reglab/housing_qa huggingface dataset:
RI Gen L § 19-3-1 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-1 - Law generally applicable to financial institutions.

§ 19-3-1. Law generally applicable to financial institutions.Every financial institution shall have the powers, rights, and privileges, and be subject to all the duties, restrictions, and liabilities, conferred and imposed upon it by this title, and in addition shall have all the powers, rights, and privileges, and be subject to all the duties, restrictions, and liabilities, set forth in chapters 1, 1.2, 4 — 6, and 9 of title 7, only as is not inconsistent with the provisions of this title, notwithstanding anything to the contrary in the institution's agreement to form. Every financial institution shall have the power to exercise, by its board of directors or board of trustees or duly authorized officers or agents, all incidental powers necessary to carry on the business of banking including but not limited to the power:(1) To receive money on deposit and pay interest thereon;(2) To receive, upon deposit and for safekeeping, property of every description, upon terms prescribed by the financial institution, and to construct, own, lease, and maintain safe deposit vaults, with suitable boxes and places for the reception and deposit of the property, and lease the use of places and boxes to individuals and corporations, upon any terms that the financial institution may prescribe. The financial institution shall in no case incur any liability on account of the deposit of any property so made with it, or by reason of the leasing of any place of deposit, other than liability the financial institution expressly assumes by the terms of the contract or receipt under which it has accepted the deposit or let the place of deposit;(3) To act as a depository of public money or a financial agent under any law, rule, or regulation;(4) To issue capital debentures with the approval of the director, or the director's designee;(5) To make loans and mortgages and collect interest from them as may be agreed upon;(6) To invest in any bonds, obligations, or property, real, personal, or mixed, as it may deem prudent, subject to any duties, restrictions, or limitations imposed by this title;(7) To exercise any power authorized for insured-deposit-taking institutions duly organized under the laws of the United States that are members of the Federal Deposit Insurance Corporation;(8) To exercise additional powers, not inconsistent with the carrying on of a banking business, with the approval of the director, or the director's designee.History of Section.P.L. 1995, ch. 82, § 40; P.L. 2005, ch. 36, § 16; P.L. 2005, ch. 72, § 16.
RI Gen L § 19-3-2 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-2 - Loans for which financial institution is liable.

§ 19-3-2. Loans for which financial institution is liable.No financial institution shall make any loan or advance whereby it is liable directly, indirectly, or contingently for the repayment of the loan or advance in whole or in part. This restriction shall not impair the right of a financial institution:(1) To accept, under its letters of credit or other authorization, drafts or bills of exchange arising out of actual commercial transactions or issued or drawn for agricultural, industrial, or commercial purposes, at sight or on time; or(2) To purchase from and sell mortgage loans with or without recourse to the Rhode Island housing and mortgage finance corporation or other secondary market investors.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-3 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-3 - Maximum aggregate liability of one person or company.

§ 19-3-3. Maximum aggregate liability of one person or company.(a) No financial institution shall permit any person or entity to borrow or guaranty an amount(s), directly or indirectly, in the aggregate, that exceeds fifteen percent (15%) of its unimpaired capital. In calculating this limitation, a financial institution shall take into account the credit exposure to any such person or entity arising from derivative transactions. The director shall have the authority to establish the method for determining the credit exposure and the extent to which the credit exposure shall be taken into account. As used in this subsection, "derivative transaction" includes any transaction that is a contract, agreement, swap, warrant, note or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event leading to, one or more commodities, securities, currencies, interest or other rates, indices or other assets. The director may adopt regulations establishing the method for determining credit exposure to derivative transaction and the extent to which the credit exposure shall be taken into account. The director shall apply the limitation included herein to derivative transaction entered into on or after January 1, 2013.This limitation shall not include:(1) Obligations issued by the United States;(2) General obligations of the state of Rhode Island;(3) Loans or any portion thereof that are insured or guaranteed by the United States or any agency thereof;(4) Inter-bank transactions involving the transfer of immediately available funds resulting from credits to deposit balances at Federal Reserve banks or from credit to new or existing deposit balances due from a correspondent depository institution (commonly known as the sale of federal funds) with a maturity of one business day or less; or(5) Loans secured by deposits within the financial institution where a perfected interest in the deposits is on record.(b) To the extent that a deposit-taking institution regulated by the Federal Office of Thrift Supervision and insured by the Federal Deposit Insurance Corporation is expressly permitted to make loans that would exceed the limitations set forth in this section, the lending limitations of the Office of Thrift Supervision shall apply. Nothing herein shall limit the department of business regulation from taking any action it deems appropriate to maintain appropriate safety and soundness standards relative to any loan or loans made by any financial institutions.History of Section.P.L. 1995, ch. 82, § 40; P.L. 1997, ch. 29, § 1; P.L. 2013, ch. 26, § 1; P.L. 2013, ch. 37, § 1.
RI Gen L § 19-3-4 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-4 - Loans on own shares.

§ 19-3-4. Loans on own shares.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.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-5 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-5 - Non-legal investments.

§ 19-3-5. Non-legal investments.(a) Any financial institution or credit union may hold stocks, bonds, or other securities of a non-legal character acquired in settlements and reorganizations effected to reduce or avoid losses on defaulted bonds and investments. These securities shall be sold within five (5) years after being acquired; provided, however, that the director, or the director's designee, shall have discretionary power regarding the enforcement of the five-year (5) limitation, and these securities may be held after the expiration of the period of five (5) years until the director, or the director's designee, shall order the sale of these securities.(b) An investment that was legal when acquired, but because of changed conditions has become of non-legal character may be held subject to the same provisions as subsection (a).History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-6 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-6 - Special investments.

§ 19-3-6. Special investments.(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.(c) (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.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-7 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-7 - Holding or ownership of real estate.

§ 19-3-7. Holding or ownership of real estate.(a) Any financial institution may directly or indirectly purchase, own, or otherwise acquire interests in real estate, improved or unimproved, and improve, develop, redevelop, hold, and manage the real estate and any improvements on it, and mortgage, rent, lease, option, sell, or otherwise dispose of it and/or any interest in it; provided, however, that no financial institution shall invest more than five percent (5%) of its assets in investments authorized in this subsection. This limitation excludes real estate owned, held, or leased for the convenient transaction of the financial institution's business.(b) A financial institution may hold real estate acquired by the foreclosure of a mortgage owned by it, or by purchase at sales made under the provisions of the mortgage, or upon judgments for debts due to it, or in settlements effected to secure debts. All this real estate shall be sold by the financial institution within five (5) years after the title is vested in it, unless the time is extended as provided in the case of non-legal investments.History of Section.P.L. 1995, ch. 82, § 40; P.L. 1997, ch. 98, § 3.
RI Gen L § 19-3-8 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-8 - Prudent person rule.

§ 19-3-8. Prudent person rule.(a) In addition to investments set forth in this title, any financial institution may also, to the extent prescribed, invest in any securities that would be acquired by prudent persons of discretion and intelligence in these matters who are seeking a reasonable income and the preservation of their capital, as are set forth below:(1) In corporate interest-bearing securities not eligible under the laws of this state for investment, subject to a maximum of three percent (3%) of the financial institution's assets in any one obligation of any one obligor;(2) In shares of common, preferred, or guaranteed stocks, including the various classifications of stocks, not eligible under the laws of this state for investment, subject to a maximum of one half of one percent (.5%) of the financial institution's assets in any one corporation;(3) In the shares of any open-end or closed-end management-type investment company or trust that is registered under the federal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., subject to a maximum of one percent (1%) of the financial institution's assets in any one company or trust.(b) No financial institution shall invest more than ten percent (10%) of its assets in investments authorized in this section, unless otherwise expressly provided.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-9 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-9 - Financial institutions and credit unions joining Federal Reserve System.

§ 19-3-9. Financial institutions and credit unions joining Federal Reserve System.(a) A financial institution, including a credit union, may subscribe to the capital stock and become a member of a Federal Reserve bank within the Federal Reserve district where the financial institution or credit union is situated under the provisions of the United States Federal Reserve Act, 12 U.S.C. § 221 et seq. The member financial institution or credit union shall be subject to the provisions of the Federal Reserve Act relative to member banks, and to the regulations of the Federal Reserve Board.(b) Every member financial institution or credit union may have and exercise any and all of the powers and privileges which may be exercised by member banks under the provisions of the Federal Reserve Act.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-10 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-10 - Membership in federal home loan banks.

§ 19-3-10. Membership in federal home loan banks.Any financial institution, including a credit union, may become a member of a federal home loan bank organized pursuant to the provisions of the Federal Home Loan Bank Act, 12 U.S.C. § 1421 et seq., and may subscribe to the stock of any federal loan bank and invest therein.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-11 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-11 - Reserve requirements of the Federal Reserve System.

§ 19-3-11. Reserve requirements of the Federal Reserve System.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.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-12 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-12 - Authorized reserve agents.

§ 19-3-12. Authorized reserve agents.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.History of Section.P.L. 1995, ch. 82, § 40.
RI Gen L § 19-3-13 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-13 - Use of electronic devices and machines.

§ 19-3-13. Use of electronic devices and machines.(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.History of Section.P.L. 1995, ch. 82, § 40; P.L. 1997, ch. 52, § 1; P.L. 2001, ch. 369, § 1; P.L. 2012, ch. 65, § 1; P.L. 2012, ch. 145, § 1; P.L. 2014, ch. 106, § 2; P.L. 2014, ch. 125, § 2.
RI Gen L § 19-3-13.1 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-13.1 - ATM cards.

§ 19-3-13.1. ATM cards.No financial institution or credit union authorized pursuant to § 19-3-13 to make available for use by its customers any electronic banking devices or machines (customer bank communication terminals/automated teller machines) shall mail to any of its customers any card or device necessary to access the machines without the permission of its customers and neither shall any financial institution or credit union mail to its customer an access card and the access card's personal identification number (PIN) within three (3) days of each other unless requested by the customer. Any violation of this section shall result in a fine of one hundred dollars ($100) per incident to be levied against the offending financial institution, and the financial institution shall be liable for any unauthorized withdrawals from a customer's account that results from a violation of this section.History of Section.P.L. 1996, ch. 385, § 1.
RI Gen L § 19-3-13.2 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-13.2 - Fee disclosures at automated teller machines.

§ 19-3-13.2. Fee disclosures at automated teller machines.(a) Any financial institution, credit union, or other entity operating an automated teller machine pursuant to § 19-3-13 or otherwise, that imposes directly on the machine user any fee for use of its machine to process transactions affecting accounts held by other financial institutions, credit unions, or other entities, shall provide to the machine user the following:(1) Notice in accordance with the requirements of subsection (b); and(2) Make available a receipt of transaction(s) in accordance with the requirements of subsection (c).(b) The notice required under subsection (a) with respect to any fee described in that subsection shall appear by means of a display on the screen of the machine after the transaction is initiated and before the user of the machine is irrevocably committed to completing the transaction, and shall display, at a minimum, the following information:(1) A statement that a fee is being imposed by the operator of the machine, which fee may be in addition to any fee charged by the entity holding the account;(2) The amount of the fee; and(3) Clear instructions on how to continue or cancel the transaction.(c) The receipt required by subsection (a) shall be available to the machine user upon completion of transaction(s), and shall contain the following information:(1) The amount of the withdrawal, cash advance, or payment transaction;(2) The amount of the fee imposed by the machine operator;(3) A statement indicating that the fee is being imposed by the machine operator;(4) A total based upon the sum of the withdrawal, cash advance, or payment transaction and the operator's fee; and(5) A statement indicating how the total amount of the transaction will affect the applicable account (e.g. payment to or withdrawal from the account).(d) Banks, credit unions, or other financial institutions that operate fifteen (15) or fewer ATM's shall be deemed to comply with this act if they post the fees charged by a machine adjacent to the machine.History of Section.P.L. 1997, ch. 104, § 1.
RI Gen L § 19-3-14 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3 - Powers and Operations|Section 19-3-14 - Severability.

§ 19-3-14. 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, § 40.
RI Gen L § 19-3.1-1 (2021)
2021 Rhode Island General Laws|Title 19 - Financial Institutions|Chapter 19-3.1 - Trust Powers|Section 19-3.1-1 - Scope.

§ 19-3.1-1. Scope.The provisions of this chapter shall apply to any financial institution:(1) Authorized by its agreement to form to exercise trust powers;(2) Permitted to exercise such powers by laws of this state applicable to that financial institution on or before December 31, 1994; and(3) To any bank or trust company duly organized under the laws of and carrying on business in another state that has established a trust branch office in this state subject to the provisions of § 19-3.1-6.History of Section.P.L. 1995, ch. 82, § 41; P.L. 2003, ch. 174, § 2; P.L. 2003, ch. 178, § 2.