reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-9. - Payment for stock in cash — Certificate authorizing transaction of business.

§ 19-2-9. Payment for stock in cash — Certificate authorizing transaction of business.
(a)
The financial institution, if a stock financial institution, shall not issue any shares of stock until the par value of the shares has been actually paid in cash, free and clear of all encumbrances. When the whole capital stock has been issued, a complete list of the stockholders, with the name, residence, and post office address of each, and the number of shares held by each, shall be filed with the director, or the director’s designee, which list shall be verified under oath by two (2) of the principal officers of the financial institution.
(b)
Upon receipt of the statement in the case of stock financial institutions, the director, or the director’s designee, shall cause an examination to be made. If, after the examination, it appears that the whole capital stock has been paid in cash for stock financial institutions and that all requirements of law have been complied with, the director, or the director’s designee, shall issue a certificate authorizing this financial institution to begin transaction of business, and then the subscribers and their associates, successors, and assigns, shall be authorized to transact business as an organized financial institution, with all of the powers, rights, and privileges, and subject to the liabilities, duties, and restrictions imposed by law, and the records of the first meeting of the subscribers to the agreement to form shall become and be taken as the records of the first meeting of the financial institution. It shall be unlawful for any of these financial institutions to begin the transaction of business until this certificate has been granted.
(c)
The financial institution shall in no way be obligated, directly or indirectly, for any indebtedness related to the shareholders’ acquisition of capital stock.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-10. - Amendment of agreement to form.

§ 19-2-10. Amendment of agreement to form.
(a)
Subject to the approval of the director, or the director’s designee, any financial institution or credit union may amend its agreement to form.
(b)
If the amendment increases the capital stock of a stock financial institution, the certificate of the general treasurer that the financial institution has paid into the treasury for the use of the state a sum equal to one tenth of one percent (.1%) of the increase shall be presented to the secretary of state; provided, however, that no share or shares of any increase of stock shall be issued by any financial institution until the par value of the stock has been actually paid in cash.
(c)
The director, or the director’s designee, may permit any stock financial institution to transfer to its capital account, from any surplus accounts that are not set aside as security for any class of depositors, an amount that will leave, after the transfer, a surplus in addition to any amount set aside as special security of at least one hundred percent (100%) of the total capital stock. The director may authorize the financial institution to issue further shares of stock for the transferred amount whenever the director, or the director’s designee, is satisfied that the entire capital stock when added to and the remaining surplus represent assets of equivalent value properly invested for banking purposes; and provided, also, that nothing in this section shall be construed to affect, in any way, any right with respect to the determination of the amount and issue of capital stock conferred upon any existing financial institution by its act of formation or any amendment or addition to its act of formation, except that no capital stock shall be issued until the par value of the stock has been actually paid in cash, and until the director, or the director’s designee, certifies this; and provided further that no amendment, change, or alteration shall contain any provision that could not lawfully be contained in an original agreement to form under this title filed at the time of applying for amendment.
(d)
Upon the issuance of the duplicate certified by the secretary of state, the agreement to form shall be amended accordingly.
History of Section.
P.L. 1995, ch. 82, § 39; P.L. 2000, ch. 146, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-11. - Establishment of branches.

§ 19-2-11. Establishment of branches.
Any financial institution or credit union may establish a branch, or branches, within this state at any other place than its main office upon obtaining the approval of the director, or the director’s designee. The director, or the director’s designee, shall decide, upon consideration of factors consistent with the creation of the financial institution or credit union, whether to issue a certificate of public convenience and advantage.
History of Section.
P.L. 1995, ch. 82, § 39; P.L. 1997, ch. 98, § 2.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-12. - Relocation of branches.

§ 19-2-12. Relocation of branches.
Any financial institution or credit union may relocate a branch upon sixty (60) days’ prior written notice to the director, or the director’s designee, provided that the relocated branch is:
(1)
To be located within the same city or town as the existing branch; or
(2)
To be located within a ten (10) mile radius of the existing branch; and
(3)
The existing branch will be closed upon construction and/or occupancy of the relocated branch.
History of Section.
P.L. 1995, ch. 82, § 39; P.L. 1997, ch. 98, § 2; P.L. 2011, ch. 347, § 1; P.L. 2011, ch. 387, § 1; P.L. 2022, ch. 338, § 1, effective June 29, 2022; P.L. 2022, ch. 339, § 1, effective June 29, 2022.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-15. - Approval of amendments to bylaws required.

§ 19-2-15. Approval of amendments to bylaws required.
The bylaws of any financial institution shall not be altered, amended, or added to except upon approval of the director, or the director’s designee. A certified copy of the proposed alteration, amendment, or addition shall be submitted to the director, or the director’s designee, who shall endorse his or her approval or disapproval, and shall maintain a copy of the approval or disapproval.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-16. - Indemnification of officers and employees for acts in course of duties.

§ 19-2-16. Indemnification of officers and employees for acts in course of duties.
Any financial institution or credit union may, by bylaw, authorize its directors or trustees to indemnify and reimburse any person (or the personal representative of any person) who at any time serves, or shall have served, as director, trustee, officer, or employee of the financial institution or credit union, whether or not in office at the time, against and for any and all claims and liabilities to which he or she may be or become subject by reason of this service, and against and for any and all expenses necessarily incurred in connection with the defense or reasonable settlement of any legal or administrative proceedings to which he or she is made a party by reason of this service, except in relation to matters as to which he or she shall be finally adjudged to be liable for negligence or misconduct in the performance of his or her official duties. The provisions of this section shall not be deemed to exclude any other right or privileges to which this person may be entitled.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-17. - Oath of director.

§ 19-2-17. Oath of director.
Every director of a financial institution, when appointed or elected, shall take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the financial institution, and will not knowingly violate, or willingly permit to be violated, any of the provisions of this title. This oath, subscribed to by the director making it, and certified by the officer before whom it is taken, shall be immediately transmitted to the director, or the director’s designee, and shall be filed and preserved in his or her office.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-18. - Record of meetings of boards and committees.

§ 19-2-18. Record of meetings of boards and committees.
Every financial institution and credit union in this state shall cause a record to be made, in a book kept for that purpose, of all of the proceedings of the board of directors or trustees or standing committees thereof, at every meeting thereof, and of the names of all directors or trustees or members of committees present at any such meeting.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-19. - Bonds of officers and employees — Supervision by director.

§ 19-2-19. Bonds of officers and employees — Supervision by director.
(a)
Every officer and employee of a regulated institution shall be bonded in a form and in an amount that the director, or the director’s designee, may prescribe, for the honest discharge of his or her duties, and shall file with the director, or the director’s designee, an attested copy. The director, or the director’s designee, shall promulgate regulations to set minimum amounts of fidelity bond coverage based upon the size of regulated institutions, stating the minimum amount and type of coverage. The director, or the director’s designee, shall be notified of any change in the bond, or any revocation of the bond, within ten (10) business days of the change or revocation by the company issuing the bond and the responsible officer of the regulated institution as designated by the trustees or board of directors of the regulated institution.
(b)
The bond or bonds shall be continuous and remain in full force and effect until termination by either the regulated institution or the surety. Termination shall not become effective until thirty (30) days after the director, or the director’s designee, has received notice. Regardless of the number of years, the bond shall continue in force, and the limit of the surety’s liability stated in the bond shall not be cumulative from year to year or period to period.
History of Section.
P.L. 1995, ch. 82, § 39.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-2 - Creation and Expansion › Section 19-2-20. - Severability.

§ 19-2-20. 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, § 39.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
(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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-2.1. - Permitted investments.

§ 19-3.1-2.1. Permitted investments.
In the absence of any express provisions to the contrary, whenever any general statute, special act, regulation, trust indenture, will, or other instrument governing the investment powers of trustees directs, requires, authorizes, or permits investment in United States government obligations, a trustee may invest in and hold these obligations, either directly or in the form of interests in an investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., the portfolio of which is limited to United States government obligations and to repurchase agreements fully collateralized by these obligations, and that is rated in the top rating category of any nationally recognized rating services.
History of Section.
P.L. 1995, ch. 268, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-3. - Financial institution acting as fiduciary.

§ 19-3.1-3. Financial institution acting as fiduciary.
A financial institution subject to this chapter shall also have power to accept and execute all of these trusts, and to hold in trust all property, of every description, as may be committed to it by any person or persons, or by any corporation, or by any court of this state or of the United States; and also to accept and execute the office and appointment of executors, administrators, custodians, conservators, guardians of estates, assignees, or receivers of any kind or nature whatever, whether that office or appointment be conferred or made by any person or persons, or by any court of probate or other court; and any court of probate in this state is hereby empowered, in its discretion, to appoint the financial institution as executor, administrator, custodian, conservator and guardian of the estate of any person within its jurisdiction, subject however, to the provisions of § 33-8-8, and provided, that the financial institution may, upon the petition of the surviving spouse, be appointed administrator or custodian upon the estate of a spouse dying intestate; provided, further, that the financial institution shall not be authorized to act in any of the foregoing offices until its acceptance in writing of the appointment shall be filed and recorded in the probate court in which the appointment shall be made.
History of Section.
P.L. 1995, ch. 82, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-4. - Fiduciary bond given by financial institution.

§ 19-3.1-4. Fiduciary bond given by financial institution.
In all cases in which a financial institution shall receive and accept appointment as executor, administrator, custodian, conservator, or guardian of any estate, the financial institution shall give bond in the same manner as provided by law in the case of individuals so appointed. The financial institution shall not be required to give surety upon any bond unless some person pecuniarily interested in the estate, before the bond is given, files a written request, in the court of probate making the appointment, that bond with surety be given, in which case the court may require the financial institution to give bond with surety or sureties satisfactory to the court in the manner provided by law in the case of individuals appointed.
History of Section.
P.L. 1995, ch. 82, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-5. - Financial institutions administering burial grounds.

§ 19-3.1-5. Financial institutions administering burial grounds.
Every financial institution subject to this chapter shall have the power to accept and hold property given by will or otherwise transferred to it in trust for the care and preservation of burial grounds that have been in existence for at least fifty (50) years before the creation of the trust and of the stones, monuments, fences, and other structures thereon, and to administer and apply the trust property in accordance with the terms of the trust; and shall likewise have the power to accept and hold property given to it by will or otherwise transferred to it for the purposes listed in this section and administer the property in accordance with the terms of the trust. Executors may transfer to any financial institution any legacy given for any of the purposes listed in this section and the transfer shall be a valid discharge for the legacy. Trusts for any of the purposes listed in this section are hereby declared to be charitable trusts.
History of Section.
P.L. 1995, ch. 82, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-7. - Assets equal to capital stock as pledged — Preference over other creditors.

§ 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors.
A portion of the assets of every financial institution subject to this chapter, equal in value to the par value of its capital stock, shall stand pledged, and shall be taken and considered as the security required by law, for the faithful performance of the institution’s duties as trustee, executor, administrator, custodian, conservator, guardian, assignee or receiver, except as otherwise provided, and for the deposits made by executors, administrators, custodians, conservators, assignees, or receivers, trustees, or guardians. In case of loss, any person beneficially entitled to these estates, and any executor, administrator, custodian, conservator, assignee, or receiver, trustee, or guardian making the deposits shall be first indemnified in full from the amounts so pledged in preference to all other creditors.
History of Section.
P.L. 1995, ch. 82, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-8. - Deposits by financial institutions with general treasurer.

§ 19-3.1-8. Deposits by financial institutions with general treasurer.
(a)
Every financial institution subject to this chapter shall deposit with the general treasurer an amount that is at all times equal in value to twenty percent (20%) of the entire capital stock of the financial institution, in:
(1)
Bonds, of at least a double A (“AA”) rating or equivalent, of this state or of any state or of the United States;
(2)
Bonds, rated at least double A (“AA”) or equivalent, notes, or other financial obligations of any town or city in this state;
(3)
Any securities of the classes in which the sinking fund commission of this state is authorized to invest the moneys received by it;
(4)
First mortgages on improved real estate in this state of the class required for financial institution investments;
(5)
Mortgages insured and debentures issued by the federal housing administration; or
(6)
Obligations of national mortgage associations.
(b)
These investments shall be held by the general treasurer as an additional security for the faithful performance by the financial institution of its duties as trustee, executor, custodian, conservator, guardian, assignee, or receiver, and also as an additional security for the repayment of deposits with the financial institution by executors, administrators, custodians, conservators, guardians, assignees, or receivers, or trustees on special agreement, made to exonerate the depositors under this title from personal liability to the estates on account of which these deposits were made. The parties intended to be secured by the deposits shall, in case of loss, be first fully indemnified out of the deposit, in preference to all other creditors of the financial institution. However, whenever the deposit or any part of it consists of mortgages on real estate, the financial institution so depositing it shall execute an assignment of the deposit and of the debts secured by it in favor of the general treasurer, in trust, for the uses and purposes listed in this section. No financial institution shall accept or assume to perform any of the trust duties mentioned in this section or receive any deposits from any of the trustees until the deposit has been made. If the security required by this section is one that is maintained in the Federal Reserve book entry system or the depository trust company book entry system or any similar entity, then the financial institution required to make the deposit shall designate the general treasurer as the pledgee of the security and provide written notification to the general treasurer identifying the security.
History of Section.
P.L. 1995, ch. 82, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-9. - Certificates of deposit — Interest and income — Substitution of securities.

§ 19-3.1-9. Certificates of deposit — Interest and income — Substitution of securities.
Upon the receipt by the general treasurer of the securities from the financial institution, the general treasurer shall give to the financial institution a certificate stating the securities and amount of each. The general treasurer shall at all times pay over to the financial institution any interest received upon the deposited securities, and shall at all times permit the institution, by its treasurer or other authorized agent, to examine the securities, to receive all coupons on the securities as they shall mature, and to collect for the use of the financial institution all interest due on the securities. The general treasurer shall also permit the financial institution to retire any deposited securities on substituting other securities of the classes mentioned above, to an amount that the market value of the whole deposit shall not be less than the amount required by this title.
History of Section.
P.L. 1995, ch. 82, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-3.1 - Trust Powers › Section 19-3.1-10. - Severability.

§ 19-3.1-10. 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, § 41.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-1. - Examination on application by depositors, stockholders, directors, or trustees.

§ 19-4-1. Examination on application by depositors, stockholders, directors, or trustees.
Upon the written application, under oath, to the director, or the director’s designee, by depositors representing five percent (5%) of the deposits of any financial institution, as shown by the last published return of the financial institution, or upon the written application to the director, or the director’s designee, of persons holding at least twenty-five percent (25%) of the outstanding capital stock of any regulated institution, or upon the written application to the director, or the director’s designee, of at least one third (⅓) in number of the board of directors or trustees of any regulated institution, setting forth their interest and the reasons for making an examination, and requesting him or her to examine the regulated institution, the director, or the director’s designee, may make or cause to be made a full investigation or examination of its affairs as provided by law.
History of Section.
P.L. 1995, ch. 82, § 42; P.L. 1997, ch. 98, § 4.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-4. - Audits.

§ 19-4-4. Audits.
Every regulated institution audited by a licensed, independent certified public accountant pursuant to applicable federal law or regulation shall submit a copy of the audit to the director, or the director’s designee, within thirty (30) days of receipt of the audit.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-5. - [Repealed.]

§ 19-4-5. [Repealed.]
History of Section.
P.L. 1995, ch. 82, § 42; repealed by P.L. 2022, ch. 338, § 7, effective June 29, 2022; repealed by P.L. 2022, ch. 339, § 7, effective June 29, 2022.