reglab/housing_qa huggingface dataset:
RI Gen L § 34-25-8 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-8 - Open-end mortgages.

§ 34-25-8. Open-end mortgages.Whenever a mortgage deed in statutory form or other form mortgaging real property is clearly entitled at the beginning thereof "Open-end mortgage to secure present and future loans under chapter 25 of title 34" and in all other respects complies with the requirements of § 34-25-9, the mortgage deed shall be security from the time of its recording in the records for recording real estate mortgages in the city or town in which the real property mortgaged therein is located for all mortgage debt secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the stated amount of such mortgage deed, whether or not the future advances are agreed to be made at the time of recording such mortgage deed and whether or not the mortgages readvances principal sums repaid. The mortgage shall also be security for interest, taxes, insurance premiums and such other obligations as are undertaken by the mortgagor in the mortgage deed or in the note or notes or agreement secured thereby, notwithstanding that the interest, taxes, insurance premiums and other obligations, when added to the total principal amount of such loans outstanding at any time may cause the amount secured by the mortgage deed to exceed the stated maximum amount. The application of this section shall be retroactive to June 1, 1983.History of Section.P.L. 1983, ch. 230, § 1; P.L. 1984, ch. 238, § 1.
RI Gen L § 34-25-9 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-9 - Form of open-end mortgage.

§ 34-25-9. Form of open-end mortgage.In order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:(1) The mortgage deed shall contain specific provisions permitting the future advances;(2) At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;(3) All future advances shall be evidenced by a note or notes and/or an agreement signed by the obligor whose indebtedness is secured by the mortgage deed;(4) The original mortgage deed shall be executed and recorded on or after June 1, 1983; and(5) The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25-10(b) and 34-25-11. The application of this section shall be retroactive to June 1, 1983.History of Section.P.L. 1983, ch. 230, § 1; P.L. 1984, ch. 238, § 1.
RI Gen L § 34-25-10 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-10 - Priority of open-end mortgages over encumbrances not previously recorded.

§ 34-25-10. Priority of open-end mortgages over encumbrances not previously recorded.(a) The mortgage deed and the rights established therein, shall, to the extent of the loans secured thereby, and interest, taxes, insurance premiums and other obligations as secured thereby, have full priority over all mortgages, liens and encumbrances which have not been recorded prior to the recording of the mortgage deed except as otherwise hereinafter provided.(b) If, after the recording of the mortgage deed, any writ of attachment attaching the real estate mortgaged under the mortgage deed or any execution against the real estate or any notice of lis pendens affecting the real estate or any subsequent mortgage or lien against such real estate be recorded in the records of the city or town, any optional or nonobligatory advances secured by the mortgage deed which are made by the mortgagee after receipt of written notice by the mortgagee at the address provided for such purpose in the mortgage deed, shall not have priority over the lien of the writ of attachment, execution, lis pendens or subsequent mortgage or lien, except that any obligatory advances which the mortgagee agreed to make by agreement entered into with mortgagor prior to receipt of written notice and any taxes, insurance premiums and obligations of the mortgagor as the mortgagee has agreed, or which the mortgagor has given the mortgagee the right, to pay in connection with the mortgage deed, shall continue to have priority over the writ of attachment, execution, lis pendens, or subsequent mortgage or lien. For the purposes of this chapter, an "obligator advance" is defined as any advance or principal which the mortgagee is obligated to make, absent the occurrence of an event of default under the mortgage or any corresponding loan agreement or notes, on or before a specified date or time or upon application therefor by the mortgagor or other obligor whose indebtedness is secured by the mortgage.History of Section.P.L. 1983, ch. 230, § 1.
RI Gen L § 34-25-11 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-11 - Relinquishment of security as to additional future advances - Stipulation as to amount due.

§ 34-25-11. Relinquishment of security as to additional future advances — Stipulation as to amount due.If the mortgagor desires to terminate the privilege of having the mortgage constitute security for further future advances in addition to all advances theretofore made by the mortgagee on the security of the mortgage, and desires to establish the then principal amount of loans outstanding and made on the security of the mortgage as a matter of record, the mortgagor shall, in writing, by registered or certified mail, send to the mortgagee at the address provided for such purpose in the mortgage, notice of the desire, then the mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice, a stipulation, in writing, setting forth the then unpaid principal amount of loans outstanding and made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional future advances made to the mortgagor subsequent to the receipt of written notice. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any stipulation shall not exceed ten dollars ($10.00).History of Section.P.L. 1983, ch. 230, § 1.
RI Gen L § 34-25-12 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-12 - Discharge of open-end mortgage.

§ 34-25-12. Discharge of open-end mortgage.(a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge the mortgage until the mortgagee receives full satisfaction for the money due thereon and receives such written agreements as the mortgagee shall reasonably request releasing the mortgagee from any further obligation to make future advances under any and all notes and agreements theretofore secured by the mortgage deed.(b) Notwithstanding the provisions of any agreement by and between the mortgagee and the mortgagor or any other person, the mortgagee under the mortgage shall have the option to discharge any mortgage if there has existed no outstanding indebtedness thereunder for a continuous period of not less than two (2) years, and effective upon the recording of the discharge, the mortgagee shall be released and discharged from any further obligation to make any loans or advances under any notes or agreements executed in connection with the mortgage.History of Section.P.L. 1983, ch. 230, § 1.
RI Gen L § 34-25-13 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-13 - Mortgages to which §§ 34-25-8 - 34-25-14 apply.

§ 34-25-13. Mortgages to which §§ 34-25-8 — 34-25-14 apply.(a) "Mortgage," as used in §§ 34-25-8 — 34-25-14, means a real estate mortgage deed or real estate mortgage instrument entitled, "Open-end mortgage to secure present and future loans under chapter 25 of title 34", and which includes in its provisions the terms and elements set forth in § 34-25-9; but this chapter shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before June 1, 1983, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it complies with the requirements of this chapter.(b) "Mortgagor", as used in §§ 34-25-8 — 34-25-14, means and includes the mortgagor and mortgagors named in the "mortgage," and his, her, its or their heirs, executors, administrators, successors, or assigns, as the case may be.History of Section.P.L. 1983, ch. 230, § 1.
RI Gen L § 34-25-14 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25 - Future Loans and After-Acquired Property|Section 34-25-14 - Mortgagees authorized to take open-end mortgages.

§ 34-25-14. Mortgagees authorized to take open-end mortgages.(a) Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States, credit unions subject to the provisions of chapter 21 of title 19, loan and investment banks subject to the provisions of chapter 20 of title 19 and other financial institutions are expressly authorized to make loans secured by mortgages entitled as provided in § 34-25-8 and containing the provisions required in §§ 34-25-8 and 34-25-9 to be contained in the provisions of such mortgages; provided, that such loans comply in other respects with the requirements of law, if any, relating to loans secured by real estate mortgages made by those institutions.(b) Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of §§ 34-25-8 — 34-25-14.History of Section.P.L. 1983, ch. 230, § 1.
RI Gen L § 34-25.1-1 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-1 - Reverse mortgages.

§ 34-25.1-1. Reverse mortgages.Whenever a mortgage deed in statutory form or other form mortgaging real property is clearly entitled at the beginning thereof, reverse mortgage to secure present and future loans under chapter 25 of this title and in all other respects complies with the requirements of § 34-25.1-2, the mortgage deed shall be security from the time of its recording in the records for recording real estate mortgages in the city or town in which the real property mortgaged therein is located for all mortgage debt secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the stated amount of such mortgage deed, whether or not the future advances are agreed to be made at the time of recording such mortgage deed and whether or not the mortgages readvances principal sums repaid. The mortgage shall also be security for interest, taxes, insurance premiums, and such other obligations as are undertaken by the mortgagor in the mortgage deed or in the note or notes secured thereby, notwithstanding that interest, taxes, insurance premiums, and other obligations, when added to the total principal amount outstanding, at any time may cause the amount secured by the mortgage deed to exceed the stated maximum amount.History of Section.P.L. 1986, ch. 475, § 1.
RI Gen L § 34-25.1-2 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-2 - Form of reverse mortgage.

§ 34-25.1-2. Form of reverse mortgage.In order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:(1) The mortgage deed shall contain specific provisions permitting future advances;(2) At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;(3) All future advances shall be evidenced by a note or notes signed by the obligor whose indebtedness is secured by the mortgage deed;(4) The original mortgage deed shall be executed and recorded on or after January 1, 1985; and(5) The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.History of Section.P.L. 1986, ch. 475, § 1.
RI Gen L § 34-25.1-3 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-3 - Priority over encumbrances not previously recorded.

§ 34-25.1-3. Priority over encumbrances not previously recorded.(a) The mortgage deed and the rights established therein, shall, to the extent of the loans secured thereby, and interest, taxes, insurance premiums and other obligations as secured thereby, have full priority over all mortgages, liens and encumbrances which have not been recorded prior to the recording of the mortgage deed except as otherwise hereinafter provided.(b) If, after the recording of the mortgage deed, any writ of attachment attaching the real estate mortgaged under the mortgage deed or any execution against the real estate or any notice of lis pendens affecting the real estate or any subsequent mortgage or lien against the real estate be recorded in the records of the city or town, any optional or nonobligatory advances secured by the mortgage deed which are made by the mortgagee after receipt of written notice by the mortgagee at the address provided for such purpose in the mortgage deed, shall not have priority over the lien of the writ of attachment, execution, lis pendens or subsequent mortgage or lien, except that any obligatory advances which the mortgagee agreed to make by agreement entered into with mortgagor prior to receipt of written notice and any taxes, insurance premiums and obligations of the mortgagor that the mortgagee has agreed, or which the mortgagor has given the mortgagee the right, to pay in connection with the mortgage deed, shall continue to have priority over the writ of attachment, execution, lis pendens, or subsequent mortgage or lien. For the purposes of this chapter, an "obligatory advance" shall be defined as any advance of principal which the mortgagee is obligated to make, absent the occurrence of an event of default under the mortgage or any corresponding loan agreement or notes, on or before a specified date or time or upon application therefor by the mortgagor or other obligor whose indebtedness is secured by the mortgage.History of Section.P.L. 1986, ch. 475, § 1.
RI Gen L § 34-25.1-4 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-4 - Relinquishment of security as to additional future advances - Stipulation as to amount due.

§ 34-25.1-4. Relinquishment of security as to additional future advances — Stipulation as to amount due.If the mortgagor desires to terminate the privilege of having the mortgage constitute security for further future advances in addition to all advances theretofore made by the mortgagee on the security of the mortgage, and desires to establish the then principal amount of loans outstanding and made on the security of such mortgage as a matter of record, then the mortgagor shall, in writing, by registered or certified mail, send to mortgagee at the address provided for such purpose in the mortgage, notice of such desire, the mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice, a stipulation, in writing, setting forth the then unpaid principal amount of loans outstanding and made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional future advances made to the mortgagor subsequent to the receipt of the written notice. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any stipulation shall not exceed ten dollars ($10.00).History of Section.P.L. 1986, ch. 475, § 1.
RI Gen L § 34-25.1-5 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-5 - Discharge of reverse mortgage.

§ 34-25.1-5. Discharge of reverse mortgage.(a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge such mortgage until such mortgagee receives full satisfaction for the money due thereon and such written agreements as the mortgagee shall reasonably request releasing such mortgagee from any further obligation to make future advances under any and all notes and agreements theretofore secured by such mortgage deed.(b) Notwithstanding the provisions of any agreement by and between the mortgagee and the mortgagor or any other person, the mortgagee under any such mortgage shall have the option to discharge any such mortgage if there has existed no outstanding indebtedness thereunder for a continuous period of not less than two (2) years, and effective upon the recording of such discharge, such mortgagee shall be released and discharged from any further obligation to make any loans or advances under any notes or agreements executed in connection with such mortgage.History of Section.P.L. 1986, ch. 475, § 1.
RI Gen L § 34-25.1-6 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-6 - Mortgages to which this chapter applies.

§ 34-25.1-6. Mortgages to which this chapter applies.(a) "Mortgage," as used in this chapter, means a real estate mortgage deed or real estate mortgage instrument entitled, "Reverse mortgage to secure present and future loans under chapter 25.1 of title 34," and which includes in its provisions the terms and elements set forth in § 34-25.1-2; but this chapter shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before January 1, 1985, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it complies with the requirements of this chapter.(b) "Mortgagor," as used in this chapter, means and includes the mortgagor and mortgagors named in the "mortgage," and his, her, its or their heirs, executors, administrators, successors or assigns, as the case may be.History of Section.P.L. 1986, ch. 475, § 1.
RI Gen L § 34-25.1-8 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-8 - Mortgagees authorized to take reverse mortgages.

§ 34-25.1-8. Mortgagees authorized to take reverse mortgages.(a) Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States of America, credit unions subject to the provisions of chapter 21 of title 19, loan and investment banks subject to the provisions of chapter 20 of title 19 and other financial institutions are expressly authorized to make loan secured by mortgages entitled as provided in § 34-25.1-1 and containing the provisions required in §§ 34-25.1-1 and 34-25.1-2 to be contained in the provisions of the mortgages; provided that such loans comply in other respects with the requirements of law, if any, relating to loans secured by real estate mortgages made by such institutions and with the requirements of this chapter.(b) Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of this chapter.(c) All reverse mortgage loan officers must be registered and/or licensed under Rhode Island general laws § 19-14-1 et seq. as mortgage loan originators, unless otherwise exempt.(d) The authority of the director of the department of business regulation or his or her designee to revoke licenses pursuant to chapter 19-14-13 shall apply to any lender that fails to comply with the requirements of this chapter.History of Section.P.L. 1986, ch. 475, § 1; P.L. 2008, ch. 19, § 1; P.L. 2008, ch. 21, § 1.
RI Gen L § 34-25.1-10 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-10 - Pre-closing disclosures.

§ 34-25.1-10. Pre-closing disclosures.At least three (3) business days before closing of the loan, all mortgagees, or their authorized representative who is then duly licensed by the Rhode Island department of business regulation as lender or as a loan broker shall provide in writing all of the following information to, each prospective reverse mortgage mortgagor:(1) All information as shall be required to be disclosed in connection with a reverse mortgage loan pursuant to the Truth in Lending Act (15 U.S.C. § 1601 et seq.), Regulation Z (12 CFR Part 226), and 12 U.S.C. § 1715z-20 and the federal regulations promulgated with respect thereto (including without limitation 24 CFR Part 206); and(2) All other information as shall be required to be disclosed by the director of the department of business regulation.History of Section.P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2; P.L. 2011, ch. 363, § 15.
RI Gen L § 34-25.1-11 (2021)
2021 Rhode Island General Laws|Title 34 - Property|Chapter 34-25.1 - Reverse Mortgages|Section 34-25.1-11 - Annual account statements and other required disclosures.

§ 34-25.1-11. Annual account statements and other required disclosures.(a) At the closing of the reverse mortgage loan, the mortgagee shall provide to the mortgagor(s) contact information for the mortgagee's (or its assignee's or servicing agent's, as the case may be) employee(s) or agent(s) who have been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the mortgagee (or its assignee or servicing agent, as the case may be) to mortgagor(s) at least annually, and whenever this contact information concerning the designated employee(s) or agent(s) changes.(b) On an annual basis and when the loan becomes due, the mortgagee shall issue to the mortgagor, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:(1) The outstanding balance of the loan at the beginning of the statement period;(2) Disbursements to the mortgagor;(3) The total amount of interest added to the outstanding balance of the loan;(4) Any property taxes, hazard insurance premiums, mortgage insurance premiums, or assessments paid by the mortgagee;(5) Payments made to the mortgagee;(6) The total mortgage balance owed to date;(7) The remaining amount available to the mortgagor in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one or more lump sum amounts; and(8) All other information as shall be required to be disclosed by the director of the department of business regulation.History of Section.P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.