reglab/housing_qa huggingface dataset:
RI Gen L § 19-8-4 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-8 - Depository Change in Control Act|Section 19-8-4 - Contents of application.

§ 19-8-4. Contents of application.Except as otherwise provided, an application filed pursuant to this section shall contain the following information:(1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including the person's material business activities and affiliations during the past five (5) years, a description of any material pending legal or administrative proceedings in which he or she is a party, and any pending or prior criminal indictment or conviction of the person by a state or federal court;(2) A statement of the assets and liabilities of each person by whom, or on whose behalf, the acquisition is to be made, as of the end of the fiscal year for each of the five (5) years immediately preceding the date of the application, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than ninety (90) days prior to the date of the filing of the application;(3) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;(4) The identity, source, and amount of the funds or other consideration used, or to be used, in making the acquisition, and if any part of these funds or other consideration has been, or is to be, borrowed or otherwise obtained for the purpose of making the acquisition, a description detailing the transaction, the names of the parties, and any arrangements, agreements, or understandings with these persons;(5) Any plans or proposals that any acquiring party making the acquisition may have to liquidate the regulated institution, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;(6) The identification of any person employed, retained, or to be compensated by the acquiring party, or by any person on his or her behalf, to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and a description of the terms of the employment, retainer, or arrangement for compensation;(7) Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition;(8) Any additional information in the form that the director, or the director's designee, may require;(9) Evidence that a majority of the shares of stock entitled to vote of the financial institution whose shares of voting stock are to be acquired have approved the change of control at a meeting called for that purpose or in writing.History of Section.P.L. 1995, ch. 82, § 46; P.L. 2001, ch. 128, § 4.
RI Gen L § 19-8-5 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-8 - Depository Change in Control Act|Section 19-8-5 - Issuance or denial of application.

§ 19-8-5. Issuance or denial of application.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.History of Section.P.L. 1995, ch. 82, § 46.
RI Gen L § 19-8-6 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-8 - Depository Change in Control Act|Section 19-8-6 - Notice of change in control.

§ 19-8-6. Notice of change in control.Whenever a change in control occurs, each regulated institution shall report promptly to the appropriate banking regulator any change or replacement of its chief executive officer or any directors occurring in the next twelve-month (12) period. The report shall contain a statement of the past and current business and professional affiliations of the new chief executive officer or directors.History of Section.P.L. 1995, ch. 82, § 46; P.L. 1997, ch. 98, § 7.
RI Gen L § 19-8-7 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-8 - Depository Change in Control Act|Section 19-8-7 - Waiver of application and hearing process in the public interest.

§ 19-8-7. Waiver of application and hearing process in the public interest.The application process and public hearing requirement may be waived by the director, or the director's designee, in writing, when, in the public interest, the change in control results from any regulatory action in order to prevent a probable failure or default of the regulated institution.History of Section.P.L. 1995, ch. 82, § 46.
RI Gen L § 19-8-8 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-8 - Depository Change in Control Act|Section 19-8-8 - Rules and regulations.

§ 19-8-8. Rules and regulations.The director, or the director's designee, may adopt reasonable rules and regulations for the implementation and administration of this chapter.History of Section.P.L. 1995, ch. 82, § 46.
RI Gen L § 19-8-9 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-8 - Depository Change in Control Act|Section 19-8-9 - Severability.

§ 19-8-9. Severability.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.History of Section.P.L. 1995, ch. 82, § 46.
RI Gen L § 19-9-1 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-1 - Definitions.

§ 19-9-1. Definitions.For purposes of this chapter:"Lending institution" includes any regulated institution and any person who or that makes loans of money or negotiates the lending of money for another in any state or jurisdiction.History of Section.P.L. 1995, ch. 82, § 47; P.L. 1997, ch. 98, § 8.
RI Gen L § 19-9-2 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-2 - Escrow accounts - Interest.

§ 19-9-2. Escrow accounts — Interest.(a) Every mortgagee holding funds of a mortgagor in escrow for the payment of taxes and insurance premiums with respect to mortgaged property located in this state shall pay or credit interest on those funds at a rate equal to the rate paid to the mortgagee on its regular savings account, if offered, and otherwise at a rate not less than the prevailing market rate of interest for regular savings accounts offered by local financial institutions as determined by the director, said determination to be made within thirty (30) days of the effective date of this provision and thereafter annually on the first business day of the year. Said credit of interest shall accrue on the daily balance and be made annually on December 31. If the mortgage debt is paid prior to December 31 in any year, the interest to the date of payment shall be paid to the mortgagor. The provision of this section shall apply only with respect to mortgages on owner-occupied residential property consisting of not more than four (4) living units. The provisions of this section shall not be waived. No mortgagee holding the mortgagor's funds in escrow for the payment of taxes shall also charge an annual "tax service fee" or other annual fee for ascertaining whether or not the real estate taxes have in fact been paid. Any mortgagee violating the provisions of this section shall be fined not more than one hundred dollars ($100) for each offense.(b) Mortgages insured or guaranteed by the Farmer's Home Loan Administration, Federal Housing Administration, or the Veterans' Administration, or a private mortgage insurer licensed to do business in the state of Rhode Island or made pursuant to the provisions of chapter 55 of title 42 shall be exempt from the requirements of this section.(c) The director, or the director's designee, shall adopt any regulations that are necessary to carry out the provisions of this section.History of Section.P.L. 1995, ch. 82, § 47; P.L. 2008, ch. 238, § 2; P.L. 2008, ch. 309, § 2.
RI Gen L § 19-9-2.1 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-2.1 - Mortgage billing - Payment allocation.

§ 19-9-2.1. Mortgage billing — Payment allocation.All monthly billing by mortgagees to mortgagors must show the allocation of the mortgagor's prior monthly payment to principal, interest, and escrow, if applicable.History of Section.P.L. 2006, ch. 636, § 1.
RI Gen L § 19-9-3 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-3 - Mortgages - Appraisal fees.

§ 19-9-3. Mortgages — Appraisal fees.(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.History of Section.P.L. 1995, ch. 82, § 47.
RI Gen L § 19-9-3.1 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-3.1 - Mortgage loan appraisers - Relationship with lending institution.

§ 19-9-3.1. Mortgage loan appraisers — Relationship with lending institution.(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.History of Section.P.L. 2001, ch. 128, § 5.
RI Gen L § 19-9-5 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-5 - Mortgagor to be offered title insurance.

§ 19-9-5. Mortgagor to be offered title insurance.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.History of Section.P.L. 1995, ch. 82, § 47.
RI Gen L § 19-9-6 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-6 - Lending institutions - Title attorney.

§ 19-9-6. Lending institutions — Title attorney.(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.History of Section.P.L. 1995, ch. 82, § 47.
RI Gen L § 19-9-7 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-7 - Attorney's opinions.

§ 19-9-7. Attorney's opinions.(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.History of Section.P.L. 1995, ch. 82, § 47.
RI Gen L § 19-9-8 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-8 - Lending institutions - Negative amortization loans.

§ 19-9-8. Lending institutions — Negative amortization loans.Notwithstanding the provisions of any other laws, any person doing business under and as permitted by any law of this state or of the United States relating to lending institutions is authorized, in connection with the making of any loan, to contract for the accrual of interest, at a rate of interest, equal to or less than the note or contractual rate of interest, on unpaid interest accruing during previous billing or payment periods. Accrued and unpaid interest that is thus added to the principal balance of the loan for the purposes of further interest accrual shall, for the purposes of chapter 26 of title 6, be deemed to constitute additional net proceeds or additional principal of the loan, but shall for all other purposes and all other laws constitute interest on the original loan.History of Section.P.L. 1995, ch. 82, § 47.
RI Gen L § 19-9-9 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-9 - Mortgages issued - Payoffs.

§ 19-9-9. Mortgages issued — Payoffs.(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.History of Section.P.L. 1995, ch. 82, § 47; P.L. 2004, ch. 172, § 1; P.L. 2004, ch. 403, § 1.
RI Gen L § 19-9-10 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-10 - Disbursement requirements - Purchase money loans - Dwellings.

§ 19-9-10. Disbursement requirements — Purchase money loans — Dwellings.Any lending institution providing a purchase money first mortgage loan on a property within this state containing less than four (4) living units shall make disbursement of the loan proceeds on or before the date upon which the conveyance and/or mortgage documents are to be recorded. The disbursement shall be in the form of cash, wired funds, government check, cashier's check, or other immediately available funds. The disbursement shall be made to the agent responsible for settlement. If the disbursement is not as provided in this section, no interest shall be charged for the first thirty (30) days following the closing date.History of Section.P.L. 1995, ch. 82, § 47.
RI Gen L § 19-9-11 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-9 - Community Obligations and Banking Offenses|Section 19-9-11 - Control of deposits by minors.

§ 19-9-11. Control of deposits by minors.Every person not under guardianship who may make a deposit personally in any regulated institution may control, transfer, or withdraw the money so deposited, including accruing dividends or interest; notwithstanding, that the person at the time of exercising control or making the transfer or withdrawal, may be a minor.History of Section.P.L. 1995, ch. 82, § 47.