reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-8. - Priority of claims — Federally insured financial institutions or credit unions.

§ 19-12-8. Priority of claims — Federally insured financial institutions or credit unions.
In a receivership, or a conservatorship under chapter 11 of this title, of a financial institution or credit union whose deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration or any other agency or instrumentality of the United States, the allowed expenses and claims against the financial institution or credit union shall have priority in receiving distributions out of the assets of the financial institution or credit union in the following order:
(1)
The payment of costs and expenses of the administration of the receivership estate.
(2)
The payment of claims for “deposits”, as that term is defined in 12 U.S.C. § 1813(
l
), including, but not limited to, the claims of depositors in a mutual savings bank for return of their deposits.
(3)
Unsecured claims of any local, state, or federal taxing authority entitled by law to priority in distribution from the receivership or conservatorship estate, to the extent of such priority.
(4)
Claims of salaried employees of the financial institution or credit union for wages or salaries earned but unpaid as of the commencement of the receivership or conservatorship.
(5)
Claims for all other general liabilities not specified herein.
(6)
Claims otherwise proper that were not filed within the prescribed time.
(7)
Claims for obligations expressly subordinated to deposits and general liability claims.
Any funds remaining shall be paid to the stockholders of the financial institution or credit union, or, in the case of a mutual financial institution in which there are no stockholders, to the depositors in proportion to the respective amounts of their stock or deposits.
Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or adequately provided for in full.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-10. - Automatic stay.

§ 19-12-10. Automatic stay.
(a)
The appointment of a temporary or permanent receiver pursuant to the provisions of this chapter, or the taking of possession of the financial institution or credit union and its assets by the director, or the director’s designee, whichever shall first occur, shall operate as a stay until further order of the court, applicable to all persons and entities, of:
(1)
The commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the financial institution or credit union that was, or could have been, commenced before the commencement of the receivership under this chapter, or to recover a claim against the financial institution or credit union that arose before the commencement of the receivership pursuant to this chapter;
(2)
The enforcement, against the financial institution or credit union or against property of the receivership estate, or a judgment obtained before the commencement of the receivership under this chapter;
(3)
Any act to obtain possession of property of, or from, the receivership estate or to exercise control over property of the estate;
(4)
Any act to create, perfect, or enforce any lien against property of the receivership estate;
(5)
Any act to create, perfect, or enforce against property of the financial institution or credit union any lien to the extent that the lien secures a claim that arose before the commencement of the receivership under this title;
(6)
Any act to collect, assess, or recover a claim against the financial institution or credit union that arose before the commencement of the receivership under this chapter; and
(7)
The setoff of any debt owing to the financial institution or credit union that arose before the commencement of the receivership under this chapter against any claim against the financial institution or credit union.
(b)
Nothing in this section shall be construed to prevent the issuance, employment, or enforcement of process in conjunction with any investigation by state or federal authorities.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-11. - Additional powers of receiver.

§ 19-12-11. Additional powers of receiver.
(a)
In addition to powers granted to the receiver pursuant to this chapter or any other law, a receiver appointed under this chapter shall have the power to reject any executory contract or unexpired lease of the financial institution or credit union.
(b)
After notice and hearing, the receiver may abandon any property of the receivership estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.
(c)
On request of a party in interest, and after notice and a hearing, the court may order the receiver to abandon any property of the receivership estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.
(d)
Unless the court orders otherwise, any property scheduled pursuant to § 19-12-4 not otherwise administered at the time of the closing of the receivership proceeding is abandoned to the financial institution or credit union, subject to the receivership proceeding being reopened by the court to administer assets, to accord relief to the financial institution or credit union or for other cause.
(e)
Unless the court orders otherwise, property of the receivership estate that is not abandoned under this section and that is not administered in the receivership proceeding remains property of the receivership estate.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-12. - Receiver as a lien creditor and as successor to certain creditors and purchasers.

§ 19-12-12. Receiver as a lien creditor and as successor to certain creditors and purchasers.
(a)
A receiver appointed pursuant to this chapter shall have, as of the commencement of the receivership proceeding, and without regard to any knowledge of the receiver or of any creditor, the rights and powers of, or may avoid any transfer of property of the financial institution or credit union or any obligation incurred by the financial institution or credit union that is voidable by:
(1)
A creditor who extends credit to the financial institution or credit union at the time of the commencement of the receivership proceeding, and who obtains, at that time and with respect to that credit, a judicial lien on all property on which a creditor on a simple contract could have obtained a judicial lien, whether or not a creditor exists;
(2)
A creditor who extends credit to the financial institution or credit union at the time of the commencement of the receivership proceeding, and obtains, at that time and with respect to that credit, an execution against the financial institution or credit union that is returned unsatisfied at that time, whether or not a creditor exists; or
(3)
A bona fide purchaser of real property, other than fixtures, from the financial institution or credit union, against whom applicable law permits the transfer to be perfected, and obtains the status of a bona fide purchaser and has perfected the transfer at the time of the commencement of the receivership proceeding, whether or not a purchaser exists.
(b)
The receiver may avoid any transfer of an interest of the financial institution or credit union in property or any obligation incurred by the financial institution or credit union that is voidable under any applicable law by a creditor holding an unsecured claim against the financial institution or credit union.
(c)
Without limiting the provisions of subsection (a), the receiver shall be deemed a lien creditor as that term is defined in § 6A-9-301-(3) and a creditor as that term is defined in § 6-16-1 and shall have all the rights and powers accorded to the lien creditor or creditor by any provisions of applicable law.
(d)
In the event that the receiver shall make any sale or other transfer of all or any part of the assets of the financial institution or credit union to any transferee, the status and the rights and powers accorded the receiver by virtue of the provisions of subsections (a) through (c) of this section shall automatically vest in the transferee with respect to the assets.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-13. - Agreements against interest of the financial institution or credit union.

§ 19-12-13. Agreements against interest of the financial institution or credit union.
No agreement that tends to diminish or defeat the interest of the financial institution or credit union and any asset acquired by the receiver acting in a proceeding under this chapter or by any person or entity acquiring all or any of the interests or assets by a sale or other transfer approved by any order of the court entered in a receivership proceeding under this chapter, including (without limitation) loans made by the financial institution or credit union or any security therefor, shall be valid against the receiver or transferee unless the agreement (1) is in writing; (2) was executed by the financial institution or credit union and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the assets by the financial institution or credit union; (3) was approved by the governing body of the financial institution or credit union or its loan or other authorizing committee, which approval shall be reflected in the minutes of the board or committee; and (4) has been, continuously, from the time of its execution, an official record of the financial institution or credit union.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-14. - Presumptions.

§ 19-12-14. Presumptions.
With respect to any financial institution or credit union to which a receivership proceeding is commenced pursuant to the provisions of this chapter, any member of its governing body or officer who votes or takes any action solely to approve or authorize the commencement of the proceeding or to accept service of citation or other process; to admit or cause to be admitted the allegations of any complaint or petition commencing the proceeding; or to consent to or join in the request for relief contained therein, shall be conclusively presumed to have taken the action in good faith, in the exercise of a reasonable business judgment, and in the best interests of the financial institution or credit union, its depositors, or other creditors.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-15. - Notice to parties.

§ 19-12-15. Notice to parties.
The court having jurisdiction over any proceedings under this chapter shall have full power to shorten the time for scheduling hearings and giving notice thereof and to limit notice of creditors, depositors, and other parties in interest to newspaper publication or other means as it shall deem appropriate, given the exigencies of the proceeding, the number of parties to be given notice, and the expenses of providing that form of notice.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-16. - Appeals.

§ 19-12-16. Appeals.
Any order or judgment of the court having jurisdiction of any receivership proceeding under this chapter that provides for a payment to employees and depositors that have priority under § 19-12-7(a)(2), (a)(3) and/or (a)(4) or a transfer of assets of the financial institution or credit union for a consideration that includes the payment or assumption of some or all of the liabilities of the financial institution or credit union to the employees or depositors shall be final and binding and not subject to reversal on appeal unless, prior to the consummation of the transfer, the court that entered the judgment shall, on motion of an aggrieved party in interest, grant a stay pending appeal conditioned upon the appellant filing a supersedeas bond in the full amount of the loss the employees and depositors may sustain in the event the order or judgment is upheld on appeal or the supreme court shall, after the motion has been denied by the superior court and prior to the consummation of the payment or transfer, grant a stay pending appeal conditioned upon the appellant filing a similarly conditioned supersedeas bond.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-12 - Receivership › Section 19-12-17. - Severability.

§ 19-12-17. 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. This chapter shall be construed liberally in aid of its purpose and legislative findings.
History of Section.
P.L. 1995, ch. 82, § 50.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-1. - Proclamation of emergency.

§ 19-13-1. Proclamation of emergency.
The governor may proclaim that a banking emergency exists when it appears necessary to protect the public and the interests of those regulated institutions or of the shareholders, depositors, or other creditors of those regulated institutions. Thereupon, any or all of the regulated institutions shall be subject to special regulation by the director, until the governor, by like proclamation, declares the period of banking emergency terminated. Any action taken or order issued by the director in any of the following sections in this chapter shall, in each instance, be taken only with the approval of the governor.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-2. - Suspension of payment of deposits.

§ 19-13-2. Suspension of payment of deposits.
During the period of a banking emergency, the director may, if deemed necessary for the protection of the public and of the interests of depositors and other creditors of any or all regulated institutions, order the regulated institutions to suspend or restrict, in whole or in part, the payment in currency, or by other means, of the liabilities of the regulated institutions to shareholders, depositors, and other creditors, except as hereinafter provided. The order shall become effective upon receipt by the regulated institutions of notice thereof, and shall continue in full force and effect during the period of banking emergency, until revoked or modified by the director. Whenever, in the judgment of the director, the condition of emergency, because of which the order was made, warrants action, the liability, the payment of which has been suspended or restricted, may be paid by the regulated institution, in whole or pro rata or in part, upon any terms and conditions and in any form as the director shall prescribe, provided that acceptance of any such payment, if and so far as not offered in legal tender, shall be optional with the person entitled to payment of that liability.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-3. - Segregation of new cash deposits.

§ 19-13-3. Segregation of new cash deposits.
Cash deposits, called “new cash deposits”, received by any regulated institution after an order of the director issued under the provisions of this chapter suspending or restricting withdrawals of currency from that regulated institution, and while the order remains in force either in whole or in part, shall not be subject, by reason of the order, to any limitation or restriction as to payment or withdrawal in currency or otherwise, and shall be segregated and held or invested and used solely to meet the new cash deposit liability; provided, however, that the aggregate amount of cash representing those deposits shall be kept separately in cash, or on deposit in Federal Reserve banks, or invested in obligations of the United States, or as may otherwise be authorized from time to time by order of the Secretary of the Treasury of the United States or other constituted federal authority.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-4. - New deposits other than cash.

§ 19-13-4. New deposits other than cash.
New deposits, other than new cash deposits, need not be segregated, but may be drawn against by check to the same extent and in the same manner as deposits existing prior to any order of the director, issued under the provisions of this chapter, and may also be drawn against under the terms of the order; provided, nevertheless, that new deposits made in any medium of exchange prescribed by the director under the provisions of this chapter shall be payable in the deposited medium of exchange, or the medium of exchange into which it may have been converted, and any such deposits may be withdrawn in whole or in part.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-5. - Bank holidays.

§ 19-13-5. Bank holidays.
The director is further authorized to declare bank holidays with respect to any or all activities of any regulated institutions, whenever in the director’s judgment a declaration is required by the public interest. A bank holiday declared by the director under this section shall have the same effect, with respect to banking activities, as the appointment or proclamation of a legal holiday under the provisions of § 25-1-1.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-6. - Conformity to federal law.

§ 19-13-6. Conformity to federal law.
All of the regulated institutions to which this chapter is applicable shall be permitted to conform to the requirements of any federal proclamation, law, or regulation.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-7. - Violation of orders or rules.

§ 19-13-7. Violation of orders or rules.
Any person or regulated institution violating any order or any provision of any rule or regulation made by the director under the authority of this chapter, shall be punished by fine of not more than one thousand dollars ($1,000), or by imprisonment for not more than one year, or both.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-8. - Costs and expenses.

§ 19-13-8. Costs and expenses.
Any costs and expenses incurred by the director in any exercise of the powers given under this chapter may be assessed by the director against the regulated institutions concerned and, when so assessed, shall be paid by those regulated institutions.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-9. - Emergency measure.

§ 19-13-9. Emergency measure.
This chapter is declared to be an emergency measure, necessary for the immediate preservation of the public peace and safety, requiring the immediately effective enactment of legislation concerning the protection of deposits in regulated institutions.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-10. - Emergency powers of the director.

§ 19-13-10. Emergency powers of the director.
In the interest of the protection of depositors in financial institutions or credit unions, the director is authorized to waive, in whole or in part, any provisions of this title relating to public hearings and/or public notice that would hinder or prevent the merger, consolidation, purchase of assets and assumption of liabilities, or other acquisition of a financial institution or credit union that is in danger of insolvency or that has been closed by the proclamation of a banking emergency in accordance with the provisions of this chapter. All waivers shall be made public as to the final decision or disposition within ninety (90) days after the waiver is granted.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-11. - Rules and regulations.

§ 19-13-11. Rules and regulations.
The director, or the director’s designee, may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.
History of Section.
P.L. 1995, ch. 82, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-13 - Banking Emergencies › Section 19-13-12. - Severability.

§ 19-13-12. 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, § 51.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-4. - Annual fee.

§ 19-14-4. Annual fee.
(a)
Each licensee shall pay an annual license fee as follows:
(1)
Each small-loan lender license and each branch certificate, the sum of five hundred fifty dollars ($550);
(2)
Each loan-broker license and each branch certificate, the sum of five hundred fifty dollars ($550);
(3)
Each lender license and each branch certificate, the sum of one thousand one hundred dollars ($1,100);
(4)
Each currency transmission license, the sum of one thousand dollars ($1,000);
(5)
Each check cashing license, the sum of three hundred sixty dollars ($360);
(6)
[Deleted by P.L. 2019, ch. 226, § 1 and P.L. 2019, ch. 246, § 1.]
(7)
Each registration to provide debt-management services, the sum of two hundred dollars ($200);
(8)
Each mortgage-loan originator license, the sum of four hundred dollars ($400); and
(9)
Each third-party loan-servicer license and each branch certificate, the sum of one thousand one hundred dollars ($1,100).
(b)
Any licensee who shall not pay the annual fee by December 31 of each year shall be subject to a daily penalty of twenty-five dollars ($25) per day, subject to a maximum of seven hundred fifty dollars ($750). The penalty shall be paid to the director to, and for the use of, the state. The penalty may be waived for good cause by the director, or the director’s designee, upon written request.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2002, ch. 65, art. 13, § 19; P.L. 2004, ch. 579, § 2; P.L. 2006, ch. 243, § 1; P.L. 2006, ch. 291, § 1; P.L. 2007, ch. 73, art. 16, § 1; P.L. 2007, ch. 244, § 1; P.L. 2007, ch. 251, § 2; P.L. 2009, ch. 68, art. 12, § 1; P.L. 2014, ch. 487, § 1; P.L. 2014, ch. 522, § 1; P.L. 2019, ch. 88, art. 5, § 1; P.L. 2019, ch. 226, § 1; P.L. 2019, ch. 246, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-5. - Minimum capital.

§ 19-14-5. Minimum capital.
Each licensee, licensed pursuant to an application for license filed after June 30, 1995, shall maintain the following minimum-net worth to be evidenced in accordance with regulations promulgated by the director, or the director’s designee.
(1)
Small-loan lenders, the sum of twenty-five thousand dollars ($25,000);
(2)
Loan brokers, the sum of ten thousand dollars ($10,000);
(3)
Lenders, the sum of one hundred thousand dollars ($100,000);
(4)
Currency transmission licensees, the sum of fifty thousand dollars ($50,000). If a licensee limits its actions to virtual currency, the licensee may include in its calculation of net worth virtual currency, measured by the average value of the virtual currency in U.S. Dollar equivalent over the prior six (6) months; and
(5)
Third-party loan servicers, the sum of one hundred thousand dollars ($100,000).
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2014, ch. 487, § 1; P.L. 2014, ch. 522, § 1; P.L. 2019, ch. 226, § 1; P.L. 2019, ch. 246, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-7. - Issuance or denial of license.

§ 19-14-7. Issuance or denial of license.
(a)
Upon the filing of a completed application, the payment of fees and the approval of the bond, the director, or the director’s designee, shall commence an investigation of the applicant.
(b)
After the investigation determines that a completed application has been filed, the director, or the director’s designee, shall approve the license applied for in accordance with the provisions of this chapter if he or she shall find:
That the financial responsibility, experience, character, and general fitness of the applicant, and of the applicant’s members and of the applicant’s officers, including the designated manager of record of a licensed location, if the applicant is a partnership, limited liability company or association, or of the officers including the designated manager of record of a licensed location, and directors and the principal owner or owners of the issued and outstanding capital stock, if the applicant is a corporation, are such as to command the confidence of the community and to warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of this title.
(c)
A license provided pursuant to this title shall remain in full force and effect until it is surrendered by the licensee or revoked or suspended as provided by law. The licensee is, however, subject to suspension or revocation for failure to comply with any applicable provision of this title or regulation promulgated thereunder.
(d)
If the director, or the director’s designee, rejects an application for a license, he or she shall notify the applicant, in writing, and advise the applicant of the reason for the denial of the application for license. When an application for a license is denied by the director, or the director’s designee, or withdrawn by the applicant, the director, or the director’s designee, shall return to the applicant the bond, but shall retain the investigation fee to cover the costs of investigating the application. The applicant may make written demand for hearing upon the director, or director’s designee, within thirty (30) days of the notice to determine the reasonableness of the action to deny the license.
(e)
Any applicant or licensee aggrieved by the action of the director, or the director’s designee, in denying a completed application for a license shall have the right to appeal the action, order, or decision pursuant to chapter 35 of title 42.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2007, ch. 73, art. 16, § 1; P.L. 2007, ch. 244, § 1; P.L. 2009, ch. 148, § 1; P.L. 2009, ch. 160, § 1; P.L. 2012, ch. 65, § 2; P.L. 2012, ch. 145, § 2; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-8. - Denial of license due to incomplete application.

§ 19-14-8. Denial of license due to incomplete application.
If the applicant has failed to provide the information requested by the department to complete the application, the director, or the director’s designee, shall notify the applicant, in writing, that the application shall be considered withdrawn if all information requested is not received within thirty (30) days of the notice. The notice shall specify what information is necessary for completion. The applicant may make a written demand within thirty (30) days for a hearing to determine the reasonableness of the director’s, or the director’s designee’s, action. The hearing shall be conducted pursuant to the Administrative Procedures Act, chapter 35 of title 42. If the applicant fails to provide the information or request a hearing within thirty (30) days from the notice, the application shall be withdrawn on the basis that it is incomplete.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2012, ch. 65, § 2; P.L. 2012, ch. 145, § 2; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-9. - Contents of license.

§ 19-14-9. Contents of license.
The license or branch certificate shall contain any information that the director, or the director’s designee, shall require, including the type of activity authorized. In his or her discretion, the director, or the director’s designee, may substitute an electronic record as the confirmation of a license status in substitution for a license or branch certificate. When dealing with an applicant, or potential applicant, for a mortgage loan or when dealing with any person providing settlement services (as defined in the Real Estate Settlement Procedures Act, as amended, 12 U.S.C. § 2601 et seq., or the regulations promulgated thereunder from time to time), a mortgage loan originator shall disclose the mortgage loan originator’s nationwide mortgage licensing system unique identification number upon request to the applicant, or potential applicant, and the fact that the mortgage loan originator is licensed by this state.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2007, ch. 73, art. 16, § 1; P.L. 2007, ch. 244, § 1; P.L. 2009, ch. 148, § 1; P.L. 2009, ch. 160, § 1; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3; P.L. 2016, ch. 512, art. 1, § 6.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-11. - Prohibition or transfer or assignment of license.

§ 19-14-11. Prohibition or transfer or assignment of license.
No license shall be transferable or assignable. A change in ownership of less than twenty-five percent (25%) of the voting stock or equity interests of a licensee shall not be considered a transfer or assignment of the license. A change in ownership of twenty-five percent (25%) or more of the voting stock or equity interests shall require notification to the director within fifteen (15) days of the change in ownership. Change in ownership application procedures, including reasonable response time requirements, shall be established by regulations promulgated by the director, or the director’s designee.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-12. - Place of business — Branch offices — Name changes.

§ 19-14-12. Place of business — Branch offices — Name changes.
(a)
Additional places of business may be maintained under the same license upon written application to the director, or the director’s designee, for the establishment of an additional branch office. A separate application must be filed for each additional branch office being requested. At the time of the application, the licensee shall pay to, and for the use of, the state an investigation fee as provided for in § 19-14-3. Upon the filing of the application, the director, or the director’s designee, shall investigate the facts, and if he or she finds that the requirements for licensure have been met, the director, or the director’s designee, shall grant authority for the operation of the business under the license at the branch location. If the director, or the director’s designee, shall not so find, he or she shall deny the licensee permission to establish the branch location in a manner consistent with the licensing application process. Upon approval of a branch location request, the licensee shall pay an additional annual licensing fee for each branch location in the manner consistent with the licensing application process.
(b)
Whenever a licensee wishes to change his or her place of business or branch location to a street address other than that designated in the license, the licensee shall notify the director, or the director’s designee, in the manner directed by the director, or the director’s designee, prior to conducting business at that location. Unless the director, or the director’s designee, finds that the new location is not in the best interests of the public, the director, or the director’s designee, will reflect the change in the records of the department. At the time of notification, the licensee shall pay to the state the sum of fifty dollars ($50.00) as a processing fee.
(c)
No licensee shall transact the business provided for by this chapter under any other name than that named in the license or branch certificate. Whenever a licensee shall wish to change the name, the licensee shall make written application to the director, or the director’s designee. If the director, or the director’s designee, shall find that the change of name is appropriate and all requirements for the name change have been met by the licensee, the director, or the director’s designee, shall approve the change and reflect the new name in the records of the department. At the time of application for change of name, the licensee shall pay to, and for the use of, the state the sum of fifty dollars ($50.00) as a processing fee.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-13. - Revocation of license.

§ 19-14-13. Revocation of license.
(a)
The director, or the director’s designee, may, upon ten (10) days’ notice to the licensee, stating his or her intent to revoke and the grounds for revocation, and upon reasonable opportunity for the licensee to be heard, revoke any license issued under this chapter, upon finding that:
(1)
The licensee has failed to comply with any demand, ruling, order, or requirement of the director, or the director’s designee, lawfully made pursuant to and within the authority of this title;
(2)
The licensee has violated any provisions of this title or § 6-26-2, or any rule or regulation lawfully made by the director, or the director’s designee, under and within the authority of this chapter;
(3)
Any fact or condition exists that, if it had existed at the time of the original application for the license, would have warranted the director, or the director’s designee, in refusing originally to issue the license;
(4)
The licensee has committed any fraud, engaged in any dishonest activities, or made any misrepresentation;
(5)
The licensee has violated any provisions of this title or any regulation issued pursuant to this title;
(6)
The licensee has made a false statement in the application for the license or failed to give a true reply to a question in the application; or
(7)
The licensee has demonstrated incompetency or untrustworthiness to act as a licensee pursuant to this chapter.
(b)
The burden of proving the existence of these facts or conditions as grounds for revocation of a license under this section shall be upon the director, or the director’s designee. The director, or the director’s designee, if he or she has reasonable cause to believe that the grounds for revocation exist, may subpoena and investigate the business, books, and records of the licensee.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-14. - Revocation by default.

§ 19-14-14. Revocation by default.
(a)
The director, or the director’s designee, may revoke any license without a hearing by default if the licensee fails to respond to notifications informing the licensee of a failure to pay the annual license fee; maintain in effect the required bond or bonds; or maintain net worth requirements as required by this title.
(b)
For the purposes of revocation by default, the director, or the director’s designee, shall send, in writing, to the licensee and to the licensee’s registered attorney for service of process at their current respective addresses according to the records of the department, notice of the deficiency and potential revocation of the license. Should the licensee, or the licensee’s registered attorney, fail to respond within fifteen (15) days of the notification, the director, or the director’s designee, may revoke the license by default and without hearing. The director, or the director’s designees, shall notify the licensee of such revocation in writing.
(c)
Any action taken under this section may be appealed pursuant to the Administrative Procedures Act, chapter 35 of title 42.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2012, ch. 65, § 2; P.L. 2012, ch. 145, § 2; P.L. 2014, ch. 106, § 3; P.L. 2014, ch. 125, § 3.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-15. - Suspension of license.

§ 19-14-15. Suspension of license.
The director, or the director’s designee, may, upon three (3) days’ notice and an opportunity for hearing, suspend any license for a period not exceeding thirty (30) days, pending investigation.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-16. - Surrender of license.

§ 19-14-16. Surrender of license.
Any licensee may surrender any license or branch certificate(s) by delivering to the director, or the director’s designee, electronic notice through the Nationwide Multistate Licensing System surrendering the license or branch certificate(s). The surrender shall not affect the licensee’s civil or criminal liability for acts committed prior to the surrender. Electronic notice through the Nationwide Multistate Licensing System of any surrender must be filed with the director, or the director’s designee, within thirty (30) days of the termination of the business authorized by this chapter at the surrendered location. The surrender of any license does not affect the licensee’s requirement to file an annual report with the fifty-five dollar ($55.00) filing fee. This report shall be filed within thirty (30) days of the surrender of the license. The licensee shall give electronic notification through the Nationwide Multistate Licensing System to the director, or the director’s designee, within twenty-four (24) hours from termination of business.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2002, ch. 65, art. 13, § 19; P.L. 2022, ch. 338, § 3, effective June 29, 2022; P.L. 2022, ch. 339, § 3, effective June 29, 2022.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-17. - Contracts unimpaired by revocation, suspension, or surrender of license.

§ 19-14-17. Contracts unimpaired by revocation, suspension, or surrender of license.
Any revocation, suspension, or surrender of a license shall not impair or affect the obligation of any preexisting lawful contract between the licensee and any customer.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-18. - Reinstatement of license.

§ 19-14-18. Reinstatement of license.
Every license issued under this chapter shall remain in force and effect until it shall have been surrendered, revoked, or suspended in accordance with the provisions of this chapter. The director, or the director’s designee, shall have authority on his or her own initiative to reinstate suspended licenses or to issue new licenses to a licensee whose licenses have been revoked if no fact or condition then exists that clearly would have warranted the director, or the director’s designee, in refusing originally to issue the license under this chapter. A license reinstatement fee equal to one half (½) of the annual license fee shall be paid to the director to and for the use of the state.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-19. - Filing findings on revocation or suspension.

§ 19-14-19. Filing findings on revocation or suspension.
Whenever the director, or the director’s designee, shall revoke or suspend a license issued pursuant to this chapter, the director shall file, in his or her office, a written order to that effect containing the evidence and the reason(s) supporting the revocation or suspension, and serve upon the licensee a copy thereof.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-20. - Books, accounts, and records.

§ 19-14-20. Books, accounts, and records.
(a)
The licensee shall keep and use any books, accounts, and records, that may be maintained by optical imaging, as will enable the director, or the director’s designee, to determine whether the licensee is complying with the provisions of this title and with the rules and regulations lawfully made by the director, or the director’s designee.
(b)
If the licensee maintains its records outside of the state of Rhode Island, the licensee shall be responsible for all reasonable costs and expenses incurred by the examining personnel to examine such records.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-21. - Advertising and misrepresentations.

§ 19-14-21. Advertising and misrepresentations.
(a)
No licensee or other person shall advertise, print, display, publish, distribute, telecast, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, telecast, or broadcast, in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for licensed activities. The director, or the director’s designee, may order any licensee or other person to desist from any conduct that he or she shall find to be a violation of the foregoing provisions.
(b)
The director, or the director’s designee, may require that rates of interest or charges, if stated by a licensee, be stated fully and clearly in any manner the director, or the director’s designee, may deem necessary to prevent misunderstanding of the rates or charges by prospective customers.
(c)
The licensee shall disclose in any written or oral advertisements or representation disseminated primarily in this state, the type of license held.
History of Section.
P.L. 1995, ch. 82, § 52.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-24. - Tying with other business.

§ 19-14-24. Tying with other business.
No licensee shall condition any sale on the requirement that the consumer purchase any other product or service from a specified provider including those providers with whom the licensee is sharing office space.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2022, ch. 338, § 3, effective June 29, 2022; P.L. 2022, ch. 339, § 3, effective June 29, 2022.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-26. - Penalty for violations.

§ 19-14-26. Penalty for violations.
(a)
If a person other than a licensee engages in activity for which licensure is required by this title with or on behalf of a resident in violation of this chapter, the department may assess a civil penalty against the person in an amount not to exceed five thousand dollars ($5,000) for each day of violation and/or may order that the person cease and desist from all activities requiring licensure.
(b)
If a licensee materially violates or participates in the violation of any of the applicable provisions of this title, or any regulation promulgated under this title, the department may assess a civil penalty of not more than one thousand dollars ($1,000) for each violation or in the case of identifiable measured transactions per transaction, or by imprisonment not exceeding one year, or both. Each violation constitutes a separate offense. Complaints under the provisions of this chapter may be made by the director, or the director’s designee, and shall not be required to give surety for costs. The attorney general shall prosecute all criminal activities under this chapter.
(c)
A civil penalty under this section continues to accrue until the earlier of the following:
(1)
The date the violation ceases; or
(2)
A date specified by the department.
(d)
In addition to the remedies set forth in subsections (a) and (b) of this section, upon proof of a material violation by a licensee, the department may take any of the following actions:
(1)
Suspend or revoke a license or registration under this chapter;
(2)
Order a person to cease and desist from doing activity for which a license or registration is required with or on behalf of a resident;
(3)
Request the court to appoint a receiver for the assets of a licensee or registrant;
(4)
Request the court to issue temporary, preliminary, or permanent injunctive relief against a licensee or registrant;
(5)
Recover on the bond or security posted by the licensee or registrant; or
(6)
Impose necessary or appropriate conditions on the conduct of business activity with or on behalf of a resident.
(e)
All actions of the department under this section shall be taken in accordance with the requirements of chapter 35 of title 42 (the administrative procedures act).
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 1997, ch. 98, § 9; P.L. 2000, ch. 155, § 1; P.L. 2019, ch. 226, § 1; P.L. 2019, ch. 246, § 1; P.L. 2020, ch. 79, art. 2, § 10.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-14 - Licensed Activities › Section 19-14-26.1. - Additional penalties.

§ 19-14-26.1. Additional penalties.
(a)
Any person who makes or brokers a loan not invalid for any other reason who knowingly violates § 19-14-2 shall, in the discretion of the court, forfeit and have no right to collect or receive any interest, fees, or charges whatsoever.
(b)
In the case of any unlicensed transaction involving lending or loan brokering activities, the amount of interest, fees, or charges previously collected shall be credited to the principal balance of the loan then due and owing or paid to the debtor, at the option of the holder of the loan.
(c)
In the case of any unlicensed check cashing, sale of check, or electronic money transfer transaction, the amount of any fees or charges previously collected shall be paid to the person from whom the fee or charge was collected. In the event that the person who collected the fee or charge is unable to identify the person from whom the fee or charge was collected, the fee or charge shall be paid to the director to and for the use of the state.
History of Section.
P.L. 2000, ch. 155, § 2.