reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-6. - Time and frequency of reports of financial institutions and credit unions.

§ 19-4-6. Time and frequency of reports of financial institutions and credit unions.
Every financial institution and credit union, at those times that the director, or the director’s designee, shall require, but at least once in each calendar year, shall render a report to the director, or the director’s designee, signed and sworn to by its president, or a vice-president, and also by its secretary, treasurer, or auditor, and attested by at least three (3) of the members of its board of directors, showing accurately the condition of the financial institution or credit union at the close of business on any past day specified by the director, or the director’s designee, in the form and containing the information that the director, or the director’s designee, shall require; and the report shall be transmitted to the director, or the director’s designee, within thirty (30) days, exclusive of Sundays and holidays, after the director’s request. At the time of filing each report the sum of fifty-five dollars ($55.00) shall be paid by the financial institution or credit union to the director to and for the use of the state.
History of Section.
P.L. 1995, ch. 82, § 42; P.L. 2002, ch. 65, art. 13, § 18.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-7. - [Repealed.]

§ 19-4-7. [Repealed.]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P.L. 1995, ch. 82, § 42; repealed by P.L. 2022, ch. 338, § 7, effective June 29, 2022; repealed by P.L. 2022, ch. 339, § 7, effective June 29, 2022.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-8. - Delay of reports.

§ 19-4-8. Delay of reports.
Any financial institution or credit union that delays transmission of any of the reports required by this chapter beyond the limits set by this chapter, unless additional time is granted in writing for proper cause by the director, or the director’s designee, shall pay a penalty of twenty-five dollars ($25.00) for each day of delay to and for the use of the state.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-9. - Reports to general assembly.

§ 19-4-9. Reports to general assembly.
The director shall make available, by electronic means, the annual reports filed by all financial institutions and credit unions regulated by him or her and shall provide such reports to members of the public and general assembly upon request.
History of Section.
P.L. 1995, ch. 82, § 42; P.L. 2015, ch. 82, § 9; P.L. 2015, ch. 105, § 9.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-10. - Insurance of deposits.

§ 19-4-10. Insurance of deposits.
Any regulated institution permitted by law to receive deposits, except a financial institution prevented from accepting deposits by its bylaws or agreement to form, shall maintain federal deposit insurance. Failure to maintain federal deposit insurance shall be deemed sufficient cause for the director, or the director’s designee, to revoke the agreement to form or right to do business of the noncomplying regulated institution.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-11. - Summons of witnesses — Obstruction or refusal to give information — Prosecution of violations.

§ 19-4-11. Summons of witnesses — Obstruction or refusal to give information — Prosecution of violations.
The director, or the director’s designee, may summon the directors, trustees, employees, officers, or agents of any regulated institution and any other witnesses that he or she thinks proper, and examine them relative to the affairs, transactions, and condition of the regulated institution, and for that purpose may administer oaths. Whoever, without justifiable cause, refuses to appear and testify when so required, or obstructs the director, or any of the director’s designees, in the performance of his or her duties, shall be punished by a fine not exceeding one thousand dollars ($1,000) or by imprisonment for not more than one year. If any person refuses to furnish any information requested by the director, or any of the director’s designees, under the authority of any chapter in this title, the director, or the director’s designee, may apply to the superior court and that court shall cause the person to come before it and shall inquire into the facts set forth in the application and may commit the person to jail until he or she shall comply with the request. If, in the opinion of the director, or the director’s designee, the regulated institution or its officers or trustees have violated any law relative to the regulated institution, the director, or the director’s designee, may report the violation to the attorney general, who may, on behalf of the state, institute a prosecution or other appropriate proceedings for the violation.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-12. - Order to cease unlawful or unsafe practices — Impairment of capital — Appeal.

§ 19-4-12. Order to cease unlawful or unsafe practices — Impairment of capital — Appeal.
(a)
Whenever it appears to the director, or the director’s designee, that a regulated institution has violated its agreement to form, or any law or regulation, or is conducting its business in an unauthorized or unsafe manner, or the regulated institution has been notified by its federal deposit insurer of its intent to terminate deposit insurance, the director, or the director’s designee, may exercise any or all of the following powers:
(1)
Restrict the withdrawal of deposits when he or she finds the restriction necessary for the protection of depositors;
(2)
Order any person to cease violating any provision of the banking laws of this state or any rule or regulation issued thereunder, or cease engaging in any unsafe or unsound or deceptive banking or credit union practices;
(3)
Order that capital be restored, to the extent that the capital of the financial institution or credit union has been impaired;
(4)
Suspend or remove any director, committee member, officer, or employee who becomes ineligible to hold his or her position or who, after receipt of an order to cease under this chapter, violates the banking laws of this state or a rule, regulation, or order issued thereunder, or who is reckless or incompetent in the conduct of the financial institution’s or credit union’s business. Each suspension or removal order shall specify the grounds therefor, and a copy of the order shall be sent to the financial institution or credit union concerned.
(b)
Any action taken pursuant to subsection (a) may be taken in the director’s, or the director’s designee’s, discretion before or after affording the regulated institution and/or affected individuals an opportunity for hearing. When an action is not preceded by an opportunity for hearing, such an opportunity must be afforded to the regulated institution and/or affected individuals within a reasonable time after the action; provided further, that a request for hearing subsequent to an action by the director, or the director’s designee, shall not act to stay the action of the director, or the director’s designee, pending the outcome of the hearing, although the director, or the director’s designee, may, in his or her discretion, grant a stay. All hearings shall be conducted pursuant to chapter 35 of title 42.
History of Section.
P.L. 1995, ch. 82, § 42; P.L. 2013, ch. 50, § 4; P.L. 2013, ch. 57, § 4.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-13. - Continuance of business after suspension prohibited.

§ 19-4-13. Continuance of business after suspension prohibited.
After suspension of the right of a regulated institution to do business, the regulated institution affected shall cease to have any right to continue its business, except for the purpose of winding up the affairs of the regulated institution. Any officers, directors, or agents of the regulated institution thereafter selling shares of the regulated institution, or soliciting business for the regulated institution, shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not more than one thousand dollars ($1,000) for each offense.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-14. - Appeal of orders — Enforcement.

§ 19-4-14. Appeal of orders — Enforcement.
(a)
Any person or regulated institution aggrieved by a final order of the director, or the director’s designee, made under the authority of this title may appeal to the superior court pursuant to chapter 35 of title 42.
(b)
The director, or the director’s designee, may apply to the superior court to enforce any administrative order issued.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-15. - Examination of books to determine violations — Prosecution of offenses.

§ 19-4-15. Examination of books to determine violations — Prosecution of offenses.
(a)
The director, or the director’s designee, shall have authority to examine, at any time, the accounts, books, and papers of any person in the business of receiving money on deposit, in order to ascertain whether the person has violated or is violating any provision of this title.
(b)
Any person carrying on an unauthorized banking business shall forfeit to the state one thousand dollars ($1,000) a day for every day or part thereof during which the violation continues.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-16. - Rules and regulations.

§ 19-4-16. Rules and regulations.
The director, or the director’s designee, may adopt reasonable rules and regulations for the implementation and administration of this title.
History of Section.
P.L. 1995, ch. 82, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-17. - Unauthorized banking business.

§ 19-4-17. Unauthorized banking business.
(a)
No person, except regulated institutions, including any bank or trust company that has established a trust branch office in this state pursuant to the provisions of § 19-3.1-6(b), or banks or credit unions organized under the laws of the United States or of any other state within the United States shall use any sign at the place where its business is transacted, having on it any name containing the word or words “bank”, “savings bank”, “loan and investment bank”, “trust company”, “credit union”, or other word or words, indicating, in the opinion of the director, or the director’s designee, that the place or office is the place or office of a regulated institution or bank or credit union duly organized under the laws of the United States or of any other state within the United States. The secretary of state shall not accept for filing any articles of association or incorporation, or amendment thereof, containing the word or words without the approval of the director, or the director’s designee.
(b)
No person, except regulated institutions, including any bank or trust company that has established a trust branch office in this state pursuant to the provisions of § 19-3.1-6(b), or other banks or credit unions duly organized under the laws of the United States or of any other state within the United States, shall use or circulate any written or printed, or partly written and partly printed, paper whatsoever, having on it any name or other word or words indicating that its business is the business of a regulated institution or other bank or credit union duly organized under the laws of the United States or of any other state within the United States. No bank or credit union organized under the laws of any other state within the United States shall establish an office within this state or otherwise have a physical presence within this state for the purpose of receiving deposits, paying checks, lending money, or exercising trust powers within this state unless such bank or credit union has received approval from the director, or the director’s designee, for the establishment of an interstate branch office pursuant to chapter 7 of this title. No person except regulated institutions, banks, or credit unions organized under the laws of the United States or of any other state within the United States shall transact business in this state in any way or manner as to lead the public to believe, or as, in the opinion of the director, or the director’s designee, might lead the public to believe, that its business is that of a regulated institution or other bank or credit union duly organized under the laws of the United States or of any other state within the United States.
History of Section.
P.L. 1995, ch. 82, § 42; P.L. 2003, ch. 163, § 1; P.L. 2003, ch. 169, § 1; P.L. 2003, ch. 174, § 3; P.L. 2003, ch. 178, § 3.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-18. - Severability.

§ 19-4-18. 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, § 42.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-4 - Regulatory Oversight › Section 19-4-19. - Resident agent — Financial institutions.

§ 19-4-19. Resident agent — Financial institutions.
Each bank and lending institution doing business in this state, whether acting under state or federal authority, shall maintain a resident agent in this state who shall have authority to endorse insurance claim checks on behalf of those banks and lending institutions, which banks and lending institutions shall include, but are not limited to:
(1)
A bank, savings bank, or trust company, as defined in this title, its affiliates or subsidiaries;
(2)
A bank holding company, as defined in 12 U.S.C. § 1841, its affiliates or subsidiaries;
(3)
Mortgage companies; and
(4)
Any other individual, corporation, partnership, or association authorized to take deposits and/or to make loans of money under the provisions of this title.
History of Section.
P.L. 2022, ch. 338, § 5, effective June 29, 2022; P.L. 2022, ch. 339, § 5, effective June 29, 2022.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-1. - “Credit union” defined.

§ 19-5-1. “Credit union” defined.
In this chapter, the term “credit union” means a cooperative association formed for the purpose of promoting thrift among its members and offering opportunities for members to use and control their own money in order to improve their economic and social condition.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-2. - Incorporation.

§ 19-5-2. Incorporation.
Fifteen (15) or more citizens of this state who have associated themselves by a written agreement to form a credit union may, with the consent of the director, or the director’s designee, become a corporation upon complying with the provisions of §§ 7-6-33 — 7-6-35. The subscribers to the agreement to form shall give notice in writing to the director, or the director’s designee, of their intention to form a credit union by filing a copy of the agreement to form with the director, or the director’s designee. If the director, or the director’s designee, finds:
(1)
That the agreement to form is in conformity with law;
(2)
That the conditions under which the credit union is to be established do not render unlikely the successful financial operation; and
(3)
That the standing of the proposed members is such as to give assurance that its affairs will be administered in accordance with the spirit of this section and that the formation will benefit the proposed membership,
the director, or the director’s designee, may issue an authorization to commence operations.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-3. - Membership of credit unions.

§ 19-5-3. Membership of credit unions.
After organization of any credit union has been completed, nothing in this chapter shall be construed to debar from membership any fraternal organization, voluntary association, partnership, or corporation.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-4. - Contents of bylaws.

§ 19-5-4. Contents of bylaws.
(a)
The director, or the director’s designee, shall promulgate regulations that prescribe the form and content of the credit union’s bylaws that shall, if not contrary to state law, reflect the guidelines of the federal credit union model bylaws and amendment provisions.
(b)
No credit union seeking formation shall operate until the time the director, or the director’s designee, has approved the bylaws. Amendments to the bylaws shall not be operative until approved by the director, or the director’s designee. Any credit union aggrieved by the decision of the director, or the director’s designee, shall have the right to appeal pursuant to chapter 35 of title 42.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-5. - Shares or deposits held jointly.

§ 19-5-5. Shares or deposits held jointly.
Whenever payment for shares or deposits has been made in any credit union in the name of two (2) or more persons and payable to either, or any, or the survivor, payment of the amount due on the shares or deposits, or any part, or any interest, or dividend may be made to any of the persons, whether the other or others are living or not, or to the survivor or survivors of them, or to the guardian, executor, or administrator of them, and the receipt of the person or persons so paid shall be a valid and sufficient release and discharge on account of the payment so made. Nothing in this section authorizes the receipt of savings either in payment for share or on deposit in the name of two (2) or more persons unless at least one of the persons is or becomes a member of the credit union.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-6. - Demand deposits.

§ 19-5-6. Demand deposits.
(a)
A credit union may offer demand deposits to its members provided the following conditions are met:
(1)
That the credit union has shares and deposits of one million dollars ($1,000,000) or more;
(2)
Every credit union 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; and
(3)
That the credit union obtain the approval of the director, or the director’s designee, prior to accepting demand deposits, that approval to be conditioned on compliance with the above requirements and on the soundness of the condition and operation of the credit union.
(b)
If at any time the credit union ceases to comply with subdivisions (1) through (3) above, the director, or the director’s designee, may, upon thirty (30) days’ notice and after an opportunity to be heard, withdraw the authority of the credit union to accept demand deposits. Upon withdrawal the credit union shall accept no further sums to be credited to any demand deposit. After two (2) months from the date of withdrawal of authority, the credit union shall cease to maintain demand deposits.
History of Section.
P.L. 1995, ch. 82, § 43; P.L. 2002, ch. 235, § 1; P.L. 2002, ch. 390, § 1; P.L. 2006, ch. 110, § 1; P.L. 2006, ch. 127, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-7. - Voting rights.

§ 19-5-7. Voting rights.
No person shall be entitled to vote at any meeting who has not been a member of the credit union for more than three (3) months, but this restriction shall not apply during the first year of the existence of the credit union, nor shall it apply during the first three (3) months of the second year to any member who was a member at the end of the first year and who has been a member continuously since that time. No member shall have more than one vote, and no member shall be permitted to vote by proxy, unless expressly authorized by the bylaws or except as otherwise provided in this chapter. Any fraternal organization, voluntary association, partnership, or corporation holding membership may, by duly authorized agent, cast one vote at any meeting, but that agent shall not be eligible to election as an officer or as a member of the board of directors, credit committee, or supervisory committee unless that agent holds membership, as an individual, in the credit union.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-8. - Election and terms of directors.

§ 19-5-8. Election and terms of directors.
(a)
At the annual meeting, the members shall elect a board of directors, the number of which shall be fixed from time to time by the bylaws, provided, however, that there shall be a minimum of five (5) directors. The directors shall be elected to staggered three (3) year terms so that one-third (⅓) of the whole number, or a close approximation of one-third (⅓), shall be elected at each succeeding annual meeting.
(b)
In case of any increase in the number of directors, the length of the initial term of the new director(s) shall be determined in accordance with the requirement that one-third (⅓) of the whole number, or a close approximation of one-third (⅓), shall be elected at each succeeding annual meeting.
(c)
No more than two (2) employees of the credit union shall be permitted to serve as members of the board of directors at any one time.
History of Section.
P.L. 1995, ch. 82, § 43; P.L. 2001, ch. 369, § 2.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-9. - Appointments and terms of supervisory committee members.

§ 19-5-9. Appointments and terms of supervisory committee members.
(a)
The board of directors shall appoint, or the membership shall elect, qualified members to a supervisory committee consisting of no fewer than three (3) members nor more than five (5) members. The director, or the director’s designee, shall issue guidelines defining a “qualified” supervisory committee member. No officers, directors, or employees of the credit union, or immediate family members thereof, shall be members of the supervisory committee.
(b)
Members of the supervisory committee shall be appointed by the board of directors or elected by the membership for no fewer than one nor more than three (3) years, as the bylaws provide. An equal number of members, as nearly as may be, shall be appointed or elected each year.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-10. - Credit committee.

§ 19-5-10. Credit committee.
If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board of directors may appoint, or the members may elect, a credit committee which shall consist of an odd number of members of the credit union. The method used shall be set forth in the bylaws.
History of Section.
P.L. 1995, ch. 82, § 43; P.L. 2011, ch. 347, § 2; P.L. 2011, ch. 387, § 2.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-11. - Duplication of office prohibited — Oaths of office — Record of qualification.

§ 19-5-11. Duplication of office prohibited — Oaths of office — Record of qualification.
(a)
No member of the board of directors, credit committee, supervisory committee, or committees appointed by the board of directors shall serve at the same time as an official in any position of another unaffiliated credit union that is under the supervision of the director. No member of the board of directors shall be a member of either the supervisory committee or the credit committee, nor shall one person be a member of more than one of those committees; all members of those committees, as well as all officers whom they may elect, shall be sworn and shall hold their offices until others are elected and qualified in their place; and a record of every qualification shall be filed and preserved with the records of the credit union.
(b)
Every director, credit committee member, and supervisory committee member, 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 credit union, and will not knowingly violate, or willingly permit to be violated, any of the provisions of this title. This oath shall be immediately transmitted to the director, or the director’s designee, and shall be filed and preserved in the director’s office.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-12. - Powers and duties of directors.

§ 19-5-12. Powers and duties of directors.
The board of directors shall be responsible for the general management of the affairs, funds, and records of the credit union, and shall meet as often as necessary. It shall be the board’s special powers and duties:
(1)
To act upon the expulsion of members;
(2)
To approve or ratify the rate of interest that shall be allowed on deposits;
(3)
To fill vacancies in the board of directors, the supervisory committee, and in the credit committee of the credit union until the election and qualification of officers and directors to fill those vacancies is completed;
(4)
To make recommendations to members relative to the maximum number of shares that may be held by any one member, amendments to the bylaws, and any other matters that, in their opinion, the members should decide;
(5)
To borrow, on behalf of the credit union, and to pledge as security the bonds, notes, mortgages, or other securities of the credit union; provided, however, that this borrowing shall not exceed fifty percent (50%) of the assets of the credit union, unless the director, or the director’s designee, shall give his or her written approval;
(6)
To declare dividends as provided in this chapter.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-13. - Loan applications.

§ 19-5-13. Loan applications.
The credit committee or duly appointed loan officer shall approve, in writing, every loan or advance made by the credit union, subject to any limitations that may be set from time to time by the board of directors. Every application for a loan shall be made in writing and shall state the purpose for which the loan is desired and the security offered. No loan shall be made unless the credit committee or loan officer is satisfied that it promises to benefit the borrower, nor unless it has been approved by the committee or duly appointed loan officer in accordance with applicable credit union bylaw provisions. The applicant for a loan may appeal the decision of the credit committee or loan officer to the board of directors. If written approval of the credit committee or loan officer is obtained, nothing contained in this section shall prevent a credit union from extending credit to a member in any manner in which it sees fit; provided that no extension of credit shall be made upon an unsecured revolving credit plan, line of credit, or letter of credit in which the credit authorization exceeds five thousand dollars ($5,000), unless the credit authorization is reviewed at least annually by the credit committee, if one exists, or by the board of directors.
History of Section.
P.L. 1995, ch. 82, § 43; P.L. 2000, ch. 148, § 1; P.L. 2011, ch. 347, § 2; P.L. 2011, ch. 387, § 2.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-14. - Powers and duties of supervisory committee.

§ 19-5-14. Powers and duties of supervisory committee.
(a)
The supervisory committee shall make, or cause to be made, an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union.
(b)
Following a detailed investigation performed by the supervisory committee that leads the supervisory committee to reasonably conclude that a violation of this chapter or of the bylaws, or any practice of the credit union is unsafe or unauthorized, the supervisory committee, by unanimous vote, may suspend the credit committee, any director, or any officers elected by the board of directors. Written notice of any such suspension shall be given to the director, or the director’s designee, and the deposit insuring agency by registered mail or hand-delivery within twenty-four (24) hours of the vote to suspend. The suspension shall remain in place until the next meeting of the credit union membership called pursuant to its bylaws.
(c)
If the supervisory committee of a credit union is elected by the membership, the supervisory committee shall fill vacancies in its own number until the next annual meeting of the credit union members. If the supervisory committee of a credit union is appointed by the board of directors, the board of directors shall fill vacancies in accordance with the credit union’s bylaws.
History of Section.
P.L. 1995, ch. 82, § 43; P.L. 1997, ch. 98, § 5; P.L. 2006, ch. 622, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-16. - Maximum aggregate liability of one person or company.

§ 19-5-16. Maximum aggregate liability of one person or company.
A credit union shall not permit any person or entity to borrow or guaranty, directly or indirectly, an amount(s), in the aggregate, that exceeds one percent (1%) of its total assets or twenty percent (20%) of the total unimpaired capital, whichever is greater. This limit shall not apply to a loan or loans secured by pledged shares or deposits in the credit union.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-17. - Compensation or loans to officers.

§ 19-5-17. Compensation or loans to officers.
(a)
No member of the board of directors or member of either the credit or supervisory committee shall directly or indirectly borrow from or become surety for any loan or advance made by the credit union, except that any member of the board of directors or any member from either of the committees may borrow from the credit union up to the amount of shares and deposits pledged for the loan or upon prior authorization and approval by the board of directors.
(b)
Any credit union may pay to each of the members of the board of directors, credit committee, and supervisory committee for his or her services as a member of the board or committee(s) a sum that may, from time to time, be fixed by the members at an annual meeting. No officers, directors, or employees may receive any other compensation or fee for services provided to the credit union beyond their compensation as officers, directors, and/or employees.
(c)
The director, or the director’s designee, shall promulgate regulations relating to loans to officers and directors of credit unions. The regulations shall provide for limitations and requirements similar to federal regulations governing loans to officers and directors of financial institutions.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-18. - Expulsion of members.

§ 19-5-18. Expulsion of members.
Credit union management may expel from the credit union any member who has not fulfilled his or her duties toward the credit union; or who has been convicted of a criminal offense; or who neglects or refuses to comply with the provisions of this chapter or of the credit union’s bylaws; or who habitually neglects to pay debts; or who shall become insolvent or bankrupt; or who shall have deceived the credit union with regard to the use of borrowed money, but no member shall be expelled until credit union management has provided the member a notice in writing of the charges against him or her. The member shall have the right to file a written appeal to the board of directors to reconsider the expulsion notice. The written appeal must be filed within ten (10) business days of the receipt of expulsion notice. No such expulsion shall operate to relieve the member from any remaining liability to the credit union.
History of Section.
P.L. 1995, ch. 82, § 43; P.L. 2017, ch. 8, § 1; P.L. 2017, ch. 22, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-19. - Dividends.

§ 19-5-19. Dividends.
At those intervals that the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates, and at different rates on different types of share draft accounts. Dividends may be declared, in whole or in part, from profits or undivided earnings. Dividends credited may be accrued on various types of shares, share certificates, and share draft accounts as authorized by the board of directors.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-20. - Regular reserve.

§ 19-5-20. Regular reserve.
Each credit union shall establish and maintain a regular reserve, as provided by the Federal Credit Union Act, 12 U.S.C. § 1751 et seq. The director, or the director’s designee, shall approve or deny any charges to the reserve.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-21. - Destruction of records.

§ 19-5-21. Destruction of records.
A credit union may, in accordance with rules and regulations that the director, or the director’s designee, may adopt, destroy its records that have become obsolete.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-22. - Tax on deposits.

§ 19-5-22. Tax on deposits.
The capital stock, corporate franchises, and personal property, but not the real estate, of credit unions shall be exempt from taxation; provided, however, that every credit union shall annually pay to the general treasurer forty cents (40¢) on each one hundred dollars ($100) deposited with the credit union in the same manner as in financial institutions, the sums to be ascertained from a report to be made by the credit union to the director, or the director’s designee, on or before the fifteenth day in July of each year, of the total amount of the deposits in the credit union on the last business day in June in that year, and to be paid on or before the first Monday in August.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-23. - Conversion.

§ 19-5-23. Conversion.
(a)
A credit union may be converted into a federal credit union, and a federal credit union may be converted into a credit union, by complying with all the requirements of applicable federal and state law.
(b)
A federal credit union shall become a credit union when its agreement to form has been approved by the director, or the director’s designee, under this chapter and when it has filed a copy of its agreement to form with the national credit union administration and complied with all other requirements of federal law.
(c)
A credit union shall become a federal credit union upon the granting of a federal credit union charter to it and the completion of all other requirements of federal law necessary to be completed to become an operating federal credit union, and upon the filing with the director, or the director’s designee, a certified vote of the majority of the credit union members present at a meeting called, in accordance with the credit union’s bylaws, for the purpose of considering a conversion to a federal charter. The converting credit union shall then file with the director, or the director’s designee, a certified copy of the federal credit union charter and shall surrender its copy of its agreement to form, or file proof that the agreement to form has been lost.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-25. - Exercise of same powers as federal credit unions.

§ 19-5-25. Exercise of same powers as federal credit unions.
A credit union may engage in any activity authorized by law or regulation for federal credit unions that, in the opinion of the director, or the director’s designee, is not unsafe and unsound for the credit union.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-26. - Liquidity reserves.

§ 19-5-26. Liquidity reserves.
Every credit union shall maintain liquidity reserves equal to an amount as determined in the credit union’s liquidity and funds management policy as established and adopted by the board of directors of the credit union. Failure to adopt an adequate funds management policy shall be considered an unsafe and unsound practice.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-27. - Interstate credit unions.

§ 19-5-27. Interstate credit unions.
A credit union chartered in another state shall be permitted to do business in Rhode Island if credit unions may do business in the other state, under terms and conditions no more onerous than the laws of the state of Rhode Island, as determined by the director, or the director’s designee. The standards for interstate activities shall be the same as those for financial institutions.
History of Section.
P.L. 1995, ch. 82, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-28. - Severability.

§ 19-5-28. 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, § 43.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5 - Credit Unions › Section 19-5-29. - Savings promotion raffle.

§ 19-5-29. Savings promotion raffle.
(a)
If authorized by the credit union board of directors, a credit union registered to do business in the State of Rhode Island may conduct a savings promotion raffle, provided that it has given the department of business regulation prior written notice of its intent to conduct such a raffle. Said notice shall include an attestation that the raffle meets all requirements of all applicable laws and regulations including, but not limited to, the national credit union administration (NCUA) regulations and guidelines related to such contests; that the raffle will be administered in a manner that is fair and non-discriminatory to credit union members; and that there will be no adverse impact on the financial condition of the credit union as a result of the proposed savings promotion raffle. The credit union shall conduct a savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A credit union shall not conduct a savings promotion raffle in a manner that jeopardizes the credit union’s safety and financial soundness or misleads its members.
(b)
Pursuant to his or her supervisory powers the director of the department of business regulation may examine the conduct of a savings promotion raffle at any time. The director may issue a cease and desist order for a violation of this section.
(c)
A credit union shall maintain records sufficient to facilitate an audit of a savings promotion raffle.
(d)
As used in this section, “savings promotion raffle” means a raffle conducted by a credit union where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the credit union.
History of Section.
P.L. 2010, ch. 222, § 1; P.L. 2011, ch. 59, § 1; P.L. 2011, ch. 71, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5.1 - Credit Union Conversion Act of 2001 › Section 19-5.1-1. - Short title.

§ 19-5.1-1. Short title.
This chapter shall be known and may be cited as “The Credit Union Conversion Act of 2001.”
History of Section.
P.L. 2001, ch. 233, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-5.1 - Credit Union Conversion Act of 2001 › Section 19-5.1-2. - Definitions.

§ 19-5.1-2. Definitions.
Terms used in this chapter shall have the same meaning as set forth in §§ 19-1-1 and 19-5-1, unless another meaning is expressed or is clearly apparent from the language or context.
History of Section.
P.L. 2001, ch. 233, § 1.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-6 - Bank Holding Companies › Section 19-6-1. - Definitions.

§ 19-6-1. Definitions.
For purposes of this chapter:
(1)
“Company”, “control”, and “subsidiary” have the meaning set forth in the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq.
(2)
“Rhode Island bank-holding company” means any company, association, partnership, corporation, or any other entity, however formed, that controls a regulated institution.
History of Section.
P.L. 1995, ch. 82, § 44.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-6 - Bank Holding Companies › Section 19-6-2. - Examination powers.

§ 19-6-2. Examination powers.
Whenever the director, or the director’s designee, considers it advisable, he or she may make, or cause to be made, an examination of each Rhode Island bank-holding company. The director, or the director’s designee(s), may also examine any deposit-taking subsidiary of the bank-holding company that fails to meet its minimum capital requirements under applicable federal law, or has received from its principal bank regulator, as its last composite rating based on capital, asset quality, management, earnings, and liquidity (CAMEL) or similar regulatory rating, a three, four, five, or other unsatisfactory rating. The director, or the director’s designee, shall have the same examination power and authority as he or she has for the examination of regulated institutions. The total cost of these examinations shall be paid in the same manner as other regulated institutions pursuant to this title. In lieu of this examination, the director, or the director’s designee, shall accept the report of an examination made within the last fifteen (15) months by any federal bank regulatory agency or the equivalent supervisory official of another state, pursuant to the laws of that state.
History of Section.
P.L. 1995, ch. 82, § 44.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-6 - Bank Holding Companies › Section 19-6-3. - Time and frequency of reports of Rhode Island bank-holding companies.

§ 19-6-3. Time and frequency of reports of Rhode Island bank-holding companies.
(a)
Every Rhode Island bank-holding company shall file an annual financial report with the director, or the director’s designee, signed and sworn to by its president or a vice-president and also by its secretary, treasurer, or auditor, showing the condition of the Rhode Island bank-holding company at the close of business on any past day specified by the director, or the director’s designee. The report shall be transmitted to the director, or the director’s designee, within thirty (30) days of request, exclusive of Sundays and holidays. At the time of filing each report, the sum of fifty dollars ($50.00) shall be paid by the Rhode Island bank-holding company to the director to and for the use of the state. A penalty of twenty-five dollars ($25.00) per day for each day the report is delayed shall be paid to the director to and for the use of the state.
(b)
Copies of reports prepared for federal regulatory authorities may be filed in lieu of the above within the time frame required for federal reports, with the above fees.
History of Section.
P.L. 1995, ch. 82, § 44.
2023 Rhode Island General Laws › Title 19 - Financial Institutions › Chapter 19-6 - Bank Holding Companies › Section 19-6-4. - Severability.

§ 19-6-4. 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, § 44.