reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-24 - Mortgages of Personal Property › Section 34-24-8. - Agreements affecting landlord’s interests — Agreements to subordinate prior liens.

§ 34-24-8. Agreements affecting landlord’s interests — Agreements to subordinate prior liens.
An assignment of or an agreement affecting any rights or interests of a landlord or owner of premises occupied by a tenant or person planting on shares, or an agreement to subordinate a prior lien or encumbrance on real property, may be recorded in the land records in the office of the clerk of the town in which the premises are situated, and the clerk shall in each case enter a reference to the record of the subordination agreement on the margin of the record of the instrument affected thereby. Any agreement herein provided for shall be valid and enforceable against the party executing the agreement from the time of execution and delivery thereof and against all creditors of the party and all persons claiming under or through the party from the time of the recording thereof.
History of Section.
P.L. 1935, ch. 220, § 4; G.L. 1938, ch. 443, § 4; G.L. 1956, § 34-24-8; P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-24 - Mortgages of Personal Property › Section 34-24-9 - — 34-24-13. Repealed.

§ 34-24-9 — 34-24-13. Repealed.
History of Section.
P.L. 1935, ch. 2200, §§ 5-8; P.L. 1936, ch. 2389, § 1; G.L. 1938, ch. 443, §§ 5-8; G.L. 1956, §§ 34-24-9 to 34-24-13; Repealed by P.L. 1960, ch. 147, § 2. For the present provisions of law, see Uniform Commercial Code, title 6A.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-1. - Real estate mortgage to secure future loans — Amounts and purposes of loans covered.

§ 34-25-1. Real estate mortgage to secure future loans — Amounts and purposes of loans covered.
(a)
Whenever a mortgage deed in statutory form or other form mortgaging real property is entitled at the beginning thereof “Mortgage to secure present and future loans under §§ 34-25-1 — 34-25-5” and contains in its provisions a provision to the effect that it is intended to secure present and future loans and states a maximum amount as the total of the principal amount of loans to be secured thereby, hereinafter referred to as the stated maximum amount, the mortgage deed shall be security from the time of its recording in the records for recording real estate mortgages in the city or town in which the real property mortgaged therein is located for all loans which at the time of or before the recordings are made or agreed to be made by the mortgagee to the mortgagor on the security of the mortgage and shall also constitute security from the time of its recording for all additional loans made from time to time by the mortgagee to the mortgagor on the security of the mortgage after the recording of the mortgage and prior to its discharge of record, whether or not made after reduction of the principal of any loan made on the security of the mortgage. The mortgage shall also be security for interest, taxes, insurance premiums and other obligations undertaken by such mortgagor in the mortgage deed or in the note or notes secured thereby, notwithstanding that the interest, taxes, insurance premiums and other obligations, when added to the total principal amount of the loans outstanding at any time, may cause the amount secured by the mortgage to exceed the stated maximum amount.
(b)
Provided, however, that such stated maximum amount shall not be an amount which exceeds by more than three thousand dollars ($3,000) the total of the principal amount of loans which at the time of or before the recording the mortgagee made or agreed to make to the mortgagor.
(c)
And provided further, that that portion of the total amount of the principal of all loans outstanding at any one time made on the security of the mortgage in excess of the stated maximum amount shall not, to the extent of such excess, be secured by the mortgage while the total amount outstanding is in excess of the stated maximum amount.
History of Section.
G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; G.L. 1956, § 34-25-1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-2. - Priority of future loan mortgages over encumbrances not previously recorded.

§ 34-25-2. Priority of future loan mortgages over encumbrances not previously recorded.
The mortgage and the rights established therein shall, to the extent of the loans secured thereby, and interest, taxes, insurance premiums, and other obligations secured thereby, have full priority over all mortgages, liens and encumbrances which have not been recorded prior to such recording of the mortgage deed except as otherwise hereinafter provided.
History of Section.
G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; G.L. 1956, § 34-25-2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-3. - Priority of attachment, execution, or lis pendens over subsequent loans.

§ 34-25-3. Priority of attachment, execution, or lis pendens over subsequent loans.
If, after the recording of the mortgage, any writ of attachment attaching the real estate mortgaged under the mortgage or any execution against the real estate or any notice of lis pendens affecting the real estate is recorded in the records of the city or town, loans on the security of the mortgage, made after the attachment, execution or lis pendens becomes so of record, shall not have priority over the attachment, execution or notice of lis pendens, except that loans which the mortgagee at or before the recording of the mortgage made or agreed with the mortgagor to make on the security of the mortgage and additional loans made on the security of the mortgage pursuant to the provisions of §§ 34-25-1 — 34-25-5 prior to such recording of the attachment, execution or lis pendens, together with interest thereon, and the taxes, insurance premiums and obligations of the mortgagor as the mortgagee has agreed, or which the mortgagor has given the mortgagee the right, to pay in connection with the mortgage, shall continue to have priority over the attachment, execution or lis pendens.
History of Section.
G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; G.L. 1956, § 34-25-3.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-4. - Relinquishment of security as to additional loans — Stipulation as to amount due.

§ 34-25-4. Relinquishment of security as to additional loans — Stipulation as to amount due.
If the mortgagor shall desire that the privilege shall be terminated of having the mortgage constitute security for further loans in addition to the loans which the mortgagee at or before the recording of the mortgage made or agreed with the mortgagor to make on the security of the mortgage, and shall desire that the principal amount of loans made or agreed upon prior to the recording on the security of the mortgage and loans made after the recording shall be established as a matter of record, and if the mortgagor shall in writing by registered or certified mail notify the mortgagee of such desire. The mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice a stipulation in writing setting forth the principal amount of loans made or agreed to be made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional loans made to the mortgagor subsequent to the receipt of the written notice except loans which the mortgagee prior to receipt of the notice agreed to make to the mortgagor. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any such stipulation shall not exceed four dollars ($4.00).
History of Section.
G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; P.L. 1956, ch. 3717, § 1; G.L. 1956, § 34-25-4; P.L. 1986, ch. 331, § 2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-5. - Mortgages to which §§ 34-25-1 — 34-25-5 apply.

§ 34-25-5. Mortgages to which §§ 34-25-1 — 34-25-5 apply.
(a)
“Mortgage,” as used in §§ 34-25-1 — 34-25-5, means a real estate, mortgage deed or real estate mortgage instrument entitled “Mortgage to secure present and future loans under §§ 34-25-1 — 34-25-5,” and which includes in its provisions the aforesaid provision to the effect that it is intended to secure present and future loans and which states a maximum amount as the total of the amount of loans to be secured thereby; but §§ 34-25-1 to 34-25-6 shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before April 29, 1952, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it contains the provisions required in § 34-25-1 and is also entitled at the beginning thereof “Mortgage to secure present and future loans under §§ 34-25-1 to 34-25-5.”
(b)
“Mortgagor,” as used in §§ 34-25-1 — 34-25-5, means and includes wherever applicable the mortgagor and mortgagors named in the “mortgage,” his, her, its or their heirs, executors, administrators, successors or assigns.
(c)
“Mortgagee,” as used in §§ 34-25-1 — 34-25-5, means and includes wherever applicable the mortgagee and mortgagees named in the “mortgage,” his, her, its or their executors, administrators, successors or assigns.
History of Section.
G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; G.L. 1956, § 34-25-5.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-6. - Mortgagees authorized to take future loan mortgages.

§ 34-25-6. Mortgagees authorized to take future loan mortgages.
(a)
Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States of America, credit unions subject to the provisions of chapter 21 of title 19, and other financial institutions are expressly authorized to make loans secured by mortgages entitled as provided in § 34-25-1 and containing the provision required in § 34-25-1 to be contained in the provisions of such mortgages, provided that such loans comply in other respects with the requirements of law relating to loans secured by real estate mortgages made by such institutions.
(b)
Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of §§ 34-25-1 — 34-25-5.
History of Section.
P.L. 1952, ch. 3018, § 4; G.L. 1956, § 34-25-6.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-7. - Application of mortgages to after-acquired property of public utilities.

§ 34-25-7. Application of mortgages to after-acquired property of public utilities.
Notwithstanding the provisions of chapter 9 of title 6A, whenever any public utility, as defined in chapter 1 of title 39, shall have given a mortgage expressly including real or personal property to be acquired after the date of the execution of the mortgage, and the mortgage shall have been duly recorded, no further deed, conveyance or recording, or delivery of possession from the mortgagor to the mortgagee, his, her, or its heirs, executors, administrators, successors, or assigns shall be required as to any real or personal property situated in any town or city in which the mortgage shall have been duly recorded, if real property, or the office of the secretary of state, if personal property, and all right, title and interest of the public utility in and to any real or personal property situated in any town or city in which the mortgage shall have been duly recorded, if real property, or the office of the secretary of state, if personal property, and acquired by the mortgagor after the execution and prior to the discharge of the mortgage, unless otherwise expressly provided in the mortgage, shall vest in the mortgagee, his, her, or its heirs, executors, administrators, successors, or assigns, subject to the terms of the mortgage, as against all persons whatsoever, immediately upon the acquisition of the real or personal property by the mortgagor.
History of Section.
G.L. 1938, ch. 302, § 19; P.L. 1929, ch. 1367, § 1; G.L. 1938, ch. 442, § 19; G.L. 1956, § 34-25-7; P.L. 1960, ch. 147, § 3.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-8. - Open-end mortgages.

§ 34-25-8. Open-end mortgages.
Whenever a mortgage deed in statutory form or other form mortgaging real property is clearly entitled at the beginning thereof “Open-end mortgage to secure present and future loans under chapter 25 of title 34” and in all other respects complies with the requirements of § 34-25-9, the mortgage deed shall be security from the time of its recording in the records for recording real estate mortgages in the city or town in which the real property mortgaged therein is located for all mortgage debt secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the stated amount of such mortgage deed, whether or not the future advances are agreed to be made at the time of recording such mortgage deed and whether or not the mortgages readvances principal sums repaid. The mortgage shall also be security for interest, taxes, insurance premiums and such other obligations as are undertaken by the mortgagor in the mortgage deed or in the note or notes or agreement secured thereby, notwithstanding that the interest, taxes, insurance premiums and other obligations, when added to the total principal amount of such loans outstanding at any time may cause the amount secured by the mortgage deed to exceed the stated maximum amount. The application of this section shall be retroactive to June 1, 1983.
History of Section.
P.L. 1983, ch. 230, § 1; P.L. 1984, ch. 238, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-9. - Form of open-end mortgage.

§ 34-25-9. Form of open-end mortgage.
In order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:
(1)
The mortgage deed shall contain specific provisions permitting the future advances;
(2)
At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;
(3)
All future advances shall be evidenced by a note or notes and/or an agreement signed by the obligor whose indebtedness is secured by the mortgage deed;
(4)
The original mortgage deed shall be executed and recorded on or after June 1, 1983; and
(5)
The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25-10(b) and 34-25-11. The application of this section shall be retroactive to June 1, 1983.
History of Section.
P.L. 1983, ch. 230, § 1; P.L. 1984, ch. 238, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-10. - Priority of open-end mortgages over encumbrances not previously recorded.

§ 34-25-10. Priority of open-end mortgages over encumbrances not previously recorded.
(a)
The mortgage deed and the rights established therein, shall, to the extent of the loans secured thereby, and interest, taxes, insurance premiums and other obligations as secured thereby, have full priority over all mortgages, liens and encumbrances which have not been recorded prior to the recording of the mortgage deed except as otherwise hereinafter provided.
(b)
If, after the recording of the mortgage deed, any writ of attachment attaching the real estate mortgaged under the mortgage deed or any execution against the real estate or any notice of lis pendens affecting the real estate or any subsequent mortgage or lien against such real estate be recorded in the records of the city or town, any optional or nonobligatory advances secured by the mortgage deed which are made by the mortgagee after receipt of written notice by the mortgagee at the address provided for such purpose in the mortgage deed, shall not have priority over the lien of the writ of attachment, execution, lis pendens or subsequent mortgage or lien, except that any obligatory advances which the mortgagee agreed to make by agreement entered into with mortgagor prior to receipt of written notice and any taxes, insurance premiums and obligations of the mortgagor as the mortgagee has agreed, or which the mortgagor has given the mortgagee the right, to pay in connection with the mortgage deed, shall continue to have priority over the writ of attachment, execution, lis pendens, or subsequent mortgage or lien. For the purposes of this chapter, an “obligator advance” is defined as any advance or principal which the mortgagee is obligated to make, absent the occurrence of an event of default under the mortgage or any corresponding loan agreement or notes, on or before a specified date or time or upon application therefor by the mortgagor or other obligor whose indebtedness is secured by the mortgage.
History of Section.
P.L. 1983, ch. 230, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-11. - Relinquishment of security as to additional future advances — Stipulation as to amount due.

§ 34-25-11. Relinquishment of security as to additional future advances — Stipulation as to amount due.
If the mortgagor desires to terminate the privilege of having the mortgage constitute security for further future advances in addition to all advances theretofore made by the mortgagee on the security of the mortgage, and desires to establish the then principal amount of loans outstanding and made on the security of the mortgage as a matter of record, the mortgagor shall, in writing, by registered or certified mail, send to the mortgagee at the address provided for such purpose in the mortgage, notice of the desire, then the mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice, a stipulation, in writing, setting forth the then unpaid principal amount of loans outstanding and made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional future advances made to the mortgagor subsequent to the receipt of written notice. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any stipulation shall not exceed ten dollars ($10.00).
History of Section.
P.L. 1983, ch. 230, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-12. - Discharge of open-end mortgage.

§ 34-25-12. Discharge of open-end mortgage.
(a)
Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge the mortgage until the mortgagee receives full satisfaction for the money due thereon and receives such written agreements as the mortgagee shall reasonably request releasing the mortgagee from any further obligation to make future advances under any and all notes and agreements theretofore secured by the mortgage deed.
(b)
Notwithstanding the provisions of any agreement by and between the mortgagee and the mortgagor or any other person, the mortgagee under the mortgage shall have the option to discharge any mortgage if there has existed no outstanding indebtedness thereunder for a continuous period of not less than two (2) years, and effective upon the recording of the discharge, the mortgagee shall be released and discharged from any further obligation to make any loans or advances under any notes or agreements executed in connection with the mortgage.
History of Section.
P.L. 1983, ch. 230, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-13. - Mortgages to which §§ 34-25-8 — 34-25-14 apply.

§ 34-25-13. Mortgages to which §§ 34-25-8 — 34-25-14 apply.
(a)
“Mortgage,” as used in §§ 34-25-8 — 34-25-14, means a real estate mortgage deed or real estate mortgage instrument entitled, “Open-end mortgage to secure present and future loans under chapter 25 of title 34”, and which includes in its provisions the terms and elements set forth in § 34-25-9; but this chapter shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before June 1, 1983, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it complies with the requirements of this chapter.
(b)
“Mortgagor”, as used in §§ 34-25-8 — 34-25-14, means and includes the mortgagor and mortgagors named in the “mortgage,” and his, her, its or their heirs, executors, administrators, successors, or assigns, as the case may be.
History of Section.
P.L. 1983, ch. 230, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25 - Future Loans and After-Acquired Property › Section 34-25-14. - Mortgagees authorized to take open-end mortgages.

§ 34-25-14. Mortgagees authorized to take open-end mortgages.
(a)
Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States, credit unions subject to the provisions of chapter 21 of title 19, loan and investment banks subject to the provisions of chapter 20 of title 19 and other financial institutions are expressly authorized to make loans secured by mortgages entitled as provided in § 34-25-8 and containing the provisions required in §§ 34-25-8 and 34-25-9 to be contained in the provisions of such mortgages; provided, that such loans comply in other respects with the requirements of law, if any, relating to loans secured by real estate mortgages made by those institutions.
(b)
Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of §§ 34-25-8 — 34-25-14.
History of Section.
P.L. 1983, ch. 230, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-1. - Reverse mortgages.

§ 34-25.1-1. Reverse mortgages.
Whenever a mortgage deed in statutory form or other form mortgaging real property is clearly entitled at the beginning thereof, reverse mortgage to secure present and future loans under chapter 25 of this title and in all other respects complies with the requirements of § 34-25.1-2, the mortgage deed shall be security from the time of its recording in the records for recording real estate mortgages in the city or town in which the real property mortgaged therein is located for all mortgage debt secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the stated amount of such mortgage deed, whether or not the future advances are agreed to be made at the time of recording such mortgage deed and whether or not the mortgages readvances principal sums repaid. The mortgage shall also be security for interest, taxes, insurance premiums, and such other obligations as are undertaken by the mortgagor in the mortgage deed or in the note or notes secured thereby, notwithstanding that interest, taxes, insurance premiums, and other obligations, when added to the total principal amount outstanding, at any time may cause the amount secured by the mortgage deed to exceed the stated maximum amount.
History of Section.
P.L. 1986, ch. 475, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-2. - Form of reverse mortgage.

§ 34-25.1-2. Form of reverse mortgage.
In order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:
(1)
The mortgage deed shall contain specific provisions permitting future advances;
(2)
At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;
(3)
All future advances shall be evidenced by a note or notes signed by the obligor whose indebtedness is secured by the mortgage deed;
(4)
The original mortgage deed shall be executed and recorded on or after January 1, 1985; and
(5)
The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25.1-3(b) and 34-25.1-4.
History of Section.
P.L. 1986, ch. 475, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-3. - Priority over encumbrances not previously recorded.

§ 34-25.1-3. Priority over encumbrances not previously recorded.
(a)
The mortgage deed and the rights established therein, shall, to the extent of the loans secured thereby, and interest, taxes, insurance premiums and other obligations as secured thereby, have full priority over all mortgages, liens and encumbrances which have not been recorded prior to the recording of the mortgage deed except as otherwise hereinafter provided.
(b)
If, after the recording of the mortgage deed, any writ of attachment attaching the real estate mortgaged under the mortgage deed or any execution against the real estate or any notice of lis pendens affecting the real estate or any subsequent mortgage or lien against the real estate be recorded in the records of the city or town, any optional or nonobligatory advances secured by the mortgage deed which are made by the mortgagee after receipt of written notice by the mortgagee at the address provided for such purpose in the mortgage deed, shall not have priority over the lien of the writ of attachment, execution, lis pendens or subsequent mortgage or lien, except that any obligatory advances which the mortgagee agreed to make by agreement entered into with mortgagor prior to receipt of written notice and any taxes, insurance premiums and obligations of the mortgagor that the mortgagee has agreed, or which the mortgagor has given the mortgagee the right, to pay in connection with the mortgage deed, shall continue to have priority over the writ of attachment, execution, lis pendens, or subsequent mortgage or lien. For the purposes of this chapter, an “obligatory advance” shall be defined as any advance of principal which the mortgagee is obligated to make, absent the occurrence of an event of default under the mortgage or any corresponding loan agreement or notes, on or before a specified date or time or upon application therefor by the mortgagor or other obligor whose indebtedness is secured by the mortgage.
History of Section.
P.L. 1986, ch. 475, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-4. - Relinquishment of security as to additional future advances — Stipulation as to amount due.

§ 34-25.1-4. Relinquishment of security as to additional future advances — Stipulation as to amount due.
If the mortgagor desires to terminate the privilege of having the mortgage constitute security for further future advances in addition to all advances theretofore made by the mortgagee on the security of the mortgage, and desires to establish the then principal amount of loans outstanding and made on the security of such mortgage as a matter of record, then the mortgagor shall, in writing, by registered or certified mail, send to mortgagee at the address provided for such purpose in the mortgage, notice of such desire, the mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice, a stipulation, in writing, setting forth the then unpaid principal amount of loans outstanding and made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional future advances made to the mortgagor subsequent to the receipt of the written notice. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any stipulation shall not exceed ten dollars ($10.00).
History of Section.
P.L. 1986, ch. 475, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-5. - Discharge of reverse mortgage.

§ 34-25.1-5. Discharge of reverse mortgage.
(a)
Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge such mortgage until such mortgagee receives full satisfaction for the money due thereon and such written agreements as the mortgagee shall reasonably request releasing such mortgagee from any further obligation to make future advances under any and all notes and agreements theretofore secured by such mortgage deed.
(b)
Notwithstanding the provisions of any agreement by and between the mortgagee and the mortgagor or any other person, the mortgagee under any such mortgage shall have the option to discharge any such mortgage if there has existed no outstanding indebtedness thereunder for a continuous period of not less than two (2) years, and effective upon the recording of such discharge, such mortgagee shall be released and discharged from any further obligation to make any loans or advances under any notes or agreements executed in connection with such mortgage.
History of Section.
P.L. 1986, ch. 475, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-6. - Mortgages to which this chapter applies.

§ 34-25.1-6. Mortgages to which this chapter applies.
(a)
“Mortgage,” as used in this chapter, means a real estate mortgage deed or real estate mortgage instrument entitled, “Reverse mortgage to secure present and future loans under chapter 25.1 of title 34,” and which includes in its provisions the terms and elements set forth in § 34-25.1-2; but this chapter shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before January 1, 1985, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it complies with the requirements of this chapter.
(b)
“Mortgagor,” as used in this chapter, means and includes the mortgagor and mortgagors named in the “mortgage,” and his, her, its or their heirs, executors, administrators, successors or assigns, as the case may be.
History of Section.
P.L. 1986, ch. 475, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-8. - Mortgagees authorized to take reverse mortgages.

§ 34-25.1-8. Mortgagees authorized to take reverse mortgages.
(a)
Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States of America, credit unions subject to the provisions of chapter 21 of title 19, loan and investment banks subject to the provisions of chapter 20 of title 19 and other financial institutions are expressly authorized to make loan secured by mortgages entitled as provided in § 34-25.1-1 and containing the provisions required in §§ 34-25.1-1 and 34-25.1-2 to be contained in the provisions of the mortgages; provided that such loans comply in other respects with the requirements of law, if any, relating to loans secured by real estate mortgages made by such institutions and with the requirements of this chapter.
(b)
Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of this chapter.
(c)
All reverse mortgage loan officers must be registered and/or licensed under Rhode Island general laws § 19-14-1 et seq. as mortgage loan originators, unless otherwise exempt.
(d)
The authority of the director of the department of business regulation or his or her designee to revoke licenses pursuant to chapter 19-14-13 shall apply to any lender that fails to comply with the requirements of this chapter.
History of Section.
P.L. 1986, ch. 475, § 1; P.L. 2008, ch. 19, § 1; P.L. 2008, ch. 21, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-10. - Pre-closing disclosures.

§ 34-25.1-10. Pre-closing disclosures.
At least three (3) business days before closing of the loan, all mortgagees, or their authorized representative who is then duly licensed by the Rhode Island department of business regulation as lender or as a loan broker shall provide in writing all of the following information to, each prospective reverse mortgage mortgagor:
(1)
All information as shall be required to be disclosed in connection with a reverse mortgage loan pursuant to the Truth in Lending Act (15 U.S.C. § 1601 et seq.), Regulation Z (12 CFR Part 226), and 12 U.S.C. § 1715z-20 and the federal regulations promulgated with respect thereto (including without limitation 24 CFR Part 206); and
(2)
All other information as shall be required to be disclosed by the director of the department of business regulation.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2; P.L. 2011, ch. 363, § 15.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-11. - Annual account statements and other required disclosures.

§ 34-25.1-11. Annual account statements and other required disclosures.
(a)
At the closing of the reverse mortgage loan, the mortgagee shall provide to the mortgagor(s) contact information for the mortgagee’s (or its assignee’s or servicing agent’s, as the case may be) employee(s) or agent(s) who have been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the mortgagee (or its assignee or servicing agent, as the case may be) to mortgagor(s) at least annually, and whenever this contact information concerning the designated employee(s) or agent(s) changes.
(b)
On an annual basis and when the loan becomes due, the mortgagee shall issue to the mortgagor, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:
(1)
The outstanding balance of the loan at the beginning of the statement period;
(2)
Disbursements to the mortgagor;
(3)
The total amount of interest added to the outstanding balance of the loan;
(4)
Any property taxes, hazard insurance premiums, mortgage insurance premiums, or assessments paid by the mortgagee;
(5)
Payments made to the mortgagee;
(6)
The total mortgage balance owed to date;
(7)
The remaining amount available to the mortgagor in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one or more lump sum amounts; and
(8)
All other information as shall be required to be disclosed by the director of the department of business regulation.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-12. - Non-binding on the applicant.

§ 34-25.1-12. Non-binding on the applicant.
An applicant for a reverse mortgage loan shall not be bound for at least three (3) business days after all of the following shall have occurred: (1) The applicant’s execution and delivery to the mortgagee of a fully completed application for the reverse mortgage loan; (2) The applicant’s delivery to the mortgagee of the requisite fully completed and executed certificate in proper form evidencing the applicant’s completion of the counseling required pursuant to § 37-25.1-9 (as to any reverse mortgage loan that is exempt, pursuant to subsection 34-25.1-9(g), from the requirements of subsections 34-25.1-9(b), (c) and (e), such certificate must meet the requirements of 12 U.S.C. § 1715z-20 and the federal regulations promulgated with respect thereto); and (3) The applicant’s receipt, in writing, of all of the information required to be disclosed pursuant to § 37-25.1-10. No reverse mortgage loan shall be closed prior to the expiration of this three (3) business day period, and this three (3) business day period shall be in addition to any right of rescission the mortgagors may have following the closing of the loan. In addition, no costs in connection with the application and processing of a proposed reverse mortgage loan shall be imposed upon any applicant for a reverse mortgage until the events described in subsections 34-25.1-12(1) and (2) have occurred. Each mortgagee shall inform each applicant in writing of the applicant’s rights pursuant to § 34-25.1-12 simultaneously with providing the application to the applicant for completion.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-13. - Attorneys-in-fact — Guardians.

§ 34-25.1-13. Attorneys-in-fact — Guardians.
All mortgagees shall require any person who executes reverse mortgage loan documents as attorney-in-fact for another to deliver at the closing a written, notarized certification as to all of the following: (1) That the power of attorney is then in full force and effect and has not been revoked or otherwise terminated; and (2) That the attorney-in-fact acknowledges his or her fiduciary obligations to the principal pursuant to the power of attorney with respect to the reverse mortgage loan.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-14. - Regulations.

§ 34-25.1-14. Regulations.
The director of the department of business regulation shall have the authority to promulgate such regulations as shall be reasonably necessary to carry out §§ 34-25.1-10 through 34-25.1-16. The director of the department of business regulation shall also have the authority to promulgate regulations pursuant to § 34-25.1-7 with respect to unfair and deceptive trade practices. The director of the department of elderly affairs shall have the authority to promulgate such regulations as shall be reasonably necessary to carry out § 34-25.1-9.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-15. - Property held in name or trust.

§ 34-25.1-15. Property held in name or trust.
It is the intention of chapter 34-25.1 that the cash advances made under a reverse mortgage shall be made by the lender to the mortgagor. In the event that legal title to the property encumbered by a reverse mortgage is held in trust:
(1)
The reverse mortgage proceeds may be received by the occupant of the property provided that the occupant is a beneficiary of the trust;
(2)
References in subdivision 34-25.1-7(a)(5) to the mortgagor shall be deemed to refer to the occupant of the property provided that the occupant is a beneficiary of the trust;
(3)
References in subdivision 34-25.1-7(s)(6) to absences from the home shall be deemed to refer to the occupant of the property provided that the occupant is a beneficiary of the trust.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2; P.L. 2011, ch. 363, § 15.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.1 - Reverse Mortgages › Section 34-25.1-16. - Liberal construction.

§ 34-25.1-16. Liberal construction.
This chapter shall be construed liberally in aid of its purpose of ensuring that reverse mortgage borrowers fully understand the ramifications of entering into a reverse mortgage transaction.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.2 - Rhode Island Home Loan Protection Act › Section 34-25.2-1. - Short title.

§ 34-25.2-1. Short title.
This chapter shall be known as the “Rhode Island Home Loan Protection Act.”
History of Section.
P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.2 - Rhode Island Home Loan Protection Act › Section 34-25.2-2. - Legislative findings.

§ 34-25.2-2. Legislative findings.
The general assembly finds that predatory lending has become an increasing problem in this state, threatening the viability of many communities and causing decreases in home ownership. While the marketplace may appear to be operating effectively for most home loans, too many homeowners are falling victim to unprincipled creditors who provide loans at exorbitant costs and include terms which are unnecessary to secure repayment of the loan. The general assembly finds that as competition and self-regulation have not eliminated the predatory terms for home-secured loans, the consumer protection provisions of this chapter are necessary to encourage responsible lending.
History of Section.
P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.2 - Rhode Island Home Loan Protection Act › Section 34-25.2-3. - Purpose.

§ 34-25.2-3. Purpose.
The purpose of this act is to prohibit predatory lending practices in this state while preserving access to credit in the subprime market.
History of Section.
P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.2 - Rhode Island Home Loan Protection Act › Section 34-25.2-5. - Prohibited acts and practices regarding home loans.

§ 34-25.2-5. Prohibited acts and practices regarding home loans.
A home loan shall be subject to the following prohibited acts and practices.
(a)
No creditor making a home loan shall finance, directly or indirectly, any credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or any payments directly or indirectly for any debt cancellation or suspension agreement or contract, except that insurance premiums or debt cancellation or suspension fees calculated and paid in full on a monthly basis shall not be considered financed by the creditor.
(b)
No creditor shall knowingly or intentionally engage in the unfair act or practice of flipping a home loan. “Flipping a home loan” is the making of a home loan to a borrower that refinances an existing home loan that was consummated within the prior sixty (60) months when the new loan does not have reasonable, tangible net benefit in accordance with subsection 34-25.2-4(q), to the borrower considering all of the circumstances, including, but not limited to, the terms of both the new and refinanced loans, the cost of the new loan, and the borrower’s circumstances.
(c)
No creditor shall recommend or encourage default on an existing loan or other debt prior to and in connection the closing or planned closing of a home loan that refinances all or any portion of such existing loan or debt.
(d)
No home loan may contain a provision that permits the creditor, in its sole discretion, to accelerate the indebtedness. This provision does not prohibit acceleration of the loan in good faith due to the borrower’s failure to abide by the material terms of the loan.
(e)
No home loan may contain a provision that allows a party to require a borrower to assert any claim or defense in a forum that is less convenient, more, costly, or more dilatory for the resolution of a dispute than a judicial forum established in this state where the borrower may otherwise properly bring a claim or defense or limits in any way claim or defense the borrower may have.
History of Section.
P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1.
2023 Rhode Island General Laws › Title 34 - Property › Chapter 34-25.2 - Rhode Island Home Loan Protection Act › Section 34-25.2-7. - Assignee liability.

§ 34-25.2-7. Assignee liability.
(a)
Any person who purchases or is otherwise assigned a high-cost home loan shall be subject to all affirmative claims and any defenses with respect to the loan that the borrower could assert against the original creditor of the loan; provided, that this section shall not apply if the purchaser or assignee demonstrates by a preponderance of the evidence that it:
(1)
Has in place at the time of the purchase or assignment of the subject loans, policies that expressly prohibit its purchase or acceptance of assignment of any high-cost home loans;
(2)
Requires by contract that a seller or assignor of home loans to the purchaser or assignee represents and warrants to the purchaser or assignee that either: (a) the seller or assignor will not sell or assign any high-cost home loans to the purchaser or assignee; or (b) that such seller or assignor is a beneficiary of a representation and warranty from a previous seller or assignor to that effect; and
(3)
Exercises reasonable due diligence at the time of purchase or assignment of high-cost home loans or within a reasonable period of time after the purchase or assignment of such high-cost home loans, intended by the purchaser or assignee to prevent the purchaser or assignee from purchasing or taking assignment of any high-cost home loans; provided, further, that reasonable due diligence shall provide for sampling and shall not require loan-by-loan review.
(b)
In the event that a purchaser or assignee does not prevail under subsection (a), any recovery by a borrower, under this section, shall be limited to amounts required to reduce or extinguish the borrower’s liability under the high-cost home loan plus amounts required to recover costs, including reasonable attorneys’ fees. Any such claim asserted by a borrower against a subsequent holder or assignee of the high-cost home loan may be asserted by a borrower acting only in an individual capacity and must be asserted as follows:
(1)
Within five (5) years of the closing of a high-cost home loan, a violation of this act in connection with the loan as an original action; and
(2)
At any time during the term of a high-cost home loan, after an action to collect on the high-cost home loan or foreclose on the collateral securing the high-cost home loan has been initiated or the debt arising from the high-cost home loan has been accelerated or the high-cost home loan has become sixty (60) days in default, any defense, claim or counterclaim, or action to enjoin foreclosure or preserve or obtain possession of the home that secures the loan.
(c)
The provisions of this section shall be effective notwithstanding any other provision of law; provided, that nothing in this section shall be construed to limit the substantive rights, remedies or procedural rights available to a borrower against any creditor, assignee or holder under any other law.
History of Section.
P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1; P.L. 2007, ch. 54, § 1; P.L. 2007, ch. 67, § 1.