reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VI - Enforcement and Civil Liability › Section 7-11-602. - Enforcement.

§ 7-11-602. Enforcement.
(a)
If the director reasonably believes, whether or not based upon an investigation conducted under § 7-11-601, that any person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order under this chapter, the director, in addition to any specific power granted under this chapter and subject to compliance with the requirements of § 7-11-712, may issue, without a prior hearing, an order against the person or persons engaged in the prohibited activities, directing them to desist and refrain from further illegal activity. The cease and desist order shall state the section of this chapter or rule or order of the director under this chapter that the director reasonably believes has been or is being violated.
(b)
If the director reasonably believes, whether or not based on an investigation conducted under § 7-11-601, that a person has violated this chapter or a rule or order of the director under this chapter, the director may, in addition to any specific power granted under this chapter, after notice and hearing in an administrative proceeding unless the right to notice and hearing is waived by the person against whom the sanction is imposed:
(1)
Issue a cease and desist order against the person;
(2)
Censure the person if the person is a licensed broker-dealer, sales representative, investment adviser, or investment adviser representative;
(3)
Bar or suspend the person from association with a licensed broker-dealer or investment adviser in this state; and
(4)
Issue an order against an applicant, licensed person, or other person who violates this chapter or a rule or order of the director under this chapter, imposing a civil penalty up to a maximum of ten thousand dollars ($10,000) for a single violation.
(c)
For purposes of determining what sanctions, if any, to be imposed under subsections (b)(1) through (b)(4) of this section, the director shall consider, among other factors, the frequency and persistence of the conduct constituting a violation of this chapter or a rule or order of the director under this chapter, the number of persons adversely affected by the conduct, and the resources of the person committing the violation.
History of Section.
P.L. 1990, ch. 460, § 2; P.L. 2003, ch. 58, § 1; P.L. 2003, ch. 69, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VI - Enforcement and Civil Liability › Section 7-11-603. - Power of court to grant relief.

§ 7-11-603. Power of court to grant relief.
(a)
Upon a showing by the director that a person has violated or is about to violate this chapter or a rule or order of the director under this chapter, the superior court may grant or impose one or more of the following appropriate legal or equitable remedies:
(1)
Upon a showing of a violation of this chapter or a rule or order of the director under this chapter:
(i)
A temporary restraining order, permanent or temporary prohibitory or mandatory injunction, or a writ of prohibition or mandamus;
(ii)
A civil penalty up to a maximum of ten thousand dollars ($10,000) for a single violation or of one hundred thousand dollars ($100,000) for multiple violations in a single proceeding or a series of related proceedings;
(iii)
A declaratory judgment;
(iv)
Restitution to investors;
(v)
The appointment of a receiver or conservator for the defendant or the defendant’s assets; and
(vi)
Other relief as the court deems just.
(2)
Upon a showing that the defendant is about to violate this chapter or a rule or order of the director under this chapter only:
(i)
A temporary restraining order;
(ii)
A temporary or permanent injunction; or
(iii)
A writ of prohibition or mandamus.
(3)
In determining the appropriate relief to grant, the court shall consider enforcement actions taken and sanctions imposed by the director under § 7-11-602 in connection with the transactions constituting violations of this chapter or a rule or order of the director under this chapter.
(b)
The director is not required to post a bond in an action under this section.
(c)
Upon a showing by the securities agency or administrator of another state that a person has violated the securities act of that state or a rule or order of the securities agency or administrator of that state, the court, in addition to any other legal or equitable remedies may impose one or more of the following remedies:
(1)
Appointment of a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant’s assets located in this state; and
(2)
Other relief as the court deems just.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VI - Enforcement and Civil Liability › Section 7-11-604. - Criminal penalties.

§ 7-11-604. Criminal penalties.
(a)
A person who willfully violates a provision of this chapter, except § 7-11-504, or a rule of the director under this chapter, or who violates § 7-11-504, knowing the statement made or omitted to be false or misleading in any material respect, is guilty of a felony and upon conviction is fined not more than ten thousand dollars ($10,000) or imprisoned not more than ten (10) years, or both.
(b)
A person who willfully violates a stop order or a cease and desist order issued by the director under this chapter is guilty of a misdemeanor and is fined not more than one thousand dollars ($1,000) or imprisoned for not more than one year, or both.
(c)
A person convicted of violating a rule or order under this chapter may be fined as stated in subsection (b), but may not be imprisoned, if the person proves lack of knowledge of the rule or order.
(d)
No indictment or information may be brought under this section more than ten (10) years after the alleged violation.
(e)
The director may refer evidence concerning violations of this chapter or a rule or order of the director under this chapter to the attorney general who may, with or without a reference, institute appropriate criminal proceedings under this chapter.
(f)
Nothing in this chapter limits the power of this state to punish a person for conduct constituting a crime under other law.
History of Section.
P.L. 1990, ch. 460, § 2; P.L. 1994, ch. 266, § 3.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VI - Enforcement and Civil Liability › Section 7-11-606. - Civil statute of limitations.

§ 7-11-606. Civil statute of limitations.
No person may obtain relief under § 7-11-605 unless suit is brought within the earliest of one year after the discovery of the violation, one year after discovery should have been made by the exercise of reasonable care, or three (3) years after the act, omission, or transaction constituting the violation.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VI - Enforcement and Civil Liability › Section 7-11-607. - Rescission and settlement offers.

§ 7-11-607. Rescission and settlement offers.
(a)
No purchaser may obtain relief under § 7-11-605(a) if, before suit is commenced, the purchaser:
(1)
Receives a written offer:
(i)
Stating the respect in which liability under § 7-11-605 may have arisen and fairly advising the purchaser of the purchaser’s rights of rescission;
(ii)
If the basis for relief under § 7-11-605(a) is a violation of § 7-11-501 or 7-11-503 of this chapter, including financial and other information necessary to correct all material misstatements or omissions in the information that was required by this chapter to be furnished to the purchaser as of the time of the sale of the security to the purchaser;
(iii)
Offering to repurchase the security for cash, payable on delivery of the security, equal to the consideration paid, plus interest at the legal rate of this state from the date of payment, less income received on the security, or, if the purchaser no longer owns the security, offering to pay the purchaser upon acceptance of the offer an amount in cash equal to the damages computed under § 7-11-605(a); and
(iv)
Stating that the offer may be accepted by the purchaser within thirty (30) days after the date of its receipt by the purchaser or any shorter period, not less than three (3) days, the director, by order, prescribes; and
(2)
Fails to accept the offer, in writing, within the period specified under subsection (a)(1)(iv).
(b)
The director may prescribe by rule the form in which the information specified in subsection (a) must be contained in an offer made under subsection (a).
(c)
An offer under subsection (a) must be delivered to the offeree or sent in a manner that assures actual receipt by the offeree.
(d)
If, after acceptance, a rescission offer is not performed in accordance with either its terms or this section, the offeree may obtain relief under § 7-11-605 without regard to this section.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VI - Enforcement and Civil Liability › Section 7-11-608. - General liability provisions.

§ 7-11-608. General liability provisions.
(a)
Except as provided in § 7-11-607, a tender required under this chapter may be made before entry of judgment.
(b)
The rights and remedies provided by this chapter are in addition to any other rights or remedies that exist at law or in equity, but this chapter does not create any claim for relief not specified in this part.
(c)
A claim for relief under this chapter survives the death of a person who might have obtained relief as a plaintiff or defendant.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-701. - Administration.

§ 7-11-701. Administration.
This chapter is administered by the director. The general assembly shall annually appropriate any sums that it deems sufficient for the administration and enforcement of the provisions of this chapter; and the state controller is authorized and directed to draw his or her orders upon the general treasurer for the payment of the sums appropriated or so much of them as is from time to time required, upon receipt by him or her of proper vouchers approved by the director. All sums received by the director pursuant to the provisions of this chapter are deposited as general revenues.
History of Section.
P.L. 1990, ch. 460, § 2; P.L. 1995, ch. 370, art. 40, § 36.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-702. - Prohibitions on use of information.

§ 7-11-702. Prohibitions on use of information.
Neither the director nor an employee of the director may use, for personal gain or benefit, information filed with or obtained by the director that is not public information, nor may the director or an employee of the director conduct securities dealings based on information filed with or obtained by the director, even though public, if there has not been a sufficient period for the securities markets to assimilate the information.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-703. - Public information — Confidentiality.

§ 7-11-703. Public information — Confidentiality.
(a)
Except as provided in subsection (b), information and documents filed with or obtained by the director are public information and are available for public examination under the open records law of the state.
(b)
The following information and documents do not constitute public information under subsection (a):
(1)
Information or documents obtained by the director in connection with an investigation under § 7-11-601; and
(2)
Information or documents filed with the director in connection with a registration statement under part III or a report under § 7-11-209, which constitute trade secrets or commercial or financial information of a person for which that person is entitled to and has asserted a claim of confidentiality or privilege authorized by law.
(c)
The director may disclose:
(1)
Information obtained in connection with an investigation under § 7-11-601(a) to the extent provided in § 7-11-601(b) subject to the restrictions of subsection (b)(2) of this section; and
(2)
Information obtained in connection with an investigation under § 7-11-601(a), if disclosure is for the purpose of a civil, administrative, or criminal investigation or proceeding by a securities agency, law enforcement agency, or administrator specified in § 7-11-704(a), and the receiving agency or administrator represents, in writing, that under the applicable law protections exist to preserve the integrity, confidentiality, and security of the information.
(d)
This chapter does not create any privilege or derogate any privilege existing at common law, by statute, rule, or otherwise.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-704. - Cooperation with other agencies.

§ 7-11-704. Cooperation with other agencies.
(a)
To encourage uniform interpretation and administration of this chapter and effective securities regulation and enforcement, the director may cooperate with the securities agencies or administrators of one or more states, Canadian provinces or territories, or another country, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Securities Investor Protection Corporation, any self-regulatory organization, any national or international organization of securities officials or agencies, and any governmental law enforcement or regulatory agency.
(b)
The cooperation authorized by subsection (a) includes, but is not limited to, the following actions:
(1)
Establishing a central depository for licensing or registration under this chapter and for documents or records required or allowed to be maintained under this chapter;
(2)
Making a joint license or registration examination or investigation;
(3)
Holding a joint administrative hearing;
(4)
Filing and prosecuting a joint civil or administrative proceeding;
(5)
Sharing and exchanging personnel;
(6)
Sharing and exchanging information and documents subject to the restrictions of applicable state law; and
(7)
Formulating, in accordance with the administrative procedure act of this state, rules or proposed rules on matters such as statements of policy, guidelines, and interpretive opinions and releases.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-705. - Rules, forms, and orders.

§ 7-11-705. Rules, forms, and orders.
(a)
In addition to specific authority otherwise granted by this chapter, the director:
(1)
Shall adopt rules of practice describing the nature and requirements of all formal and informal procedures available to the public, including a description of all forms and instructions that are to be used by persons dealing with the director;
(2)
May adopt rules, in addition to those otherwise required by this chapter embodying appropriate standards, principles, and procedural safeguards that the director applies in the administration of this chapter; and
(3)
May adopt rules defining any term, whether or not used in this chapter, insofar as the definition is not inconsistent with this chapter.
(b)
To keep rules adopted by the director in harmony with the regulations adopted by the Securities and Exchange Commission under the federal securities laws and to encourage uniformity with the rules of securities agencies and administrators in other states, the director, insofar as is consistent with this chapter, shall take into consideration the regulations adopted by the Securities and Exchange Commission and the rules of securities agencies and administrators in other states that enact a law comparable to this chapter.
(c)
Unless specifically provided in this chapter to the contrary, no rule or order may be adopted, amended, or repealed unless the director determines that the action is:
(1)
In the public interest and appropriate for the protection of investors; and
(2)
Consistent with the purposes fairly intended by the policy and provisions of this chapter.
(d)
The director may use his or her own experience, technical competence, specialized knowledge, and judgment in the adoption of a rule.
(e)
The director may by rule or order prescribe:
(1)
The form and content of financial statements required under this chapter;
(2)
The circumstances under which consolidated financial statements must be filed; and
(3)
Whether a required financial statement must be certified and by whom. Unless the director provides otherwise by rule or order, a financial statement required under this chapter must be prepared in accordance with generally accepted accounting principles or other accounting principles as are prescribed for the issuer of the financial statement by the Securities and Exchange Commission.
(f)
The director shall file in the office of the secretary of state and in the director’s office each rule adopted or amended and all rules existing on July 12, 1990 that have not been previously filed. The filing must be done as soon after adoption or amendment of the rule as is practicable. The director shall affix to each rule a certificate of the time and date of filing and keep a permanent register open to public inspection of all fixed rules.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-706. - Declaratory orders and rulings.

§ 7-11-706. Declaratory orders and rulings.
(a)
Any person may petition the director for a declaratory order as to the applicability to specified circumstances of a statute, rule, or order under this chapter. The director may issue a declaratory order in response to a petition for that order unless the director determines that the petition fails to comply with the director’s rules or, if the order was issued, would substantially prejudice the rights of a person who would be a necessary party and does not consent to the determination of the matter by a declaratory order.
(b)
The director, upon application by an interested party, may conduct a hearing and issue a declaratory ruling as to the applicability of this chapter or a rule or order of the director under this chapter to a person, security or transaction, or as to the meaning of a term used in this chapter.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-707. - Good faith reliance.

§ 7-11-707. Good faith reliance.
No provision of this chapter imposing liability applies to an act done or omitted in good faith in conformity with:
(1)
A rule or order adopted by the director, notwithstanding that the rule or order is later amended, repealed, or determined by judicial or other authority to be invalid; or
(2)
A declaratory order or ruling issued by the director under § 7-11-706.
History of Section.
P.L. 1990, ch. 460, § 2; P.L. 1991, ch. 69, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-709. - Administrative files and records.

§ 7-11-709. Administrative files and records.
(a)
The director keeps one or more registers of:
(1)
All applications for licensing and registration under this chapter;
(2)
All licenses and registration statements that become effective under this chapter;
(3)
All disciplinary and enforcement orders issued and reports of investigation made under this chapter;
(4)
All declaratory orders and rulings issued under this chapter; and
(5)
All other orders issued under this chapter.
(b)
The director maintains records consistent with applicable law.
(c)
All records required to be maintained by subsections (a) and (b) may be maintained in computer or microfilm format or any other form of data storage.
(d)
Upon request, the director shall certify under the seal of office a copy as being a true and correct copy of the records maintained by the office. The director may establish by rule reasonable charges for furnishing or certifying copies. In an investigation or proceeding under this chapter, a copy so certified is prima facie evidence of the contents of the records certified.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-711. - Provisions applicable to administrative proceedings.

§ 7-11-711. Provisions applicable to administrative proceedings.
(a)
All actions of the director including administrative proceedings, adoption of rules, and issuance of orders are governed by the state administrative procedures act, except that:
(1)
The issue of a stop order under § 7-11-303(e) is governed by § 7-11-303(e);
(2)
The issue of an order pursuant to an emergency administrative proceeding is governed by § 7-11-712; and
(3)
The issue of a declaratory order or ruling is governed by § 7-11-706.
(b)
All rules and orders issued under this chapter are subject to judicial review in accordance with the state administrative procedures act.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VII - Administration › Section 7-11-712. - Emergency administrative proceedings.

§ 7-11-712. Emergency administrative proceedings.
(a)
The director may use emergency administrative proceedings in a situation involving an immediate danger to the public welfare requiring immediate action.
(b)
The director may take only the action that is necessary to prevent or avoid the immediate danger to the public welfare that justifies use of emergency administrative proceedings.
(c)
The director shall issue an order, including a brief statement of findings of fact, conclusions of law, and, if it is an exercise of the agency’s discretion, policy reasons for the decision to justify the determination of an immediate danger and the director’s decision to take the specific action.
(d)(1)
The director shall give the notice that is practicable to persons who are required to comply with the order. The order is effective when issued. Upon the entry of an order under subsection (c), the director will promptly give notice to the persons subject to the order:
(i)
That the order has been entered, together with a brief statement of the reasons for the entry of the order; and
(ii)
That the director, upon receipt of a written request within thirty (30) days after the entry of the order, shall set the matter for hearing no more than sixty (60) nor less than twenty (20) days from the receipt of the request for hearing and shall promptly notify the parties of the time and place for hearing. If no hearing is requested and none is ordered by the director, the order becomes permanent on the thirtieth day after its entry and remains in effect unless or until it is modified or vacated by the director.
(2)
If a party fails to appear at a hearing, the order becomes permanent one day following the date set for a hearing requested by a party.
(e)
After issuing an order under this section, the director shall proceed as quickly as feasible to complete proceedings that would be required under the state administrative procedures act if the matter did not involve an immediate danger.
(f)
The record of the director consists of the documents regarding the matter that were considered or prepared by the director. The director shall maintain these documents as the official record.
(g)
Unless otherwise required by law, the director’s record need not constitute the exclusive basis for the director’s action in emergency administrative proceedings or for judicial review of the action.
(h)
An order issued under this section is subject to judicial review in accordance with the requirements of the state administrative procedures act.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VIII - Miscellaneous Provisions › Section 7-11-802. - Contract provisions.

§ 7-11-802. Contract provisions.
(a)
No person subject to this chapter who makes or engages in the performance of a contract in violation of this chapter or a rule or order of the director under this chapter, or who acquires a right under a contract with knowledge of the facts by which its making or performance is in violation, may obtain relief on the contract.
(b)
A provision in a contract entered into or effective in this state, binding a person acquiring a security to waive compliance with this chapter or a rule or order of the chapter under this chapter is nonenforceable. A provision in a contract containing an agreement to arbitrate or a choice of law provision in a contract between persons all of whom are engaged in the securities business is not a provision waiving compliance with this chapter and is enforceable in accordance with its terms.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VIII - Miscellaneous Provisions › Section 7-11-803. - Uniformity of application and construction.

§ 7-11-803. Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it and to coordinate the interpretation and administration of this chapter with the related federal laws and regulations.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VIII - Miscellaneous Provisions › Section 7-11-804. - Short title.

§ 7-11-804. Short title.
This chapter may be cited as the Rhode Island Uniform Securities Act (1990).
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VIII - Miscellaneous Provisions › Section 7-11-805. - Severability clause.

§ 7-11-805. Severability clause.
If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions of the chapter are severable.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11 - Rhode Island Uniform Securities Act › Part VIII - Miscellaneous Provisions › Section 7-11-806. - Repeal and saving provisions.

§ 7-11-806. Repeal and saving provisions.
(a)
Law repealed by this chapter exclusively governs a suit, action, prosecution, or proceeding that is pending or may be initiated on the basis of facts or circumstances occurring before July 12, 1990, but no civil suit or action may be maintained to enforce any liability under the law repealed by this chapter unless brought within the earlier of the period of limitation that applied when the claim for relief accrued or two (2) years after July 12, 1990.
(b)
All effective registrations under the law repealed by this chapter, all administrative orders relating to those registrations, and all conditions imposed upon those registrations remain in effect for as long as they would have remained in effect if this chapter had not been enacted. They are considered to have been filed, issued, or imposed under this chapter, but are governed by the law repealed by this chapter.
(c)
The law repealed by this chapter applies to an offer to sell or sale made within one year after July 12, 1990 pursuant to an offering begun in good faith before July 12, 1990 on the basis of an exemption available under the law repealed by this chapter.
(d)
Judicial review of all administrative orders as to which review proceedings have not been instituted before July 12, 1990 are governed by the state administrative procedures act but no review proceeding may be instituted unless the petition for review is filed within the earlier of the period of limitation that applied to a review proceeding when the order was entered or sixty (60) days after July 12, 1990.
History of Section.
P.L. 1990, ch. 460, § 2.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-1. - Short title — Rules of construction.

§ 7-11.1-1. Short title — Rules of construction.
(a)
This chapter shall be known as and may be cited as the “Uniform TOD Security Registration Act”.
(b)
This chapter shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this chapter among states enacting it.
(c)
Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-2. - Definitions.

§ 7-11.1-2. Definitions.
As used in this chapter, the following words and phrases have the following meanings unless the context otherwise requires:
(1)
“Beneficiary form” means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who becomes the owner of the security upon the death of the owner.
(2)
“Devisee” means any person designated in a will to receive a disposition of real or personal property.
(3)
“Heirs” means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a descendent.
(4)
“Person” means an individual, a corporation, an organization, or other legal entity.
(5)
“Personal representative” includes executor, administrator, successor, personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.
(6)
“Property” includes both real and personal property or any interest in them and means anything that may be the subject of ownership.
(7)
“Register”, including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of uncertificated security, to initiate or transfer an account showing ownership of securities.
(8)
“Registering entity” means a person who or that originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(9)
“Security” means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account.
(10)
“Security account” means:
(i)
A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner’s death; or
(ii)
A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner’s death.
(11)
“State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-3. - Registration in beneficiary form — Sole or joint tenancy ownership.

§ 7-11.1-3. Registration in beneficiary form — Sole or joint tenancy ownership.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-4. - Registration in beneficiary form — Applicable law.

§ 7-11.1-4. Registration in beneficiary form — Applicable law.
A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity’s principal office, the office of its transfer agent or its office making the registration, or by this or a similar statute of the law of the state listed as the owner’s address at the time of registration. A registration governed by the law of a jurisdiction in which this, or similar legislation, is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-5. - Origination of registration in beneficiary form.

§ 7-11.1-5. Origination of registration in beneficiary form.
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-6. - Form of registration in beneficiary form.

§ 7-11.1-6. Form of registration in beneficiary form.
Registration in beneficiary form may be shown by the words “transfer on death” or the abbreviation “TOD”, or by the words “pay on death” or the abbreviation “POD”, after the name of the registered owner and before the name of a beneficiary.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-7. - Effect of registration in beneficiary form.

§ 7-11.1-7. Effect of registration in beneficiary form.
The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then-surviving owners without the consent of the beneficiary.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-8. - Ownership on death of owner.

§ 7-11.1-8. Ownership on death of owner.
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased owner or the estate of the last to die of all multiple owners.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-9. - Protection of registering entity.

§ 7-11.1-9. Protection of registering entity.
(a)
A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity pursuant to this chapter.
(b)
By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this chapter.
(c)(1)
A registering entity is discharged from all claims to a security by the estate, creditor, heirs, or devisees of a deceased owner if it registers a transfer of the security in accordance with § 7-11.1-8 and does so in good-faith reliance:
(i)
On the registration;
(ii)
On the provisions of this chapter; and
(iii)
On information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary’s representatives, or other information available to the registering entity.
(2)
The protections of this chapter do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this chapter.
(d)
The protection provided pursuant to this chapter to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-10. - Nontestamentary transfer on death.

§ 7-11.1-10. Nontestamentary transfer on death.
(a)
A transfer on death resulting from a registration in beneficiary form pursuant to this chapter is effective by reason of the contract regarding the registration between the owner and the registering entity, is not testamentary, and any security being transferred by it is not considered an asset of the decedent’s estate subject to probate.
(b)
This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of the state.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-11. - Terms — Conditions — Forms for registration.

§ 7-11.1-11. Terms — Conditions — Forms for registration.
(a)(1)
A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests:
(i)
For registrations in beneficiary form; and
(ii)
For implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary.
(2)
The terms and conditions so established may provide for proving death; avoiding or resolving any problems concerning fractional shares; designating primary and contingent beneficiaries; and substituting a named beneficiary’s descendants to take in the place of the named beneficiary in the event of the beneficiary’s death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for “lineal descendants per stirpes”. This designation substitutes a deceased beneficiary’s descendants who survive the owner for a beneficiary who fails to survive, the descendants to be identified and to share in accordance with the law of the beneficiary’s domicile at the owner’s death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities of registrations in beneficiary form, may be contained in a registering entity’s terms and conditions.
(b)
The following are illustrations of registrations in beneficiary form that a registering entity may authorize:
(1)
Sole owner — sole beneficiary: John S. Brown TOD (or POD) John S. Brown, Jr.
(2)
Multiple owners — sole beneficiary: John S. Brown, Mary B. Brown JT TEN TOD John S. Brown, Jr.
(3)
Multiple owners — primary and secondary (substituted) beneficiaries: John S. Brown, Mary B. Brown JT TEN TOD John S. Brown, Jr. SUB BENE Peter Q. Brown or John S. Brown, Mary B. Brown JT TEN TOD John S. Brown, Jr. LDPS.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act › Section 7-11.1-12. - Application of chapter.

§ 7-11.1-12. Application of chapter.
This chapter applies to registrations of securities in beneficiary form made on or after the effective date of this act, July 9, 1998.
History of Section.
P.L. 1998, ch. 260, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.2 - Senior Savings Protection Act › Section 7-11.2-1. - Short title — Rules of construction.

§ 7-11.2-1. Short title — Rules of construction.
(a)
This chapter shall be known as and may be cited as the “Senior Savings Protection Act.”
(b)
This chapter shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this chapter among states enacting it.
(c)
Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions.
History of Section.
P.L. 2019, ch. 225, § 1; P.L. 2019, ch. 231, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.2 - Senior Savings Protection Act › Section 7-11.2-2. - Definitions.

§ 7-11.2-2. Definitions.
As used in this chapter, the following words and phrases shall have the following meanings unless the context otherwise requires:
(1)
“Agent” means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer’s securities; provided, that a partner, officer, or director of a broker-dealer or issuer, or an individual having a similar status or performing similar functions, is an agent only if the individual otherwise comes within the term. The term does not include an individual excluded by rule adopted or order issued under this chapter.
(2)
“Broker-dealer” means a person engaged in the business of effecting transactions in securities for the account of others or for the person’s own account. The term does not include:
(i)
An agent;
(ii)
An issuer;
(iii)
A bank, a trust company organized or chartered under the laws of this state, or a savings institution, if its activities as a broker-dealer are limited to those specified in the Securities Exchange Act of 1934, as amended (15 U.S.C. § 78a et seq.) or a bank that satisfies the conditions described in the Securities Exchange Act of 1934, as amended (15 U.S.C. § 78a et seq.);
(iv)
An international banking institution; or
(v)
A person excluded by rule adopted or order issued under this chapter.
(3)
“Financial exploitation” means the wrongful or unauthorized taking, withholding, appropriation, or use of money, real property, or personal property of a qualified adult.
(4)
“Immediate family member” means a spouse, child, parent, or sibling of a qualified adult.
(5)
“Qualified adult” means:
(i)
A person sixty (60) years of age or older; or
(ii)
A person who:
(A)
Has a mental or physical impairment that substantially limits one or more major life activities, whether the impairment is congenital or acquired by accident, injury, or disease, where the impairment is verified by medical findings; and
(B)
Is between the ages of eighteen (18) and fifty-nine (59).
(6)
“Qualified individual” means a person associated with a broker-dealer who serves in a supervisory, compliance, or legal capacity as part of his or her job.
History of Section.
P.L. 2019, ch. 225, § 1; P.L. 2019, ch. 231, § 1.
2023 Rhode Island General Laws › Title 7 - Corporations, Associations and Partnerships › Chapter 7-11.2 - Senior Savings Protection Act › Section 7-11.2-3. - Notification of agencies and family members.

§ 7-11.2-3. Notification of agencies and family members.
If a qualified individual reasonably believes that financial exploitation of a qualified adult has occurred, has been attempted, or is being attempted, the qualified individual shall notify the department of business regulation as well as the office of healthy aging and law enforcement in accordance with § 42-66-8. Subsequent to providing this notification, an agent or qualified individual may notify an immediate family member, legal guardian, conservator, cotrustee, successor trustee, or agent under a power of attorney of the qualified adult of the belief.
History of Section.
P.L. 2019, ch. 225, § 1; P.L. 2019, ch. 231, § 1.