R.I. Gen. Laws § 19-4-10 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-10
§ 19-4-10. Insurance of deposits.
Status: in_force

Any regulated institution permitted by law to receive deposits, except a financial institution prevented from accepting deposits by its bylaws or agreement to form, shall maintain federal deposit insurance. Failure to maintain federal deposit insurance shall be deemed sufficient cause for the director, or the directors designee, to revoke the agreement to form or right to do business of the noncomplying regulated institution.
R.I. Gen. Laws § 19-13-9 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-9
§ 19-13-9. Emergency measure.
Status: in_force

This chapter is declared to be an emergency measure, necessary for the immediate preservation of the public peace and safety, requiring the immediately effective enactment of legislation concerning the protection of deposits in regulated institutions.
R.I. Gen. Laws § 19-2-20 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-20
§ 19-2-20. 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 § 19-9-7 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-7
§ 19-9-7. Attorneys opinions.
Status: in_force

(a) Except as provided in subsections (b) through (d), no lending institution making a loan in this state, or any attorney, agent, or representative for that lending institution, shall directly or indirectly, as a condition of a loan or advance, require any attorney representing a borrower in the loan transaction to give an opinion in relation to the validity, binding effect, or enforceability of any of the loan documents or the availability of remedies thereunder.

(b) Subsection (a) shall not apply to any transaction in which the state, or any municipality in the state, or any department, agency, authority, or instrumentality of the state is the borrower.

(c) Subsection (a) shall not apply to transactions involving the public sale or underwriting of bonds, debentures, or other securities.

(d) Subsection (a) shall not prohibit, as part of a loan transaction, any requirement or condition with respect to opinions dealing with the authority and status of a borrower and matters relating to collateral.

(e) No opinion obtained in violation of this section may be relied on for any purpose, and this opinion shall not give rise to, or form the basis for, any action against any attorney or firm rendering the opinion. Any lending institution, or attorney, agent, or representative of a lending institution, knowingly violating this section shall be subject to an action as may be lawfully imposed by the regulatory authority or court that has licensing or disciplinary authority over the lending institution, attorney, or other individual in question.
R.I. Gen. Laws § 19-14-35 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-35
§ 19-14-35. Information security program.
Status: in_force

(a) Each licensee shall develop, implement, and maintain a comprehensive information security program that is written in one or more readily accessible parts and contains administrative, technical, and physical safeguards that are appropriate to the licensees size and complexity, the nature and scope of activities, including its use of third-party service providers, and the sensitivity of any customer information used by the licensee or is in the licensees possession.

(b) As used in this chapter, the following terms shall have the following meanings:

(1) Customer means a consumer who has a customer relationship with a licensee.

(2) Customer information means any record containing nonpublic personal information about a consumer that a licensee has a relationship with, whether in paper, electronic, or other form, that is handled or maintained by or on behalf of a licensee or its affiliates.

(3) Encryption means the transformation of data into a form that results in a low probability of assigning meaning without the use of a protective process or key, consistent with current cryptographic standards and accompanied by appropriate safeguards for cryptographic key material.

(4) Information security program means the administrative, technical, or physical safeguards used to access, collect, distribute, process, protect, store, use, transmit, dispose of, or otherwise handle customer information.

(5) Information system means a discrete set of electronic information resources organized for the collection, processing, maintenance, use, sharing, dissemination, or disposition of electronic information, as well as any specialized system such as industrial or process controls systems, telephone switching and private branch exchange systems, and environmental controls systems that contains customer information or that is connected to a system that contains customer information.

(6) Notification event means acquisition of unencrypted customer information without the authorization of the individual to which the information pertains. Customer information is considered unencrypted for this purpose if the encryption key was accessed by an unauthorized person. Unauthorized acquisition will be presumed to include unauthorized access to unencrypted customer information unless reliable evidence exists that proves there has not been, or could not reasonably have been, unauthorized acquisition of such information.

(7) Security event means an event resulting in unauthorized access to, or disruption or misuse of, an information system or information stored on such information system, or customer information held in physical form, commonly known as a cybersecurity event.

(c) In order to develop, implement, and maintain the information security program, the licensee shall:

(1) Designate a qualified individual responsible for overseeing, implementing, and enforcing the information security program. The qualified individual may be employed by the licensee, an affiliate, or a service provider. To the extent the requirement in subsection (a) of this section is met using a service provider or an affiliate, the licensee shall:

(i) Retain responsibility for compliance with this section;

(ii) Designate a senior member of the licensee responsible for direction and oversight of the qualified individual; and

(iii) Require the service provider or affiliate to maintain an information security program that protects the licensee in accordance with the requirements of this section.

(2) Perform a risk assessment that identifies reasonably foreseeable internal and external risks to the security, confidentiality, and integrity of customer information that could result in the unauthorized disclosure, misuse, alteration, destruction, or other compromise of such information, and assesses the sufficiency of any safeguards in place to control these risks.

(i) The risk assessment shall be written and shall include:

(A) Criteria for the evaluation and categorization of identified security risks or threats;

(B) Criteria for the assessment of the confidentiality, integrity, and availability of information systems and customer information, including the adequacy of the existing controls in the context of identified risks or threats; and

(C) Requirements describing how identified risks will be mitigated or accepted based on the risk assessment and how the information security program will address the risks.

(ii) A licensee shall periodically perform additional risk assessments that reexamine the reasonably foreseeable internal and external risks to the security, confidentiality, and integrity of customer information that could result in the unauthorized disclosure, misuse, alteration, destruction, or other compromise of such information, and reassess the sufficiency of any safeguards in place to control these risks.

(3) Design and implement safeguards to control the risks identified through risk assessment by:

(i) Implementing and periodically reviewing access controls, including technical and as appropriate, physical controls to:

(A) Authenticate and permit access only to authorized users to protect against the unauthorized acquisition of customer information; and

(B) Limit authorized users access only to customer information that they need to perform their duties and functions, or in the case of customers, to access their own information;

(ii) Identify and manage the data, personnel, devices, systems, and facilities that enable the licensee to achieve business purposes in accordance with relative importance to business objectives and the licensees risk strategy;

(iii) Protect by encryption all customer information held or transmitted both in transit over external networks and at rest. To the extent it is determined that encryption of customer information, either in transit over external networks or at rest, is infeasible, the licensee may instead secure such customer information using effective alternative compensating controls reviewed and approved by the qualified individual;

(iv) Adopt secure development practices for in-house developed applications utilized by the licensee for transmitting, accessing, or storing customer information and procedures for evaluating, assessing, or testing the security of externally developed applications utilized to transmit, access, or store customer information;

(v) Implement multi-factor authentication for any individual accessing any information system, unless the qualified individual has approved in writing the use of reasonably equivalent or more secure access controls;

(vi) Record retention:

(A) Develop, implement, and maintain procedures for the secure disposal of customer information in any format no later than two (2) years after the last date the information is used in connection with the provision of a product or service to the customer which relates, unless such information is necessary for business operations or for other legitimate business purposes, is otherwise required to be retained by law or regulation, or where targeted disposal is not reasonably feasible due to the manner in which the information is maintained; and

(B) Periodically review data retention policies to minimize the unnecessary retention of data;

(vii) Adopt procedures for change management; and

(viii) Implement policies, procedures, and controls designed to monitor and log the activity of authorized users and detect unauthorized access or use of, or tampering with, customer information by such users.

(4) Based on its risk assessment, the licensee shall perform ongoing testing by:

(i) Regularly testing or otherwise monitoring the effectiveness of the safeguards key controls, systems, and procedures, including those to detect actual and attempted attacks on, or intrusions into, information systems;

(ii) For information systems, the monitoring and testing shall include continuous monitoring or periodic penetration testing and vulnerability assessments. Absent effective continuous monitoring or other systems to detect, on an ongoing basis, changes in information systems that may create vulnerabilities, the licensee shall conduct:

(A) Annual penetration testing of its information systems determined each given year based on relevant identified risks in accordance with the risk assessment; and

(B) Vulnerability assessments, including any systemic scans or reviews of information systems reasonably designed to identify publicly known security vulnerabilities in the licensees information systems based on the risk assessment, at least every six (6) months; and whenever there are material changes to operations or business arrangements; and whenever there are circumstances that the licensee knows or has reason to know may have a material impact on the information security program.

(5) Implement policies and procedures to ensure that personnel have the ability to enact the information security program by:

(i) Providing personnel with security awareness training that is updated as necessary to reflect risks identified by the risk assessment;

(ii) Utilizing qualified information security personnel employed by the licensee or an affiliate or service provider sufficient to manage information security risks and to perform or oversee the information security program;

(iii) Providing information security personnel with security updates and training sufficient to address relevant security risks; and

(iv) Verifying that key information security personnel take steps to maintain current knowledge of changing information security threats and countermeasures.

(6) Monitor service providers by:

(i) Taking reasonable steps to select and retain service providers that are capable of maintaining appropriate safeguards for the customer information at issue;

(ii) Requiring service providers by contract to implement and maintain such safeguards; and

(iii) Periodically assessing service providers based on the risk they present and the continued adequacy of their safeguards.

(7) Evaluate and adjust the information security program considering the results of the testing and monitoring required by subsection (c)(4) of this section; any material changes to the licensees operations or business arrangements; the results of risk assessments performed under subsection (c)(2)(ii) of this section; or any other circumstances that the licensee knows or has reason to know may have a material impact on the information security program.

(8) Establish a written incident response plan designed to promptly respond to, and recover from, any security event materially affecting the confidentiality, integrity, or availability of customer information in your control. Such incident response plan shall address the following areas:

(i) The goals of the incident response plan;

(ii) The internal processes for responding to a security event;

(iii) The definition of clear roles, responsibilities, and levels of decision-making authority;

(iv) External and internal communications and information sharing;

(v) Identification of requirements for the remediation of any identified weaknesses in information systems and associated controls;

(vi) Documentation and reporting regarding security events and related incident response activities; and

(vii) The evaluation and revision as necessary of the incident response plan following a security event.

(9) Require the qualified individual to report in writing, at least annually, to the board of directors or equivalent governing body. If no such board of directors or equivalent governing body exists, such report shall be timely presented to a senior officer responsible for the information security program. The report shall include the following information:

(i) The overall status of the information security program and compliance with this chapter and associated rules; and

(ii) Material matters related to the information security program, addressing issues such as risk assessment, risk management and control decisions, service provider arrangements, results of testing, security events or violations and managements responses thereto, and recommendations for changes in the information security program.

(10) Establish a written plan addressing business continuity and disaster recovery.

(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 § 19-8-8 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-8
§ 19-8-8. 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 this chapter.
R.I. Gen. Laws § 19-33-7 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-7
§ 19-33-7. Reporting requirements.
Status: in_force

Each registrant shall annually, on or before March 31, file a report with the department, giving any relevant information that the department may reasonably require concerning the business and operations during the preceding calendar year of the registrant within the state. At the time of filing each report, the sum of fifty-five dollars ($55.00) per registration shall be paid by the registrant to the department. Any registrant that delays the transmission of any report required by the provisions of this chapter beyond the limit, unless additional time is granted in writing for good cause, the department shall assess a penalty of twenty-five dollars ($25.00) for each day of the delay.
R.I. Gen. Laws § 19-11-2 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-2
§ 19-11-2. Removal of conservator  Vacancies.
Status: in_force

If the director, at any time, deems it in the best interest of any financial institution or credit union or its creditors that the conservator appointed pursuant to § 19-11-1 shall be removed from office, the director may so order and may appoint a successor to that office.
R.I. Gen. Laws § 19-4-16 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-16
§ 19-4-16. 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 this title.
R.I. Gen. Laws § 19-32-8 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-8
§ 19-32-8. Severability.
Status: in_force

If any provision of this chapter, or the application of the provision to any person or circumstances, is held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those as to which it is held invalid, is not to be affected.
R.I. Gen. Laws § 19-14-24 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-24
§ 19-14-24. Tying with other business.
Status: in_force

No licensee shall condition any sale on the requirement that the consumer purchase any other product or service from a specified provider including those providers with whom the licensee is sharing office space.
R.I. Gen. Laws § 19-2-16 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-16
§ 19-2-16. Indemnification of officers and employees for acts in course of duties.
Status: in_force

Any financial institution or credit union may, by bylaw, authorize its directors or trustees to indemnify and reimburse any person (or the personal representative of any person) who at any time serves, or shall have served, as director, trustee, officer, or employee of the financial institution or credit union, whether or not in office at the time, against and for any and all claims and liabilities to which he or she may be or become subject by reason of this service, and against and for any and all expenses necessarily incurred in connection with the defense or reasonable settlement of any legal or administrative proceedings to which he or she is made a party by reason of this service, except in relation to matters as to which he or she shall be finally adjudged to be liable for negligence or misconduct in the performance of his or her official duties. The provisions of this section shall not be deemed to exclude any other right or privileges to which this person may be entitled.
R.I. Gen. Laws § 19-33-6 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-6
§ 19-33-6. Maintenance of records.
Status: in_force

(a) Each student loan servicer shall maintain complete records of each student education loan transaction, including recordings of communications with borrowers, for not less than two (2) years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or any longer period as may be required by any other provision of the general or public laws.

(b) If requested by the division of banking, each student loan servicer shall make all records available, not later than five (5) business days after requested. Upon request, the department may grant a student loan servicer additional time to make these records available.
R.I. Gen. Laws § 19-9-9 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-9
§ 19-9-9. Mortgages issued  Payoffs.
Status: in_force

(a) Every lending institution or other entity that owns or services a loan, secured by a mortgage on property located in this state, shall:

(1) Provide to the obligor, within three (3) business days after receipt of a written or telefaxed request, the exact payoff due the lender on the loan;

Notwithstanding the foregoing, if the payoff is requested for a loan that is forty-five (45) days or more delinquent in payment thereof or for any equity line of credit, the payoff shall be provided within five (5) business days of said request. Nothing contained herein shall prevent the institution from providing the exact payoff sooner than the deadline set forth herein;

Notwithstanding the foregoing, nonamortizing loans made by Rhode Island housing and mortgage finance corporation for the purpose of providing closing cost or down-payment assistance shall not be subject to the provisions of this section;

(2) Permit the payoff to be made to it or, in the case of a mortgage owned or serviced by its subsidiary or affiliate or servicing agent, permit the payoff to be made at the subsidiarys or affiliates principal place of business located in this state;

(3) Accept as final interest due the lender on this payoff the interest calculated as of the business day full payment is made to the lending institution or servicing agent; and

(4) Issue or provide to the mortgagor, or his or her agent or real estate closing officer, a discharge of the mortgage securing the loan within thirty (30) days after full payment of the payoff and final interest by separate instrument of release of the mortgage or as provided in §34-26-3.

(b) Payoff statement means any statement produced by a lending institution or servicer of a mortgage setting forth the amount of the unpaid balance on said mortgage loan, including principal, interest, and other charges assessed pursuant to the loan documentation of such mortgage and a statement of the interest on a per-diem basis with respect to the unpaid principal balance of the mortgage loan.

(c) Notwithstanding the provisions of any law or regulation to the contrary, if a settlement agent complies with all of the terms of a payoff statement from the lending institution or servicer then the settlement agent shall not be responsible for any shortfall in the amount due to the mortgagee to pay off the mortgage loan in full. The settlement agent shall not be liable for any interest on funds tendered to said lending institution or servicer beyond the date that said funds were received by said lending institution or servicer even if said funds were insufficient to pay off the full balance of the mortgage loan.
R.I. Gen. Laws § 19-34-8 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-8
§ 19-34-8. Disclosure.
Status: in_force

Notwithstanding any provision of law, the attorney general and local law enforcement may disclose to a mandated reporter of suspected elder financial abuse, upon request, the general status or final disposition of any investigation that arose from a report made by that mandated reporter of suspected financial abuse of an elder adult pursuant to this chapter.
R.I. Gen. Laws § 19-6-2 — RI Code / Title 19 / Chapter 19-6 / Section 19-6-2
§ 19-6-2. Examination powers.
Status: in_force

Whenever the director, or the directors designee, considers it advisable, he or she may make, or cause to be made, an examination of each Rhode Island bank-holding company. The director, or the directors designee(s), may also examine any deposit-taking subsidiary of the bank-holding company that fails to meet its minimum capital requirements under applicable federal law, or has received from its principal bank regulator, as its last composite rating based on capital, asset quality, management, earnings, and liquidity (CAMEL) or similar regulatory rating, a three, four, five, or other unsatisfactory rating. The director, or the directors designee, shall have the same examination power and authority as he or she has for the examination of regulated institutions. The total cost of these examinations shall be paid in the same manner as other regulated institutions pursuant to this title. In lieu of this examination, the director, or the directors designee, shall accept the report of an examination made within the last fifteen (15) months by any federal bank regulatory agency or the equivalent supervisory official of another state, pursuant to the laws of that state.
R.I. Gen. Laws § 19-14-20 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-20
§ 19-14-20. Books, accounts, and records.
Status: in_force

(a) The licensee shall keep and use any books, accounts, and records, that may be maintained by optical imaging, as will enable the director, or the directors designee, to determine whether the licensee is complying with the provisions of this title and with the rules and regulations lawfully made by the director, or the directors designee.

(b) If the licensee maintains its records outside of the state of Rhode Island, the licensee shall be responsible for all reasonable costs and expenses incurred by the examining personnel to examine such records.
R.I. Gen. Laws § 19-33-12 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-12
§ 19-33-12. Prohibited conduct.
Status: in_force

No student loan servicer shall:

(1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead student loan borrowers;

(2) Engage in any unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including, but not limited to, misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a student education loan, the terms and conditions of the loan agreement, or the borrowers obligations under the loan;

(3) Obtain property by fraud or misrepresentation;

(4) Knowingly misapply or recklessly apply student education loan payments to the outstanding balance of a student education loan;

(5) Knowingly or recklessly provide inaccurate information to a credit bureau, thereby harming a student loan borrowers creditworthiness;

(6) Fail to report both the favorable and unfavorable payment history of the student loan borrower to a nationally recognized consumer credit bureau at least annually if the student loan servicer regularly reports information to a credit bureau;

(7) Refuse to communicate with an authorized representative of the student loan borrower who provides a written authorization signed by the student loan borrower, provided the student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the student loan borrower;

(8) Negligently make any false statement or knowingly or willfully make any omission of a material fact in connection with any information or reports filed with a governmental agency or in connection with any examination conducted by the department or investigation conducted by the attorney general or other governmental agency; or

(9) Fail to properly evaluate a student loan borrower for an income-driven or other student loan repayment program or for eligibility for a public service loan forgiveness program before placing the student loan borrower in forbearance or default, if an income-driven repayment or other program is available to the student loan borrower except as otherwise provided in federal law, federal student loan agreements, or a contract between the federal government and a student loan servicer.
R.I. Gen. Laws § 19-13-3 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-3
§ 19-13-3. Segregation of new cash deposits.
Status: in_force

Cash deposits, called new cash deposits, received by any regulated institution after an order of the director issued under the provisions of this chapter suspending or restricting withdrawals of currency from that regulated institution, and while the order remains in force either in whole or in part, shall not be subject, by reason of the order, to any limitation or restriction as to payment or withdrawal in currency or otherwise, and shall be segregated and held or invested and used solely to meet the new cash deposit liability; provided, however, that the aggregate amount of cash representing those deposits shall be kept separately in cash, or on deposit in Federal Reserve banks, or invested in obligations of the United States, or as may otherwise be authorized from time to time by order of the Secretary of the Treasury of the United States or other constituted federal authority.
R.I. Gen. Laws § 19-5-15 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-15
§ 19-5-15. Investment of funds  Powers.
Status: in_force

The capital, deposits, and surplus of the credit union shall be lent to the members for the purposes and upon the security and terms as the credit committee shall approve, as authorized by a written loan policy, duly adopted by the board of directors. Funds not used in loans to members may be deposited in authorized reserve agents, or invested in the same manner as allowed by the national credit union administration rules and regulations, or in the following manner:

(1) Without limitation, in securities issued as direct obligations of the United States government and in securities guaranteed by the United States government, or an agency thereof, as to principal and interest, and in any trust or trusts established for investing directly or collectively in these securities only;

(2) An amount not exceeding one third ( ) of the assets may be invested in:

(i) Investments other than those described above but that are legal for the investment of funds of financial institutions of this state, subject to the same limitations and restrictions by which financial institutions are governed, provided that credit unions with assets of less than ten million dollars ($10,000,000) may not invest pursuant to the prudent person provisions.

(ii) Deposits in financial institutions incorporated under the laws of this state or under federal law and doing business in this state or in those other institutions that may be approved by the director, or the directors designee.

(iii) Any corporation incorporated by CUNA International, Inc. or its successor, or any associated or subsidiary corporation, for the purpose of providing investment opportunity for credit unions, or any investment or interlending program managed or sponsored by any of these corporations; provided that deposit or investment under this subsection shall be made only after the director, or the directors designee, has approved the corporation for investment, or the investment or interlending program.

(iv) Common or preferred stocks other than those permitted above to the extent of not over five percent (5%) of the assets of investing credit unions with assets less than ten million dollars ($10,000,000) and to the extent of not over ten percent (10%) of the assets of investing credit unions with assets of ten million dollars ($10,000,000) or more; provided, however, that any of these securities shall be listed on a national stock exchange or on the National Market System of the NASDAQ stock market; that dividends have been paid by the corporation issuing the security and any predecessor corporation or corporations for at least four (4) of the last five (5) years; that the issuing corporation has, as shown by its last audited statement, total assets of at least one hundred million dollars ($100,000,000), and a stockholders equity of not less than forty percent (40%) of the amount of its total assets; and provided, further, that the security shall have been approved for investment by the director, or the directors designee. The director, or the directors designee, shall have absolute discretion in approving individual securities, provided they meet the requirements set forth above. No credit union shall invest in securities under the terms of this subdivision unless it shall have at least one million dollars ($1,000,000) in total assets as shown by its last annual report. No credit union shall invest more than one percent (1%) of its assets in any one security under the terms of this section.

(v) Funds not used in loans to members may be invested in capital shares, obligations, preferred stock issues of any agency or association organized either as a stock company, mutual association, or membership corporation, provided the membership or stockholding, as the case may be, of the agency or association is confined or restricted to credit unions or organizations of credit unions, and provided the purposes for which the agency or association is organized are designed to serve or otherwise assist credit union operations and provided the investment is authorized by law or regulation for federal credit unions, including, without limitation, an investment in credit union service organizations (CUSO) as described in subsection (2)(vi).

(vi) Subject to the department of business regulation and the National Credit Union Administrations power to limit any CUSO activities or services at any time based upon supervisory, legal or safety and soundness reasons or to refuse to permit any CUSO activities or services, a credit union may invest in, loan to, and/or contract with only those CUSOs that are sufficiently bonded or insured for their specific operations and engaged in the preapproved activities and services related to the routine daily operations of credit unions. The director, or directors designee, shall promulgate regulations delineating specific preapproved activities and criteria.

In applying the limitations and restrictions as to percentages prescribed in the law governing investments by financial institutions, percentages shall be computed based on the total assets of the credit union;

(3) Every credit union shall have the power to exercise, by its board of directors or duly authorized officers or agents, all incidental powers necessary to carry on the business of a credit union including, but not limited to, the power:

(i) To receive, upon deposit and for safekeeping, property of every description, upon terms prescribed by the credit union 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 these places and boxes to individuals and corporations, upon those terms that the credit union may prescribe. The credit union 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 that liability as the credit union shall expressly assume in each case by the terms of the contract or receipt under which it shall accept the deposit or shall have let the place of deposit;

(ii) To act as a depositary of public money or a financial agent;

(iii) To purchase, sell, and pledge eligible obligations and assets as set forth in §19-5-15.1; and

(iv) To exercise additional powers, not inconsistent with the carrying on of a credit union business, with the approval of the director, or the directors designee.
R.I. Gen. Laws § 19-3-14 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-14
§ 19-3-14. 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 § 19-26-16 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-16
§ 19-26-16. Sunday business.
Status: in_force

No license granted under the provisions of this chapter shall authorize any business to be transacted by pawnbrokers on the first day of the week.
R.I. Gen. Laws § 19-4-3 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-3
§ 19-4-3. Records of examinations and reports.
Status: in_force

(a) The director, or the directors designee, shall preserve a full record of each examination. The records and information contained in reports of the regulated institution may be provided by the director, or the directors designee, to the regulated institution examined.

(b) Confidential treatment. (1) Documents, materials, or other information in the possession or control of the division of banking that are obtained by or disclosed to the director, or the directors designee, or any other person in the course of an examination or investigation made pursuant to this chapter shall be confidential by law and privileged, shall not be subject to chapter 2 of title 38, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, the director is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the directors official duties. (2) Neither the director nor any person who received documents, materials, or other information while acting under the authority of the director, or with whom such documents, materials, or other information are shared pursuant to this section, shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to this section. (3) In order to assist in the performance of the directors duties, the director: (i) May share documents, materials, or other information, including the confidential and privileged documents, materials or information subject to subsection (b) with other state, federal, and international regulatory agencies and federal deposit insuring agencies, with the Conference of State Banking Supervisors (CSBS), and its affiliates and subsidiaries, and with state, federal, and international law enforcement authorities, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material, or other information, and has verified in writing the legal authority to maintain confidentiality; (ii) May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information from other state, federal, and international regulatory agencies and federal deposit insuring agencies, from the CSBS, and its affiliates and subsidiaries, and from state, federal, and international law enforcement authorities, and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information; and (iii) May enter into written agreements with other state, federal and international regulatory agencies and federal depositing insuring agencies, with the CSBS, and its affiliates and subsidiaries, and with state, federal, and international law enforcement authorities governing sharing and use of information provided pursuant to this section consistent with this section. (4) The sharing of information by the director pursuant to this section shall not constitute a delegation of regulatory authority or rulemaking, and the director is solely responsible for the administration, execution, and enforcement of the provisions of this section. (5) No waiver of any applicable privilege or claim of confidentiality in the document, materials, or information shall occur as a result of disclosure to the director under this section or as a result of sharing as authorized in subsection (b). (6) Documents, materials, or other information filed in the possession or control of the CSBS pursuant to this section shall be confidential by law and privileged, shall not be subject to chapter 2 of title 38, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.

(c) The imparting of this information by the director, or the directors designee, other than according to the provisions of this chapter shall be sufficient cause for removal, and any such deputy, assistant, or officer, who, except in the discharge of his or her official duty and other than as set out above, imparts this information shall be liable for a fine of not exceeding one thousand dollars ($1,000) and this deputy or assistant may also be removed from office or employment by the director, or the directors designee. These records, examinations, and reports are not subject to chapter 2 of title 38.
R.I. Gen. Laws § 19-5-22 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-22
§ 19-5-22. Tax on deposits.
Status: in_force

The capital stock, corporate franchises, and personal property, but not the real estate, of credit unions shall be exempt from taxation; provided, however, that every credit union shall annually pay to the general treasurer forty cents (40Â¢) on each one hundred dollars ($100) deposited with the credit union in the same manner as in financial institutions, the sums to be ascertained from a report to be made by the credit union to the director, or the directors designee, on or before the fifteenth day in July of each year, of the total amount of the deposits in the credit union on the last business day in June in that year, and to be paid on or before the first Monday in August.
R.I. Gen. Laws § 19-12-1 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-1
§ 19-12-1. Application for receivership.
Status: in_force

(a) The director, or the directors designee, is empowered immediately to take possession of any financial institution, credit union, or other licensee under this title and its assets if, upon examination, any financial institution or credit union, which has or has not invoked the conservatorship provisions or the voluntary liquidation provisions of this title, appears to be insolvent by reason of:

(1) The financial institutions, credit unions, or other licensees financial condition is such that the sum of the financial institutions, credit unions, or other licensees debts are greater than all of the financial institutions, credit unions, or other licensees property at a fair valuation, exclusive of property transferred, concealed, or removed with intent to hinder, delay, or defraud the financial institutions, credit unions, or other licensees creditors or because it is generally not paying or is unable to pay its debts as they become due; or

(2) The financial institutions, credit unions, or other licensees condition is such as to render the continuance of its business hazardous to the public or to those having funds in its custody; or

(3) The financial institution, credit union, or other licensee has failed to maintain adequate deposit insurance as required by this title; or

(4) The financial institution, credit union, or other licensee has failed to remedy unsafe or unsound practices in violation of a cease and desist order.

(b) The director may apply to the superior court for the appointment of the director, or one of the directors deputies as receiver. In the case when a financial institutions or credit unions deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or any other agency or instrumentality of the United States that insures the deposits of the financial institution or credit union, as a receiver or receivers of the financial institution, credit union, or other licensee, the receiver may request an injunction to restrain the financial institution, credit union, or other licensee under this title, in whole or in part, from further proceeding with its business, and the court shall have jurisdiction in equity of the application.
R.I. Gen. Laws § 19-4-17 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-17
§ 19-4-17. Unauthorized banking business.
Status: in_force

(a) No person, except regulated institutions, including any bank or trust company that has established a trust branch office in this state pursuant to the provisions of § 19-3.1-6(b), or banks or credit unions organized under the laws of the United States or of any other state within the United States shall use any sign at the place where its business is transacted, having on it any name containing the word or words bank, savings bank, loan and investment bank, trust company, credit union, or other word or words, indicating, in the opinion of the director, or the directors designee, that the place or office is the place or office of a regulated institution or bank or credit union duly organized under the laws of the United States or of any other state within the United States. The secretary of state shall not accept for filing any articles of association or incorporation, or amendment thereof, containing the word or words without the approval of the director, or the directors designee.

(b) No person, except regulated institutions, including any bank or trust company that has established a trust branch office in this state pursuant to the provisions of § 19-3.1-6(b), or other banks or credit unions duly organized under the laws of the United States or of any other state within the United States, shall use or circulate any written or printed, or partly written and partly printed, paper whatsoever, having on it any name or other word or words indicating that its business is the business of a regulated institution or other bank or credit union duly organized under the laws of the United States or of any other state within the United States. No bank or credit union organized under the laws of any other state within the United States shall establish an office within this state or otherwise have a physical presence within this state for the purpose of receiving deposits, paying checks, lending money, or exercising trust powers within this state unless such bank or credit union has received approval from the director, or the directors designee, for the establishment of an interstate branch office pursuant to chapter 7 of this title. No person except regulated institutions, banks, or credit unions organized under the laws of the United States or of any other state within the United States shall transact business in this state in any way or manner as to lead the public to believe, or as, in the opinion of the director, or the directors designee, might lead the public to believe, that its business is that of a regulated institution or other bank or credit union duly organized under the laws of the United States or of any other state within the United States.
R.I. Gen. Laws § 19-9-3 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-3
§ 19-9-3. Mortgages  Appraisal fees.
Status: in_force

(a) Every lending institution that accepts an application for a mortgage loan that requires the payment of an appraisal fee, shall, prior to the payment of the appraisal fee, inform the applicant that if the mortgage is not approved, the appraisal fee may not be refunded to the customer.

(b) Every lending institution that accepts an application for a mortgage loan and which, at the applicants expense, engages a real estate appraiser to conduct an appraisal of the subject real estate shall, upon written request, provide the applicant with a copy of the appraisal.
R.I. Gen. Laws § 19-26-6 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-6
§ 19-26-6. Articles appearing to have been stolen.
Status: in_force

If it appears to any of the officers specified in § 19-26-5 that any article or articles that have been pawned have been stolen, the officer may give notice in writing to the pawnbroker to hold the article or articles, and the pawnbroker shall thereafter hold the article or articles for sixty (60) days, unless the notice is recalled in writing by the officer giving it. The article or articles shall be subject to inspection of the officer and any person with the officer at all reasonable times, and the article or articles shall be produced on notice or summons before any court or grand jury if the question of the larceny of the article or articles is under investigation. The pawnbroker shall not be liable in damages or otherwise on account of the detention. Any person who willfully hinders, obstructs, or prevents the officer from inspecting the article or articles, or violates any provision of this section, shall be fined not exceeding five hundred dollars ($500), or be imprisoned not exceeding six (6) months.
R.I. Gen. Laws § 19-26-14 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-14
§ 19-26-14. Property seized on warrant.
Status: in_force

The court before which any property seized under the provisions of § 19-26-13 shall be brought shall cause the property to be delivered to the person on whose application the warrant was issued, on the execution of a bond as directed in § 19-26-15; and if the bond is not executed within twenty-four (24) hours, exclusive of Sunday, the court shall cause the property to be returned to the person from whose possession it was taken.
R.I. Gen. Laws § 19-4-17.1 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-17.1
§ 19-4-17.1. Use of regulated financial institutions without permission prohibited.
Status: in_force

Notwithstanding any general or special law to the contrary, a person, domestic or foreign corporation, partnership, association, limited-liability company, or similar entity shall not use the name, trade name, or trademark of any covered institution in any written or oral advertisement or solicitation for products or services, without the express written consent of the covered institution. For the purposes of this section, the word covered institution shall mean a regulated institution as defined in §19-1-1, or a lender or loan broker licensed under chapter 14 of title 19, or any subsidiary of any institution, lender, or broker; and the words advertisement or solicitation shall mean an email, direct-mail solicitation, or oral solicitation to a specifically identified consumer or that contains specific information on the account or loan of a specifically identified consumer.

A person, domestic or foreign corporation, partnership, association, limited-liability company, or similar entity shall not make reference to a covered institution without the express written consent of the covered institution or make reference to a loan number, or other specific loan information, on the outside of an envelope, visible through the envelope window, or on a postcard in connection with any written solicitation or an email for products or services to a specifically identified consumer.

A person, domestic or foreign corporation, partnership, association, limited-liability company, or similar entity shall not include a loan number, or other specific loan information, other than the loan amount, relative to a specifically identified consumer that is publicly available in a written or oral solicitation for the purchase of products or services unless the solicitation clearly and conspicuously states in bold-face type on the front page of the correspondence that the person, domestic or foreign corporation, partnership, association, limited-liability company, or similar entity is not sponsored by, or affiliated with, and that the solicitation is not authorized by the covered institution. The statement shall include the name, address, and telephone number of the person making the solicitation and that any loan information referenced was not provided by the covered institution. The statements required in this paragraph shall also be given at the time of any oral solicitation to a specifically identified consumer.

A person, domestic or foreign corporation, partnership, association, limited-liability company, association, or similar entity, which is considered to have violated this section, shall be considered to have engaged in an unfair and deceptive practice.

A covered institution that has had its name, trade name, or trademark used in violation of this section may, in addition to any other remedy provided by law, bring an action in the superior court in which venue the covered institution 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 ten thousand dollars ($10,000) per violation, whichever is greater. In any successful action for injunctive relief or for damages, the court shall award the covered institution, attorneys fees and costs, including court costs.

This chapter shall not apply to, nor shall any action be brought against, the use of a name, trade name, or trademark of any covered institution where such use would constitute fair use under federal law.
R.I. Gen. Laws § 19-10-3 — RI Code / Title 19 / Chapter 19-10 / Section 19-10-3
§ 19-10-3. Application of receivership provisions  Powers of court.
Status: in_force

During the period of the liquidation, the financial institution or credit union shall be subject to the same provisions provided in this title for the regulation of financial institutions or credit unions in the hands of receivers. Nothing in this chapter shall be construed to abridge the jurisdiction of the superior court sitting in equity over the financial institution or credit union.
R.I. Gen. Laws § 19-5-17 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-17
§ 19-5-17. Compensation or loans to officers.
Status: in_force

(a) No member of the board of directors or member of either the credit or supervisory committee shall directly or indirectly borrow from or become surety for any loan or advance made by the credit union, except that any member of the board of directors or any member from either of the committees may borrow from the credit union up to the amount of shares and deposits pledged for the loan or upon prior authorization and approval by the board of directors.

(b) Any credit union may pay to each of the members of the board of directors, credit committee, and supervisory committee for his or her services as a member of the board or committee(s) a sum that may, from time to time, be fixed by the members at an annual meeting. No officers, directors, or employees may receive any other compensation or fee for services provided to the credit union beyond their compensation as officers, directors, and/or employees.

(c) The director, or the directors designee, shall promulgate regulations relating to loans to officers and directors of credit unions. The regulations shall provide for limitations and requirements similar to federal regulations governing loans to officers and directors of financial institutions.
R.I. Gen. Laws § 19-14-34 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-34
§ 19-14-34. Resident agent  Loss payee.
Status: in_force

(a) Each licensee shall maintain a resident agent in this state who shall have authority to endorse insurance claim checks on behalf of the licensee.

(b) A licensee that has not and will not be included as a loss payee on any insurance policy may be exempted from the provisions of subsection (a) of this section and §§ 5-38-26 and 27-5-3.3. An applicant that wishes to obtain an exemption must clearly state in its business plan that it is not a loss payee on any insurance policy and must provide the department with a statement that it will not be designated as a loss payee on any insurance policy. A licensee that obtains an exemption should expect that compliance will be evaluated on examination.
R.I. Gen. Laws § 19-26-13 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-13
§ 19-26-13. Search of premises on warrant.
Status: in_force

Whenever complaint shall be made by any person, on oath to a judge, that any property belonging to that person has been lodged or pledged without his or her consent with any pawnbroker and that the complainant believes the property to be in some house or place within the county where the complaint is made, the judge shall, if satisfied of the reasonableness of that belief, issue a warrant directed to the division of sheriffs, or to either of the town sergeants or town constables in the county, commanding them to search for the property alleged to have been so lodged or pledged and to seize and bring the property before the division of the district court. The warrant shall be issued and served as search warrants are now by law required to be issued and served.
R.I. Gen. Laws § 19-13-1 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-1
§ 19-13-1. Proclamation of emergency.
Status: in_force

The governor may proclaim that a banking emergency exists when it appears necessary to protect the public and the interests of those regulated institutions or of the shareholders, depositors, or other creditors of those regulated institutions. Thereupon, any or all of the regulated institutions shall be subject to special regulation by the director, until the governor, by like proclamation, declares the period of banking emergency terminated. Any action taken or order issued by the director in any of the following sections in this chapter shall, in each instance, be taken only with the approval of the governor.
R.I. Gen. Laws § 19-2-6 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-6
§ 19-2-6. Certificate of president and directors elected at first meeting.
Status: in_force

The president and a majority of the directors who are elected at the first meeting shall make, sign, and make oath to a certificate setting forth:

(1) A true copy of the agreement to form, the names of the subscribers to the agreement, and the name, residence, and post office address of each of the officers of the financial institution; and

(2) The date of the first meeting.
R.I. Gen. Laws § 19-13-10 — RI Code / Title 19 / Chapter 19-13 / Section 19-13-10
§ 19-13-10. Emergency powers of the director.
Status: in_force

In the interest of the protection of depositors in financial institutions or credit unions, the director is authorized to waive, in whole or in part, any provisions of this title relating to public hearings and/or public notice that would hinder or prevent the merger, consolidation, purchase of assets and assumption of liabilities, or other acquisition of a financial institution or credit union that is in danger of insolvency or that has been closed by the proclamation of a banking emergency in accordance with the provisions of this chapter. All waivers shall be made public as to the final decision or disposition within ninety (90) days after the waiver is granted.
R.I. Gen. Laws § 19-34-1 — RI Code / Title 19 / Chapter 19-34 / Section 19-34-1
§ 19-34-1. Definitions.
Status: in_force

As used in this chapter:

(1) Department means the Rhode Island office of healthy aging.

(2) Elder adult means a person who is sixty (60) years of age or older.

(3) Exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including, but not limited to, a caregiver or fiduciary that uses the resources of an elder adult for monetary or personal benefit, profit, gain, or that results in depriving an elder adult of rightful access to or use of benefits, resources, belongings, or assets by use, undue influence, harassment, duress, deception, false representation or false pretenses, or conduct in violation of § 11-68-2.

(4) Financial exploitation' means:

(i) The wrongful or unauthorized taking, withholding, appropriation, or use of the money, assets, or other property or the identifying information of a person; or

(ii) Any act or omission taken by a person, including through the use of a power of attorney, guardianship, or any other legal authority, regarding an elder adult to:

(A) Obtain control through deception, intimidation, fraud, or undue influence, over the other persons money, assets, or property to deprive the other person of the ownership, use, benefit, or possession of the property; or

(B) Convert the money, assets, or other property of the other person to deprive the other person of the ownership, use, benefit, or possession of the property.

(5) Regulated institution means any financial institution, credit union, or other insured deposit-taking institution, that is authorized to do business in this state, including one authorized by operation of an interstate banking statute that allowed it original entry.
R.I. Gen. Laws § 19-3-6 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-6
§ 19-3-6. Special investments.
Status: in_force

(a) Subject to the limitations contained in this section, a financial institution may invest in the capital stock of any financial institution or other insured-deposit-taking institution duly organized under the laws of any state or of the United States or of any holding company for the institution as defined in this section.

(b) For the purpose of this section, a company shall be a holding company:

(1) If it is a corporation registered and regulated under the laws of the United States as a bank holding company; or

(2) If it is a corporation (whether or not so registered) organized under the laws of the United States or any state thereof and it owns a majority of the capital stock of one or more insured-deposit-taking institutions duly organized under the laws of the United States or any state thereof, the stock of which is an authorized investment under the provisions of this section, provided a majority in value of the corporations assets shall be invested in stock and/or securities of the insured-deposit-taking institution.

(c)(1) Except as hereinafter provided, the aggregate amount of stocks held by a financial institution pursuant to this section shall not exceed ten percent (10%) of the assets of the financial institution.

(2)(i) The amount of stock of any one institution held pursuant to this section shall not exceed three percent (3%) of the financial institutions total assets; and

(ii) The amount of stock of any one institution held pursuant to this section shall not exceed five percent (5%) of the total issued and outstanding voting stock of the institution being held.

(3) None of the limitations set forth in this subsection shall apply to holdings at any time by a financial institution of the stock of any one or more banks of which the financial institution is the holder, directly or indirectly, and with the approval of the director, or the directors designee, pursuant to this title, of fifty percent (50%) or more of the issued and outstanding voting stock.

(d) Nothing in this section shall be construed to render unlawful any holdings of bank stocks at any time arising out of any merger or consolidation; or occurring from stock dividends or the exercise of rights to subscribe to stock; or arising out of operation of law; or accruing or arising out of foreclosure or other right of acquisition taken as security in the regular course of business. In determining the amount of stock of a bank held by a financial institution, the stock shall in all cases be valued at its cost.
R.I. Gen. Laws § 19-7-7 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-7
§ 19-7-7. Powers authorized.
Status: in_force

If organized under laws other than the laws of this state, a successor bank or purchasing bank shall have and may exercise within this state the powers and privileges granted to financial institutions. A successor financial institution or purchasing financial institution shall have and may exercise in this state the powers and privileges granted to it under the laws of this state, and, in any state under the laws of which one or more of its predecessor banks was organized or in which it operates a branch, the powers and privileges granted to it under the laws of that state or states.
R.I. Gen. Laws § 19-9-3.1 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-3.1
§ 19-9-3.1. Mortgage loan appraisers  Relationship with lending institution.
Status: in_force

(a) Every lending institution, that accepts an application for any residential mortgage loan or any commercial mortgage loan that requires an appraisal in order to process the loan, is not permitted to use an appraisal company that is either owned by or has directors, stockholders, or employees of that lending institution.

(b) Each lending institution doing business in the state pursuant to a charter or license issued under this title shall, upon request of the director of business regulation, or the directors designee, disclose to the director those appraisal companies with which the lending institution has an ownership interest or which have directors, stockholders, or employees of the lending institution.

(c) Any lending institution that maintains Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance protection for its deposits is exempt from the provisions of this section.
R.I. Gen. Laws § 19-11-13 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-13
§ 19-11-13. 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 § 19-2-19 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-19
§ 19-2-19. Bonds of officers and employees  Supervision by director.
Status: in_force

(a) Every officer and employee of a regulated institution shall be bonded in a form and in an amount that the director, or the directors designee, may prescribe, for the honest discharge of his or her duties, and shall file with the director, or the directors designee, an attested copy. The director, or the directors designee, shall promulgate regulations to set minimum amounts of fidelity bond coverage based upon the size of regulated institutions, stating the minimum amount and type of coverage. The director, or the directors designee, shall be notified of any change in the bond, or any revocation of the bond, within ten (10) business days of the change or revocation by the company issuing the bond and the responsible officer of the regulated institution as designated by the trustees or board of directors of the regulated institution.

(b) The bond or bonds shall be continuous and remain in full force and effect until termination by either the regulated institution or the surety. Termination shall not become effective until thirty (30) days after the director, or the directors designee, has received notice. Regardless of the number of years, the bond shall continue in force, and the limit of the suretys liability stated in the bond shall not be cumulative from year to year or period to period.
R.I. Gen. Laws § 19-14-28 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-28
§ 19-14-28. Appeal from director.
Status: in_force

Any applicant or licensee aggrieved by an action of the director, or the directors designee, in denying an application for a license or in revoking or suspending a license, or by any order or decision of the director, or the directors designee, shall have the right to appeal the action, order, or decision pursuant to chapter 35 of title 42.
R.I. Gen. Laws § 19-1-4 — RI Code / Title 19 / Chapter 19-1 / Section 19-1-4
§ 19-1-4. 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 § 19-7-11 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-11
§ 19-7-11. Examination of mergers and acquisitions.
Status: in_force

The director, or the directors designee, may make or cause to be made an examination of each bank in order to fulfill the requirements of this chapter. The total cost of these examinations shall be borne by the bank so examined and shall be governed by the same terms and conditions as the examinations of regulated institutions. In lieu of this examination, the director, or the directors designee, may accept the report of an examination made by the equivalent supervisory official of another state, pursuant to the laws of that state.
R.I. Gen. Laws § 19-33-9 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-9
§ 19-33-9. Examinations.
Status: in_force

(a) In addition to any other authority provided under this chapter, the department shall have the authority to conduct examinations of registrants.

(b) In order to carry out the purposes of this chapter, the department may:

(1) Retain attorneys, accountants or other professionals and specialists as examiners or auditors to conduct or assist in the conduct of examinations. The costs of these persons shall be borne by the registrant;

(2) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information, or evidence obtained under this section;

(3) Use, hire, contract, or employ public or privately available analytical systems, methods, or software to examine the student loan servicer or person subject to the provisions of this chapter. The costs of these systems shall be borne by the registrant;

(4) Accept and rely on examination reports made by other government officials, within or outside of the state; and

(5) Accept audit reports made by an independent certified public accountant for the student loan servicer or person subject to the provisions of this chapter in the course of that part of the examination covering the same general subject matter as the audit and incorporate the audit report in the report of examination or other writing of the department.

(c) The department may at any time examine the student education loans and business and examine the books, accounts, records, and files used therein, of every registrant and person who shall be engaged in any activity that requires a registration under this chapter, whether the person shall act, or claim to act, as principal or agent, or under or without the authority of this chapter. For that purpose, the department shall have free access to the offices and places of business, books, accounts, paper, records, files, and safes, of all such persons. The department shall have authority to require the attendance of, and to examine under oath, any person whose testimony may be required relative to the student education loans or the business or to the subject matter of any examination or hearing.

(d) The department shall make an examination of the affairs, business, office, and records of each registrant as often as is necessary, based upon all relevant factors, including the volume of activity within the state. The total cost of an examination made pursuant to this section shall be paid by the registrant or person being examined and shall include the following expenses:

(1) One hundred fifty percent (150%) of the total salaries and benefits plus one hundred percent (100%) of the travel and transportation expenses for the examining personnel engaged in the examinations. The fees shall be paid to the department to, and for the use of, the state. The examination fees shall be in addition to any taxes and fees otherwise payable to the state;

(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 these costs shall be incurred in accordance with appropriate state of Rhode Island regulations, guidelines, and procedures.

(e) The authority of this chapter shall remain in effect, whether the student loan servicer or person subject to the provisions of this chapter acts or claims to act under any licensing or registration law of this state, or claims to act without such authority.

(f) No student loan servicer or person subject to examination under this section may knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.

(g) The provisions of § 19-4-3 shall apply to investigatory records and examination reports issued by other state and federal regulatory agencies, and the work papers of examinations or investigations of registrants created by the department; provided, however, the director or designee is authorized to make public all consumer complaints and final examination reports issued by the department as determined by the director or designee.
R.I. Gen. Laws § 19-14-32 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-32
§ 19-14-32. 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 § 19-2-4 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-4
§ 19-2-4. Notice of subscribers meeting.
Status: in_force

The first meeting of the subscribers to the agreement to form shall be called by a notice signed either by that subscriber to the agreement to form who is designated in the agreement for this purpose, or by a majority of the subscribers. The notice shall state the time, place, and purposes of the meeting. A copy of the notice shall, at least seven (7) days before the day appointed for the meeting, be given to each subscriber or left at the subscribers residence, and an affidavit of a majority of the signers of the notice that the notice has been served shall be recorded with the records of the first meeting. If all the subscribers, in writing, endorsed upon the agreement to form, waive this notice and fix the time and place of meeting, no notice shall be required.
R.I. Gen. Laws § 19-14-21 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-21
§ 19-14-21. Advertising and misrepresentations.
Status: in_force

(a) No licensee or other person shall advertise, print, display, publish, distribute, telecast, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, telecast, or broadcast, in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for licensed activities. The director, or the directors designee, may order any licensee or other person to desist from any conduct that he or she shall find to be a violation of the foregoing provisions.

(b) The director, or the directors designee, may require that rates of interest or charges, if stated by a licensee, be stated fully and clearly in any manner the director, or the directors designee, may deem necessary to prevent misunderstanding of the rates or charges by prospective customers.

(c) The licensee shall disclose in any written or oral advertisements or representation disseminated primarily in this state, the type of license held.
R.I. Gen. Laws § 19-14-4 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-4
§ 19-14-4. Annual fee.
Status: in_force

(a) Each licensee shall pay an annual license fee as follows:

(1) Each small-loan lender license and each branch certificate, the sum of five hundred fifty dollars ($550);

(2) Each loan-broker license and each branch certificate, the sum of five hundred fifty dollars ($550);

(3) Each lender license and each branch certificate, the sum of one thousand one hundred dollars ($1,100);

(4) Each currency transmission license, the sum of one thousand dollars ($1,000);

(5) Each check cashing license, the sum of three hundred sixty dollars ($360);

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

(7) Each registration to provide debt-management services, the sum of two hundred dollars ($200);

(8) Each mortgage-loan originator license, the sum of four hundred dollars ($400); and

(9) Each third-party loan-servicer license and each branch certificate, the sum of one thousand one hundred dollars ($1,100).

(b) Any licensee who shall not pay the annual fee by December 31 of each year shall be subject to a daily penalty of twenty-five dollars ($25) per day, subject to a maximum of seven hundred fifty dollars ($750). The penalty shall be paid to the director to, and for the use of, the state. The penalty may be waived for good cause by the director, or the directors designee, upon written request.
R.I. Gen. Laws § 19-9-14 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-14
§ 19-9-14. Deposits payable to survivor.
Status: in_force

When a deposit has been or shall be made in any regulated institution in the name of two (2) persons and payable to either or to the survivor, the deposit, or any part of the deposit, or any interest or dividend on the deposit, may be paid to either of those persons, whether the other is living or not, or to the guardian, executor, or administrator of the survivor, and the receipt of the person so paid shall be valid and sufficient release and discharge on account of the payment so made.
R.I. Gen. Laws § 19-10-1 — RI Code / Title 19 / Chapter 19-10 / Section 19-10-1
§ 19-10-1. Power to liquidate  Appointment of agent.
Status: in_force

Any financial institution or credit union that is solvent may, subject to the approval of the director, or the directors designee, liquidate and be closed by a vote of its stockholders owning two thirds ( ) of its capital stock or, in the case of a mutually owned savings bank, two thirds ( ) of its depositors or, in the case of credit unions, two thirds ( ) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director, or the directors designee, for approval.
R.I. Gen. Laws § 19-12-5 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-5
§ 19-12-5. Injunction to restrain carrying on of business.
Status: in_force

If any financial institution or credit union appears to have exceeded its powers or failed to comply with any provisions of law, the director may apply to the superior court for the county in which that financial institution or credit union is conducting its business for an injunction to restrain the financial institution or credit union, in whole or in part, from further proceeding with its business, and the court shall have jurisdiction in equity of the application.
R.I. Gen. Laws § 19-33-2 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-2
§ 19-33-2. Definitions.
Status: in_force

As used in this chapter:

(1) Commissioner means the commissioner of postsecondary education.

(2) Department means the department of business regulation, division of banking.

(3) Director means the director of the department of business regulation or designee.

(4) Distressed borrower means a student loan education borrower who is not considered current on their student education loan payments by the student loan servicer.

(5) Student education loan means any loan made to a student loan borrower primarily for personal use to finance postsecondary education or other school-related expenses, and does not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.

(6) Student loan borrower means:

(i) Any resident of this state who has received or agreed to pay a postsecondary student education loan; or

(ii) Any person who shares responsibility, as a guarantor or by other legal obligation, with such resident for repaying the postsecondary student education loan for another.

(7) Student loan servicer means any person or entity who or that engages in student loan servicing as defined in this chapter.

(8) Student loan servicing or servicing means:

(i)(A) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments; and

(B) Applying payments to the student loan borrowers account pursuant to the terms of the student education loan or of the contract governing the servicing;

(ii) During a period when no payment is required on a student education loan, maintaining account records for the loan; and

(iii) Communicating with the student loan borrower regarding the loan, on behalf of the loans holder; or

(iv) Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate the activities described in this section.
R.I. Gen. Laws § 19-5-29 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-29
§ 19-5-29. Savings promotion raffle.
Status: in_force

(a) If authorized by the credit union board of directors, a credit union registered to do business in the State of Rhode Island may conduct a savings promotion raffle, provided that it has given the department of business regulation prior written notice of its intent to conduct such a raffle. Said notice shall include an attestation that the raffle meets all requirements of all applicable laws and regulations including, but not limited to, the national credit union administration (NCUA) regulations and guidelines related to such contests; that the raffle will be administered in a manner that is fair and non-discriminatory to credit union members; and that there will be no adverse impact on the financial condition of the credit union as a result of the proposed savings promotion raffle. The credit union shall conduct a savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A credit union shall not conduct a savings promotion raffle in a manner that jeopardizes the credit unions safety and financial soundness or misleads its members.

(b) Pursuant to his or her supervisory powers the director of the department of business regulation may examine the conduct of a savings promotion raffle at any time. The director may issue a cease and desist order for a violation of this section.

(c) A credit union shall maintain records sufficient to facilitate an audit of a savings promotion raffle.

(d) As used in this section, savings promotion raffle means a raffle conducted by a credit union where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the credit union.
R.I. Gen. Laws § 19-2-14.1 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-14.1
§ 19-2-14.1. Mutual holding companies.
Status: in_force

(a) Any mutual savings bank chartered under the laws of this state may reorganize into the mutual holding company form of organization pursuant to this section. A mutual savings bank may reorganize into a mutual holding company form of organization by organizing a mutual holding company and chartering one or more interim stock financial institutions or corporate subsidiaries and merging with those banks or subsidiaries, or in any other manner approved by the director. The method of organizing the mutual holding company shall be set forth in a plan of mutual holding company reorganization. The corporate existence of a mutual savings bank converting to a stock financial institution as part of the reorganizing into the mutual holding company structure shall not terminate, but the stock financial institution, referred to in this section as the continuing stock financial institution, shall be deemed to be a continuation of the reorganizing mutual savings bank. The mutual holding company must at all times own, directly or indirectly through one or more intermediate stock holding companies, a majority of the voting shares of capital stock of the continuing stock financial institution. A mutual holding company organized under this section also may include an intermediate stock holding company so long as the mutual holding company owns a majority of the voting shares of capital stock of the intermediate stock holding company.

(b) The plan of mutual holding company reorganization must be approved by a two-thirds ( ) vote of the board of trustees and by the director, or the directors designee. In connection with its approval of the plan of mutual holding company reorganization, the director, or the directors designee, shall approve the proposed agreement to form and the proposed bylaws of the mutual holding company. The approval of the plan of mutual holding company reorganization by a majority vote of the depositors of the mutual savings bank present in person or by proxy at a meeting called by the board of trustees is also required. 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.

(c) To the extent not inconsistent with this section, the continuing stock financial institution subsidiary of the mutual holding company shall have all the powers and privileges conferred on, and be subject to all the duties and liabilities imposed on, financial institutions.

(d) If shares of common stock are offered for sale by the continuing stock financial institution subsidiary of the mutual holding company, or by an intermediate stock holding company subsidiary of the mutual holding company, to the general public for a price payable in cash, depositors shall be given subscription rights, and the offering shall be conducted in the manner provided in § 19-2-14, and in any regulations issued by the director, or the directors designee, under that section.

(e) A mutual holding company and any intermediate stock holding company subsidiary may engage in any activity permitted to bank holding companies and financial holding companies under the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq., or to savings and loan and mutual holding companies under the Home Owners Loan Act, 12 U.S.C. § 1467a, or in any other activity authorized by the director, or the directors designee. Without limitation, a mutual holding company, and any intermediate stock holding company subsidiary, may, subject to other applicable provisions of title 19 governing mergers and consolidations and, with the approval of the director, or the directors designee: (1) Merge with or consolidate with another bank, financial services, or savings and loan holding company, including a mutual holding company; or (2) Acquire or consolidate with another financial institution, whether in mutual or stock form. Any merger or consolidation may occur concurrently with a mutual holding company reorganization under this section, or subsequent to the initial reorganization, and cash and/or stock may be used as consideration for the merger or consolidation as long as the mutual holding company directly or indirectly owns a majority of the voting shares of capital stock of the intermediate stock holding company or stock financial institution after the merger or consolidation.

(f) A mutual holding company may convert to stock form upon a two-thirds ( ) vote of the board of trustees and the approval of the plan of conversion by the director, or the directors designee. The conversion shall be conducted in accordance with the applicable provisions of § 19-2-14, including the requirement to obtain depositor approval, and any regulations issued under § 19-2-14 by the director, or the directors designee. In the case of the conversion of an existing mutual holding company to stock form, where shares of common stock of an intermediate stock holding company or stock financial institution subsidiary of the mutual holding company have previously been issued to persons other than the mutual holding company, referred to in this section as the minority stockholders, the plan of conversion shall provide that such minority stockholders shall receive an ownership interest in the resulting stock holding company equal to their percentage ownership in the intermediate stock holding company or stock financial institution subsidiary of the mutual holding company immediately prior to the conversion, which percentage ownership interest shall be adjusted taking into account the assets held by the mutual holding company, as reflected in the statement of financial condition of the mutual holding company immediately prior to the conversion, with the balance of the shares sold in accordance with § 19-2-14 and any regulations issued under that section. The adjustment, which shall be described in the plan of mutual holding company conversion submitted for approval by the director, or the directors designee, shall be subject to the approval of the director, or the directors designee.

(g) The director, or the directors designee, may issue rules and regulations implementing this section.
R.I. Gen. Laws § 19-14-15 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-15
§ 19-14-15. Suspension of license.
Status: in_force

The director, or the directors designee, may, upon three (3) days notice and an opportunity for hearing, suspend any license for a period not exceeding thirty (30) days, pending investigation.
R.I. Gen. Laws § 19-26-7 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-7
§ 19-26-7. Dealing in second-hand articles.
Status: in_force

No pawnbroker licensed as provided in § 19-26-2 shall purchase any second-hand articles, or sell, dispose of, or keep for sale, any second-hand articles, unless they have been pawned to him or her and are sold under the provisions of § 19-26-10. Any article sold to the pawnbroker upon the understanding that the article is to be purchased from the pawnbroker by the seller of the article, or by any person acting for the seller, shall be deemed to have been pawned within the meaning of this chapter.
R.I. Gen. Laws § 19-5-9 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-9
§ 19-5-9. Appointments and terms of supervisory committee members.
Status: in_force

(a) The board of directors shall appoint, or the membership shall elect, qualified members to a supervisory committee consisting of no fewer than three (3) members nor more than five (5) members. The director, or the directors designee, shall issue guidelines defining a qualified supervisory committee member. No officers, directors, or employees of the credit union, or immediate family members thereof, shall be members of the supervisory committee.

(b) Members of the supervisory committee shall be appointed by the board of directors or elected by the membership for no fewer than one nor more than three (3) years, as the bylaws provide. An equal number of members, as nearly as may be, shall be appointed or elected each year.
R.I. Gen. Laws § 19-7-6 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-6
§ 19-7-6. Interstate purchases of assets and assumptions of liabilities.
Status: in_force

(a) In addition to any other power granted under the laws of this state, a financial institution may, with the approval of the director, or the directors designee, purchase all or part of the assets of, and assume all or part of the liabilities of, an out-of-state bank and operate any office or branch of the out-of-state bank acquired in connection with the out-of-state bank.

(b) An out-of-state bank may, with the approval of the director, or the directors designee, purchase substantially all of the assets and assume substantially all of the liabilities of a financial institution and operate any office or branch of the bank acquired in connection therewith; provided, however, that the law of the state in which the out-of-state bank has its principal office:

(1) Permits such a purchase of assets, assumption of liabilities, and operation of offices and branches; and

(2) 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 purchase assets, assume liabilities, and operate offices and branches in another state. No out-of-state bank shall apply to the director, or the directors designee, for approval of such a purchase, assumption, and operation unless the purchase, assumption, and operation shall first be approved as follows:

(i) With respect to financial institutions having capital stock, by the board of directors and shareholders pursuant to the applicable provisions of §7-1.2-1102, except that the purchase, assumption, and operation must receive the affirmative vote of two-thirds ( ) or more of the shareholders entitled to vote thereon;

(ii) With respect to a mutual savings bank organized under this title, by a two thirds ( ) vote of the board of trustees thereof and a majority vote of the depositors of the mutual savings bank present in person or by proxy, at a meeting called by the board of trustees; and

(iii) With respect to each such bank not organized under the laws of this state, in accordance with the applicable provisions imposed by the laws under which it is organized.

(c) Upon the filing of an application to purchase assets and assume liabilities under this section, together with duplicate originals of the agreement of purchase and assumption entered into in connection therewith, the director, or the directors designee, shall furnish the applicant a form of notice specifying the names of the purchasing financial institution and the selling financial institution and the location of the offices or branches to be acquired and assigning a date and place for public hearing on the application. The applicant shall publish the notice at least once a week, for three (3) successive weeks, in one or more newspapers designated by the director, or the directors designee. Upon a finding that the public interest so requires, the director, or the directors designee, may lessen the period and the manner prescribed for giving notice.

In determining whether to approve the application, the director, or the directors designee, shall consider whether the purchase, assumption, and operation is consistent with the safety and soundness of, and the convenience and advantage of the communities served by, each financial institution that is a party to the agreement. The procedures for conducting hearings by the director, or the directors designee, and the rights of appeal from decisions of the director, or the directors designee, shall be governed by the applicable provisions of this title. If the director, or the directors designee, approves the application, he or she shall endorse his or her approval upon each original of the agreement of purchase and assumption and shall deliver the agreement to the applicant. One original of the agreement bearing the directors, or the directors designees, approval in writing shall be filed with the director, or the directors designee, and the other shall be retained by the applicant as evidence of the approval. The applicant shall cause notice of any abandonment of a transaction approved pursuant to this subsection to be filed with the director, or the directors designee, and in the event of such abandonment, any approval granted hereunder shall be null and void.

(d) A shareholder of a selling financial institution shall have the right to dissent from the corporate action involved in accordance with the provisions of §7-1.2-1201 and on the terms and conditions set forth in §7-1.2-1202. No shareholder or depositor of a financial institution without capital stock that is a party to an agreement of purchase and assumption shall have any appraisal or dissenting right with respect to this corporate action.

(e) An out-of-state bank that is to be the purchasing bank shall file the following with the director, or the directors designee, contemporaneously with the filing of any application for approval under this section:

(1) An agreement that it may be served with process in this state in any proceeding for the enforcement of any obligation arising out of its business transacted in this state and any obligation assumed by it; and

(2) An irrevocable appointment of the director as its agent to accept service of process in any proceeding in the courts of this state or the courts of the United States situated in this state.

(f) The offices or branches acquired pursuant to an agreement of purchase and assumption approved by the director, or the directors designee, may be operated as branch offices of the purchasing bank with the written permission of, and under conditions, if any, approved 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 § 19-4-19 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-19
§ 19-4-19. Resident agent  Financial institutions.
Status: in_force

Each bank and lending institution doing business in this state, whether acting under state or federal authority, shall maintain a resident agent in this state who shall have authority to endorse insurance claim checks on behalf of those banks and lending institutions, which banks and lending institutions shall include, but are not limited to:

(1) A bank, savings bank, or trust company, as defined in this title, its affiliates or subsidiaries;

(2) A bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries;

(3) Mortgage companies; and

(4) Any other individual, corporation, partnership, or association authorized to take deposits and/or to make loans of money under the provisions of this title.
R.I. Gen. Laws § 19-8-5 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-5
§ 19-8-5. Issuance or denial of application.
Status: in_force

The director, or the directors designee, may disapprove any proposed acquisition if:

(1) The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the business of banking;

(2) The effect of the proposed acquisition of control may be substantially to lessen competition, or to tend to create a monopoly, or would in any other manner be in restraint of trade, and the anticompetitive effects of the proposed acquisition of control are not outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served;

(3) The financial condition of any acquiring person might jeopardize the financial stability of the regulated institution or prejudice the interests of the depositors of the regulated institution;

(4) The competence, experience, or integrity of any acquiring person, or of any of the proposed management personnel, indicates that it would not be in the interest of the depositors of the regulated institution, or in the interest of the public to permit the person to control the regulated institution;

(5) Any acquiring person neglects, fails, or refuses to furnish the information required; or

(6) The acquisition would not promote the public convenience and advantage.
R.I. Gen. Laws § 19-8-2 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-2
§ 19-8-2. Application to director or the directors designee.
Status: in_force

Any person who, acting directly or indirectly or through or in concert with one or more other persons, acquires control of any financial institution through purchase, assignment, transfer, pledge or other disposition of voting stock of a financial institution shall make application to the director, or the directors designee, in the prescribed manner.
R.I. Gen. Laws § 19-9-18 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-18
§ 19-9-18. Depositor identification.
Status: in_force

All regulated institutions shall, unless they have reason to doubt the validity of the identification, accept as sufficient identification for the cashing of checks and other banking transactions involving municipal, state, or federal funds in amounts less than seven hundred and fifty dollars ($750), duly authorized Rhode Island identification cards issued pursuant to the provision of § 3-8-6(b), the picture identification card issued by the division of elderly affairs, or an operators or chauffeurs license issued pursuant to chapter 10 of title 31.
R.I. Gen. Laws § 19-9-4 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-4
§ 19-9-4. Credit needs of local communities.
Status: in_force

(a) Each regulated institution, as defined in this chapter, to which the Community Reinvestment Act of 1977, 12 U.S.C. § 2901 et seq., and as subsequently amended from time to time, applies, shall file with the division of banking, a copy of each report and document that it is required to prepare for or file with one or more federal agencies pursuant to the provisions of that law and the rules and regulations promulgated thereunder. Each regulated institution, as defined in this chapter, to which the Community Reinvestment Act of 1977, 12 U.S.C. § 2901 et seq., and as subsequently amended from time to time, does not apply, shall file with the division of banking any reports that it may require, but in substantially the same form as the reports required to be filed pursuant to the Community Reinvestment Act by the regulated institutions to which the act applies. Where a regulated institution has filed these reports or documents with the division of banking, an update of the reports or documents shall be required whenever the regulated institution requests the director, or the directors designee, to take any action on any application to which the provisions of this title apply.

(b) When taking any action on an application made by a regulated institution under this title, the director, or the directors designee, shall take into account, among other factors, an assessment, in writing, of the record of performance of the regulated institution in helping to meet the credit needs of its entire community, consistent with the safe and sound operation of the regulated institution and an assessment of the economic impact of the matter that is the subject of the application. The assessment and any written communications from the division of banking to a regulated institution relating to the assessment shall be made available to the public upon request. In making the assessment, the director, or the directors designee, shall review all reports and documents filed with the division of banking pursuant to this section and any signed, written comments received by it or the division of banking that specifically relate to the regulated institutions performance in helping to meet the credit needs of its community. In addition, the director, or the directors designee, shall consider the following factors in assessing a regulated institutions record of performance:

(1) The most recent public Community Reinvestment Act rating by the applicable federal banking regulatory agency;

(2) Any practices intended to discourage application for types of credit set forth in the regulated institutions Community Reinvestment Act statement(s);

(3) The geographic distribution of the regulated institutions credit extensions, credit applications, and credit denials;

(4) Evidence of prohibited discriminatory or other illegal credit practices;

(5) The regulated institutions participation, including investments, in local community development and redevelopment projects or programs;

(6) The regulated institutions origination of residential mortgage loans, housing rehabilitation loans, home improvement loans, and small business or small farm loans within its community or the purchase of such loans originated in its community;

(7) The regulated institutions participation in governmental-insured, guaranteed, or subsidized loan programs for housing, small businesses, or small farms;

(8) The effect of the matter that is the subject of the application upon the economy of the neighborhood, city or town, region, or state, including number of and types of jobs and tax base; and

(9) Other factors that, in the judgment of the director, or the directors designee, reasonably bear upon the extent to which a regulated institution is helping to meet the credit needs and economy of the entire community.

(c) In assessing the record of performance of a regulated institution pursuant to the provision of subsection (b), the director, or the directors designee, may, where he or she deems it appropriate, if not otherwise required by law, provide for a public hearing when an objection to the regulated institutions application has been submitted.

(d) An assessment of a regulated institutions record of performance under subsection (b) may be the basis for denying an application under the provisions of this section.

(e) When taking an action pursuant to subsection (b), the director, or the directors designee, shall request from the applicant-regulated institution, and from the appropriate federal bank regulatory authorities, any documents other than those required to be filed with the division of banking by this section or by other applicable statutes or regulations.

(f) For the purposes of this section only, and notwithstanding any other provision of this title or any other law to the contrary, the term regulated institution shall not include credit unions whose bylaws significantly limit the field of membership, as determined by the director, or the directors designee.

(g) The director, or the directors designee, is hereby authorized and empowered to promulgate rules and regulations effectuating the provisions of this section.
R.I. Gen. Laws § 19-11-4 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-4
§ 19-11-4. Possession and management of property  Notice to debtors and persons in possession.
Status: in_force

(a) Each conservator, immediately after appointment and qualification, shall take and have possession and management of the property and business of the financial institution or credit union and thereafter shall take any action in the name and behalf of the financial institution or credit union necessary or desirable to carry on its business and to conserve its assets pending reorganization or the disposition of the assets as provided by law, all under the direction and control of the director, or the directors designee.

(b) Immediately after taking possession of the property and business of the financial institution or credit union, the conservator shall give notice in writing of having taken possession to all persons holding or having possession of any assets of the financial institution or credit union and to all persons indebted to the financial institution or credit union. No financial institution, federally chartered institution, credit union, federal credit union, association, firm, or individual, having been notified of the appointment of the conservator or otherwise having knowledge of his or her appointment, shall have or acquire any lien or charge upon or against any of the property of the financial institution or credit union for any payment, advance, or clearance or any obligation thereafter made or incurred.
R.I. Gen. Laws § 19-10-6 — RI Code / Title 19 / Chapter 19-10 / Section 19-10-6
§ 19-10-6. 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 § 19-5-25 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-25
§ 19-5-25. Exercise of same powers as federal credit unions.
Status: in_force

A credit union may engage in any activity authorized by law or regulation for federal credit unions that, in the opinion of the director, or the directors designee, is not unsafe and unsound for the credit union.
R.I. Gen. Laws § 19-2-18 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-18
§ 19-2-18. Record of meetings of boards and committees.
Status: in_force

Every financial institution and credit union in this state shall cause a record to be made, in a book kept for that purpose, of all of the proceedings of the board of directors or trustees or standing committees thereof, at every meeting thereof, and of the names of all directors or trustees or members of committees present at any such meeting.
R.I. Gen. Laws § 19-12-7 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-7
§ 19-12-7. Priority of claims.
Status: in_force

(a) When the superior court assumes jurisdiction of a receivership proceeding with respect to a financial institution or credit union subject to the provisions of this title, the expenses and claims against the financial institution or credit union shall have priority in receiving distributions, including (without limitation) any assumption of liabilities out of the assets of the financial institution or credit union in the following order; except to the extent otherwise provided by subsection (b) of this section, pro rata among any class of claimants having priority until the members of the class have been paid or provided for in full before distribution to any junior class of claimants:

(1) Reasonable administrative expenses as allowed by the court in connection with the administration of the receivership estate, including (without limitation) payment of any loans, together with interest thereon, obtained by the receiver with the approval of the court to fund the operations of the receivership estate and the administration of the receivership proceeding, repayable only from the assets in the estate.

(2) Unsecured claims for wages earned by individuals who provided services as employees to the financial institution or credit union as provided in § 28-14-6.1, in amounts recommended by the receiver subject to the approval of the court.

(3) Subject to subsections (b) and (d) of this section, unsecured claims of depositors in the financial institution or credit union that does not have, or that has failed to obtain, federal deposit insurance; provided, however, that any such claim shall only have priority under this subsection to the extent that, if the financial institution or credit union had maintained insurance with the Federal Deposit Insurance Corporation and whether or not the financial institution or credit union would have been eligible to maintain insurance with the Federal Deposit Insurance Corporation, the deposit with respect to which the claim relates would have been an insured deposit as the term is defined in the Federal Deposit Insurance Corporation Act (12 U.S.C. § 1813(m)) as in effect as of December 31, 1990, and would have been covered by deposit insurance under the rules and regulations of the Federal Deposit Insurance Corporation in effect as of December 31, 1990. For the purpose of applying the preceding sentence, in the case of a credit union, all types of the credit unions member share accounts, including regular shares, share certificates, and share draft accounts, except to the extent the accounts constitute equity ownership interests in the credit union under the terms of the charter or bylaws of the credit union, shall be deemed an insured deposit.

(4) Subject to subsections (b) and (d), unsecured claims of depositors in the financial institution or credit union that does not have, or that has failed to obtain, federal deposit insurance for its deposits, to the extent their deposit claims exceed amounts recovered under subsection (a)(3).

(5) Unsecured claims of any local, state, or federal taxing agency entitled by law to priority in distributions from any receivership estate, to the extent of that priority, in any amounts as shall be approved by the court.

(6) Unsecured claims of all general creditors and depositors of the financial institution or credit union to the extent not accorded priority pursuant to subsections (a)(1) through (a)(4), in any amounts as shall be approved by the court.

(b) Distributions entitled to priority under subsection (a)(3) and/or (a)(4) shall be reduced or limited to the extent that either of the following paragraphs apply:

(1) Any distribution to a depositor pursuant to subsection (a)(3) and/or (a)(4) shall be subject to any legally available setoff and reduction to the extent of any default on any debt of the depositor to the financial institution or credit union at the time of such distribution.

(2) Any distribution to a depositor entitled to priority pursuant to subsection (a)(3) and/or (a)(4) may be affected, reduced, or extended in time to the extent that the receiver may recommend, and the court may approve, a plan of distribution with respect to depositor claims entitled to priority that pays promptly (i) a subclass of the claims in full up to a stated amount for administrative convenience and (ii) if the receiver so recommends and the court approves, the stated amount to all other depositors entitled to priority under subsection (a)(3) and/or (a)(4) whose claims exceed the stated amount to provide partial and more timely relief for those depositors.

(c) The claim of a creditor that is secured by a mortgage, security interest, or lien on property in which the financial institution or credit union has an interest is a secured claim to the extent of the value of the estates interest in the property or to the extent of amounts subject to setoff, as the case may be, and is an unsecured claim to the extent that the value of the creditors interest or the amount so subject to setoff is less than the amount of the claim as approved by the court. Only the unsecured portion of the claim of the secured creditor shall participate in a distribution provided for in subsection (a) hereof.

(d) Notwithstanding the provisions of subsection (a)(3) and/or (a)(4) or the provisions of § 42-116-7(3)(i) and/or (3)(ii) or § 42-116-12, no priority shall be afforded under subsection (a)(3) and/or (a)(4) to the unsecured claims of any officer, director or employee of any financial institution or credit union or of the Rhode Island Share and Deposit Indemnity Corporation or any other person who, with knowledge of the actual or impending insolvency and/or the impending closing of a financial institution or credit union or of the actual or impending insolvency of and/or the actual or impending cessation of business by the Rhode Island Share and Deposit Indemnity Corporation, and for the purpose of avoiding the loss of funds and/or access to funds in any depository account in any insolvent financial institution or credit union, withdrew from any insolvent financial institution or credit union any amount of money within thirty (30) days prior to the closing of that financial institution or credit union by proclamation of the governor dated January 1, 1991.
R.I. Gen. Laws § 19-4-18 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-18
§ 19-4-18. 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 § 19-3-13 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-13
§ 19-3-13. Use of electronic devices and machines.
Status: in_force

(a) Any financial institution or credit union may make available for use by its customers one or more electronic devices or machines (customer-bank communications terminals/automated teller machines). These devices or machines shall not be deemed to be the establishment of a branch of the particular financial institution or credit union. All surcharges chargeable for use of these devices shall be disclosed prior to completion of any transaction. Disclosure of the surcharge shall be displayed electronically by the electronic device or machine and shall not be disclosed by means of any stickers or placards placed on the exterior of the electronic device or machine.

(b) To the extent consistent with the antitrust laws, each financial institution or credit union, chartered by this or any other state, is permitted, but not required, to share these devices with one or more other financial institutions or credit unions chartered by the state or federal government.

(c) Each financial institution or credit union shall adopt and maintain safeguards on each electronic device or machine consistent with the minimum requirements specified under the federal Bank Protection Act, 12 U.S.C. § 1881 et seq.
R.I. Gen. Laws § 19-14-11 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-11
§ 19-14-11. Prohibition or transfer or assignment of license.
Status: in_force

No license 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 licensee shall not be considered a transfer or assignment of the license. A change in ownership of twenty-five percent (25%) or more of the voting stock or equity interests shall require notification to the director within fifteen (15) days of the change in ownership. Change in ownership application procedures, including reasonable response time requirements, shall be established by regulations promulgated by the director, or the directors designee.
R.I. Gen. Laws § 19-11-12 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-12
§ 19-11-12. Superseding receivership.
Status: in_force

Nothing in this chapter, and no appointment or continuance of a conservator under this chapter, shall abridge or affect, or be so construed as to abridge or affect, the right, power, and authority of the director, or the directors designee, at any time to institute proceedings in accordance with law for the appointment of a receiver of any financial institution or credit union, or of the judicial authority to make appointment of a receiver upon request of the director, or the directors designee, and if a receiver shall be appointed in this proceeding, the conservator, whenever the receiver shall have been appointed and qualified, shall immediately transfer and deliver to the receiver all property, books, and documents of all kinds then belonging to the financial institution or credit union.
R.I. Gen. Laws § 19-5-13 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-13
§ 19-5-13. Loan applications.
Status: in_force

The credit committee or duly appointed loan officer shall approve, in writing, every loan or advance made by the credit union, subject to any limitations that may be set from time to time by the board of directors. Every application for a loan shall be made in writing and shall state the purpose for which the loan is desired and the security offered. No loan shall be made unless the credit committee or loan officer is satisfied that it promises to benefit the borrower, nor unless it has been approved by the committee or duly appointed loan officer in accordance with applicable credit union bylaw provisions. The applicant for a loan may appeal the decision of the credit committee or loan officer to the board of directors. If written approval of the credit committee or loan officer is obtained, nothing contained in this section shall prevent a credit union from extending credit to a member in any manner in which it sees fit; provided that no extension of credit shall be made upon an unsecured revolving credit plan, line of credit, or letter of credit in which the credit authorization exceeds five thousand dollars ($5,000), unless the credit authorization is reviewed at least annually by the credit committee, if one exists, or by the board of directors.
R.I. Gen. Laws § 19-14-18 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-18
§ 19-14-18. Reinstatement of license.
Status: in_force

Every license issued under this chapter shall remain in force and effect until it shall have been surrendered, revoked, or suspended in accordance with the provisions of this chapter. The director, or the directors designee, shall have authority on his or her own initiative to reinstate suspended licenses or to issue new licenses to a licensee whose licenses have been revoked if no fact or condition then exists that clearly would have warranted the director, or the directors designee, in refusing originally to issue the license under this chapter. A license reinstatement fee equal to one half (Â½) of the annual license fee shall be paid to the director to and for the use of the state.
R.I. Gen. Laws § 19-11-7 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-7
§ 19-11-7. Penalties and liabilities.
Status: in_force

The conservator and the conservators assistants shall be subject to the same penalties and liabilities to which they would be liable if the conservator were the receiver of a financial institution or credit union appointed in judicial proceedings in this state, including penalties and liabilities now established and which may be established by law. The conservators liability shall be limited to the assets of the financial institution or credit union except for fraud or malpractice by the conservator.
R.I. Gen. Laws § 19-9-21 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-21
§ 19-9-21. Passbook savings accounts  Service charge prohibited.
Status: in_force

It shall be unlawful for any regulated institution or other insured-deposit-taking institution duly organized under the laws of the United States, to charge any service charge whatsoever for the holding of passbook savings deposits or accounts.
R.I. Gen. Laws § 19-26-10 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-10
§ 19-26-10. Sale of unredeemed articles.
Status: in_force

(a) No pawnbroker shall sell or dispose of any property pawned with him or her within three (3) months after the maturity of the loan on the property if not of a perishable nature; and, if perishable, for at least one month after that date. For the purposes of this section, perishable means any item(s) or good(s) subject to rapid decay and/or the value of which will be diminished if not put to the intended use within a short time.

(b)(1) All such sales shall be made in this state.

(2) All sales of articles received in pawn by any pawnbroker shall be at public auction to the highest bidder, except that any article less than twenty-five dollars ($25.00) in value may be sold at private sale, and a record of the articles sold and the sale prices shall be made, at the time of the sale, in the book required to be kept by the pawnbroker by § 19-26-5.

(3) Notice of the sale at public auction shall be published at least six (6) days before the sale in one of the public newspapers, published in English, in the city or town where the business is carried on, or if no newspaper is published in the city or town, then in some newspaper published in the county in which the city or town is located.

(4) The notice shall specify the time and place at which the sale is to take place and by whom it is to be conducted, and shall contain the same number and description of the articles or goods to be sold as is contained in the memorandum delivered to the pawnor as required by § 19-26-5.

(c) The borrower, or any person entitled to the property pledged, may, at any time prior to the sale, pay or tender to the pawnbroker the amount loaned and the interest on the loan, together with the proportionate cost of advertising the sale, if any, and the payment or tender shall reinvest the pawnor or the person entitled to the property pledged with the title and right of possession to the property pawned free of the pledge.
R.I. Gen. Laws § 19-14-23 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-23
§ 19-14-23. Examinations and investigations.
Status: in_force

(a) For the purpose of discovering violations of this title or securing information lawfully required, the director, or the directors designee(s), may at any time investigate the loans and business and examine the books, accounts, records, and files used therein, of every licensee and person who shall be engaged in any activity that requires a license under this title, whether the person shall act, or claim to act, as principal or agent, or under or without the authority of this title. For that purpose, the director, or the directors designee(s), shall have free access to the offices and places of business, books, accounts, paper, records, files, and safes, of all such persons. The director, or the directors designee(s), shall have authority to require the attendance of, and to examine under oath, any person whose testimony may be required relative to the loans or the business or to the subject matter of any examination, investigation, or hearing.

(b) The director, or the directors designee, shall make an examination of the affairs, business, office, and records of each licensee and branch location as often as is necessary, based upon all relevant factors, including the volume of activity within the state. The department shall provide a report to the legislature after July 1, 2017, but no later than December 31, 2017, regarding the timing of examinations conducted pursuant to this section and shall make recommendations regarding the sufficiency of conducting examinations based on these factors versus on a stated, periodic basis. The director, or the directors designee, may accept, in lieu of an examination of the business of a licensed mortgage loan originator, the examination by the director, or the directors designee, of the licensed lender(s) or licensed loan broker who employ the licensed mortgage loan originator and/or who employed the licensed mortgage loan originator during the period under examination. The total cost of an examination made pursuant to this section shall be paid by the licensee or person being examined and shall include the following expenses:

(1) One hundred fifty percent (150%) of the total salaries and benefits plus one hundred percent (100%) for the travel and transportation expenses for the examining personnel engaged in the examinations. The cost of an examination of a mortgage loan originator licensee shall be limited to twenty-five percent (25%) of the total salary and benefits for the personnel engaged in an examination specific to a mortgage loan originator. The fees shall be paid to the director to, and for the use of, the state. The examination fees shall be in addition to any taxes and fees otherwise payable to the state;

(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) All expenses incurred pursuant to subsections (b)(2) and (b)(3) shall be allocated equally to each licensee, other than licensed mortgage loan originators, no more frequently than annually and shall not exceed an annual average assessment of fifty dollars ($50.00) per company for any given three calendar-year (3) 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 provisions of § 19-4-3 shall apply to records of examinations or investigations of licensees; provided, however, the director, or the directors designee, is authorized to make public the number of valid consumer complaints as determined by the director, or the directors designee, filed against the licensee for a twelve-month (12) period immediately preceding the request for the information; and provided, further, that promptly following the completion of any examination under § 19-14-23(b), the director, or the directors designee, shall provide to the person examined a copy of the written report of the examination, together with a notice requiring the person examined to file a written response or rebuttal to the comments and recommendations contained in the examination report within thirty (30) days of receipt thereof or such longer period as the director, or the directors designee, may specify.

(e) If the director, or the directors designee, has reason to believe that any person required to be licensed under this chapter is conducting a business without having first obtained a license under this chapter, or who, after the denial, suspension, or revocation of a license is conducting that business, the director, or the directors designee, may issue an order to that person commanding him or her to cease and desist from conducting that business. The order shall provide an opportunity to request a hearing to be held not sooner than three (3) days after issuance of that order to show cause why the order should not become final. Any order issued pursuant to this section shall become final if no request for a hearing is received by the director, or the directors designee, within thirty (30) days of the issuance of the order. The order may be served on any person by mailing a copy of the order, certified mail, return receipt requested, and first-class mail to that person at any address at which that person has done business or at which that person lives. Any hearing held pursuant to this section shall be governed in accordance with chapter 35 of title 42. If that person fails to comply with an order of the director, or the directors designee, after being afforded an opportunity for a hearing, the superior court for Providence County has jurisdiction upon complaint of the department to restrain and enjoin that person from violating this chapter.

(f) The director may impose an administrative assessment, as well as the penalties provided for under § 19-14-26, against any person named in an order issued under subsection (e) or, in accordance with the rules and regulations promulgated pursuant to § 19-14-30, against any person who violates, or participates in the violation of, any of the applicable provisions of this title, or any regulation promulgated pursuant to any provisions of this title. The amount of the administrative assessment may not exceed one thousand dollars ($1,000) for each violation of this chapter or each act or omission that constitutes a basis for issuing the order. Any person aggrieved by an administrative assessment shall have the opportunity to request a hearing to be held in accordance with chapter 35 of title 42 within thirty (30) days of the imposition of such administrative assessment.
R.I. Gen. Laws § 19-5-28 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-28
§ 19-5-28. 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 § 19-7-3 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-3
§ 19-7-3. Interstate mergers of stock financial institutions.
Status: in_force

(a) Any financial institution organized with capital stock may, subject to the approval of the director, or the directors designee, merge or consolidate with one or more banks:

(1) Each of which is organized with capital stock and is either a financial institution or an out-of-state bank; and

(2) At least one of which is an out-of-state bank, pursuant to a plan of merger or consolidation complying with the provisions of this section; provided, however, that the following conditions shall apply prior to June 1, 1997, to the extent consistent with, and not preempted by, federal laws:

(i) The law of the state in which each of these out-of-state banks has its principal office permits this type of merger or consolidation; and

(ii) The law of the state in which each of these out-of-state banks has its principal office 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 organized with capital stock to be the successor bank of the merger or consolidation.

(b) The plan of merger or consolidation shall conform to the provisions of § 7-1.2-1001 and to any other requirements that may be imposed by the laws applicable to each bank not organized under the laws of this state.

(c) The plan of merger or consolidation shall require approval as follows:

(1) With respect to each financial institution, by the board of directors and shareholder of that financial institution pursuant to the applicable provisions of §§ 7-1.2-1001  7-1.2-1002, except that a plan of merger or consolidation must receive the affirmative vote of the holders of two thirds ( ) or more of the shares entitled to vote thereon; and

(2) With respect to each bank not organized under the laws of this state, in accordance with the applicable provisions imposed by the laws under which it is organized. Thereafter, articles of merger or consolidation complying with the applicable provisions of § 7-1.2-1003 and the applicable provisions of the laws under which each bank not organized under the laws of this state is organized shall be executed in accordance with the applicable provisions and presented to the director, or the directors designee, for approval, by filing three (3) originals with the director, or the directors designee.

(d) Upon receipt of the articles of merger or consolidation, the director, or the directors designee, shall furnish the applicant a form of notice specifying the names of the constituent banks and assigning a date and place for public hearing on the plan of merger or consolidation. The applicant shall publish the notice at least once a week, for three (3) successive weeks, in one or more newspapers designated by the director, or the directors designee. Upon a finding that the public interest so requires, the director, or the directors designee, may lessen the period and the manner prescribed for giving notice. In determining whether to approve a proposed merger or consolidation, the director, or the directors designee, shall consider whether the merger or consolidation is consistent with the safety and soundness of, and the needs and convenience of the communities served by, each financial institution. The procedures for conducting hearings by the director, or the directors designee, and the rights of appeal from decisions of the director, or the directors designee, shall be governed by the applicable provisions of this title.

(e) If the director, or the directors designee, approves the merger or consolidation in accordance with subsection (d), he or she shall endorse approval upon each original of the articles of merger or articles of consolidation and shall deliver the articles to the applicant. One original of the articles of merger or articles of consolidation bearing the approval in writing shall be filed with the director, or the directors designee, and two (2) originals shall be filed with the secretary of state, who shall, upon payment to the director, or the directors designee, of twenty-five dollars ($25.00), issue a certificate of merger or certificate of consolidation pursuant to the provisions of § 7-1.2-1003. Upon the issuance of the certificate or upon a later date, not more than thirty (30) days after the filing with the secretary of state of the articles of merger or articles of consolidation, that may be set forth in the plan, the merger or consolidation shall be effected pursuant to the provisions of this chapter with the effects set forth therein. At any time prior to the filing of the articles of merger or articles of consolidation with the secretary of state, the merger or consolidation may be abandoned pursuant to the provisions therefor, if any, set forth in the plan of merger or consolidation.

(f) Any shareholder of a financial institution that is a party to a plan of merger or consolidation under this section shall have the right to dissent from the corporate action involved in accordance with the provisions of § 7-1.2-1201 and on the terms and conditions set forth in § 7-1.2-1202.

(g) If the successor institution of a merger or consolidation under this chapter is to be organized under laws other than the laws of this state, it shall file the following with the director, or the directors designee, contemporaneously with the application for approval of the merger or consolidation:

(1) An agreement that it may be served with process in this state in any proceeding for the enforcement of any obligation arising out of its business transacted in this state and any obligation of any of its predecessor financial institutions, including the enforcement of the rights of a dissenting shareholder of any predecessor financial institution;

(2) An irrevocable appointment of the director as its agent to accept service of process in any proceeding in the courts of this state or the courts of the United States situated in this state; and

(3) An agreement that it will promptly pay to the dissenting shareholder of any predecessor financial institution the amount, if any, to which they shall be entitled.
R.I. Gen. Laws § 19-9-5 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-5
§ 19-9-5. Mortgagor to be offered title insurance.
Status: in_force

Every lending institution that accepts an application for a mortgage loan on property located in this state and that engages a title attorney to search the title of the subject real estate shall require the attorney to offer to the prospective mortgagor, at the usual premium rate, an owners policy title for the real estate. In the event the prospective mortgagor does not wish to purchase this title insurance, then the prospective mortgagor shall have the right to reject the offer of title insurance, provided the rejection is in writing and signed.
R.I. Gen. Laws § 19-11-8 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-8
§ 19-11-8. Withdrawal of deposits and claims.
Status: in_force

During the period of the continuance of any conservatorship provided for, the director, or the directors designee, may require the conservator to set aside and make available for withdrawal, and permit withdrawal by depositors and other creditors, any amounts or proportions of their respective deposits or claims as the director, or the directors designee, may order and direct. The director, or the directors designee, may authorize the conservator in any case to receive and permit withdrawals of new deposits, subject to any rules, regulations, limitations, and dispositions as the director, or the directors designee, shall prescribe.
R.I. Gen. Laws § 19-2-13 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-13
§ 19-2-13. Merger.
Status: in_force

(a) Any financial institution may, subject to the approval of the director, or the directors designee, to be given on any notice and terms that the director, or the directors designee, may require:

(1) Merge into, or consolidate with, another regulated institution or other insured-deposit-taking institution duly organized under the laws of the United States;

(2) Purchase substantially all of the assets and assume substantially all of the liabilities of another regulated institution or other insured-deposit-taking institution duly organized under the laws of the United States; or

(3) Acquire more than fifty percent (50%) of the stock of another regulated institution or other insured-deposit-taking institution duly organized under the laws of the United States.

Any of these transactions shall be undertaken pursuant to a plan that has been approved by an affirmative vote of two thirds ( ) of the board of directors and, in the case of a mutually owned financial institution, two thirds ( ) of the board of directors or trustees and a majority vote of the depositors of the mutually owned financial institutions present in person or by proxy, at a meeting called by the board of directors or 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.

(b) The director, or the directors designee, shall consider:

(1) The fairness to the owners of the financial institutions;

(2) The financial condition of the financial institutions; and

(3) The public convenience and advantage.

(c) All regulated institutions merged under this chapter shall comply with the relevant provisions of §§7-1.2-1001  7-1.2-1005.

(d) The original of the articles of merger, bearing the approval of the director, or the directors designee, shall be filed with the director, or the directors designee, and duplicates shall be filed with the secretary of state, who shall, upon payment to him or her of twenty-five dollars ($25.00), issue a certificate of merger or certificate of consolidation pursuant to §7-1.2-1003. Upon the issuance of the certificate or upon a later date, not more than thirty (30) days after the filing of the articles of merger or articles of consolidation, as may be set forth in the articles, the merger or consolidation shall be effected pursuant to §7-1.2-1005. Any shareholder of a financial institution who or that is a party to a plan requiring approval under this section, shall have the right to dissent from the action involved in accordance with §7-1.2-1201, and any shareholder who or that elects to exercise that right in compliance with §7-1.2-1202, shall be entitled to the rights of dissenting shareholders on the terms and conditions set forth in §7-1.2-1202. References to articles of incorporation in chapter 1.2 of title 7 shall be deemed to refer to the Agreement to Form of the financial institution involved.
R.I. Gen. Laws § 19-2-17 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-17
§ 19-2-17. Oath of director.
Status: in_force

Every director of a financial institution, 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 financial institution, and will not knowingly violate, or willingly permit to be violated, any of the provisions of this title. This oath, subscribed to by the director making it, and certified by the officer before whom it is taken, shall be immediately transmitted to the director, or the directors designee, and shall be filed and preserved in his or her office.
R.I. Gen. Laws § 19-9-6 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-6
§ 19-9-6. Lending institutions  Title attorney.
Status: in_force

(a) Every lending institution that accepts an application for any residential mortgage loan or any commercial mortgage loan and requires that a title attorney search the title of the subject real estate, or requires a policy of title insurance, shall permit the prospective mortgagor to select a qualified title attorney or title insurance company of his, her, or its own choice to search the title of the subject real estate and to furnish title insurance. The lending institution shall not unreasonably disapprove a title insurance policy provided or paid for directly or indirectly by a borrower. The disapproval shall be deemed unreasonable if it is not based solely on reasonable standards uniformly applied, relating only to the extent of coverage required or the financial soundness of an insurer. The standards shall not discriminate against any particular insurer, nor shall the standards call for the disapproval of an insurance policy because the policy contained coverage in addition to that required. Acceptance of a title insurance companys policy by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall be conclusive proof that the title insurance company meets the reasonable standards required by this section whether or not the borrower is applying for a residential or a commercial mortgage loan.

(b) In the event the prospective mortgagor does not select a qualified title attorney or title insurance company, the prospective mortgagor shall sign a waiver permitting the lending institution to select an attorney. If any lending institution violates this section, an aggrieved party may file a complaint in the superior court of the county in which the aggrieved party shall dwell or has his, her, or its principal place of business, or Providence county, if the superior court of that county shall not be in session, or if the aggrieved party is a nonresident or has no principal place of business in this state, of any other county as may be agreed upon by the parties to the petition, and serve upon the lending institution a petition for an order of the court for the enforcement of this section, and the petition may request and the court shall have jurisdiction to grant, after notice and hearing, an order:

(1) Granting injunctive relief to restrain the lending institution from engaging in the alleged or suspected violation;

(2) Awarding reasonable attorneys fees, costs, and expenses of the action; and

(3) Granting any other relief, as may be required, until the person or lending institution complies with the requirements of this section.
R.I. Gen. Laws § 19-10-5 — RI Code / Title 19 / Chapter 19-10 / Section 19-10-5
§ 19-10-5. Advertisement and payment of unclaimed funds.
Status: in_force

It shall be the duty of the receiver or officer or agent at the time of payment to deliver to the general treasurer a list of the unclaimed deposits and dividends in the financial institution or credit union, with the names of the parties entitled to the deposits and dividends, as shown by the books of the financial institution or credit union. Any person claiming any unclaimed dividend shall be entitled to payment of any money in the general treasury not otherwise appropriated on producing evidence satisfactory to the general treasurer of the validity of his or her claim. The state controller is authorized and directed to draw his or her order or orders on the general treasurer in favor of the claimant on the presentation of the proper vouchers. It shall be the duty of the general treasurer to advertise each year, during the period of three (3) years from and after receiving the funds of the financial institution or credit union, a list of the unclaimed dividends in these financial institutions or credit unions and of the persons supposed to be entitled to the unclaimed dividends once a week, at least, for three (3) successive weeks, in one or more of the public newspapers published in the city or town in which the financial institution or credit union is located.
R.I. Gen. Laws § 19-9-24 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-24
§ 19-9-24. Fraudulent checks  Small amounts.
Status: in_force

(a) Any person who purchases any goods, materials, or services, makes payment for that purchase by check, draft, or order for payment of money, and takes possession of the goods or materials, or has the benefit of the service, 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 not 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 that check, draft, or order, in full, upon its presentation, shall, upon conviction, be fined not more than five hundred dollars ($500), or be imprisoned not exceeding one year, 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 § 19-12-11 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-11
§ 19-12-11. Additional powers of receiver.
Status: in_force

(a) In addition to powers granted to the receiver pursuant to this chapter or any other law, a receiver appointed under this chapter shall have the power to reject any executory contract or unexpired lease of the financial institution or credit union.

(b) After notice and hearing, the receiver may abandon any property of the receivership estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.

(c) On request of a party in interest, and after notice and a hearing, the court may order the receiver to abandon any property of the receivership estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.

(d) Unless the court orders otherwise, any property scheduled pursuant to § 19-12-4 not otherwise administered at the time of the closing of the receivership proceeding is abandoned to the financial institution or credit union, subject to the receivership proceeding being reopened by the court to administer assets, to accord relief to the financial institution or credit union or for other cause.

(e) Unless the court orders otherwise, property of the receivership estate that is not abandoned under this section and that is not administered in the receivership proceeding remains property of the receivership estate.
R.I. Gen. Laws § 19-3-4 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-4
§ 19-3-4. Loans on own shares.
Status: in_force

No stock-formed financial institution shall make a loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of its shares, unless the security or purchase is necessary to prevent loss upon a debt previously contracted in good faith; provided, however, that whenever a financial institution makes a valid loan or discount in good faith upon the general credit of specific security or collateral of a shareholder, other than the shares in the financial institution, nothing in this section shall be construed to abridge or modify any of the provisions of the bylaws of the financial institution, as affecting the transaction, giving it a lien upon, or any other right or remedy relating to or affecting, the stock of the shareholder. All stock so purchased or acquired by the financial institution in good faith shall, within one year after its purchase, be disposed of or sold.
R.I. Gen. Laws § 19-2-1 — RI Code / Title 19 / Chapter 19-2 / Section 19-2-1
§ 19-2-1. Agreement to form financial institution.
Status: in_force

Fifteen (15) or more persons, all of whom shall be citizens and residents of this state, who associate themselves by a written agreement to form, may, upon compliance with the provisions of this chapter, become a financial institution, with all the powers, rights, and privileges, and subject to all of the duties, restrictions, and liabilities set forth in this title and in all laws relating to financial institutions.
R.I. Gen. Laws § 19-5-14 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-14
§ 19-5-14. Powers and duties of supervisory committee.
Status: in_force

(a) The supervisory committee shall make, or cause to be made, an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union.

(b) Following a detailed investigation performed by the supervisory committee that leads the supervisory committee to reasonably conclude that a violation of this chapter or of the bylaws, or any practice of the credit union is unsafe or unauthorized, the supervisory committee, by unanimous vote, may suspend the credit committee, any director, or any officers elected by the board of directors. Written notice of any such suspension shall be given to the director, or the directors designee, and the deposit insuring agency by registered mail or hand-delivery within twenty-four (24) hours of the vote to suspend. The suspension shall remain in place until the next meeting of the credit union membership called pursuant to its bylaws.

(c) If the supervisory committee of a credit union is elected by the membership, the supervisory committee shall fill vacancies in its own number until the next annual meeting of the credit union members. If the supervisory committee of a credit union is appointed by the board of directors, the board of directors shall fill vacancies in accordance with the credit unions bylaws.
R.I. Gen. Laws § 19-6-4 — RI Code / Title 19 / Chapter 19-6 / Section 19-6-4
§ 19-6-4. 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 § 19-5-18 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-18
§ 19-5-18. Expulsion of members.
Status: in_force

Credit union management may expel from the credit union any member who has not fulfilled his or her duties toward the credit union; or who has been convicted of a criminal offense; or who neglects or refuses to comply with the provisions of this chapter or of the credit unions bylaws; or who habitually neglects to pay debts; or who shall become insolvent or bankrupt; or who shall have deceived the credit union with regard to the use of borrowed money, but no member shall be expelled until credit union management has provided the member a notice in writing of the charges against him or her. The member shall have the right to file a written appeal to the board of directors to reconsider the expulsion notice. The written appeal must be filed within ten (10) business days of the receipt of expulsion notice. No such expulsion shall operate to relieve the member from any remaining liability to the credit union.
R.I. Gen. Laws § 19-9-32 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-32
§ 19-9-32. Disclosure of arson conviction.
Status: in_force

(a) Every financial institution making loans within this state secured by an interest in real estate may require applicants for loans to disclose whether or not the applicant or applicants have been convicted of any degree of the crime of arson as described in chapter 4 of title 11 within ten (10) years prior to the date of application.

(b) A financial institution may use the existence of an arson conviction within ten (10) years of the application date as a reason to deny the application.

(c) Failure to disclose the existence of an arson conviction when requested upon a mortgage application shall be a misdemeanor punishable by a sentence of not more than one year imprisonment.

(d) The mortgage application form shall indicate the existence of a criminal penalty for failure to disclose a conviction for arson.

(e) For the purpose of this section, the term applicant means a natural person, trust, partnership, association, corporation, or other form of business organization; provided, however, that if the applicant is a trust, the beneficiaries of the trust shall be included, and if the applicant is a partnership, association, corporation, or other form of business organization, each member, director, shareholder owning more than twenty percent (20%) of the common stock issued by the corporation, and principal officer of the organization shall be included.
R.I. Gen. Laws § 19-5-5 — RI Code / Title 19 / Chapter 19-5 / Section 19-5-5
§ 19-5-5. Shares or deposits held jointly.
Status: in_force

Whenever payment for shares or deposits has been made in any credit union in the name of two (2) or more persons and payable to either, or any, or the survivor, payment of the amount due on the shares or deposits, or any part, or any interest, or dividend may be made to any of the persons, whether the other or others are living or not, or to the survivor or survivors of them, or to the guardian, executor, or administrator of them, and the receipt of the person or persons so paid shall be a valid and sufficient release and discharge on account of the payment so made. Nothing in this section authorizes the receipt of savings either in payment for share or on deposit in the name of two (2) or more persons unless at least one of the persons is or becomes a member of the credit union.
R.I. Gen. Laws § 19-32-6 — RI Code / Title 19 / Chapter 19-32 / Section 19-32-6
§ 19-32-6. Cancellation.
Status: in_force

(a) GAP-waiver agreements may be cancellable or non-cancellable after the free-look period. GAP waivers must provide that if a borrower cancels a waiver within the free-look period, the borrower will be entitled to a full refund of the purchase price, as long as no benefits have been provided; or in the event benefits have been provided, the borrower may receive a full or partial refund pursuant to the terms of the waiver.

(b) In the event of a borrowers cancellation of the GAP waiver or early termination of the finance agreement after the agreement has been in effect beyond the free-look period, the borrower may be entitled to a refund of any unearned portion of the purchase price of the waiver, unless the waiver provides otherwise. In order to receive a refund, the borrower, in accordance with any applicable terms of the waiver, must provide a written request to the creditor, administrator, or other party, within ninety (90) days of the event terminating the finance agreement.

(c) If the cancellation of a GAP waiver occurs as a result of a default under the finance agreement or the repossession of the motor vehicle associated with the finance agreement, or any other termination of the finance agreement, any refund due may be paid directly to the creditor or administrator and applied as set forth in subsection (d).

(d) Any cancellation refund under subsection (a), (b), or (c) may be applied by the creditor as a reduction of the amount owed under the finance agreement, unless the borrower can show that the finance agreement has been paid in full.
R.I. Gen. Laws § 19-33-3 — RI Code / Title 19 / Chapter 19-33 / Section 19-33-3
§ 19-33-3. Borrower assistance, education, and complaints.
Status: in_force

(a) The department of attorney generals consumer protection unit, in collaboration with the director, general treasurer, and commissioner, shall:

(1) Receive, review, and attempt to resolve complaints from student loan borrowers;

(2) Compile and analyze data on student loan borrower complaints;

(3) Assist student loan borrowers to understand their rights and responsibilities under the terms of student education loans;

(4) Provide information to the public, agencies, the general assembly, and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns;

(5) Share information concerning the availability of the consumer protection unit to assist student loan borrowers and potential student loan borrowers, as well as public institutions of higher education, student loan servicers, and any other participant in student education loan lending with any student loan servicing concerns; and

(6) Take any other actions necessary to fulfill the borrower assistance, education, and complaints-related duties in this chapter.

(b) The attorney general, the director, the general treasurer, and the commissioner, or designees, shall meet at least once per quarter to coordinate their efforts under this chapter.
R.I. Gen. Laws § 19-8-3 — RI Code / Title 19 / Chapter 19-8 / Section 19-8-3
§ 19-8-3. Review of application.
Status: in_force

Upon receiving an application, the director, or the directors designee, shall:

(1) Conduct an investigation of the competence, experience, integrity, and financial ability of each person by whom the acquisition is to be made; and

(2) Make an independent determination of the accuracy and completeness of any information prescribed.
R.I. Gen. Laws § 19-9-31 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-31
§ 19-9-31. False rumors as to condition of regulated institution.
Status: in_force

Every person who willfully or maliciously instigates, makes, circulates, or transmits to another or others any statement, untrue in fact, derogatory to the financial condition or affecting the solvency or financial standing of any regulated institution or other insured-deposit-taking institution duly organized under the laws of the United States doing business in this state, or who counsels, aids, procures, or induces another to start, transmit, or circulate any statement or rumor, shall, upon conviction, be punished by imprisonment for a term not exceeding one year, or by a fine not exceeding five hundred dollars ($500), or by both fine and imprisonment.
R.I. Gen. Laws § 19-3-12 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-12
§ 19-3-12. Authorized reserve agents.
Status: in_force

Reserve agents shall only include financial institutions or national banking associations in, and members of the clearing house association of, the city of Providence; and national banks, federally insured corporate central credit unions located within the six (6) New England states, and banks or trust companies incorporated by the state in which they are located, and that are approved by the director, or the directors designee, and that are members of the Federal Reserve System, or that maintain the reserve required by the Federal Reserve Act, 12 U.S.C. § 221 et seq., in the manner provided by that act.
R.I. Gen. Laws § 19-3-11 — RI Code / Title 19 / Chapter 19-3 / Section 19-3-11
§ 19-3-11. Reserve requirements of the Federal Reserve System.
Status: in_force

Every financial institution within this state 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.
R.I. Gen. Laws § 19-1-1 — RI Code / Title 19 / Chapter 19-1 / Section 19-1-1
§ 19-1-1. Definitions.
Status: in_force

Unless otherwise specified, the following terms shall have the following meanings throughout this title:

(1) Agreement to form means the agreement to form a financial institution or the agreement to form a credit union, as applicable, pursuant to this title, and includes, for financial institutions organized before December 31, 1995, the articles of incorporation or the agreement of association of the financial institution, where applicable.

(2) Branch means any office or place of business, other than the main office or customer-bank-communication-terminal outlets as provided for in this title, at which deposits are received, or checks paid or money lent, or at which any trust powers are exercised. Any financial institution that had, on or before June 30, 2003, established an office or place of business, other than its main office, at which trust powers are exercised, shall not be required to obtain the approval of the director, or the directors designee, pursuant to § 19-2-11 for any such offices established as of that date.

(3) Credit union means a credit union duly organized under the laws of this state.

(4) Director means the director of the department of business regulation, or the directors designee.

(5) Division of banking means the division within the department of business regulation responsible for the supervision and examination of regulated institutions and/or licensees under chapter 14 of this title.

(6) Federal credit union means a credit union duly organized under the laws of the United States.

(7) Financial institution means any entity, other than a credit union, duly organized under the laws of this state that has the statutory authority to accept money on deposit pursuant to title 19, including an entity that is prohibited from accepting deposits by its own bylaws or agreement to form; the term includes, but is not limited to banks, trust companies, savings banks, loan and investment banks, and savings and loan associations.

(8) Main office means, in the case of financial institutions or credit unions, the location stated in the agreement to form, as amended, and, otherwise, the location recognized by the institutions primary banking regulator as its main office.

(9) Person means individuals, partnerships, corporations, limited liability companies, or any other entity however organized.

(10) Regulated institution means any financial institution, credit union, or other insured-deposit-taking institution, that is authorized to do business in this state, including one authorized by operation of an interstate banking statute that allowed its original entry.

(11) 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.

(12) Retail seller means any person who sells or contracts to sell any goods under a retail installment contract to a retail buyer.

(13) Superintendent means the deputy director designated by the director as superintendent of banking in the department of business regulation.

(14) Unimpaired capital means the sum of all capital and allowance accounts minus estimated losses on assets, calculated in accordance with generally accepted accounting principles.

(15) Writing means hard copy writing or electronic writing that meets the requirements of § 42-127.1-2(7).
R.I. Gen. Laws § 19-12-16 — RI Code / Title 19 / Chapter 19-12 / Section 19-12-16
§ 19-12-16. Appeals.
Status: in_force

Any order or judgment of the court having jurisdiction of any receivership proceeding under this chapter that provides for a payment to employees and depositors that have priority under § 19-12-7(a)(2), (a)(3) and/or (a)(4) or a transfer of assets of the financial institution or credit union for a consideration that includes the payment or assumption of some or all of the liabilities of the financial institution or credit union to the employees or depositors shall be final and binding and not subject to reversal on appeal unless, prior to the consummation of the transfer, the court that entered the judgment shall, on motion of an aggrieved party in interest, grant a stay pending appeal conditioned upon the appellant filing a supersedeas bond in the full amount of the loss the employees and depositors may sustain in the event the order or judgment is upheld on appeal or the supreme court shall, after the motion has been denied by the superior court and prior to the consummation of the payment or transfer, grant a stay pending appeal conditioned upon the appellant filing a similarly conditioned supersedeas bond.
R.I. Gen. Laws § 19-14-3 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-3
§ 19-14-3. Application for license.
Status: reserved

(a) The application for a license shall be in the form prescribed by the director and shall contain the name and address or addresses where the business of the applicant is located and if the applicant is a partnership, association, corporation, or other form of business organization, the names and addresses of each member, director, and principal officer thereof and any individual acting in the capacity of the manager of an office location. The application shall also include a description of the activities of the applicant, in such detail and for such periods as the director may require, as well as such further information as the director may require. The director may require a background investigation of each applicant for a license by means of fingerprint checks pursuant to §§ 19-14-7 and 42-14-14, utilizing the Federal Bureau of Investigation, or other agency as determined by the director for state and national criminal history record checks. If the applicant is a partnership, association, corporation, or other form of business organization, the director may require a background investigation by means of fingerprint checks on each member, director, trustee, or principal officer of the applicant and any individual acting in the capacity of the manager of an office location. The director will determine by rule those items of information appearing on a criminal records check that will constitute disqualifying information and therefore render the applicant ineligible for licensing under this chapter in accordance with the provisions of § 19-14-7. Each application for a license shall be accompanied by an investigation fee. The applicant at the time of making application shall pay to the department a fee equal to the annual license fee as provided in this chapter and the sum of one half (Â½) of the annual license fee as a fee for investigating the application. The license shall be continuous and the license fee shall cover the period through December 31 of each year. The annual license fee for any application approved after November 1 of any given year shall satisfy the annual license fee requirement through the end of the next succeeding calendar year ending December 31. The director, or the directors designee, is authorized to participate in a multistate licensing system for licensees. The director may establish requirements for participation by an applicant for a license or a person licensed under this chapter. Any such requirements that may be established by the director shall be published on the website of the department of business regulation. Upon implementation, participation by an applicant for a license or by a person licensed under the provisions of this chapter shall be mandatory. The applicant may be required to pay an additional fee for a license or other participation in such multistate licensing system.

(b) [Reserved].

(c) [Reserved].

(d) Any license issued under the provisions of former § 5-66-2 shall remain in full force and effect until its expiration and shall be subject to the provisions of this chapter.

(e) An applicant for issuance of a mortgage loan originator license shall file with the director, or the directors designee, evidence acceptable to the director, or the directors designee, that said applicant has complied with the provisions of §§ 19-14.10-5, 19-14.10-7 and 19-14.10-8.
R.I. Gen. Laws § 19-11-11 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-11
§ 19-11-11. Termination of conservatorship.
Status: in_force

If the director, or the directors designee, shall at any time be satisfied that the further continuance of any conservatorship is no longer necessary or desirable, the director, or the directors designee, may terminate the conservatorship and direct the conservator to surrender possession of all property then in the conservators possession to the financial institution or credit union, and permit it to resume business, all upon the terms, conditions, restrictions, and limitations as the director, or the directors designee, may prescribe.
R.I. Gen. Laws § 19-4-8 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-8
§ 19-4-8. Delay of reports.
Status: in_force

Any financial institution or credit union that delays transmission of any of the reports required by this chapter beyond the limits set by this chapter, unless additional time is granted in writing for proper cause by the director, or the directors designee, shall pay a penalty of twenty-five dollars ($25.00) for each day of delay to and for the use of the state.
R.I. Gen. Laws § 19-7-2 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-2
§ 19-7-2. Acquisitions authorized.
Status: in_force

(a) An out-of-state bank or bank-holding company may acquire direct or indirect ownership or control of more than five percent (5%) of the voting stock of one or more financial institutions or Rhode Island bank-holding companies if the following conditions are met:

(1) The laws of the state in which the out-of-state bank is located, or in which operations of the bank subsidiaries of an out-of-state bank-holding company are principally conducted, expressly authorize, under conditions no more restrictive than those imposed by the laws of Rhode Island, as determined by the director, or the directors designee, the acquisition by a Rhode Island bank-holding company or a financial institution of direct or indirect ownership or control of more than five percent (5%) of the voting stock of banks located in that state or bank-holding companies, the operations of the bank subsidiaries of which are principally conducted in that state;

(2) The acquisition, including all of the terms and conditions of the acquisition, has been approved in advance by the director, or the directors designee, as being in the public interest, pursuant to a written order evidencing such approval. In determining whether the approval of a proposed acquisition by an out-of-state bank or bank-holding company is in the public interest, the director, or the directors designee, shall consider, in addition to any other factors he or she may in his or her discretion determine, whether the acquisition shall promote the safety and soundness of the financial institution whose voting stock is to be acquired and the convenience and advantage of communities served by that financial institution, and whether the acquisition is likely to have a significant impact upon the states economy, employment levels, and tax base. Any financial institution or Rhode Island bank-holding company that is the subject of an acquisition under this section shall be a party to the proceedings of the director, or the directors designee, and shall be entitled to seek judicial review of any final decision of the director, or the directors designee. The procedures for notice and the conducting of hearings by the director, or the directors designee, and the rights of appeal from decisions of the director, or the directors designee, shall be governed by this title.

(b) The provisions of subsection (a) shall apply to mergers, acquisitions, consolidations, or purchases of assets and assumptions of liabilities irrespective of whether the transactions under those sections involve an out-of-state bank or out-of-state bank-holding company.

(c) The provisions of this section shall only apply after September 29, 1995, to the extent consistent with and not preempted by federal law.
R.I. Gen. Laws § 19-6-3 — RI Code / Title 19 / Chapter 19-6 / Section 19-6-3
§ 19-6-3. Time and frequency of reports of Rhode Island bank-holding companies.
Status: in_force

(a) Every Rhode Island bank-holding company shall file an annual financial report with 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, showing the condition of the Rhode Island bank-holding company at the close of business on any past day specified by the director, or the directors designee. The report shall be transmitted to the director, or the directors designee, within thirty (30) days of request, exclusive of Sundays and holidays. At the time of filing each report, the sum of fifty dollars ($50.00) shall be paid by the Rhode Island bank-holding company to the director to and for the use of the state. A penalty of twenty-five dollars ($25.00) per day for each day the report is delayed shall be paid to the director to and for the use of the state.

(b) Copies of reports prepared for federal regulatory authorities may be filed in lieu of the above within the time frame required for federal reports, with the above fees.
R.I. Gen. Laws § 19-7-4 — RI Code / Title 19 / Chapter 19-7 / Section 19-7-4
§ 19-7-4. Interstate mergers of mutual financial institutions.
Status: in_force

(a) Any financial institution organized without capital stock may, subject to the approval of the director, or the directors designee, merge or consolidate with one or more institutions, if:

(1) Each institution is organized without capital stock and is either a financial institution or an out-of-state bank; and

(2) At least one institution is an out-of-state bank, pursuant to a plan of merger or consolidation complying with the provisions of this section; provided, however, the following conditions shall apply prior to June 1, 1997, to the extent consistent with, and not preempted by, federal law:

(i) That the law of the state in which each these out-of-state banks has its principal office expressly permits this type of merger or consolidation; and

(ii) The law of the state in which each of these out-of-state banks has its principal office expressly 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 organized without capital stock under the laws of this state to be the successor bank of this merger or consolidation.

(b) The plan of merger or consolidation shall conform to the relevant provisions of § 7-1.2-1001 and to the other requirements that may be imposed by the laws applicable to each bank not organized under the laws of this state.

(c) The plan of merger or consolidation shall require approval as follows:

(1) With respect to a mutual savings bank, by a two thirds ( ) vote of the board of trustees and majority vote of the depositors of the mutual savings bank present in person or by proxy, at a meeting called by the board of trustees; and

(2) With respect to each bank not organized under the laws of this state, in accordance with the applicable provisions imposed by the laws under which it is organized. Thereafter, articles of merger or articles of consolidation complying with the applicable provisions of § 7-1.2-1003 and the applicable provisions of the laws under which each bank not organized under the laws of this state is organized shall be executed in accordance with these provisions and presented to the director, or the directors designee, for approval by filing three (3) originals with the director, or the directors designee.

(d) Upon receipt of the articles of merger or consolidation, the director, or the directors designee, shall furnish the applicant a form of notice specifying the names of the constituent banks and assigning a date and place for public hearing on the plan of merger or consolidation. The applicant shall publish the notice at least once a week, for three (3) successive weeks, in one or more newspapers designated by the director, or the directors designee. Upon a finding that the public interest so requires, the director, or the directors designee, may lessen the period and the manner prescribed for giving notice. In determining whether to approve a proposed merger or consolidation, the director, or the directors designee, shall consider whether the merger or consolidation is consistent with the safety and soundness of, and the convenience and advantage of the communities served by, each of these institutions. The procedures for conducting hearings by the director, or the directors designee, and the rights of appeal from decisions of the director, or the directors designee, shall be governed by the applicable provisions of this title.

(e) If the director, or the directors designee, approves the merger or consolidation in accordance with subsection (d), he or she shall endorse his or her approval upon each original of the articles of merger or articles of consolidation and shall deliver the articles to the applicant. One original of the articles of merger or articles of consolidation bearing the approval in writing shall be filed with the director, or the directors designee. Two (2) originals shall be filed with the secretary of state, who shall, upon payment to him or her of twenty-five dollars ($25.00), issue a certificate of merger or certificate of consolidation pursuant to § 7-1.2-1003. Upon the issuance of the certificate or upon a later date, not more than thirty (30) days after the filing with the secretary of state of the articles of merger or articles of consolidation, that may be set forth in the plan, the merger or consolidation shall be effected pursuant to the provisions of this chapter with the effects set forth therein. At any time prior to the filing of the articles of merger or articles of consolidation with the secretary of state, the merger or consolidation may be abandoned pursuant to the provisions therefor, if any, set forth in the plan of merger or consolidation.

(f) A merger or consolidation may be approved and effected pursuant to the provisions of this section, notwithstanding that the capital to liabilities ratio of the constituent banks exceeds the percentage of any of the other constituent banks, and no constituent bank having such excess of percentage shall be required to pay an extra dividend or make any distribution to its shareholders or depositors, nor shall any shareholder or depositor have any appraisal or dissenting right with respect to the merger or consolidation.

(g) If the successor bank of a merger or consolidation is to be organized under laws other than the laws of this state, it shall file the following with the director, or the directors designee, contemporaneously with the application for approval of the merger or consolidation:

(1) An agreement that it may be served with process in this state in any proceeding for the enforcement of any obligation arising out of its business transacted in this state and any of its predecessor financial institutions; and

(2) An irrevocable appointment of the director as its agent to accept service of process in any proceeding in the courts of this state or the courts of the United States situated in this state.
R.I. Gen. Laws § 19-26-12 — RI Code / Title 19 / Chapter 19-26 / Section 19-26-12
§ 19-26-12. Acceptance of pawns from incompetents, wastrels, or thieves.
Status: in_force

(a) No pawnbroker shall receive in pledge or mortgage or by way of sale, either absolutely or with an agreement to sell back, any goods, note, bill, check, assignment or order for money or other property, or any article, thing, or property of any description, from any person, after receiving from any one of the officers mentioned in § 19-26-5, or the parent or guardian of any minor or person of unsound mind, written notice that the person is a minor or is of unsound mind; or neglects all lawful business; or habitually frequents houses of ill fame, gaming houses, or tippling houses; or by drinking, gaming, idleness, or debauchery of any kind squanders his or her earnings or wastes his or her estate; or is likely to bring self or family to want or to render self or family a public charge; or is a known thief or suspected of thievery.

(b) No pawnbroker shall knowingly receive any pawn from any person under eighteen (18) years of age, or from any person in a visible state of intoxication from liquors, drugs, or narcotics.

(c) Any pawnbroker violating any provision of this section shall be fined not exceeding five hundred dollars ($500), and the pawnbrokers license shall become void.
R.I. Gen. Laws § 19-14-14 — RI Code / Title 19 / Chapter 19-14 / Section 19-14-14
§ 19-14-14. Revocation by default.
Status: in_force

(a) The director, or the directors designee, may revoke any license without a hearing by default if the licensee fails to respond to notifications informing the licensee of a failure to pay the annual license fee; maintain in effect the required bond or bonds; or maintain net worth requirements as required by this title.

(b) For the purposes of revocation by default, the director, or the directors designee, shall send, in writing, to the licensee and to the licensees registered attorney for service of process at their current respective addresses according to the records of the department, notice of the deficiency and potential revocation of the license. Should the licensee, or the licensees registered attorney, fail to respond within fifteen (15) days of the notification, the director, or the directors designee, may revoke the license by default and without hearing. The director, or the directors designees, shall notify the licensee of such revocation in writing.

(c) Any action taken under this section may be appealed pursuant to the Administrative Procedures Act, chapter 35 of title 42.
R.I. Gen. Laws § 19-9-29 — RI Code / Title 19 / Chapter 19-9 / Section 19-9-29
§ 19-9-29. Bank fraud.
Status: in_force

Any person who knowingly makes a false statement to any regulated institution or other depository, or who knowingly executes, or attempts to execute, a scheme or artifice to defraud, or willingly overvalues any land, property, or security, for the purpose of influencing in any way the action of that regulated institution or other depository, whether for that persons own use or for the use of any other person, firm, or corporation, in violation of this section, upon conviction thereof, shall be fined not exceeding two hundred fifty thousand dollars ($250,000), or be imprisoned not exceeding fifteen (15) years, or both. For the purposes of this section, the term scheme or artifice to defraud includes a scheme or artifice to deprive another of the intangible right of honest services.
R.I. Gen. Laws § 19-11-10 — RI Code / Title 19 / Chapter 19-11 / Section 19-11-10
§ 19-11-10. Payment of expense of conservatorship.
Status: in_force

The compensation of the conservator and of legal counsel, assistants, and other employees of the conservator and all other expenses incident to each conservatorship, including costs and expenses incurred by the director, or the directors designee, in relation to the conservatorship, shall be fixed by the director, or the directors designee, and paid from and out of the assets of the financial institution or credit union.
R.I. Gen. Laws § 19-4-11 — RI Code / Title 19 / Chapter 19-4 / Section 19-4-11
§ 19-4-11. Summons of witnesses  Obstruction or refusal to give information  Prosecution of violations.
Status: in_force

The director, or the directors designee, may summon the directors, trustees, employees, officers, or agents of any regulated institution and any other witnesses that he or she thinks proper, and examine them relative to the affairs, transactions, and condition of the regulated institution, and for that purpose may administer oaths. Whoever, without justifiable cause, refuses to appear and testify when so required, or obstructs the director, or any of the directors designees, in the performance of his or her duties, shall be punished by a fine not exceeding one thousand dollars ($1,000) or by imprisonment for not more than one year. If any person refuses to furnish any information requested by the director, or any of the directors designees, under the authority of any chapter in this title, the director, or the directors designee, may apply to the superior court and that court shall cause the person to come before it and shall inquire into the facts set forth in the application and may commit the person to jail until he or she shall comply with the request. If, in the opinion of the director, or the directors designee, the regulated institution or its officers or trustees have violated any law relative to the regulated institution, the director, or the directors designee, may report the violation to the attorney general, who may, on behalf of the state, institute a prosecution or other appropriate proceedings for the violation.