silver, or platinum, or any of the same, in combination with any other or others of the same, melted into a button, bar, or any other shape, or any article of gold, silver, platinum, gold plate or silver plate in course of manufacture; nor shall he or she deface, scratch, obliterate, melt, separate, or break into parts any finished or unfinished article received by him or her in pawn, or otherwise in any manner do, cause, or suffer to be done by others, anything that shall destroy or tend to destroy the identity of the article, or render the identification more difficult; and for every violation of any provision of this section the pawnbroker shall be fined not exceeding two thousand dollars ($2,000) or be imprisoned not exceeding one year, and his or her license shall become void.
R.I. Gen. Laws § 19-4-13 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-13
§ 19-4-13. Continuance of business after suspension prohibited.
Status: in_force

After suspension of the right of a regulated institution to do business, the regulated institution affected shall cease to have any right to continue its business, except for the purpose of winding up the affairs of the regulated institution. Any officers, directors, or agents of the regulated institution thereafter selling shares of the regulated institution, or soliciting business for the regulated institution, shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not more than one thousand dollars ($1,000) for each offense.
R.I. Gen. Laws § 19-5-15.1 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-15.1
§ 19-5-15.1. Purchase, sale and pledge of eligible obligations and assets.
Status: in_force

(a) For purposes of this section:

(1) Eligible obligation means a loan or group or portfolio of loans and includes a participation interest in a loan or group or portfolio of loans.

(2) Participation interest means a loan where one or more federally insured financial institutions or federally insured credit unions participate pursuant to a written agreement with the originating lender.

(3) Student loan means a loan granted to finance the borrowers attendance at an institution of higher education or at a vocational school that is secured by and on which payment of the outstanding principal and interest has been deferred in accordance with the insurance or guarantee of the federal government, of a state government, or any agency of either.

(b) Purchase. (1) A credit union may purchase, in whole or in part, within the limitations of the board of directors written purchase policies: (i) Eligible obligations of its members, from any source, if either: (A) They are loans it is empowered to grant; or (B) They are refinanced with the consent of the borrowers, within sixty (60) days after they are purchased, so that they are loans it is empowered to grant; (ii) Eligible obligations of a liquidating credit unions individual members, from the liquidating credit union; (iii) Student loans, from any source, if the purchaser is granting student loans on an ongoing basis and if the purchase will facilitate the purchasing credit unions packaging of a pool of such loans to be sold or pledged on the secondary market; (iv) Real estate-secured loans, from any source, if the purchaser is granting real estate-secured loans on an ongoing basis and if the purchase will facilitate the purchasing credit unions packaging of a pool of such loans to be sold or pledged on the secondary mortgage market. A pool must include a substantial portion of the credit unions members loans and must be sold promptly; (v) Participation interests in loans made by federally-insured financial institutions or federally-insured credit unions; and (vi) An indirect lending or indirect leasing arrangement shall be classified as a loan and is not the purchase of an eligible obligation because the credit union makes the final underwriting decision and the sales or lease contract is assigned to the credit union very soon after it is signed by the member and the dealer or leasing company. (2) A credit union may make purchases in accordance with this section (b), provided: (i) The board of directors approves the purchase; (ii) A written agreement and schedule of the eligible obligations covered by the agreement are retained in the purchasers office; (iii) For purchases under paragraph (b)(1)(ii) of this section, any advance written approval required by the National Credit Union Administration is obtained before consummation of such purchase; and (iv) For purchases under paragraph (b)(1)(v) of this section, fifteen (15) business days prior written notice is given to the director, or the directors designee. Such notice shall set forth such information as the director, or the directors designee, shall from time to time require. In the event the director, or the directors designee, fails to object to the proposed purchase within the fifteen (15) business day notice period, the purchase shall be deemed approved. (3) The aggregate of the unpaid balance of eligible obligations purchased under paragraph (b) of this section shall not exceed five percent (5%) of the unimpaired capital and surplus of the purchaser. The following may be excluded in calculating this five percent (5%) limitation: (i) Student loans purchased in accordance with paragraph (b)(1)(iii) of this section; (ii) Real estate loans purchased in accordance with paragraph (b)(1)(iv) of this section; and (iii) Eligible obligations purchased in accordance with paragraph (b)(1)(i) of this section that are refinanced by the purchaser so that it is a loan it is empowered to grant.

(c) Sale. A credit union may sell, in whole or in part, to any source, eligible obligations of its members, eligible obligations purchased in accordance with paragraph (b)(1)(ii) of this section, student loans purchased in accordance with paragraph (b)(1)(iii) of this section, and real estate loans purchased in accordance with paragraph (b)(1)(iv) of this section, within the limitations of the board of directors written sale policies, provided:

(1) The board of directors approves the sale; and

(2) A written agreement and a schedule of the eligible obligations covered by the agreement are retained in the sellers office.

(d) Pledge. (1) A credit union may pledge, in whole or in part, to any source, eligible obligations of its members, eligible obligations purchased in accordance with paragraph (b)(1)(ii) of this section, student loans purchased in accordance with paragraph (b)(1)(iii) of this section, and real estate loans purchased in accordance with paragraph (b)(1)(iv) of this section, within the limitations of the board of directors written pledge policies, provided: (i) The board of directors approves the pledge; (ii) Copies of the original loan documents are retained; and (iii) A written agreement covering the pledging arrangement is retained in the office of the credit union that pledges the eligible obligations. (2) The pledge agreement shall identify the eligible obligations covered by the agreement.

(e) Servicing. A credit union may agree to service any eligible obligation it purchases or sells in whole or in part.

(f) Ten percent (10 %) limitation. The total indebtedness owing to any credit union by any person, inclusive of retained and reacquired interests, shall not exceed ten percent (10%) of its unimpaired capital and surplus.

(g) Conflicts of interest. (1) No credit union official, employee, or his or her immediate family member may receive, directly or indirectly, any compensation in connection with that credit unions purchase, sale, or pledge of an eligible obligation under the provisions of this section. (2) Permissible payments. This section does not prohibit: (i) A credit unions payment of salary to employees; (ii) A credit unions payment of an incentive or bonus to an employee based on the credit unions overall financial performance; (iii) A credit unions payment of an incentive or bonus to an employee, other than a senior management employee, in connection with that credit unions purchase, sale, or pledge of an eligible obligation. This payment is permissible if the board of directors establishes a written policy and internal controls for the incentive or bonus program and monitors compliance with the policy and controls at least annually; and (iv) Payment by a person other than the credit union of compensation to a volunteer official, non-senior management, employee, or his or her immediate family member, for a service or activity performed outside the credit union provided that the credit union, the official, employee, or his or her immediate family member has not made a referral. (3) Business associates and family members. All transactions under this section with business associates or family members not specifically prohibited by subdivision (g)(1) of this section must be conducted at arms length and in the interest of the credit union. (4) Definitions. (i) Compensation includes non-monetary items, except those of nominal value. (ii) Immediate family member means a spouse or other family member living in the same household. (iii) Official means any member of the board of directors or a volunteer committee. (iv) Person means an individual or an organization. (v) Senior management employee means the credit unions chief executive officer (typically, this individual holds the title of President or Treasurer/Manager), any assistant chief executive officers (e.g., Assistant President, Vice President, or Assistant Treasurer/Manager), and the chief financial officer (Comptroller). (vi) Volunteer official means an official of a credit union who does not receive compensation from the credit union solely for his or her service as an official.
R.I. Gen. Laws § 19-9-30 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-30
§ 19-9-30. Injunctions against fraud.
Status: in_force

(a) The attorney general is hereby empowered to bring an action in the name of the state in any court of competent jurisdiction for restraining orders and injunctive relief to restrain and enjoin violations or threatened violation of the provisions of §§ 19-9-23 and 19-9-29.

(b) If any person, firm, corporation, or other legal entity is alienating or disposing of property, or intends to alienate or dispose of property obtained as a result of a violation of §§ 19-9-23 and/or 19-9-29, or property that is traceable to this violation, the attorney general may commence a civil action in any court of competent jurisdiction:

(1) To enjoin the alienation or disposition of property; or

(2) For a restraining order to:

(i) Prohibit any person from withdrawing, transferring, removing, dissipating, or disposing of any of the property or property of equivalent value; and

(ii) Appoint a temporary receiver to administer the restraining order.

(c) A permanent or temporary injunction or restraining order shall be granted without bond. The court shall proceed as soon as practicable to the hearing and determination of an action and may, at any time before final determination, enter a restraining order or prohibition or take other action as is warranted to prevent a continuing and substantial injury to the state or to any person or class of persons for whose protection the action is brought.
R.I. Gen. Laws § 19-11-1 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-1
§ 19-11-1. Appointment of conservator on application by stockholders or directors.
Status: in_force

Whenever any financial institution or credit union shall petition the director for the appointment of a conservator of its property, assets, and affairs for the benefit of its depositors and other creditors, and in order to provide an opportunity for a reorganization of its affairs, the director is authorized and empowered to appoint himself or herself or a deputy a conservator of that financial institution or credit union, the petition in each case to be made in pursuance of a vote adopted by a majority of the board of directors or under the same conditions that could allow the director to petition the court for the appointment of a receiver.
R.I. Gen. Laws § 19-32-2 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-2
§ 19-32-2. Definitions.
Status: in_force

The following are terms defined for purposes of this chapter and are not intended to provide actual terms required in guaranteed asset-protection waivers:

(1) Administrator means a person, other than an insurer or creditor who performs administrative or operational functions pursuant to guaranteed asset-protection waiver programs.

(2) Borrower means a debtor, retail buyer, or lessee, under a finance agreement.

(3) Creditor means:

(i) The lender in a loan or credit transaction;

(ii) The lessor in a lease transaction;

(iii) Any dealer of motor vehicles that provides credit to retail buyers of such motor vehicles, provided that such entities comply with the provisions of this section;

(iv) Any retail seller of motor vehicles as defined herein in commercial retail installment transactions; or

(v) The assignees of any of the foregoing to whom the credit obligation is payable.

(4) Finance agreement means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle.

(5) Free-look period means the period of time from the effective date of the GAP waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. This period of time must be not less than thirty (30) days.

(6) Guaranteed asset-protection waiver or GAP waiver means a contractual agreement wherein a creditor agrees, for a separate charge, to cancel or waive all or part of amounts due on a borrowers finance agreement in the event of a total, physical-damage loss or unrecovered theft of the motor vehicle, which agreement must be part of, or a separate addendum to, the finance agreement.

(7) Insurer means an insurance company licensed, registered, or otherwise authorized to do business under title 27.

(8) Motor vehicle means self-propelled or towed vehicles designed for personal or commercial use, including, but not limited to: automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercraft, and trailers for motorcycles, boats, campers, and personal watercraft.

(9) Person includes an individual, company, association, organization, partnership, business trust, corporation, or other legal entity.
R.I. Gen. Laws § 19-5-26 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-26
§ 19-5-26. Liquidity reserves.
Status: in_force

Every credit union shall maintain liquidity reserves equal to an amount as determined in the credit unions liquidity and funds management policy as established and adopted by the board of directors of the credit union. Failure to adopt an adequate funds management policy shall be considered an unsafe and unsound practice.
R.I. Gen. Laws § 19-12-4 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-4
§ 19-12-4. Schedule of property given to receiver.
Status: in_force

When a receiver or receivers are appointed, the president or treasurer of the financial institution or credit union shall make a schedule of its property, and shall make oath that the schedule sets forth all of the property that the financial institution or credit union owns or is entitled to. The treasurer shall deliver the schedule to the receiver or receivers, who may at any time examine, under oath, the treasurer, board of directors, or trustees, or other officers, to determine whether all of the property that the financial institution or credit union owns or is entitled to has come into the hands of the receiver or receivers.
R.I. Gen. Laws § 19-4-6 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-6
§ 19-4-6. Time and frequency of reports of financial institutions and credit unions.
Status: in_force

Every financial institution and credit union, at those times that the director, or the directors designee, shall require, but at least once in each calendar year, shall render a report to the director, or the directors designee, signed and sworn to by its president, or a vice-president, and also by its secretary, treasurer, or auditor, and attested by at least three (3) of the members of its board of directors, showing accurately the condition of the financial institution or credit union at the close of business on any past day specified by the director, or the directors designee, in the form and containing the information that the director, or the directors designee, shall require; and the report shall be transmitted to the director, or the directors designee, within thirty (30) days, exclusive of Sundays and holidays, after the directors request. At the time of filing each report the sum of fifty-five dollars ($55.00) shall be paid by the financial institution or credit union to the director to and for the use of the state.
R.I. Gen. Laws § 19-14-1_19-14-1 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-1_19-14-1
§ 19-14-1. Definitions. [Effective until January 1, 2027.]19-14-1. Definitions. [Effective January 1, 2027.]
Status: in_force

Unless otherwise specified, the following terms shall have the following meanings throughout chapters 14, 14.1, 14.2, 14.3, 14.4, 14.6, 14.8, 14.10, and 14.11 of this title:

(1) Bona fide employee shall mean an employee of a licensee who works under the oversight and supervision of the licensee.

(2) Check means any check, draft, money order, personal money order, or other instrument for the transmission or payment of money. For the purposes of check cashing, travelers checks or foreign denomination instruments shall not be considered checks. Check cashing means providing currency for checks.

(3) Check casher means a person or entity who or that, for compensation, engages, in whole or in part, in the business of cashing checks.

(4) Currency transmission means engaging in the business of any of the following:

(i) Sale or issuance of payment instruments or stored value primarily for personal, family, or household purposes; or

(ii) Receiving money or monetary value for transmission or holding funds incidental to transmission within the United States or to locations abroad by any and all means, including payment instrument, stored value, wire, facsimile, or electronic transfer, primarily for personal, family, or household purposes. This includes maintaining control of virtual currency or transactions in virtual currency on behalf of others.

(5) Deferred-deposit transaction means any transaction, such as those commonly known as payday loans, payday advances, or deferred-presentment loans, in which a cash advance is made to a customer in exchange for the customers personal check or in exchange for the customers authorization to debit the customers deposit account and where the parties agree either that the check will not be cashed or deposited, or that the customers deposit account will not be debited until a designated future date.

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

(7) Deliver means to deliver a check to the first person who, in payment for the check, makes, or purports to make, a remittance of, or against, the face amount of the check, whether or not the deliverer also charges a fee in addition to the face amount and whether or not the deliverer signs the check.

(8) Insurance premium finance agreement means an agreement by which an insured, or prospective insured, promises to pay to an insurance premium finance company the amount advanced, or to be advanced, under the agreement to an insurer or to an insurance producer, in payment of a premium, or premiums, on an insurance contract, or contracts, together with interest and a service charge, as authorized and limited by this title.

(9) Insurance premium finance company means a person or entity engaged in the business of making insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies.

(10)(i) Lender means any person who makes or funds a loan within this state with the persons own funds, regardless of whether the person is the nominal mortgagee or creditor on the instrument evidencing the loan;

(ii) A loan is made or funded within this state if any of the following conditions exist:

(A) The loan is secured by real property located in this state;

(B) An application for a loan is taken by an employee, agent, or representative of the lender within this state;

(C) The loan closes within this state;

(D) A retail installment contract as defined herein is created;

(E) The loan solicitation is done by an individual with a physical presence in this state; or

(F) The lender maintains an office in this state;

(iii) The term lender shall also include any person engaged in a transaction whereby the person makes or funds a loan within this state using the proceeds of an advance under a line of credit over which proceeds the person has dominion and control and for the repayment of which the person is unconditionally liable. This transaction is not a table-funding transaction. A person is deemed to have dominion and control over the proceeds of an advance under a line of credit used to fund a loan regardless of whether:

(A) The person may, contemporaneously with, or shortly following, the funding of the loan, assign or deliver to the line of credit lender one or more loans funded by the proceeds of an advance to the person under the line of credit;

(B) The proceeds of an advance are delivered directly to the settlement agent by the line-of-credit lender, unless the settlement agent is the agent of the line-of-credit lender;

(C) One or more loans funded by the proceeds of an advance under the line of credit is purchased by the line-of-credit lender; or

(D) Under the circumstances, as set forth in regulations adopted by the director, or the directors designee, pursuant to this chapter.

(11) Licensee means any person licensed under this chapter.

(12) Loan means any advance of money or credit including, but not limited to:

(i) Loans secured by mortgages;

(ii) Insurance premium finance agreements;

(iii) The purchase or acquisition of retail installment contracts or advances to the holders of those contracts;

(iv) Educational loans;

(v) Any other advance of money; or

(vi) Any transaction, such as those commonly known as payday loans, payday advances, or deferred-presentment loans, in which a cash advance is made to a customer in exchange for the customers personal check, or in exchange for the customers authorization to debit the customers deposit account, and where the parties agree either, that the check will not be cashed or deposited, or that the customers deposit account will not be debited, until a designated future date.

(13) Loan broker means any person or entity who or that, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, solicits, processes, negotiates, places, or sells a loan within this state for others in the primary market, or offers to do so. A loan broker shall also mean any person who is the nominal mortgagee or creditor in a table-funding transaction. A loan is brokered within this state if any of the following conditions exist:

(i) The loan is secured by real property located in this state;

(ii) An application for a loan is taken or received by an employee, agent, or representative of the loan broker within this state;

(iii) The loan closes within this state;

(iv) The loan solicitation is done by an individual with a physical presence in this state; or

(v) The loan broker maintains an office in this state.

(14) Loan-closing services means providing title services, including title searches, title examinations, abstract preparation, insurability determinations, and the issuance of title commitments and title insurance policies, conducting loan closings, and preparation of loan-closing documents when performed by, or under the supervision of, a licensed attorney, licensed title agency, or licensed title insurance company.

(15) Loan solicitation shall mean an effectuation, procurement, delivery and offer, or advertisement of a loan. Loan solicitation also includes providing or accepting loan applications and assisting persons in completing loan applications and/or advising, conferring, or informing anyone regarding the benefits, terms and/or conditions of a loan product or service. Loan solicitation does not include loan processing or loan underwriting as defined in this section. Loan solicitation does not include telemarketing that is defined, for purposes of this section, to mean contacting a person by telephone with the intention of collecting such persons name, address, and telephone number for the sole purpose of allowing a mortgage loan originator to fulfill a loan inquiry.

(16) Loan underwriting shall mean a loan process that involves the analysis of risk with respect to the decision whether to make a loan to a loan applicant based on credit, employment, assets, and other factors, including evaluating a loan applicant against a lenders various lending criteria for creditworthiness, making a determination for the lender as to whether the applicant meets the lenders pre-established credit standards, and/or making a recommendation regarding loan approval.

(17) Monetary value means a medium of exchange, whether or not redeemable in fiat currency.

(18) Mortgage loan means a loan secured in whole, or in part, by real property located in this state.

(19) Mortgage loan originator has the same meaning set forth in § 19-14.10-3.

(20) Nationwide Multistate Licensing System means a system involving more than one state, the District of Columbia, or the Commonwealth of Puerto Rico and that is established to facilitate the sharing of regulatory information and the licensing, application, reporting, and payment processes, by electronic or other means, for mortgage lenders and loan brokers and other licensees required to be licensed under this chapter.

(21) Natural person employee shall mean any natural person performing services as a bona fide employee for a person or entity licensed under § 19-14-1 et seq., in return for a salary, wage, or other consideration, where such salary, wage, or consideration is reported by the licensee on a federal form W-2 payroll record. The term does not include any natural person or business entity performing services for a person licensed under the provisions of Rhode Island general laws in return for a salary, wage, or other consideration, where such salary, wage, or consideration is reported by the licensee on a federal form 1099.

(22) Negative equity means the difference between the value of an asset and the outstanding portion of the loan taken out to pay for the asset, when the latter exceeds the former amount.

(23) Negotiates shall mean, with respect to a loan, to confer directly with, or offer advice directly to, a loan applicant or prospective loan applicant for a loan product or service concerning any of the substantive benefits, terms, or conditions of the loan product or service.

(24) Nonprofit organization means a corporation qualifying as a 26 U.S.C. § 501(c)(3) nonprofit organization, in the operation of which no member, director, officer, partner, employee, agent, or other affiliated person profits financially other than receiving reasonable salaries if applicable.

(25) Operating subsidiary shall mean a majority-owned subsidiary of a financial institution or banking institution that engages only in activities permitted by the parent financial institution or banking institution.

(26) Oversight and supervision of the licensee shall mean that the licensee provides training to the employee, sets the employees hours of work, provides the employee with the equipment required to perform the employees duties, and supervises the services provided by the employee to the licensee.

(27) Personal money order means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints, or purports to appoint, the seller as his or her agent for the receipt, transmission, or handling of money, whether the instrument is signed by the seller, or by the purchaser, or remitter, or some other person.

(28) Primary market means the market in which loans are made to borrowers by lenders, whether or not through a loan broker or other conduit.

(29) Principal owner means any person or entity who or that owns, controls, votes, or has a beneficial interest in, directly or indirectly, ten percent (10%) or more of the outstanding capital stock and/or equity interest of a licensee.

(30) Processes shall mean, with respect to a loan, any of a series of acts or functions, including the preparation of a loan application and supporting documents, performed by a person that leads to, or results in, the acceptance, approval, denial, and/or withdrawal of a loan application, including, without limitation, the rendering of services, including loan underwriting, obtaining verifications, credit reports or appraisals, communicating with the applicant and/or the lender or loan broker, and/or other loan processing and origination services, for consideration by a lender or loan broker. Loan processing does not include the following:

(i) Providing loan closing services;

(ii) Rendering of credit reports by an authorized credit reporting agency; and

(iii) Rendering of appraisal services.

(31) Provisional employee means a natural person who, pursuant to a written agreement between the natural person and a wholly owned subsidiary of a financial holding company, as defined in the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended, a bank-holding company, savings-bank-holding company, or thrift-holding company, is an exclusive agent for the subsidiary with respect to mortgage loan originations and the subsidiary: (a) Holds a valid loan brokers license; and (b) Enters into a written agreement with the director, or the directors designee, to include:

(i) An undertaking of accountability, in a form prescribed by the director, or the directors designee, for all of the subsidiarys exclusive agents to include full-and-direct financial and regulatory responsibility for the mortgage loan originator activities of each exclusive agent as if said exclusive agent were an employee of the subsidiary;

(ii) A business plan, to be approved by the director, or the directors designee, for the education of the exclusive agents, the handling of consumer complaints related to the exclusive agents, and the supervision of the mortgage loan origination activities of the exclusive agents; and

(iii) A restriction of the exclusive agents mortgage loan originators activities to loans to be made only by the subsidiarys affiliated bank.

(32) Remote location means a location meeting the requirements of § 19-14-25(b) at which an employee of a licensee may provide services for the licensee notwithstanding that the location differs from the place of business named in the license or a branch certificate issued to the licensee.

(33) Retail installment contract means any security agreement negotiated or executed in this state, or under the laws of this state, including, but not limited to, any agreement in the nature of a mortgage, conditional sale contract, or any other agreement whether or not evidenced by any written instrument to pay the retail purchase price of goods, or any part thereof, in installments over any period of time and pursuant to which any security interest is retained or taken by the retail seller for the payment of the purchase price, or any part thereof, of the retail installment contract.

(34) Sell means to sell, to issue, or to deliver a check.

(35) Servicing means receiving a scheduled, periodic payment from a borrower, pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan documents or servicing contract. In the case of a home equity conversion mortgage or a reverse mortgage, servicing includes making payment to the borrower.

(36) Simple interest means interest computed on the principal balance outstanding immediately prior to a payment for one plus the actual number of days between payments made on a loan over the life of a loan.

(37) Small loan means a loan of less than five thousand dollars ($5,000), not secured by real estate, made pursuant to the provisions of chapter 14.2 of this title.

(38) Small-loan lender means a lender engaged in the business of making small loans within this state.

(39) Stored value means monetary value representing a claim against the issuer that is stored on an electronic or digital medium and is evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. The term does not include stored value that is redeemable by the issuer exclusively in goods or services; stored value that is redeemable exclusively in goods or services limited to transactions involving a defined merchant or location or set of locations, such as a specific retailer or retail chain, college campus, or program points, miles, or other units issued in connection with a customer affinity or rewards program, even if there is a secondary market for the stored value.

(40) Table-funding transaction means a transaction in which there is a contemporaneous advance of funds by a lender and an assignment by the mortgagee or creditor of the loan to the lender.

(41) Tangible net worth means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with United States generally accepted accounting principles.

(42) Third-party loan servicer means a person or entity who or that, directly or indirectly, engages in the business of servicing a loan secured by residential real estate located in Rhode Island, for a personal, family, or household purpose, owed or due, or asserted to be owed or due, another, or a person or entity that owns the servicing rights to a loan secured by residential real estate located in Rhode Island whether or not that owner services the loan themselves or contracts with another person or entity for the servicing.

(43) Virtual currency:

(i) Means a digital representation of value that:

(A) Is used as a medium of exchange, unit of account, or store of value; and

(B) Is not legal tender, whether or not denominated in legal tender; and

(ii) Does not include:

(A) A transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for legal tender, bank credit, or virtual currency;

(B) A digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform;

(C) Native digital token used in a proprietary blockchain service platform; or

(D) A gift certificate; store gift card; general-use prepaid card; or loyalty, award, or promotional gift card, as these terms are defined in federal Regulation E, 12 C.F.R. § 1005.20(a), without giving effect to any exception as specified in 31 C.F.R. § 1010.100(kkk) or any card, code or device, or other device that can add funds to those products.

(44) Writing means hard-copy writing or electronic writing that meets the requirements of § 42-127.1-2(7).
R.I. Gen. Laws § 19-13-5 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-5
§ 19-13-5. Bank holidays.
Status: in_force

The director is further authorized to declare bank holidays with respect to any or all activities of any regulated institutions, whenever in the directors judgment a declaration is required by the public interest. A bank holiday declared by the director under this section shall have the same effect, with respect to banking activities, as the appointment or proclamation of a legal holiday under the provisions of § 25-1-1.
R.I. Gen. Laws § 19-2-7 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-7
§ 19-2-7. Approval of certificate  Filing  Fee on capital stock.
Status: in_force

The certificate in § 19-2-6 shall be submitted to the director, or the directors designee, together with the records of the first meeting, and the director, or the directors designee, shall examine the certificate and records and may require an amendment of the certificate and records or any additional information the director may consider necessary. If the director finds that the certificate and records conform to the provisions of the preceding sections relative to the organization of the financial institution; and to the provisions of this title; and that the provisions of this title have been complied with; and that public convenience and advantage will be promoted by the establishment of the financial institution, the director, or the directors designee, shall endorse his or her approval on the certificate and shall maintain a copy of the certificate, together with the copy of the records of the first meeting. Upon approval of the certificate by the director, or the directors designee, the certificate shall be filed in the office of the secretary of state, together with the certificate of the general treasurer that the subscribers have paid into the treasury for the use of the state a sum equal to one-tenth of one percent (.1%) of the amount of capital stock.
R.I. Gen. Laws § 19-14-26.1 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-26.1
§ 19-14-26.1. Additional penalties.
Status: in_force

(a) Any person who makes or brokers a loan not invalid for any other reason who knowingly violates § 19-14-2 shall, in the discretion of the court, forfeit and have no right to collect or receive any interest, fees, or charges whatsoever.

(b) In the case of any unlicensed transaction involving lending or loan brokering activities, the amount of interest, fees, or charges previously collected shall be credited to the principal balance of the loan then due and owing or paid to the debtor, at the option of the holder of the loan.

(c) In the case of any unlicensed check cashing, sale of check, or electronic money transfer transaction, the amount of any fees or charges previously collected shall be paid to the person from whom the fee or charge was collected. In the event that the person who collected the fee or charge is unable to identify the person from whom the fee or charge was collected, the fee or charge shall be paid to the director to and for the use of the state.
R.I. Gen. Laws § 19-12-10 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-10
§ 19-12-10. Automatic stay.
Status: in_force

(a) The appointment of a temporary or permanent receiver pursuant to the provisions of this chapter, or the taking of possession of the financial institution or credit union and its assets by the director, or the directors designee, whichever shall first occur, shall operate as a stay until further order of the court, applicable to all persons and entities, of:

(1) The commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the financial institution or credit union that was, or could have been, commenced before the commencement of the receivership under this chapter, or to recover a claim against the financial institution or credit union that arose before the commencement of the receivership pursuant to this chapter;

(2) The enforcement, against the financial institution or credit union or against property of the receivership estate, or a judgment obtained before the commencement of the receivership under this chapter;

(3) Any act to obtain possession of property of, or from, the receivership estate or to exercise control over property of the estate;

(4) Any act to create, perfect, or enforce any lien against property of the receivership estate;

(5) Any act to create, perfect, or enforce against property of the financial institution or credit union any lien to the extent that the lien secures a claim that arose before the commencement of the receivership under this title;

(6) Any act to collect, assess, or recover a claim against the financial institution or credit union that arose before the commencement of the receivership under this chapter; and

(7) The setoff of any debt owing to the financial institution or credit union that arose before the commencement of the receivership under this chapter against any claim against the financial institution or credit union.

(b) Nothing in this section shall be construed to prevent the issuance, employment, or enforcement of process in conjunction with any investigation by state or federal authorities.
R.I. Gen. Laws § 19-5-12 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-12
§ 19-5-12. Powers and duties of directors.
Status: in_force

The board of directors shall be responsible for the general management of the affairs, funds, and records of the credit union, and shall meet as often as necessary. It shall be the boards special powers and duties:

(1) To act upon the expulsion of members;

(2) To approve or ratify the rate of interest that shall be allowed on deposits;

(3) To fill vacancies in the board of directors, the supervisory committee, and in the credit committee of the credit union until the election and qualification of officers and directors to fill those vacancies is completed;

(4) To make recommendations to members relative to the maximum number of shares that may be held by any one member, amendments to the bylaws, and any other matters that, in their opinion, the members should decide;

(5) To borrow, on behalf of the credit union, and to pledge as security the bonds, notes, mortgages, or other securities of the credit union; provided, however, that this borrowing shall not exceed fifty percent (50%) of the assets of the credit union, unless the director, or the directors designee, shall give his or her written approval;

(6) To declare dividends as provided in this chapter.
R.I. Gen. Laws § 19-14-26 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-26
§ 19-14-26. Penalty for violations.
Status: in_force

(a) If a person other than a licensee engages in activity for which licensure is required by this title with or on behalf of a resident in violation of this chapter, the department may assess a civil penalty against the person in an amount not to exceed five thousand dollars ($5,000) for each day of violation and/or may order that the person cease and desist from all activities requiring licensure.

(b) If a licensee materially violates or participates in the violation of any of the applicable provisions of this title, or any regulation promulgated under this title, the department may assess a civil penalty of not more than one thousand dollars ($1,000) for each violation or in the case of identifiable measured transactions per transaction, or by imprisonment not exceeding one year, or both. Each violation constitutes a separate offense. Complaints under the provisions of this chapter may be made by the director, or the directors designee, and shall not be required to give surety for costs. The attorney general shall prosecute all criminal activities under this chapter.

(c) A civil penalty under this section continues to accrue until the earlier of the following:

(1) The date the violation ceases; or

(2) A date specified by the department.

(d) In addition to the remedies set forth in subsections (a) and (b) of this section, upon proof of a material violation by a licensee, the department may take any of the following actions:

(1) Suspend or revoke a license or registration under this chapter;

(2) Order a person to cease and desist from doing activity for which a license or registration is required with or on behalf of a resident;

(3) Request the court to appoint a receiver for the assets of a licensee or registrant;

(4) Request the court to issue temporary, preliminary, or permanent injunctive relief against a licensee or registrant;

(5) Recover on the bond or security posted by the licensee or registrant; or

(6) Impose necessary or appropriate conditions on the conduct of business activity with or on behalf of a resident.

(e) All actions of the department under this section shall be taken in accordance with the requirements of chapter 35 of title 42 (the administrative procedures act).
R.I. Gen. Laws § 19-2-15 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-15
§ 19-2-15. Approval of amendments to bylaws required.
Status: in_force

The bylaws of any financial institution shall not be altered, amended, or added to except upon approval of the director, or the directors designee. A certified copy of the proposed alteration, amendment, or addition shall be submitted to the director, or the directors designee, who shall endorse his or her approval or disapproval, and shall maintain a copy of the approval or disapproval.
R.I. Gen. Laws § 19-13-11 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-11
§ 19-13-11. 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.
R.I. Gen. Laws § 19-26-3 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-3
§ 19-26-3. License bond.
Status: in_force

Before any license is issued under the provisions of this chapter, the person applying for the license shall give bond to the city or town treasurer in the penal sum of two thousand dollars ($2,000), with at least two (2) sureties satisfactory to the town council, which sureties shall be residents of the town or city where the licensee proposes to do business, conditioned that he or she will not violate any of the provisions of this chapter, and for the payment of all costs and damages incurred by any violation of this chapter, and the other fines and penalties provided for in this section for any violation of the provisions of this chapter shall not affect the liability of the obligor upon the bond.
R.I. Gen. Laws § 19-26-17 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-17
§ 19-26-17. Exercise of powers by boards and bureaus.
Status: in_force

Whenever, by law, the powers, conferred in this chapter upon city or town councils, have been conferred upon boards or bureaus of police commissioners in any city or town, those powers shall continue to be exercised by the boards or bureaus of police commissioners.
R.I. Gen. Laws § 19-14-16 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-16
§ 19-14-16. Surrender of license.
Status: in_force

Any licensee may surrender any license or branch certificate(s) by delivering to the director, or the directors designee, electronic notice through the Nationwide Multistate Licensing System surrendering the license or branch certificate(s). The surrender shall not affect the licensees civil or criminal liability for acts committed prior to the surrender. Electronic notice through the Nationwide Multistate Licensing System of any surrender must be filed with the director, or the directors designee, within thirty (30) days of the termination of the business authorized by this chapter at the surrendered location. The surrender of any license does not affect the licensees requirement to file an annual report with the fifty-five dollar ($55.00) filing fee. This report shall be filed within thirty (30) days of the surrender of the license. The licensee shall give electronic notification through the Nationwide Multistate Licensing System to the director, or the directors designee, within twenty-four (24) hours from termination of business.
R.I. Gen. Laws § 19-34-6 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-6
§ 19-34-6. Records.
Status: in_force

To the extent permitted by state or federal law, a regulated institution shall provide, on request, access to or copies of records relevant to the suspected financial exploitation of an elder adult to the department, a law enforcement agency, or the office of attorney general, either as part of a report to the department, law enforcement agency, or the elder abuse unit of the office of attorney general or at the request of the department, law enforcement agency, or the office of attorney general in accordance with an investigation. The records may include historical records as well as records relating to the most recent transaction or transactions that may comprise financial exploitation not to exceed sixty (60) calendar days prior to the first transaction that was reported or sixty (60) days after the last transaction that was reported. An extension of the request for records may be made by the department, law enforcement agency, or the office of attorney general if, after receipt of the records, it is determined the suspected financial exploitation has occurred outside the scope of the original request.
R.I. Gen. Laws § 19-4-12 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-12
§ 19-4-12. Order to cease unlawful or unsafe practices  Impairment of capital  Appeal.
Status: in_force

(a) Whenever it appears to the director, or the directors designee, that a regulated institution has violated its agreement to form, or any law or regulation, or is conducting its business in an unauthorized or unsafe manner, or the regulated institution has been notified by its federal deposit insurer of its intent to terminate deposit insurance, the director, or the directors designee, may exercise any or all of the following powers:

(1) Restrict the withdrawal of deposits when he or she finds the restriction necessary for the protection of depositors;

(2) Order any person to cease violating any provision of the banking laws of this state or any rule or regulation issued thereunder, or cease engaging in any unsafe or unsound or deceptive banking or credit union practices;

(3) Order that capital be restored, to the extent that the capital of the financial institution or credit union has been impaired;

(4) Suspend or remove any director, committee member, officer, or employee who becomes ineligible to hold his or her position or who, after receipt of an order to cease under this chapter, violates the banking laws of this state or a rule, regulation, or order issued thereunder, or who is reckless or incompetent in the conduct of the financial institutions or credit unions business. Each suspension or removal order shall specify the grounds therefor, and a copy of the order shall be sent to the financial institution or credit union concerned.

(b) Any action taken pursuant to subsection (a) may be taken in the directors, or the directors designees, discretion before or after affording the regulated institution and/or affected individuals an opportunity for hearing. When an action is not preceded by an opportunity for hearing, such an opportunity must be afforded to the regulated institution and/or affected individuals within a reasonable time after the action; provided further, that a request for hearing subsequent to an action by the director, or the directors designee, shall not act to stay the action of the director, or the directors designee, pending the outcome of the hearing, although the director, or the directors designee, may, in his or her discretion, grant a stay. All hearings shall be conducted pursuant to chapter 35 of title 42.
R.I. Gen. Laws § 19-12-6 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-6
§ 19-12-6. Legislative findings.
Status: in_force

It is hereby found as follows:

(1) Certain financial institutions or credit unions, whose deposits were previously insured by the Rhode Island Share and Deposit Indemnity Corporation, are presently unable to obtain adequate deposit insurance as required by § 19-4-10 (formerly § 19-11-9).

(2) As a result thereof, a proclamation of the governor dated January 1, 1991, declared a banking emergency under chapter 13 (formerly chapter 18) of this title with respect to certain of those financial institutions or credit unions pursuant to which operations of those financial institutions or credit unions have been suspended pending their obtaining adequate deposit insurance, and a number of them have obtained federal deposit insurance and have been permitted to resume operations.

(3) There remain more than twelve (12) financial institutions or credit unions subject to orders suspending their operations, which orders preclude approximately one hundred ninety thousand (190,000) members and/or depositors of these financial institutions or credit unions from having access to approximately three hundred thousand (300,000) separate accounts that in the aggregate total more than one billion dollars ($1,000,000,000).

(4) The inability of depositors in the remaining financial institutions or credit unions to withdraw their deposits has created hardships not only for those depositors and their families, but also for a broad sector of citizens and businesses in the state of Rhode Island that depend on payments from depositors for goods and services supplied to them.

(5) It is hereby determined to be necessary in order to preserve and restore liquidity to the economy of the state, to protect deposits of state funds in these financial institutions or credit unions, and to protect the health, safety and general welfare of the people of the state of Rhode Island, for the general assembly to exercise its constitutional and other powers to enact measures to achieve these essential public purposes by providing for the relief of persons affected by the suspension of withdrawals from the financial institutions or credit unions affected by the banking emergency by expediting access by depositors to funds and assets in these financial institutions or credit unions.

(6) The numbers of people, accounts, and funds adversely affected indicate that, without prompt state legislative action, there will be a serious negative impact on the health, safety, and general welfare of the people and the economy of the state, already weakened by current economic conditions.

This chapter shall, therefore, be deemed to be an exercise of the police powers of this state to achieve the essential public purpose of providing for the protection of the health, safety, and general welfare of the people of the state by amending the general laws of Rhode Island to grant priorities in distributions to depositors upon the liquidation of financial institutions or credit unions and to expedite receivership and other proceedings intended to make available to depositors and other affected parties funds and the value of assets in the affected financial institutions and credit unions.
R.I. Gen. Laws § 19-9-34 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-34
§ 19-9-34. Property insurance.
Status: in_force

Every lending institution shall be subject to the provisions of § 27-5-3.2.
R.I. Gen. Laws § 19-34-7 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-7
§ 19-34-7. Training.
Status: in_force

(a) Commencing no later than 45 days following passage of the Act, regulated institutions shall provide training concerning the financial exploitation of elder adults to employees of regulated institutions as defined in § 19-34-1, and shall provide this training to new employees within the first three (3) months of their employment.

(b) The training shall include recognition of indicators of financial exploitation of an elder adult; the manner in which employees may report suspected financial exploitation to the department and law enforcement as mandatory reporters; and steps employees may take to prevent suspected financial exploitation of an elder adult as authorized by law or agreement between the regulated institution and customers of the regulated institution. The elder abuse unit of the office of attorney general and the department shall develop standardized training that the regulated institutions may offer, or the regulated institutions may develop their own training.
R.I. Gen. Laws § 19-3-10 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-10
§ 19-3-10. Membership in federal home loan banks.
Status: in_force

Any financial institution, including a credit union, may become a member of a federal home loan bank organized pursuant to the provisions of the Federal Home Loan Bank Act, 12 U.S.C. § 1421 et seq., and may subscribe to the stock of any federal loan bank and invest therein.
R.I. Gen. Laws § 19-13-12 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-12
§ 19-13-12. Severability.
Status: in_force

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this chapter are declared to be severable.
R.I. Gen. Laws § 19-2-11 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-11
§ 19-2-11. Establishment of branches.
Status: in_force

Any financial institution or credit union may establish a branch, or branches, within this state at any other place than its main office upon obtaining the approval of the director, or the directors designee. The director, or the directors designee, shall decide, upon consideration of factors consistent with the creation of the financial institution or credit union, whether to issue a certificate of public convenience and advantage.
R.I. Gen. Laws § 19-5-11 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-11
§ 19-5-11. Duplication of office prohibited  Oaths of office  Record of qualification.
Status: in_force

(a) No member of the board of directors, credit committee, supervisory committee, or committees appointed by the board of directors shall serve at the same time as an official in any position of another unaffiliated credit union that is under the supervision of the director. No member of the board of directors shall be a member of either the supervisory committee or the credit committee, nor shall one person be a member of more than one of those committees; all members of those committees, as well as all officers whom they may elect, shall be sworn and shall hold their offices until others are elected and qualified in their place; and a record of every qualification shall be filed and preserved with the records of the credit union.

(b) Every director, credit committee member, and supervisory committee member, when appointed or elected, shall take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the credit union, and will not knowingly violate, or willingly permit to be violated, any of the provisions of this title. This oath shall be immediately transmitted to the director, or the directors designee, and shall be filed and preserved in the directors office.
R.I. Gen. Laws § 19-5-7 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-7
§ 19-5-7. Voting rights.
Status: in_force

No person shall be entitled to vote at any meeting who has not been a member of the credit union for more than three (3) months, but this restriction shall not apply during the first year of the existence of the credit union, nor shall it apply during the first three (3) months of the second year to any member who was a member at the end of the first year and who has been a member continuously since that time. No member shall have more than one vote, and no member shall be permitted to vote by proxy, unless expressly authorized by the bylaws or except as otherwise provided in this chapter. Any fraternal organization, voluntary association, partnership, or corporation holding membership may, by duly authorized agent, cast one vote at any meeting, but that agent shall not be eligible to election as an officer or as a member of the board of directors, credit committee, or supervisory committee unless that agent holds membership, as an individual, in the credit union.
R.I. Gen. Laws § 19-13-13 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-13
§ 19-13-13. Chapter controlling.
Status: in_force

The provisions of this chapter shall control if in conflict with any other legislation.
R.I. Gen. Laws § 19-5-21 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-21
§ 19-5-21. Destruction of records.
Status: in_force

A credit union may, in accordance with rules and regulations that the director, or the directors designee, may adopt, destroy its records that have become obsolete.
R.I. Gen. Laws § 19-5-23 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-23
§ 19-5-23. Conversion.
Status: in_force

(a) A credit union may be converted into a federal credit union, and a federal credit union may be converted into a credit union, by complying with all the requirements of applicable federal and state law.

(b) A federal credit union shall become a credit union when its agreement to form has been approved by the director, or the directors designee, under this chapter and when it has filed a copy of its agreement to form with the national credit union administration and complied with all other requirements of federal law.

(c) A credit union shall become a federal credit union upon the granting of a federal credit union charter to it and the completion of all other requirements of federal law necessary to be completed to become an operating federal credit union, and upon the filing with the director, or the directors designee, a certified vote of the majority of the credit union members present at a meeting called, in accordance with the credit unions bylaws, for the purpose of considering a conversion to a federal charter. The converting credit union shall then file with the director, or the directors designee, a certified copy of the federal credit union charter and shall surrender its copy of its agreement to form, or file proof that the agreement to form has been lost.
R.I. Gen. Laws § 19-26-19 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-19
§ 19-26-19. Safekeeping of pledges.
Status: in_force

Every pawnbroker, licensed and operating under the provisions of this chapter, shall provide a place for the safekeeping of the pledges received by him or her, and this provision shall not be construed to be in reduction of any obligation which rests upon the pawnbroker to properly care for the articles pledged. For every violation of this section the pawnbroker shall be fined one hundred dollars ($100).
R.I. Gen. Laws § 19-12-12 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-12
§ 19-12-12. Receiver as a lien creditor and as successor to certain creditors and purchasers.
Status: in_force

(a) A receiver appointed pursuant to this chapter shall have, as of the commencement of the receivership proceeding, and without regard to any knowledge of the receiver or of any creditor, the rights and powers of, or may avoid any transfer of property of the financial institution or credit union or any obligation incurred by the financial institution or credit union that is voidable by:

(1) A creditor who extends credit to the financial institution or credit union at the time of the commencement of the receivership proceeding, and who obtains, at that time and with respect to that credit, a judicial lien on all property on which a creditor on a simple contract could have obtained a judicial lien, whether or not a creditor exists;

(2) A creditor who extends credit to the financial institution or credit union at the time of the commencement of the receivership proceeding, and obtains, at that time and with respect to that credit, an execution against the financial institution or credit union that is returned unsatisfied at that time, whether or not a creditor exists; or

(3) A bona fide purchaser of real property, other than fixtures, from the financial institution or credit union, against whom applicable law permits the transfer to be perfected, and obtains the status of a bona fide purchaser and has perfected the transfer at the time of the commencement of the receivership proceeding, whether or not a purchaser exists.

(b) The receiver may avoid any transfer of an interest of the financial institution or credit union in property or any obligation incurred by the financial institution or credit union that is voidable under any applicable law by a creditor holding an unsecured claim against the financial institution or credit union.

(c) Without limiting the provisions of subsection (a), the receiver shall be deemed a lien creditor as that term is defined in § 6A-9-301-(3) and a creditor as that term is defined in § 6-16-1 and shall have all the rights and powers accorded to the lien creditor or creditor by any provisions of applicable law.

(d) In the event that the receiver shall make any sale or other transfer of all or any part of the assets of the financial institution or credit union to any transferee, the status and the rights and powers accorded the receiver by virtue of the provisions of subsections (a) through (c) of this section shall automatically vest in the transferee with respect to the assets.
R.I. Gen. Laws § 19-33-8 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-8
§ 19-33-8. Responsibilities of student loan servicers.
Status: in_force

(a) A student loan servicer shall provide annually, and at the request of a student loan borrower, the terms of their loan, progress toward repayment, and eligibility for any loan relief programs including, but not limited to, income-driven repayment plans, public service loan forgiveness, forbearance, and deferment.

(b) A student loan servicer shall establish policies and procedures, and implement them consistently, in order to facilitate evaluation of private student loan alternative repayment arrangement requests, including providing accurate information regarding any private student loan alternative repayment arrangements that may be available to the borrower through the promissory note, or that may have been marketed to the borrower through marketing materials.

(c) A private student loan alternative repayment arrangement shall consider the affordability of repayment plans for a distressed borrower, as well as the investor, guarantor, and insurer guidelines, and previous outcome and performance information.

(d) If a student loan servicer offers private student loan repayment arrangements, a student loan servicer shall consistently present and offer those arrangements to borrowers with similar financial circumstances.

(e) If a borrower inquires of a servicer of private student loans about consolidating or refinancing a federal student loan into a private student loan, the servicer of private student loans must disclose in advance of the refinancing or consolidation, any benefits or protections exclusive to federal student loans that may be lost as a result of the consolidation or refinancing.

(f)(1) A student loan servicer shall respond to a written inquiry from a student loan borrower, or the representative of a student loan borrower, within ten (10) business days after receipt of the request, and provide information relating to the request and, if applicable, the action the student loan servicer will take to correct the account or an explanation for the student loan servicers position that the borrowers account is correct.

(2) The ten-day (10) period described in subsection (f)(1) may be extended for not more than fifteen (15) days, if before the end of the ten-day (10) period the student loan servicer notifies the borrower or the borrowers representative of the extension and the reasons for the delay in responding.

(3) After receipt of a written request related to a credit reporting dispute on a borrowers payment on a student education loan, a student loan servicer shall not furnish adverse information to a consumer reporting agency regarding a payment that is the subject of the written inquiry.

(g) Except as provided by federal law or required by a student loan agreement, a student loan servicer shall inquire of a borrower how to apply an overpayment to a student education loan. A borrowers direction on how to apply an overpayment to a student education loan shall stay in effect for any future overpayments during the term of a student education loan until the borrower provides different directions. For purposes of this section, overpayment means a payment on a student education loan in excess of the monthly amount due from a borrower on a student education loan, also commonly referred to as a prepayment.

(h) Where a borrower has multiple loans at the same level of delinquency, a student loan servicer shall apply partial payments in a manner that minimizes late fees and negative credit reporting by applying such payments to satisfy as many individual loan payments as possible on a borrowers account. For purposes of this section, partial payment means a payment on a student loan account that contains multiple individual loans in an amount less than the amount necessary to satisfy the outstanding payment due on all loans in the student loan account, also commonly referred to as an underpayment.

(i) In the event of the sale, assignment, or other transfer of the servicing of a student education loan that results in a change in the identity of the person to whom a student loan borrower is required to send payments or direct any communication concerning the student education loan, the following provisions apply:

(1) As a condition of a sale, an assignment, or any other transfer of the servicing of a student education loan, a student loan lender shall require the new student loan servicer to honor all benefits originally represented as available to a student loan borrower during the repayment of the student education loan and preserve the availability of the benefits, including any benefits for which the student loan borrower has not yet qualified.

(2) A student loan servicer shall transfer to the new student loan servicer all records regarding the student loan borrower, the account of the student loan borrower, and the student education loan of the student loan borrower.

(3) The records required under subsection (i)(2) shall include the repayment status of the student loan borrower and any benefits associated with the student education loan of the student loan borrower.

(4) The student loan servicer shall complete the transfer of records required under subsection (i)(2) within forty-five (45) days after the sale, assignment, or other transfer of the servicing of a student education loan.

(5) The parties shall notify all student loan borrowers impacted by the sale, assignment, or other transfer of the servicing of a student education loan at least seven (7) days before the next payment on the loan is due. Notice must include: The identity of the new loan holder and/or servicer; the effective date of the transfer; the date on which the old servicer will no longer accept payments; the date on which the new servicer will begin to accept payments; and contact and billing information for loan payments.

(j) A student loan servicer that services a student education loan shall adopt policies and procedures to verify that the student loan servicer has received all records regarding the student loan borrower; the account of the student loan borrower; and the student education loan of the student loan borrower, including the repayment status of the student loan borrower and any benefits associated with the student education loan of the student loan borrower.

(k) When a prior student loan servicer receives a payment intended for the new student loan servicer, the prior student loan servicer must promptly transfer the payment to the new servicer, along with the date the prior servicer received the payment.

( l ) When a new servicer receives a payment from a prior servicer under subsection (k), the payment must be applied as of the date received by the prior servicer. A student loan servicer must implement processes and controls to ensure a student loan borrower does not incur additional interest, fees, or delinquency due to complications related to the sale, assignment, or other transfer of the servicing of a student education loan.

(m) A student loan servicer may not withhold student transcripts from borrowers that are or were delinquent in student loan payments.
R.I. Gen. Laws § 19-33-4 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-4
§ 19-33-4. Registration of student loan servicers.
Status: in_force

(a) Each person or entity who or that services any student education loan issued to a student loan borrower after July 1, 2019, shall register with the department as a student loan servicer no later than September 30, 2019, or within thirty (30) days of conducting servicing of student education loans, whichever is earlier.

(b) The registration provisions of this chapter shall not apply to:

(1) Any person or entity who or that services fewer than six (6) student education loans in this state during any consecutive twelve-month (12) period; and

(2) Any person or entity that services loans for education other than postsecondary education.

(c) As part of that registration, the person or entity shall:

(1) Complete a registration in the form promulgated by the department providing the information requested by the application;

(2) Pay an annual registration fee of one thousand dollars ($1,000);

(3) Provide a bond in which the registrant shall be the obligor and which shall run to the state for the use of the state and of the person who may have a cause of action against the obligor of the bond under the provisions of this chapter. The bond shall be perpetual and shall be conditioned upon the obligor conforming to the provisions of this chapter and all regulations thereunder and the obligor will pay to the state and to any person all money that may become due or owing to the state or to the person from the obligor under the provisions of this chapter. The bond shall provide for notice directly to the department in the manner specified by the department if the bond is canceled by the surety for any reason. The bond shall be in the sum of fifty thousand dollars ($50,000);

(4) Appoint, and thereafter maintain, a resident agent in this state with authority to accept service of process for the registrant in this state, including the process of garnishment:

(i) Service of process upon the agent shall be deemed sufficient service upon the registrant; and

(ii) Any process, including the process of garnishment, may be served upon the director, as agent of the registrant, in the event that no resident agent can be found upon whom service can be made, or the registrant has failed to designate a resident agent as required.

(d) No registration shall be transferable or assignable. A change in ownership of less than twenty-five percent (25%) of the voting stock or equity interests of a registrant shall not be considered a transfer or assignment of the registration. A change in ownership of twenty-five percent (25%) or more of the voting stock or equity interests shall require notification to the department, and registration by the transferee/assignee within fifteen (15) days of the change in ownership. A change in name shall require notification to the department within fifteen (15) days.

(e) Any registrant shall, within twenty-four (24) hours after actual knowledge, notify the department of the occurrence of any of the following events:

(1) The institution of bankruptcy, receivership, reorganization, or insolvency proceedings regarding a registrant;

(2) The institution of any adverse government action against a registrant; or

(3) Any felony indictment or conviction of any registrant or any officers, directors, owners, employees, members, or partners thereof.

(f) Student loan servicers shall designate and provide contact information for an individual to represent the student loan servicer in communications with the department. This information shall be updated within ten (10) days of any change thereto.

(g) Registration shall be valid for one calendar year, and student loan servicers shall be required to renew their registration with the department annually.

(h) The department may assess a fine of ten thousand dollars ($10,000) on any student loan servicer that services student education loans for thirty (30) or more days without registering and complying with the conditions provided in this section.

(i) The department may share any information gathered through its registration or examination of student loan servicers with the attorney general.
R.I. Gen. Laws § 19-12-14 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-14
§ 19-12-14. Presumptions.
Status: in_force

With respect to any financial institution or credit union to which a receivership proceeding is commenced pursuant to the provisions of this chapter, any member of its governing body or officer who votes or takes any action solely to approve or authorize the commencement of the proceeding or to accept service of citation or other process; to admit or cause to be admitted the allegations of any complaint or petition commencing the proceeding; or to consent to or join in the request for relief contained therein, shall be conclusively presumed to have taken the action in good faith, in the exercise of a reasonable business judgment, and in the best interests of the financial institution or credit union, its depositors, or other creditors.
R.I. Gen. Laws § 19-4-14 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-14
§ 19-4-14. Appeal of orders  Enforcement.
Status: in_force

(a) Any person or regulated institution aggrieved by a final order of the director, or the directors designee, made under the authority of this title may appeal to the superior court pursuant to chapter 35 of title 42.

(b) The director, or the directors designee, may apply to the superior court to enforce any administrative order issued.
R.I. Gen. Laws § 19-10-2 — RI Code / Title 19 / Chapter 19-10 / Section 19-10-2
§ 19-10-2. Notice of liquidation.
Status: in_force

Whenever a vote is taken to go into liquidation, it shall be the duty of the board of directors or trustees to cause notice of this fact to be certified, under the seal of the financial institution or credit union, by its president, cashier, or treasurer, to the director, or the directors designee. If the director, or the directors designee, approves of the act of the financial institution or credit union, he or she shall certify the decision upon the certificate setting forth the vote of the financial institution or credit union. The financial institution or credit union shall then publish a notice setting forth the vote and notifying creditors to present their claims against the financial institution or credit union for payment, which notice shall be published once each week for eight (8) successive weeks in a newspaper of general circulation in which the financial institution or credit union is located.
R.I. Gen. Laws § 19-26-11 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-11
§ 19-26-11. Proceeds of sales.
Status: in_force

The surplus money, if any, rising from the sale, after deducting the amount of the loan, the interest then due on the loan, and the proportionate expense of advertising, if any, and of selling, if at public auction, shall be paid over by the pawnbroker to the person who would be entitled to redeem the pledge or pawn in case no sale had taken place. If there is surplus money, notice of the sale and of any balance due the pawnor or the person entitled shall be sent by the pawnbroker by registered or certified mail addressed to the pawnor at the place of residence specified in the record book. If any other person claims to be entitled to the money, and his or her place of residence is known to the pawnbroker, the pawnbroker shall also send that person notice, addressed to that person at his or her residence, by registered or certified mail. If the notice or notices are sent, and neither the pawnor nor the other person claims the balances within one year from the time of sending the notice or notices, he or she shall be barred from recovering the money from the pawnbroker. For every violation of this section or § 19-26-10, the pawnbroker shall be fined not exceeding five hundred dollars ($500), and the pawnbrokers license shall become void.
R.I. Gen. Laws § 19-3-8 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-8
§ 19-3-8. Prudent person rule.
Status: in_force

(a) In addition to investments set forth in this title, any financial institution may also, to the extent prescribed, invest in any securities that would be acquired by prudent persons of discretion and intelligence in these matters who are seeking a reasonable income and the preservation of their capital, as are set forth below:

(1) In corporate interest-bearing securities not eligible under the laws of this state for investment, subject to a maximum of three percent (3%) of the financial institutions assets in any one obligation of any one obligor;

(2) In shares of common, preferred, or guaranteed stocks, including the various classifications of stocks, not eligible under the laws of this state for investment, subject to a maximum of one half of one percent (.5%) of the financial institutions assets in any one corporation;

(3) In the shares of any open-end or closed-end management-type investment company or trust that is registered under the federal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., subject to a maximum of one percent (1%) of the financial institutions assets in any one company or trust.

(b) No financial institution shall invest more than ten percent (10%) of its assets in investments authorized in this section, unless otherwise expressly provided.
R.I. Gen. Laws § 19-14-7 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-7
§ 19-14-7. Issuance or denial of license.
Status: in_force

(a) Upon the filing of a completed application, the payment of fees and the approval of the bond, the director, or the directors designee, shall commence an investigation of the applicant.

(b) After the investigation determines that a completed application has been filed, the director, or the directors designee, shall approve the license applied for in accordance with the provisions of this chapter if he or she shall find:

That the financial responsibility, experience, character, and general fitness of the applicant, and of the applicants members and of the applicants officers, including the designated manager of record of a licensed location, if the applicant is a partnership, limited liability company or association, or of the officers including the designated manager of record of a licensed location, and directors and the principal owner or owners of the issued and outstanding capital stock, if the applicant is a corporation, are such as to command the confidence of the community and to warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this title.

(c) A license provided pursuant to this title shall remain in full force and effect until it is surrendered by the licensee or revoked or suspended as provided by law. The licensee is, however, subject to suspension or revocation for failure to comply with any applicable provision of this title or regulation promulgated thereunder.

(d) If the director, or the directors designee, rejects an application for a license, he or she shall notify the applicant, in writing, and advise the applicant of the reason for the denial of the application for license. When an application for a license is denied by the director, or the directors designee, or withdrawn by the applicant, the director, or the directors designee, shall return to the applicant the bond, but shall retain the investigation fee to cover the costs of investigating the application. The applicant may make written demand for hearing upon the director, or directors designee, within thirty (30) days of the notice to determine the reasonableness of the action to deny the license.

(e) Any applicant or licensee aggrieved by the action of the director, or the directors designee, in denying a completed application for a license shall have the right to appeal the action, order, or decision pursuant to chapter 35 of title 42.
R.I. Gen. Laws § 19-33-16 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-16
§ 19-33-16. Exemption.
Status: in_force

(a) For the purposes of this chapter, any federal- or state-chartered bank or credit union that originates a student education loan or acts as a servicer, and any wholly owned subsidiary of a bank or credit union, shall be exempt from the provisions of §§ 19-33-4, 19-33-6 through 19-33-11, inclusive, §§ 19-33-12(9), and 19-33-14.

(b) Student loan servicers that are not banks or credit unions operating under federal or state charters, nor wholly owned subsidiaries thereof, that service student loans on behalf of state- or federal-chartered banks and credit unions, shall not be exempt from any section of this chapter.
R.I. Gen. Laws § 19-14-19 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-19
§ 19-14-19. Filing findings on revocation or suspension.
Status: in_force

Whenever the director, or the directors designee, shall revoke or suspend a license issued pursuant to this chapter, the director shall file, in his or her office, a written order to that effect containing the evidence and the reason(s) supporting the revocation or suspension, and serve upon the licensee a copy thereof.
R.I. Gen. Laws § 19-14-31 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-31
§ 19-14-31. Pre-existing contracts.
Status: in_force

Nothing contained in this chapter shall be construed to impair or affect the obligation of any contract or loan lawfully entered into prior to July 1, 1995.
R.I. Gen. Laws § 19-3-9 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-9
§ 19-3-9. Financial institutions and credit unions joining Federal Reserve System.
Status: in_force

(a) A financial institution, including a credit union, may subscribe to the capital stock and become a member of a Federal Reserve bank within the Federal Reserve district where the financial institution or credit union is situated under the provisions of the United States Federal Reserve Act, 12 U.S.C. § 221 et seq. The member financial institution or credit union shall be subject to the provisions of the Federal Reserve Act relative to member banks, and to the regulations of the Federal Reserve Board.

(b) Every member financial institution or credit union may have and exercise any and all of the powers and privileges which may be exercised by member banks under the provisions of the Federal Reserve Act.
R.I. Gen. Laws § 19-12-17 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-17
§ 19-12-17. Severability.
Status: in_force

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this chapter are declared to be severable. This chapter shall be construed liberally in aid of its purpose and legislative findings.
R.I. Gen. Laws § 19-9-25 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-25
§ 19-9-25. Fraudulent checks  Large amounts.
Status: in_force

(a) Any person who purchases any goods, materials, or services, pays for that purchase by check, draft, or order for payment of money, and takes possession of the item, and who subsequently orders payment stopped on the check, draft, or order for payment, or who, with intent to defraud, makes, draws, utters, or delivers any check, draft, or order for the payment of money, in an amount exceeding one thousand five hundred dollars ($1,500), upon any regulated institution or other depository, knowing at the time of making, drawing, uttering, or delivering that the maker or drawer has not sufficient funds in, or credit with, that regulated institution or other depository for the payment of the check, draft, or order, in full, upon its presentation, shall, upon conviction, be fined not more than two thousand dollars ($2,000), or be imprisoned not more than two (2) years, or may be subjected to both fine and imprisonment.

(b) With regard to the purchase of any goods or materials, it shall not be in violation of this section if goods or materials are returned to the vendor within three (3) business days of the filing of the stop payment order.

(c) The word credit means an arrangement or understanding with the regulated institution or other depository for the payment of the check, draft, or order.

(d) Any person violating any of these provisions may be prosecuted and proceeded against in any judicial district or in any county in which the offense was committed, or in which the check, draft, or order was uttered or delivered.
R.I. Gen. Laws § 19-14-22 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-22
§ 19-14-22. Reporting requirements.
Status: in_force

(a) Each licensee shall annually file a report with the director, or the directors designee, on a quarterly basis, giving any relevant information that the director, or the directors designee, may reasonably require concerning the business and operations during the reporting period of each licensed place of business conducted by the licensee within the state. The report shall be submitted through the Nationwide Multistate Licensing System and attested to by the entity. To the extent that the Nationwide Multistate Licensing System does not require submission of quarterly reports of condition, each licensee shall, annually, on or before March 31, file a report with the director, or the directors designee, giving any relevant information that the director, or the directors designee, may reasonably require concerning the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee within the state. At the time of renewal of the license, the sum of fifty-five dollars ($55.00) per license and fifty-five dollars ($55.00) per branch certificate shall be paid by the licensee to the director for the use of the state. Any licensee who or that shall delay transmission of any report required by the provisions of this title beyond the limit, unless additional time is granted, in writing, for good cause, by the director, or the directors designee, shall pay a penalty of twenty-five dollars ($25) for each day of the delay. In lieu of a report by any licensed mortgage loan originator, the director, or the directors designee, may accept a report by the licensed lender or licensed loan broker who or that employed the licensed mortgage loan originator for the activities of the licensed mortgage loan originator while employed by such lender or loan broker during the applicable calendar year.

(b) Any licensee shall, within twenty-four (24) hours after actual knowledge, notify the director, or the directors designee, in writing, of the occurrence of any of the following events: the institution of bankruptcy, receivership, reorganization, or insolvency proceedings regarding a licensee; the institution of any adverse government action against a licensee; or any felony indictment or conviction of any licensee or any officers, directors, owners, employees, members, or partners thereof, as the case may be.

(c) Each mortgage loan originator licensee shall, on or before March 31, 2010, and every March 31st thereafter, file with the director, or the directors designee, evidence acceptable to the director, or the directors designee, that said loan originator licensee has filed with the Nationwide Multistate Licensing System and Registry a report of condition, which shall be in such form and shall contain such information as the Nationwide Multistate Licensing System and Registry may require.

(d) Both the mortgage loan originator and his or her licensed employer shall promptly notify the director, or the directors designee, in writing, within fifteen (15) business days of the termination of employment or services of a mortgage loan originator.
R.I. Gen. Laws § 19-9-26 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-26
§ 19-9-26. Prima facie evidence of intent to defraud  Prosecutions.
Status: in_force

The following shall be prima facie evidence of intent to defraud within the meaning of §§19-9-24 and 19-9-25 as against the maker or drawer: the making, drawing, uttering, or delivering of a check, draft, or order for the payment of money upon any regulated institution or other depository, payment of which is refused by the drawee for the reason that the maker or drawer has not sufficient funds in, or credit with, the regulated institution or other depository for the payment of the check, draft, or order in full upon its presentation, or for the reason that the maker or drawer has stopped payment on a check, draft, or order for the payment of money for the purchase of any goods, materials or service; provided, however, that these shall not be prima facie evidence of intent to defraud if the maker or drawer shall pay the check, draft, or order, or deposit and leave with the drawee for its payment the amount due thereon within seven (7) days after the receipt of written notice from the payee by certified mail, return receipt requested, at the last address of the maker or drawer which is available in the records of the payee.

If the check, draft, or order has not been paid within seven (7) business days after the maker or drawer receives written notice by certified mail, return receipt requested, or if there is a return of the notice undelivered and the payee presents an affidavit containing facts within the payees own knowledge that the maker or drawer was not residing at the last address available in the records of the payee, the payee shall forthwith notify the prosecuting officer of the city or town where the check, draft, or order was written of that fact and the prosecuting officer shall prosecute all violations of §§19-9-24, 19-9-25, and 19-9-26 within ten (10) business days of the notice.
R.I. Gen. Laws § 19-14-5 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-5
§ 19-14-5. Minimum capital.
Status: in_force

Each licensee, licensed pursuant to an application for license filed after June 30, 1995, shall maintain the following minimum net worth to be evidenced in accordance with regulations promulgated by the director, or the directors designee:

(1) Small loan lenders, the sum of twenty-five thousand dollars ($25,000);

(2) Loan brokers, the sum of ten thousand dollars ($10,000);

(3) Lenders, the sum of one hundred thousand dollars ($100,000);

(4) Currency transmission licensees:

(i) Shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000), two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000), and five-tenths percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000);

(ii) Tangible net worth must be demonstrated at initial application by the applicants most recent audited or unaudited financial statements pursuant to § 19-14-1;

(iii) Notwithstanding the foregoing provisions of this section, the director shall have the authority, for good cause shown, to exempt, in part or in whole, from the requirements of this section any applicant or licensee; and

(5) Third-party loan servicers, the sum of one hundred thousand dollars ($100,000).
R.I. Gen. Laws § 19-5-27 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-27
§ 19-5-27. Interstate credit unions.
Status: in_force

A credit union chartered in another state shall be permitted to do business in Rhode Island if credit unions may do business in the other state, under terms and conditions no more onerous than the laws of the state of Rhode Island, as determined by the director, or the directors designee. The standards for interstate activities shall be the same as those for financial institutions.
R.I. Gen. Laws § 19-9-12 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-12
§ 19-9-12. Trust deposits  Death of trustee.
Status: in_force

If a deposit is made with any regulated institution by one person in trust for another, the name and residence of the person for whom it is made shall be disclosed, and it shall be credited to the depositor as trustee for that person. If no other motive of the existence and terms of a trust has been given in writing to the regulated institution, the deposit, with the interest thereon, may, in case of the death of the trustee, be paid to the person for whom the deposit was made or to that persons legal representative.
R.I. Gen. Laws § 19-7-5 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-5
§ 19-7-5. General effect of merger or consolidation.
Status: in_force

Upon the merger or consolidation of a financial institution with one or more banks in accordance with the provisions of this chapter:

(1)(i) All of the property of each predecessor bank, including all its right, title, and interest in and to all assets of any conceivable value or benefit then existing, belonging or pertaining to it, shall immediately, by act of law and without conveyance or transfer, and without any further act or deed, be vested in and become that of the successor bank. The successor bank shall have, hold, and enjoy the right, privilege, interest, or asset in its own right as fully and to the same extent as when it was possessed, held, or enjoyed by the predecessor bank; and

(ii) The successor bank shall be deemed to be a continuation of the entity and identity of the predecessor bank, and all the rights, obligations, and relations of the predecessor bank to, or in respect to, any person, estate, creditor, depositor, trustee, or beneficiary of any trust and in respect to any executorship or trusteeship or trust or other fiduciary function, including appointments, designations, and nominations, shall remain unimpaired. The successor bank shall succeed to all rights, obligations, relations, and trusts including appointments, designations, and nominations, and the duties and liabilities connected the predecessor bank, and shall execute and perform each and every trust and relation in the same manner as if the successor bank had itself assumed the trust or relation, including the obligations and liabilities connected with the predecessor bank.

(iii) If the predecessor bank was acting as administrator, co-administrator, executor, co-executor, trustee, or co-trustee of, or in respect to, any estate or trust being administered under the laws of this state and, to the extent permitted by the laws of this state, the laws of any other state, such relations as well as any other similar fiduciary relations, and all rights, privileges, duties, and obligations connected with the predecessor bank, shall remain unimpaired and shall continue into and in the successor bank, irrespective of the date when any of these relations may have been created or established, irrespective of the date of any trust agreement relating thereto or the death of any testator or decedent whose estate is being administered.

(2) Nothing done in connection with the merger or consolidation of the bank shall, in respect to any executorship, trusteeship, or similar fiduciary relation, be deemed to be or to effect, under the laws of this state, a renunciation of any letters of administration or letters testamentary pertaining to that relation, or a removal or resignation from any executorship or trusteeship, nor shall the act or any other thing done be deemed to be of the same effect as if the executor or trustee had died or otherwise become incompetent to act.

(3) A pending action or other judicial proceeding to which any of the constituent banks is a party shall not be deemed to have abated or to have discontinued by reason of the merger or consolidation, but may be prosecuted to final judgment, order, or decree in the same manner as if the merger or consolidation had not occurred; or the successor bank may be substituted as a party to any action or proceeding to which the predecessor bank was a party, and any judgment, order, or decree may be rendered for or against the successor bank that might have been rendered for or against the predecessor bank if the merger or consolidation had not occurred.

(4) After merger or consolidation, a foreclosure of a mortgage begun by any predecessor bank may be completed by the successor bank and publication begun by the predecessor bank may be continued in the name of the successor bank. Any certificate of possession, affidavit of sale, or foreclosure deed relative to the foreclosure shall be executed by the proper officers on behalf of whichever of the constituent banks actually took possession or made the sale, but any instrument executed on behalf of the successor bank shall recite that it is the successor of the predecessor bank that commenced the foreclosure.

(5) A new name may be adopted as the name of the successor bank as part of the plan of merger or consolidation, and it shall, without further action, become the name of the successor bank upon the effective date of the merger or consolidation.

(6) The offices and branches of any bank merged or consolidated under the provisions of this chapter may be maintained as branch offices of the successor bank with the written permission of, and under the conditions, if any, set forth by the director, or the directors designee, whether or not the branch offices shall be in more than one state.
R.I. Gen. Laws § 19-9-35 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-35
§ 19-9-35. Consumer privacy in mortgage applications.
Status: in_force

(a) For purposes of this section, mortgage trigger lead means a consumer report obtained pursuant to section 604(c)(1)(B) of the Fair Credit Reporting Act, 15 U.S.C. § 1681b, where the issuance of the report is triggered by an inquiry made with a consumer reporting agency in response to an application for credit. Mortgage trigger lead does not include a consumer report obtained by a lender or servicer that holds or services existing indebtedness of the applicant who is the subject of the report.

(b) With regard to a solicitation of a consumer for a residential mortgage loan, as defined in § 19-14.10-3, which solicitation is based, in whole or in part, on information contained in a mortgage trigger lead, the following shall be deemed to be a prohibited act or practice for purposes of §§ 19-4-12, 19-14-26 and 19-14.10-17:

(1) The failure to clearly and conspicuously state in the initial phase of the solicitation that the solicitor is not affiliated with the lender or broker with which the consumer initially applied;

(2) The failure to clearly and conspicuously state in the initial phase of the solicitation that the solicitation is based on personal information about the consumer that was purchased, directly or indirectly, from a consumer reporting agency without the knowledge or permission of the lender or broker with which the consumer initially applied;

(3) The failure, in the initial solicitation, to comply with the provisions of the federal Fair Credit Reporting Act relating to prescreening solicitations that use consumer reports, including the requirement to make a firm offer of credit to the consumer; or

(4) Knowingly or negligently using information from a mortgage trigger lead:

(i) To solicit consumers who have opted out of prescreened offers of credit under the federal Fair Credit Reporting Act; or

(ii) To place telephone calls to consumers who have placed their contact information on a federal or state do-not-call list.

(c) In addition to any other remedy provided by law, any lender or broker aggrieved by a prohibited act or practice under this section may bring an action in the superior court in which venue the lender or broker has an office to enjoin an act in violation of this section and recover damages. The court shall award damages in the amount of actual damages or one thousand dollars ($1,000) per violation, whichever is greater. In any successful action for injunctive relief or for damages, the court shall award the lender or broker attorneys fees and costs, including court costs.

(d) The director, or the directors designee, may adopt reasonable rules and regulations for the implementation of the provisions of this section.
R.I. Gen. Laws § 19-9-20 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-20
§ 19-9-20. Withdrawal from time deposit accounts.
Status: in_force

Except as required by federal law, no regulated institution or other insured-deposit-taking institutions organized under the laws of the United States shall assess any penalty for early withdrawal from any time deposit account if the owner of the account has died or been declared mentally incompetent by a court of competent jurisdiction.
R.I. Gen. Laws § 19-33-11 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-11
§ 19-33-11. Appeal and review.
Status: in_force

Any student loan servicer aggrieved by an action of the department in imposition of fines shall have the right to appeal the action, order, or decision pursuant to chapter 35 of title 42.
R.I. Gen. Laws § 19-14-36 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-36
§ 19-14-36. Notification of a security event.
Status: in_force

(a) Each licensee shall notify the director or the directors designee as promptly as possible, but in no event later than three (3) business days from a determination that a security event has occurred when either of the following criteria has been met:

(1) A security event impacting the licensee of which notice is required to be provided to any governmental body, self-regulatory agency, or any other supervisory body pursuant to any state or federal law; or

(2) A security event that has a reasonable likelihood of materially harming;

(i) Any consumer residing in this state; or

(ii) Any material part of the normal operation(s) of the licensee.

(b) The licensee shall provide any information required by this section in electronic form as directed by the director or the directors designee. The licensee shall have a continuing obligation to update and supplement initial and subsequent notifications to the director or the directors designee concerning the security event. The following information shall be provided:

(1) The name and contact information of the reporting licensee;

(2) A description of the types of information that were involved in the notification event;

(3) If the information is possible to determine, the date or date range of the notification event;

(4) The total number of consumers in this state affected or potentially affected by the notification event. The licensee shall provide the best estimate in the initial report to the director or the directors designee and update this estimate with each subsequent report;

(5) A general description of the notification event including how the information was exposed, lost, stolen, or breached, detailing specific roles and responsibilities of third-party service providers, if any;

(6) A description of efforts being undertaken to remediate the situation that permitted the security event to occur; and

(7) Whether any law enforcement official has provided the licensee with a written determination that notifying the public of the breach would impede a criminal investigation or cause damage to national security, and a means for the director or the directors designee to contact the law enforcement official. A law enforcement official may request an initial delay of up to thirty (30) days following the date when notice was provided to the director or the directors designee. The delay may be extended for an additional period of up to sixty (60) days if the law enforcement official seeks such an extension in writing. Additional delay may be permitted only if the director or the directors designee determines that public disclosure of a security event continues to impede a criminal investigation or cause damage to national security.

(8) Name of contact person who is both familiar with the security event and is authorized to act for the licensee.

(c) A licensee shall comply with chapter 49.3 of title 11, as applicable, and provide a copy of the notice sent to consumers under that chapter to the director or the directors designee, when a licensee is required to notify the director or the directors designee.

(d) The provisions of this section shall not apply to any regulated institution as defined in § 19-1-1, or subsidiary of such regulated institution, or any bank holding company or subsidiary of a bank holding company subject to federal bank holding company laws and regulations.
R.I. Gen. Laws § 19-5-2 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-2
§ 19-5-2. Incorporation.
Status: in_force

Fifteen (15) or more citizens of this state who have associated themselves by a written agreement to form a credit union may, with the consent of the director, or the directors designee, become a corporation upon complying with the provisions of §§7-6-33  7-6-35. The subscribers to the agreement to form shall give notice in writing to the director, or the directors designee, of their intention to form a credit union by filing a copy of the agreement to form with the director, or the directors designee. If the director, or the directors designee, finds:

(1) That the agreement to form is in conformity with law;

(2) That the conditions under which the credit union is to be established do not render unlikely the successful financial operation; and

(3) That the standing of the proposed members is such as to give assurance that its affairs will be administered in accordance with the spirit of this section and that the formation will benefit the proposed membership,

the director, or the directors designee, may issue an authorization to commence operations.
R.I. Gen. Laws § 19-12-3 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-3
§ 19-12-3. Clerical assistance  Legal assistance.
Status: in_force

The receiver, or receivers, are authorized to employ any clerical assistance as may be necessary, at the expense of the financial institution or credit union under receivership; but the duties of receivership shall be discharged by the receiver, or receivers, as part of their official duties. The receiver may appoint one or more special deputies to act for him or her, and may appoint clerks, assistants, agents, accountants, and legal counsel as he or she deems necessary. The receiver may grant powers of attorney to execute, acknowledge, and deliver all documents that may be necessary for the transfer of assets or assumption of liabilities. The compensation of the persons appointed by the receiver and the expenses of taking possession of the financial institution or credit union and conducting the receivership proceeding, shall be fixed by the receiver, and shall be paid out of the funds or assets of the financial institution or credit union.
R.I. Gen. Laws § 19-26-4 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-4
§ 19-26-4. Penalty for unlicensed business.
Status: in_force

Every person carrying on the business of pawnbroker without a license shall be fined two hundred dollars ($200) for the first offense and five hundred dollars ($500) for the second and every subsequent offense.
R.I. Gen. Laws § 19-2-3 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-3
§ 19-2-3. Application to form financial institution  Issuance or denial of certificate.
Status: in_force

The subscribers to the agreement to form shall make application to the director, or the directors designee, for a certificate that public convenience and advantage will be promoted by the establishment of the financial institution, which certificate the director, or the directors designee, is hereby authorized to grant. The decision on the certificate may be appealed pursuant to chapter 1 of title 19.
R.I. Gen. Laws § 19-14-13 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-13
§ 19-14-13. Revocation of license.
Status: in_force

(a) The director, or the directors designee, may, upon ten (10) days notice to the licensee, stating his or her intent to revoke and the grounds for revocation, and upon reasonable opportunity for the licensee to be heard, revoke any license issued under this chapter, upon finding that:

(1) The licensee has failed to comply with any demand, ruling, order, or requirement of the director, or the directors designee, lawfully made pursuant to and within the authority of this title;

(2) The licensee has violated any provisions of this title or § 6-26-2, or any rule or regulation lawfully made by the director, or the directors designee, under and within the authority of this chapter;

(3) Any fact or condition exists that, if it had existed at the time of the original application for the license, would have warranted the director, or the directors designee, in refusing originally to issue the license;

(4) The licensee has committed any fraud, engaged in any dishonest activities, or made any misrepresentation;

(5) The licensee has violated any provisions of this title or any regulation issued pursuant to this title;

(6) The licensee has made a false statement in the application for the license or failed to give a true reply to a question in the application; or

(7) The licensee has demonstrated incompetency or untrustworthiness to act as a licensee pursuant to this chapter.

(b) The burden of proving the existence of these facts or conditions as grounds for revocation of a license under this section shall be upon the director, or the directors designee. The director, or the directors designee, if he or she has reasonable cause to believe that the grounds for revocation exist, may subpoena and investigate the business, books, and records of the licensee.
R.I. Gen. Laws § 19-8-4 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-4
§ 19-8-4. Contents of application.
Status: in_force

Except as otherwise provided, an application filed pursuant to this section shall contain the following information:

(1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including the persons material business activities and affiliations during the past five (5) years, a description of any material pending legal or administrative proceedings in which he or she is a party, and any pending or prior criminal indictment or conviction of the person by a state or federal court;

(2) A statement of the assets and liabilities of each person by whom, or on whose behalf, the acquisition is to be made, as of the end of the fiscal year for each of the five (5) years immediately preceding the date of the application, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than ninety (90) days prior to the date of the filing of the application;

(3) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;

(4) The identity, source, and amount of the funds or other consideration used, or to be used, in making the acquisition, and if any part of these funds or other consideration has been, or is to be, borrowed or otherwise obtained for the purpose of making the acquisition, a description detailing the transaction, the names of the parties, and any arrangements, agreements, or understandings with these persons;

(5) Any plans or proposals that any acquiring party making the acquisition may have to liquidate the regulated institution, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;

(6) The identification of any person employed, retained, or to be compensated by the acquiring party, or by any person on his or her behalf, to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and a description of the terms of the employment, retainer, or arrangement for compensation;

(7) Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition;

(8) Any additional information in the form that the director, or the directors designee, may require;

(9) Evidence that a majority of the shares of stock entitled to vote of the financial institution whose shares of voting stock are to be acquired have approved the change of control at a meeting called for that purpose or in writing.
R.I. Gen. Laws § 19-32-7 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-7
§ 19-32-7. Commercial transactions exempted.
Status: in_force

Sections 19-32-3(c), 19-32-5 and 19-32-8 are not applicable to a GAP waiver offered in connection with a lease or retail installment sale associated with transactions between business entities.
R.I. Gen. Laws § 19-32-1 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-1
§ 19-32-1. Legislative intent and purpose.
Status: in_force

(a) The general assembly finds that guaranteed asset-protection waivers are not insurance. All guaranteed asset-protection waivers issued prior to and after the date of enactment of this chapter shall not be construed as insurance.

(b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection waivers are defined and may be offered within this state.

(c) This chapter does not apply to:

(1) An insurance policy offered by an insurer under title 27 including, but not limited to, vendor single interest coverage; or

(2) A debt cancellation or debt suspension contract being offered in compliance with §§ 19-3-1 and 19-5-25 or 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law.

(d) Guaranteed asset-protection waivers governed under this section are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset-protection waivers to borrowers that comply with this section are exempt from this states insurance licensing requirements.
R.I. Gen. Laws § 19-2-14 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-14
§ 19-2-14. Conversion to stock form of financial institution.
Status: in_force

(a) Any mutual savings bank chartered under the laws of this state may convert to and become a financial institution with capital stock upon adoption of a plan of conversion by two-thirds ( ) vote of the board of trustees and approval of the plan by the director, or the directors designee, and a majority vote of the depositors of the savings bank present in person or by proxy at a meeting called by the board of trustees. For the purpose of this section, unless otherwise required under applicable provisions of federal banking law, the depositor shall be deemed to be the individual whose tax identification number or social security number is used by the bank for interest reporting purposes to the Internal Revenue Service. The plan of conversion shall provide that the savings bank shall issue and sell the stock issued in connection with the conversion at a price that represents its pro forma market value, as determined by an independent appraisal, and shall offer its stock initially in a subscription offering to the depositors of the savings bank on an eligibility record date established by the board of trustees, giving those depositors priority rights to purchase the shares over the general public pro rata based on deposits. The converted savings bank shall also create a liquidation account for the benefit of its depositors on the eligibility record date, in an amount representing the undivided profits and guaranty fund of the savings bank at that time, balances of which shall be calculated and subsequently recalculated as determined in accordance with regulations promulgated by the director, or the directors designee. Unless otherwise impaired, any liquidation account so created also shall be considered as part of the paid-in and unimpaired capital stock and surplus of any stock financial institution. The plan of conversion may provide for restrictions on the amount of stock that any person or entity may purchase in the conversion, or own or control thereafter, which may also be incorporated into the stock agreement to form the converted entity.

(b) In connection with the conversion, the financial institution may form a holding company or utilize an existing holding company to hold all the shares of the financial institution, and offer to its depositors and general public (subject to subscription rights in favor of depositors) all of the stock of the holding company in lieu of the capital stock of the financial institution. This conversion may also be accomplished pursuant to a merger as permitted by this title. The converting savings bank may, at the time of conversion, merge any financial institution subsidiary into the capital stock financial institution resulting from the conversion, or cause the subsidiary to become a separate subsidiary of a holding company.

(c) No savings bank may convert to a stock form of financial institution unless its deposits will continue to be federally insured. The corporate existence of a mutual savings bank converting to the stock financial institution shall not terminate, but the financial institution shall be deemed to be a continuation of entity of the savings bank so converted.

(d) In connection with its approval of the plan of conversion, the director, or the directors designee, shall approve the proposed stock agreement to form the converted entity. The director, or the directors designee, upon finding that the requirements of this section and applicable regulations have been met, and that the conversion has been completed with the sale of all shares offered in the conversion, shall issue a certificate of approval of the conversion to the converted entity. Upon the payment of fifty dollars ($50.00), the certificate of approval shall be filed in the office of the secretary of state, together with the certificate of the general treasurer that the converted entity has paid into the treasury for the use of the state a sum equal to one tenth of one percent (.1%) of its capital stock which, in no event, shall be less than one hundred dollars ($100). Upon the filing of the certificate with the secretary of state and payment of fifty dollars ($50.00), the secretary of state shall immediately record the certificate of approval and stock agreement to form, whereupon the stock agreement to form will become effective.

(e) The director, or the directors designee, shall issue rules and regulations implementing this section.

(f) To the extent not inconsistent with this section, each mutual savings bank converted into a stock financial institution shall have all the powers and privileges conferred on, and be subject to all the duties and liabilities imposed on, financial institutions.
R.I. Gen. Laws § 19-26-18 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-18
§ 19-26-18. Maximum charges.
Status: in_force

Pawnbrokers are prohibited from charging, taking, or receiving, directly or indirectly, for the use of money lent on personal property, any more than the following rates of interest: for the use of money exceeding fifty dollars ($50.00) in amount for a period not exceeding three (3) months, five percent (5%) per month; for a period of time exceeding three (3) months, two and one-half percent (2.5%) per month; for the use of money exceeding fifty dollars ($50.00) in amount for any period of time, two and one-half percent (2.5%) per month; provided, that when the interest allowed by this section would amount to less than fifty cents (50Â¢), a minimum charge of fifty cents (50Â¢) per month shall be allowed under the provisions of this chapter; and, provided, further, that no charge for the keeping or storage of any article taken in pawn or pledge by any pawnbroker, under the provisions of this chapter, other than is provided in this section shall be permitted. Any person violating the provisions of this section shall be fined not exceeding five hundred dollars ($500) and his or her license shall become void.
R.I. Gen. Laws § 19-7-9 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-9
§ 19-7-9. Interstate branches.
Status: in_force

Upon obtaining the consent of the director, or the directors designee, a financial institution may establish a branch, or branches, outside of this state and an out-of-state bank may establish a branch, or branches, within this state; provided that, in the case of an out-of-state bank, the law of the state in which it is principally located authorizes under conditions not substantially more restrictive than those imposed by the laws of this state, as determined by the director, or the directors designee, a financial institution to establish a branch in that state. The director, or the directors designee, shall approve an application for a branch if the applicant has satisfied the standards and followed the procedures set forth for the establishment of branches for financial institutions in addition to the requirements of this section.
R.I. Gen. Laws § 19-13-8 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-8
§ 19-13-8. Costs and expenses.
Status: in_force

Any costs and expenses incurred by the director in any exercise of the powers given under this chapter may be assessed by the director against the regulated institutions concerned and, when so assessed, shall be paid by those regulated institutions.
R.I. Gen. Laws § 19-33-5 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-5
§ 19-33-5. Servicer registration account established.
Status: in_force

There is established a restricted receipt account to be known as the servicer registration account which shall be a separate account within the department. Registration fees and other monies, excluding examination fees pursuant to § 19-33-9, received by the department pursuant to the terms of this chapter shall be deposited into the account. Monies deposited in the account shall be transferred to the department of attorney generals student loan consumer protection account at the request of the attorney general and shall be expended for the purpose of administering the provisions of this chapter.
R.I. Gen. Laws § 19-9-17 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-17
§ 19-9-17. Charge-free savings accounts for minors.
Status: in_force

Every regulated institution shall provide for charge-free savings accounts to persons aged seventeen (17) years or less; provided, however, that the provisions of this section shall not apply to those accounts having a balance of five hundred dollars ($500) or more.
R.I. Gen. Laws § 19-3-1 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-1
§ 19-3-1. Law generally applicable to financial institutions.
Status: in_force

Every financial institution shall have the powers, rights, and privileges, and be subject to all the duties, restrictions, and liabilities, conferred and imposed upon it by this title, and in addition shall have all the powers, rights, and privileges, and be subject to all the duties, restrictions, and liabilities, set forth in chapters 1, 1.2, 4  6, and 9 of title 7, only as is not inconsistent with the provisions of this title, notwithstanding anything to the contrary in the institutions agreement to form. Every financial institution shall have the power to exercise, by its board of directors or board of trustees or duly authorized officers or agents, all incidental powers necessary to carry on the business of banking including but not limited to the power:

(1) To receive money on deposit and pay interest thereon;

(2) To receive, upon deposit and for safekeeping, property of every description, upon terms prescribed by the financial institution, and to construct, own, lease, and maintain safe deposit vaults, with suitable boxes and places for the reception and deposit of the property, and lease the use of places and boxes to individuals and corporations, upon any terms that the financial institution may prescribe. The financial institution shall in no case incur any liability on account of the deposit of any property so made with it, or by reason of the leasing of any place of deposit, other than liability the financial institution expressly assumes by the terms of the contract or receipt under which it has accepted the deposit or let the place of deposit;

(3) To act as a depository of public money or a financial agent under any law, rule, or regulation;

(4) To issue capital debentures with the approval of the director, or the directors designee;

(5) To make loans and mortgages and collect interest from them as may be agreed upon;

(6) To invest in any bonds, obligations, or property, real, personal, or mixed, as it may deem prudent, subject to any duties, restrictions, or limitations imposed by this title;

(7) To exercise any power authorized for insured-deposit-taking institutions duly organized under the laws of the United States that are members of the Federal Deposit Insurance Corporation;

(8) To exercise additional powers, not inconsistent with the carrying on of a banking business, with the approval of the director, or the directors designee.
R.I. Gen. Laws § 19-11-3 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-3
§ 19-11-3. Employment of assistance by conservator.
Status: in_force

Each conservator, with the approval of the director, may engage legal counsel and procure any other expert assistance and advice that the conservator considers necessary or desirable in the administration of the affairs of the financial institution or credit union, and with the same approval, may engage the employees and retain any of those officers and employees of the financial institution or credit union that he or she deems necessary or desirable.
R.I. Gen. Laws § 19-14-9 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-9
§ 19-14-9. Contents of license.
Status: in_force

The license or branch certificate shall contain any information that the director, or the directors designee, shall require, including the type of activity authorized. In his or her discretion, the director, or the directors designee, may substitute an electronic record as the confirmation of a license status in substitution for a license or branch certificate. When dealing with an applicant, or potential applicant, for a mortgage loan or when dealing with any person providing settlement services (as defined in the Real Estate Settlement Procedures Act, as amended, 12 U.S.C. § 2601 et seq., or the regulations promulgated thereunder from time to time), a mortgage loan originator shall disclose the mortgage loan originators nationwide mortgage licensing system unique identification number upon request to the applicant, or potential applicant, and the fact that the mortgage loan originator is licensed by this state.
R.I. Gen. Laws § 19-9-23 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-23
§ 19-9-23. Theft, embezzlement or misapplication by regulated institution, lending, credit and insurance officer or employee.
Status: in_force

Every president, director, officer, trustee, cashier, treasurer, teller, clerk, or agent of any regulated institution, insurance company, or other depository who embezzles, abstracts, purloins, or willfully misapplies any of the moneys, funds, or credits entrusted to the custody or care of the regulated institution, insurance company, or other depository, and any person who, with like intent, aids or abets any officer, clerk, or agent in violation of this section, upon conviction, shall be fined not exceeding two hundred fifty thousand dollars ($250,000), or be imprisoned not exceeding twenty (20) years, or both.
R.I. Gen. Laws § 19-33-15 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-15
§ 19-33-15. Student loan consumer protection account established.
Status: in_force

A student loan consumer protection restricted receipt account (the account) is hereby created within the department of the attorney general. Monies deposited in the account shall be expended by the attorney general for the purpose of administering the provisions of this chapter.
R.I. Gen. Laws § 19-11-6 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-6
§ 19-11-6. Collection of assets  Continuation of business  General powers of conservator.
Status: in_force

(a) Each conservator, upon the terms and conditions and in accordance with the orders, rules and regulations, general and special, prescribed from time to time by the director, or the directors designee, shall, so far as possible, collect all moneys and other assets due and payable to the financial institution or credit union and do all acts necessary to continue its business and to conserve its assets, and may sell or compound bad or doubtful claims and demands due to the financial institution or credit union.

(b) With the written authorization of the director, or the directors designee, a conservator may, at any time, in the name and upon the credit of the financial institution or credit union, borrow money for any purpose and pledge and deliver to the lender the whole or any part of the property and assets of the financial institution or credit union as security for the repayment of any loan, and may sell all or any part of the real and personal property and other assets of the financial institution or credit union, and in the name of the financial institution or credit union, may take mortgages on real property from purchasers to secure the whole or part of the purchase price.

(c) The conservator may prosecute and defend suits and other proceedings at law and in equity to which the financial institution or credit union is a party.

(d) The conservator may execute, acknowledge, and deliver deeds, assignments, mortgages, releases, promissory notes, and other instruments that the conservator may consider necessary, proper, and desirable to effectuate any sales, pledges, or mortgages of real or personal property and any obligation to repay loans, any compromise, and any other transaction that may be performed or entered into by the conservator under the powers and authority that may be conferred upon him or her. All deeds and other instruments, so executed and delivered, shall be valid and effectual for all purposes to the same extent and with the same effect as if executed by officers of the financial institution or credit union by authority of its board of directors or stockholders.

(e) In addition to all powers and authority and duties specifically mentioned and provided in this chapter, each conservator shall have and exercise all the powers and authority and perform the duties that the director, by either general or special orders, shall prescribe.
R.I. Gen. Laws § 19-9-33 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-33
§ 19-9-33. Severability.
Status: in_force

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this chapter are declared to be severable.
R.I. Gen. Laws § 19-7-8 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-8
§ 19-7-8. Special definitions applicable to mergers, etc.
Status: in_force

For purposes of this chapter:

(1) The surviving or new bank resulting from a merger or consolidation, as the case may be, shall be called the successor financial institution or successor bank, as applicable;

(2) Each bank discontinuing its corporate existence pursuant to a merger or consolidation shall be called a predecessor financial institution or predecessor bank, as applicable;

(3) The bank purchasing assets and assuming liabilities and acquiring offices and branches under an agreement of purchase and assumption shall be called the purchasing financial institution or purchasing bank, as applicable;

(4) The bank selling assets and permitting its liabilities to be assumed and transferring branches and offices under an agreement shall be called the selling financial institution or selling bank, as applicable;

(5) References to articles of incorporation in chapter 1.2 of title 7 shall be deemed to refer to the agreement to form, charter, or the articles or agreement of association of each bank or financial institution involved, as from time to time amended, however it may be described by the law under which the institution is organized and whether or not it shall have been created by any special act of incorporation.
R.I. Gen. Laws § 19-8-9 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-9
§ 19-8-9. Severability.
Status: in_force

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this chapter are declared to be severable.
R.I. Gen. Laws § 19-9-15 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-15
§ 19-9-15. Pledge of passbook accounts.
Status: in_force

Any deposit evidenced by a passbook in a regulated institution may be pledged by delivery of the passbook to the pledgee, with an order for its transfer; but this pledge shall not be effective to secure the deposit against any person other than the pledgor or his or her executor or administrator, unless an actual transfer of the deposit has been made upon the books of the regulated institution or the order for the transfer has been disclosed to, and a copy filed with, the regulated institution holding the deposit.
R.I. Gen. Laws § 19-1-3 — RI Code / Title 19 / Chapter 19-1 / Section 19-1-3
§ 19-1-3. Applications  General.
Status: in_force

(a) All applications filed by regulated institutions shall be made to the director, or the directors designee, other than the exceptions set forth in this title.

(b) The director, or the directors designee, shall cause notice of applications filed to be published on the departments website and by any other method deemed by the director, or the directors designee, to communicate with persons who are, or may be, interested in the application. The notice shall include a provision allowing for a public comment period. During this period, the application shall be open for public inspection at the division of banking. If, at the end of the public comment period, there are no objectors to the application, the director, or the directors designee, may approve or deny the application. If there are any objectors, the director, or the directors designee, may hold a public hearing to take testimony, under oath, and after considering this testimony, shall approve or deny the application. Any applicant aggrieved by any order regarding an application may appeal pursuant to the provisions of chapter 35 of title 42.

(c) The superintendent shall collect a filing fee with respect to applications submitted to the division of banking for consideration. All fees pursuant to this section shall be paid to the director for the use of the state. The fees to be charged for each type of application shall be established by the division of banking by regulation.

(d) The superintendent is hereby authorized to promulgate rules and regulations for the implementation of this section, including, but not limited to, the establishment of specific time periods within which a decision for the various types of applications must be rendered by the division of banking.

(e) Any party adversely affected by a decision of the director, or the directors designee, may make written demand upon the director, or the directors designee, within thirty (30) days notification of the decision from which the party is appealing. A hearing conducted pursuant to this section shall be conducted pursuant to the Administrative Procedures Act, chapter 35 of title 42.

(f) Anyone adversely affected by a decision of the director, or the directors designee, may appeal the decision by filing an appeal with the superior court pursuant to § 42-35-15.
R.I. Gen. Laws § 19-9-22 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-22
§ 19-9-22. Violations by officers and employees.
Status: in_force

Every president, director, officer, trustee, cashier, treasurer, teller, clerk, employee, or agent of any licensee licensed pursuant to chapter 14 of title 19, regulated institution, or other depository, who, without authority of the directors or trustees, issues or puts forth any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment, or decree, or who makes any false entry in any book, report, or statement of the licensee, regulated institution, or other depository with intent in either case to injure or defraud the licensee, regulated institution, or other depository, or any company, corporation, or person, or to deceive any officer of the licensee, regulated institution, or other depository, the director of business regulation, or any agent appointed by the director to examine the affairs of that licensee, regulated institution, or other depository; and any person who with like intent aids or abets any officer, clerk, or agent in violation of this section, upon conviction, shall be fined not exceeding fifty thousand dollars ($50,000), or be imprisoned not exceeding twenty (20) years, or both.
R.I. Gen. Laws § 19-9-21.1 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-21.1
§ 19-9-21.1. Fee disclosure by banks, credit unions and other financial institutions.
Status: in_force

Any bank, credit union, or other financial institution doing business in this state shall display a notice that enumerates that there may be charges imposed by the institution of which the customer may not be aware.