Under former law, a mortgage lender or mortgage broker could avoid licensure in Rhode Island if all of the activities relating to the loan occurred outside the geographic boundaries of the State. The licensing statute also was amended to subject any unlicensed person to criminal penalties for engaging in any activity which requires licensing. Finally, under the current licensing law, lenders may fund a de minimis number of loans without being licensed. Home Inspectors Rhode Island enacted a new licensing law for home inspectors that becomes effective next year. The Contractors Registration Board is the licensing agency for all home inspectors.
Licenses are renewable every two years.
The statute of limitations for home inspector malpractice actions is set generally at three years from the date of delivery of the home inspection report. The Rhode Island Electronic Signatures and Records Act was repealed this year and replaced with the Uniform Electronic Transactions Act. A special eleven member House of Representatives Commission to Study the Timely Providing of Assignments and Discharges of Mortgages has been formed. The Commission is required to report back to the House of Representatives no later than January 4, 2001. A special fifteen member House of Representatives Commission to Study Internet Lending has been formed.