reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.1 - Authority

Current through June 14, 2024
This Part is promulgated in accordance with R.I. Gen. Laws
					 Chapters 19-14, 1914.1, 19-14.2, 19-14.10, 19-14.11 and R.I. Gen. Laws §
										42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.2 - Scope

Current through June 14, 2024
This Part applies to all person and entities licensed or
					 required to be licensed as Lenders, Loan Brokers, Small Loan Lenders, Third
					 Party Loan Servicers and Mortgage Loan Originators pursuant to the provisions
					 of R.I. Gen. Laws Chapters 19-14.1, 19-14.2, 19-14.10 and
					 19-14.11.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.3 - Purpose

Current through June 14, 2024
The purpose of this Part is to set forth the standards to
					 be followed by the licensees listed above.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.4 - Depository Institutions

Current through June 14, 2024
Financial institutions, credit unions, and other
					 insured-deposit-taking institutions which are authorized to do business in
					 Rhode Island including one authorized to do business by operation of an
					 interstate banking statute which allowed its original entry, are not considered
					 lenders or loan brokers for purposes of R.I. Gen. Laws Chapter 19-14.1, nor are
					 they considered third-party loan servicers for purposes of R.I. Gen. Laws
					 Chapter 19-14.11. Subsidiaries and affiliates of financial institutions, credit
					 unions, and other insured-deposit-taking institutions organized under the laws
					 of the United States, which subsidiaries and affiliates are not financial
					 institutions, credit unions, or otherwise exempt from licensure under R.I. Gen.
					 Laws Chapters 19-14 and 19-14.1 are lenders or loan brokers for purposes of
					 R.I. Gen. Laws Chapter 19-14.1.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.5 - Lenders, Loan Brokers, Third Party Loan Servicers and Small Loan Lender Requirements

Current through June 14, 2024
A. Application. All
				  licensees shall make application for a license and all changes in Nationwide
				  Multistate Licensing System (NMLS). Any changes to the information provided
				  must be reported to the Department, within thirty (30) days through an NMLS
				  filing.
B. Capital. As provided in
				  R.I. Gen. Laws §
										19-14-5, each licensee which
				  applied for and is granted a license after June 30, 1995 must maintain minimum
				  net worth, as set forth in R.I. Gen. Laws §
										19-14-5.
1. Net worth shall be defined as the amount
				  by which total assets exceed total liabilities, calculated in accordance with
				  Generally Accepted Accounting Principles.
a.
				  All licensees must prepare and maintain a financial statement, prepared at a
				  minimum on a quarterly basis, which evidences compliance to applicable
				  statutory net worth requirements.
b. All licensees must upload their prepared
				  quarterly and annual financial statements under the Financial Statement Summary
				  Section within the Nationwide Multistate Licensing System ("NMLS"). The
				  financial statements must represent only the licensee's financial position.
				  Consolidated financial statements are not acceptable unless a separate
				  stand-alone breakdown of the licensee's financial statements is included in the
				  uploaded statements.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.6 - Mortgage Loan Originators

Current through June 14, 2024
A. Application. All
				  Rhode Island licensed Mortgage Loan Originators ("MLO") shall make application
				  for a license and all changes in Nationwide Multistate Licensing System (NMLS).
				  Any changes to the information provided must be reported to the Department,
				  within thirty (30) days through an NMLS filing.
B. Sponsorship. A MLO may not originate any
				  loan in Rhode Island unless that MLO has an active sponsorship with a properly
				  licensed lender or loan broker or an entity explicitly exempt from licensure
				  under R.I. Gen. Laws Chapter 19-14.
C. Net Branching. A MLO may not participate
				  in a net branching arrangement as described in §
										2.5   of this Part.
				  Participation in such an arrangement may result in administrative action
				  against the MLO including suspension or revocation and/or forfeiture of
				  interest, fees and charges.
D.
				  Criminal Backgrounds. All applicants for an MLO must provide a criminal
				  background check authorization as provided for in NMLS. The background will be
				  evaluated as indicated in §
										2.8   of this Part.
1. Registered Mortgage Loan Originators, as
				  defined by R.I. Gen. Laws §
											1914.10-3, are subject to that statute and not
				  this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.7 - Financial Responsibility

Current through June 14, 2024
A. The Division
				  will evaluate the financial responsibility required by R.I. Gen. Laws
				  §§
										19-14-7 and
				  19-14.10-6 under the following
				  standards. A determination that an individual has not shown financial
				  responsibility may include, but not be limited to:
1. Current outstanding judgments, except
				  judgments solely as a result of medical expenses;
2. Current outstanding tax liens or other
				  government liens and filings;
3.
				  Foreclosures within the past three (3) years;
4. A pattern of seriously delinquent accounts
				  within the past three (3) years. Factors that will be considered in determining
				  whether accounts are seriously delinquent include:
a. A pattern of delinquent child support
				  payments
b. Outstanding collection
				  accounts
c. Accounts that are ninety
				  (90) days or more past due.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.8 - Criminal Backgrounds

Current through June 14, 2024
A. Pursuant to R.I.
				  Gen. Laws §
										19-14.10-6 and the SAFE Act (the
				  Secure and Fair Enforcement for Mortgage Licensing Act, comprising §§
										1501-1517   of the Housing and Economic Recovery Act of 2008,
				  Pub.
				  Law 110-289), an applicant is not eligible for
				  licensure if he or she has been convicted of, or pled guilty or
nolo
				  contendere
to, a felony in a domestic, foreign, or military court:
1. During the seven (7) year period preceding
				  the date of the application for licensing and registration; or
2. At any time preceding such date of
				  application, if such felony involved an act of fraud, dishonesty, or a breach
				  of trust, or money laundering.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.9 - Books Accounts and Records

Current through June 14, 2024
A. Each Lender,
				  Loan Broker, Small Loan Lender and Third Party Loan Servicer must document and
				  maintain a record of all actions taken, from the original point of contact
				  (i.e. solicitation calls, application filing, onboarding date of loan service
				  etc.) to the final disposition of each financing request received or loan
				  serviced, and shall maintain at a minimum, the following records:
1. For each customer:
a. The address of the office where the
				  application was received for any licensee which maintains more than one (1)
				  location
b. A copy of the following
				  documents:
(1) The loan application
(2) The loan note
(3) All documents, correspondence and account
				  activity for each loan serviced including but not limited to all attempted
				  and/or completed contacts with each consumer
(4) All required TILA-RESPA Integrated
				  Disclosures
(5) Title waiver forms
				  pursuant to R.I. Gen. Laws §§
													19-9-5 and
				  19-9-6
(6) Adverse action, where
				  applicable
(7) Signed rate lock
				  agreements, where applicable, with lender rate lock confirmation
(8) Copies of mortgage documents containing
				  fee disclosures required by statute
(9) Date the application was considered
				  complete for purposes of Federal Regulation B
c. A loan log which contains, at a minimum,
				  the name of the Applicant, the date the application was received, the date the
				  application was approved, withdrawn or denied, and the date the loan
				  closed.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.10 - Remote Work Locations

Current through June 14, 2024
A. Employees of a
				  licensee may perform services for the licensee or act as a Mortgage Loan
				  Originator from a remote location subject to the following requirements:
1. The employee is subject to the supervision
				  of the licensee;
2. The remote
				  location is the employee's residence or other location identified in the
				  records of the licensee and is within a reasonable distance of a place of
				  business named in the licensee's license or branch certificate;
3. The licensee has written policies and
				  procedures for the supervision of employees and employs appropriate risk-based
				  monitoring and oversight processes of work performed by employees working from
				  remote locations;
4. Access to
				  licensee's computer platforms and to customer information is in accordance with
				  the licensee's comprehensive written information security plan;
5. No in-person customer interaction occurs
				  at a remote location and the licensee will not designate the remote location to
				  consumers or customers as a business location;
6. Physical records related to the licensee's
				  business, including consumer information, are not maintained at the remote
				  location;
7. The licensee must
				  ensure consumer and licensee information and records remain accessible and
				  available for regulatory oversight and exams; and
8. The licensee must provide training to keep
				  all conversations about, and with, consumers conducted from a remote location
				  confidential as if conducted from a licensed commercial location, and to ensure
				  remote employees work in an environment conducive and appropriate to that
				  privacy.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 2 - Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators › Section 230-RICR-40-10-2.11 - Severability

Current through June 14, 2024
If any provision of this Regulation or the application
					 thereof to any person or circumstance is held invalid or unconstitutional, the
					 invalidity or unconstitutionality shall not affect other provisions or
					 applications of this Regulation which can be given effect without the invalid
					 or unconstitutional provision or application, and to this end the provisions of
					 this Regulation are severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 3 - Home Loan Protection Act › Section 230-RICR-40-10-3.1 - Authority

Current through June 14, 2024
This Part is promulgated pursuant to the authority granted
					 in R.I. Gen. Laws §
										34-25.2-12.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 3 - Home Loan Protection Act › Section 230-RICR-40-10-3.2 - Purpose

Current through June 14, 2024
The purpose of this Part is to set forth procedures,
					 interpretations, and clarifications in order to provide guidelines and
					 requirements to Regulated Institutions as defined in R.I. Gen. Laws §
										19-1-1 (unless otherwise exempt)
					 and Lenders and Loan Brokers as defined in R.I. Gen. Laws §
										19-14-1 to ensure compliance with
					 and the promotion of the purposes of the provisions of R.I. Gen. Laws §
										34-25.2-1 et seq. entitled Rhode
					 Island Home Loan Protection Act (hereinafter referred to as "the Act"). The
					 actions and information required by this Part are hereby declared to be
					 necessary and appropriate to the public interest. This Part is promulgated to
					 clarify requirements necessary in order to comply with the Act. This Part does
					 not duplicate the requirements of the Act, but rather is a supplement to aid in
					 the enforcement and understanding of certain components and requirements of the
					 Act.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 3 - Home Loan Protection Act › Section 230-RICR-40-10-3.3 - Severability

Current through June 14, 2024
If any provision of this Part or the application thereof to
					 any Person or circumstances is held invalid or unconstitutional, the invalidity
					 or unconstitutionality shall not affect other provisions or applications of
					 this Part which can be given effect without the invalid or unconstitutional
					 provision or application, and to this end the provisions of this Part are
					 severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 3 - Home Loan Protection Act › Section 230-RICR-40-10-3.6 - Enforcement

Current through June 14, 2024
Any violation of this Part may constitute a basis for
					 administrative action against a licensee of the Department pursuant to R.I.
					 Gen. Laws §
										19-14-13.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.1 - Authority

Current through June 14, 2024
This Part is promulgated pursuant to R.I. Gen. Laws
					 §§
										34-27-3.2,
					 34-27-7,
					 42-14-17 and
					 42-35-3.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.2 - Purpose and Applicability

Current through June 14, 2024
A. The purpose of
				  this Part is to identify the form of written notices required pursuant to R.I.
				  Gen. Laws §§
										34-27-3.2 and
				  34-27-7. This Part also clarifies
				  the Mortgagee's duties and consequences of its failure to comply with R.I. Gen.
				  Laws §
										34-27-3.2 and this Part. Readers
				  are cautioned to consult the statutes for additional obligations not repeated
				  in this Part.
B. R.I. Gen. Laws
				  §
										34-27-3.2 and this Part apply to
				  all entities and individuals subject to regulation and supervision by the Rhode
				  Island Division of Banking ("Division") as well as to any Mortgagee holding a
				  loan owned or payable by an Individual Mortgagor unless otherwise exempted as
				  described in §
										4.5(B)   of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.3 - Notice of Pending Foreclosure

Current through June 14, 2024
The form for Notice of Pending Foreclosure to be provided
					 pursuant to R.I. Gen. Laws §
										34-27-7 is provided in a bulletin
					 issued by the Department for that purpose.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.6 - Qualifications of Mediation Coordinator

Current through June 14, 2024
A. The Mediation
				  Coordinator shall have a minimum of three (3) years of experience in
				  residential mortgage lending and loss mitigation guidelines with a working
				  knowledge of prime and sub-prime loan products, modifications, forbearance
				  agreements, bankruptcy laws, tax sales, excellent written and verbal
				  communication skills, strong analytical, problem-solving and organizational
				  skills, and experience with tracking systems.
B. The Mediation Coordinator will also have
				  the knowledge, ability, and contacts to access local and national offices of
				  lenders and foreclosure attorneys.
C. The Department will maintain a list of
				  approved Mediation Coordinators on its website.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.7 - Certificate Authorizing Foreclosure

Current through June 14, 2024
A. The Certificate
				  of Compliance with Mediation Requirement shall be issued by the Mediation
				  Coordinator and/or its designee upon confirmation that all criteria in R.I.
				  Gen. Laws §§
										34-27-3.2(g) and
				  (h) have been met, the Notice of Mediation
				  Conference was properly served upon the Mortgagor of the Residential Real
				  Estate and all fees and penalties required under R.I. Gen. Laws §§
										34-27-3.2(d)(1) and
				  (f) have been paid.
B. All written correspondence and documents
				  related to the Mediation Conference process received by or submitted to the
				  Mediation Coordinator shall be provided to the Mortgagee and maintained by the
				  Mortgagee consistent with the Department's record-keeping
				  requirements.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.8 - Enforcement

Current through June 14, 2024
Any Mortgagee regulated and supervised by the Division who
					 fails to comply with this Part may be subject to administrative action pursuant
					 to R.I. Gen. Laws Title 19 and/or any relevant regulation promulgated pursuant
					 thereto.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 4 - Mortgage Foreclosure Disclosure › Section 230-RICR-40-10-4.9 - Severability

Current through June 14, 2024
If any section, term, or provision of this Part should be
					 adjudged invalid for any reason, that judgment should not effect, impair, or
					 invalidate any remaining section, term, or provision, which shall remain in
					 full force and effect.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 5 - Interest on Escrow Accounts (230-RICR-40-10-5) › Section 230-RICR-40-10-5.1 - Authority

Current through June 14, 2024
This regulation is promulgated pursuant to the authority
					 granted in R.I. Gen. Laws §
										19-9-2.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 5 - Interest on Escrow Accounts (230-RICR-40-10-5) › Section 230-RICR-40-10-5.2 - Purpose

Current through June 14, 2024
The purpose of this regulation is to set forth procedures
					 to carry out the provisions of R.I. Gen. Laws §
										19-9-2 entitled "Escrow accounts -
					 Interest". The actions and information required by this regulation are hereby
					 declared to be necessary and appropriate in the public
					 interest.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 5 - Interest on Escrow Accounts (230-RICR-40-10-5) › Section 230-RICR-40-10-5.3 - Severability

Current through June 14, 2024
If any provision of this regulation or the application
					 thereof to any person or circumstances is held invalid or unconstitutional, the
					 invalidity or unconstitutionality shall not affect other provisions or
					 applications of this regulation which can be given effect without the invalid
					 or unconstitutional provision or application, and to this end the provisions of
					 this regulation are severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 5 - Interest on Escrow Accounts (230-RICR-40-10-5) › Section 230-RICR-40-10-5.4 - Definitions

Current through June 14, 2024
A. Unless otherwise provided by this
				  regulation or unless the context clearly requires otherwise, terms used in this
				  regulation shall have the same meaning as the terms as defined in R.I. Gen.
				  Laws Title 19.
1. Escrow account, for
				  purposes of this regulation, is any account in which a mortgagee holds funds of
				  a mortgagor in escrow for the payment of taxes and insurance premiums with
				  respect to mortgaged property located in this state.
2. Annual tax service fee, for purposes of
				  this regulation, is an annual fee imposed upon the mortgagor after the closing
				  of the mortgage transaction to enable the mortgagee to determine whether taxes
				  have been paid in accordance with the loan agreement or mortgage. A one-time
				  charge to pay the cost of a tax reporting service, paid by the mortgagor prior
				  to or at the time of closing of the mortgage transaction, is not an annual tax
				  service fee.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 5 - Interest on Escrow Accounts (230-RICR-40-10-5) › Section 230-RICR-40-10-5.5 - Provisions

Current through June 14, 2024
A. Each mortgagee required to pay interest on
				  escrow accounts shall credit such interest at the rate provided for in R.I.
				  Gen. Laws §
										19-9-2. Interest on the escrow
				  account shall be computed based on the aggregate average daily balance in the
				  escrow account as computed by the mortgagee in its usual course of business.
				  Interest on the escrow account shall be credited annually on December 31 of
				  each year. If the mortgage debt is paid in full prior to December 31 in any
				  year, the interest to the date of payment shall be paid to the
				  mortgagor.
B. Each mortgagee shall
				  provide notice to the mortgagor of the amount of such interest credit. Such
				  notice may take the form of notice as required by the Internal Revenue Service
				  (i.e. Form 1099 -INT) or a substantially similar form.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 10 - Lending › Part 5 - Interest on Escrow Accounts (230-RICR-40-10-5) › Section 230-RICR-40-10-5.6 - Applicability

Current through June 14, 2024
This regulation and the provisions of the R.I. Gen. Laws
					 §
										19-9-2 apply to mortgages executed
					 on or after June 20, 1995. With respect to mortgages in existence as of June
					 20, 1995, which were executed on or after July 1, 1979, compliance with this
					 regulation and the provisions of R.I. Gen. Laws §
										19-9-2 is mandatory as of June 20,
					 1995.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 1 - Mutual Holding Companies Converting to Stock Form of Ownership (230-RICR-40-15-1) › Section 230-RICR-40-15-1.1 - Authority

Current through June 14, 2024
A. This Regulation is promulgated pursuant to
				  the authority granted in R.I. Gen. Laws §
										19-2-14,
				  19-2-14.1 and
				  42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 1 - Mutual Holding Companies Converting to Stock Form of Ownership (230-RICR-40-15-1) › Section 230-RICR-40-15-1.2 - Purpose

Current through June 14, 2024
A. The purpose of this Regulation is to set
				  forth procedures to carry out the provisions of R.I. Gen. Laws §§
										19-2-14 and
				  19-2-14.1 entitled "Conversion to
				  stock form of financial institution" and "Mutual holding companies",
				  respectively. The actions and information required by this Regulation are
				  hereby declared to be necessary and appropriate and in the public
				  interest.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 1 - Mutual Holding Companies Converting to Stock Form of Ownership (230-RICR-40-15-1) › Section 230-RICR-40-15-1.3 - Definitions

Current through June 14, 2024
A. Unless otherwise provided by this
				  Regulation or unless the context clearly requires otherwise, terms used in this
				  Regulation shall have the same meaning as the terms as defined in Title 19 of
				  the Rhode Island General Laws.
1. "Board of
				  Trustees" means the governing body of the mutual savings bank, whether it be
				  called the board of trustees or the board of directors. The terms board of
				  trustees or board of directors, for purposes of this Regulation and R.I. Gen.
				  Laws §§
											19-2-14 and
				  19-2-14.1 are
				  interchangeable.
2. "Eligible
				  Depositor," for purposes of this Regulation, means a depositor holding
				  qualifying deposits, as defined in the plan of conversion, as of a date
				  designated in the plan of conversion which is not less than one (1) year prior
				  to the date of adoption of the plan of conversion by the board of trustees. The
				  plan of conversion may provide that any deposit accounts with total deposit
				  balances of less than fifty dollars ($50.00) shall not constitute a qualifying
				  deposit.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 1 - Mutual Holding Companies Converting to Stock Form of Ownership (230-RICR-40-15-1) › Section 230-RICR-40-15-1.4 - Provisions

Current through June 14, 2024
A. General.
Any mutual savings bank or mutual holding company may
					 convert to a stock form of ownership upon complying with the provisions of
					 state law and this Regulation. The deposits of the converting institution must
					 remain federally insured at all times.
B. Application to Convert.
To request approval from the Director to convert to a stock
					 form of ownership, the board of trustees must file an application with the
					 Director in such form and containing such information as the Director requires
					 to meet the requirements of R. I. Gen. Laws §§
											19-2-14 and
					 19-2-14.1 as the case may be, and
					 this Regulation. Included with such application shall be a certification form,
					 prepared by or caused to be prepared for, the board of trustees detailing the
					 outcome of each vote as required by law. The certification shall contain the
					 date or dates of the voting, the total votes cast, the total votes cast in
					 favor of the conversion, the number of votes present at a meeting called for
					 the purpose of voting on the conversion and the total number of votes cast by
					 proxy.
C. Contents of
				  Application to Convert.
The application to convert shall contain and include the
					 plan of conversion, as adopted by the board of trustees.
The application for conversion shall include, but not be
					 limited to:
1. A full appraisal of
				  the value of the converting bank or holding company, prepared by an independent
				  appraiser which includes a complete and detailed description of the methodology
				  employed and sufficient support for the conclusions reached; and
2. A business plan which includes a
				  discussion of how the capital acquired through the conversion will be used.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 1 - Mutual Holding Companies Converting to Stock Form of Ownership (230-RICR-40-15-1) › Section 230-RICR-40-15-1.5 - Severability

Current through June 14, 2024
A. If any provision of this Regulation or the
				  application thereof to any person or circumstances is held invalid or
				  unconstitutional, the invalidity or unconstitutionality shall not affect other
				  provisions or applications of this Regulation which can be given effect without
				  the invalid or unconstitutional provision or application, and to this end the
				  provisions of this Regulation are severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 2 - Mutual Holding Companies Procedures (230-RICR-40-15-2) › Section 230-RICR-40-15-2.1 - Authority

Current through June 14, 2024
A. This Regulation is promulgated pursuant to
				  the authority granted in R. I. Gen. Laws §§
										19-2-14.1 and
				  42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 2 - Mutual Holding Companies Procedures (230-RICR-40-15-2) › Section 230-RICR-40-15-2.2 - Purpose

Current through June 14, 2024
A. The purpose of this Regulation is to set
				  forth procedures to carry out the provisions of R.I. Gen. Laws §
										19-2-14.1 entitled "Mutual holding
				  companies" and to protect and preserve the interests and rights of depositors
				  of a reorganizing mutual financial institution or an intermediate subsidiary
				  financial institution of a mutual holding company or a subsidiary holding
				  company. This Regulation establishes procedures, requirements and options for
				  the reorganization of mutual financial institutions into mutual holding
				  companies and the issuance of securities by a resulting subsidiary financial
				  institution or subsidiary holding company of a mutual holding company under the
				  provisions of R.I. Gen. Laws §
										19-2-14.1. The actions and
				  information required by this Regulation are hereby declared to be necessary and
				  appropriate and in the public interest. Nothing contained in this Regulation
				  shall limit the ability of the Director to consider other information in
				  determining whether or not to approve an application of a mutual financial
				  institution to reorganize into a mutual holding company or to issue securities
				  associated therewith.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 2 - Mutual Holding Companies Procedures (230-RICR-40-15-2) › Section 230-RICR-40-15-2.3 - Definitions

Current through June 14, 2024
A. Unless otherwise provided by this
				  Regulation or unless the context clearly requires otherwise, terms used in this
				  Regulation shall have the same meaning as the terms as defined in Title 19 of
				  the Rhode Island General Laws. Board of Trustees shall mean the governing body
				  of the mutual financial institution, whether it be called the board of trustees
				  or the board of directors. The terms board of trustees or board of directors,
				  for purposes of this Regulation and R.I. Gen. Laws §
										19-2-14.1 are interchangeable.
1. "Acquiree subsidiary financial
				  institution" means any mutual financial institution, other than a resulting
				  subsidiary financial institution, that:
a. is
				  acquired by an existing mutual holding company concurrently with or subsequent
				  to, such mutual holding company's reorganization; and
b. is in the mutual form immediately prior to
				  such acquisition.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 2 - Mutual Holding Companies Procedures (230-RICR-40-15-2) › Section 230-RICR-40-15-2.4 - Provisions

Current through June 14, 2024
A. Mutual Holding Company Reorganizations.
1. A mutual financial institution may
				  reorganize into the mutual holding company structure, or join a mutual holding
				  company as an acquiree subsidiary financial institution, upon satisfaction of
				  the following conditions:
a. A Reorganization
				  Plan is approved by a two-thirds (2/3) vote of the board of trustees of the
				  reorganizing mutual financial institution and, if applicable, any acquiree
				  subsidiary financial institution;
b. The Reorganization Plan and Application is
				  filed with the Director and the Director has given written approval of the
				  proposed reorganization;
c. The
				  Reorganization Plan is approved by a majority vote of the eligible depositors
				  present in person or by proxy at a meeting called by the board of trustees, in
				  accordance with the bylaws;
d. The
				  reorganizing mutual financial institution shall file an Application for
				  approval of the Reorganization Plan in the form required by the Director and
				  shall contain:
(1) a copy of the minutes of
				  the meeting of the board of trustees authorizing the Reorganization Plan and
				  approving the Reorganization Plan with the secretary's attestation;
(2) all other application information and
				  materials required to be submitted pursuant to this Regulation; and
(3) any other information which the Director
				  may require.
e. All
				  necessary regulatory approvals have been obtained and all conditions imposed by
				  the Director in connection with the granting of the approvals have been
				  satisfied; and.
f. The deposits of
				  any deposit taking institutions remain federally insured.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 15 - Mutual Holding Companies › Part 2 - Mutual Holding Companies Procedures (230-RICR-40-15-2) › Section 230-RICR-40-15-2.5 - Severability

Current through June 14, 2024
A. If any provision of this Regulation or the
				  application thereof to any person or circumstances is held invalid or
				  unconstitutional, the invalidity or unconstitutionality shall not affect other
				  provisions or applications of this Regulation which can be given effect without
				  the invalid or unconstitutional provision or application, and to this end the
				  provisions of this Regulation are severable
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 1 - Record Retention › Section 230-RICR-40-20-1.1 - Applicability

Current through June 14, 2024
Every person carrying on the business of transacting in
					 money servicing, including sale of check and electronic money transmitter,
					 shall make and preserve a record of each transaction.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 1 - Record Retention › Section 230-RICR-40-20-1.2 - Records to be Maintained

Current through June 14, 2024
A. The records
				  shall include, but not be limited to, all the following information:
1. the amount of currency;
2. the date forwarded;
3. the names and addresses of the persons
				  forwarding or selling the currency;
4. the names and addresses of the persons to
				  whom the currency is forwarding or by whom is purchasing;
5. and the serial number or other symbol of
				  any of the currency.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.1 - Authority

Current through June 14, 2024
This regulation is promulgated pursuant to the authority
					 granted in R.I. Gen. Laws §
										19-14.4-3.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.2 - Scope

Current through June 14, 2024
This regulation applies to check cashers licensed or
					 required to be licensed pursuant to R.I. Gen. Laws Chapter 19-14.4. Financial
					 institutions, credit unions, and other insured-deposit-taking institutions
					 which are authorized to do business in Rhode Island including one authorized to
					 do business by operation of an interstate banking statute which allowed its
					 original entry, are not considered check cashers for purposes of R.I. Gen. Laws
					 Chapter 19-14.1 but are authorized to cash checks.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.3 - Purpose

Current through June 14, 2024
The purpose of this regulation is to set forth procedures
					 to carry out the provisions of R.I. Gen. Laws Chapter 19-14.4 entitled "Check
					 Cashing". The actions and information required by this regulation are hereby
					 declared to be necessary and appropriate in the public
					 interest.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.4 - Definitions

Current through June 14, 2024
A. As used in this Regulation:
1. "Cash sheet" means a daily record of
				  transactions of cash and cash items at the licensed location which shall
				  include, but not be limited to, opening and closing balances.
2. "Liquid assets" means cash on hand, cash
				  in bank, checks on hand not previously dishonored and marketable securities
				  owned by the licensee, less any loans payable on demand or loans payable within
				  one (1) year or less and any accounts payable by the licensee.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.5 - Applications

Current through June 14, 2024
A. Application. All licensees shall make
				  application for a license through the National Mortgage Licensing System
				  (NMLS). Any changes to the information provided in the application must be
				  reported to the Department, within thirty (30) days through an NMLS
				  filing.
B. Interpretation of
				  Community. The Director, in reviewing an application for a license to cash
				  checks shall consider the proposed licensee's community, as required by R.I.
				  Gen. Laws §
										19-14.4-2, to include the
				  community as proposed by the applicant in its application or business plan,
				  which community in no event shall be less than a one (1) mile geographic radius
				  of the proposed location.
C.
				  Qualified Individual or Branch Manager. All such persons must have at least
				  five (5) years' experience in check cashing including, without limitation,
				  employment, supervision, or independent work experience. Factors to be
				  considered when assessing the quality of an individual's experience shall
				  include the number, complexity and types of transactions handled in relation to
				  the type of license sought by the application. The Department, will consider
				  experience for a lesser period than five (5) years depending on individual
				  circumstances. Factors which the Department shall consider for such a lesser
				  experience period include but are not limited to the individual's educational
				  experience, the complexity of transactions in relation to the type of license
				  sought by the application and the supervision and oversight over the manager or
				  person designated to operate the licensed business by a person having at least
				  five (5) years of qualified experience.
D. Criminal Background Checks. All officers,
				  directors, owners of 10% or more, Qualified Individuals and Branch Managers
				  must submit the following information to the Division by mail
1. An Original and Completed Authorization
				  for Background Check and Release form in the form provided on NMLS;
2. A copy of the individual's valid photo Id,
				  such as an unexpired driver's license or passport;
3. Two (2) completed fingerprint cards (the
				  Division does not provide cards);
4. An Original Certification of
				  Fingerprinting by other agencies form in the form provided on NMLS;
				  and
5. A check in the amount of $35
				  per individual made payable to "BCI" for the cost of the background
				  check
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.6 - Check Casher Requirements

Current through June 14, 2024
A. Security
				  Measures. Every licensee shall provide for the safety and security of its
				  customers and its employees by complying with the following security measures:
1. Install an alarm system that when
				  activated automatically signals either the local police department or a
				  licensed security company, if licensing is required by law, ordinance, rule or
				  regulation. The alarm system must include panic buttons at strategically placed
				  inconspicuous locations within the licensed location.
2. Install a camera surveillance system to
				  monitor the activities of employees and customers at the licensed
				  location.
3. Install bullet proof
				  glass and partitions that meet or exceed Underwriters Laboratories Level II
				  ballistics standards at all check cashing stations, transaction windows,
				  counters and similar areas where the exchange of funds, checks, money orders
				  and other transactions take place. Applicants and licensees are required to
				  provide sufficient documentation such as contractor certification or building
				  inspector certification that such structures and areas meet these requirements.
				  Underwriters Laboratories Level II ballistics standards partitions must extend
				  from floor to ceiling and be constructed in a manner to not allow an individual
				  to breach such partition to gain access to the check cashing area provided,
				  however, that a reasonably lower partition is allowable if the entire
				  transaction area, including the top portion, is enclosed by such
				  materials.
4. Adopt and implement a
				  security program that provides for a schedule of inspecting, testing and
				  servicing of the security devices installed at the licensed location. Each
				  licensee shall maintain records of each inspection, testing and servicing of
				  the security devices.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 20 - Money Servicers › Part 2 - Check Cashers (230-RICR-40-20-2) › Section 230-RICR-40-20-2.7 - Severability

Current through June 14, 2024
If any provision of this regulation or the application
					 thereof to any person or circumstance is held invalid or unconstitutional, the
					 invalidity or unconstitutionality shall not affect other provisions or
					 applications of this Regulation which can be given effect without the invalid
					 or unconstitutional provision or application, and to this end the provisions of
					 this Regulation are severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 25 - Debt Collectors › Part 1 - Record Retention › Section 230-RICR-40-25-1.1 - Applicability

Current through June 14, 2024
Every person carrying on the business of transacting in
					 debt collecting shall make and preserve a record of each consumer contact and
					 each transaction.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 25 - Debt Collectors › Part 1 - Record Retention › Section 230-RICR-40-25-1.2 - Records to be Maintained

Current through June 14, 2024
A. The records
				  shall include, but not be limited to, all of the following information:
1. all audio recordings of contact with
				  customers,
2. records of all
				  customers contacted,
3. all
				  written correspondence (including that sent electronically) between the
				  licensee and the consumer,
4.
				  complete files and documentation of every debt the licensee has attempted to
				  collect including any and all documents relating to that debt;
5. all communications received from customers
				  including copies of all documents received in hard copy or electronically and
				  recordings of or notes regarding all conversations with consumers,
6. all written notices sent to consumers and
				  any and
7. all other documents
				  created during or received by the licensee in the transaction of the business
				  under the license.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 50 - Securities, Franchises and Charities › Subchapter 05 - Securities › Part 1 - Pre-Licensing Requirements (230-RICR-50-05-1) › Section 230-RICR-50-05-1.1 - Authority

Current through June 14, 2024
This regulation is promulgated by the Director of the
					 Department of Business Regulation pursuant to R.I. Gen. Laws §
										7-11-705.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 50 - Securities, Franchises and Charities › Subchapter 05 - Securities › Part 1 - Pre-Licensing Requirements (230-RICR-50-05-1) › Section 230-RICR-50-05-1.2 - Purpose

Current through June 14, 2024
The purpose of this regulation is to clarify and set forth
					 practices and procedures consistent with R.I. Gen. Laws Chapter
					 7-11.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 50 - Securities, Franchises and Charities › Subchapter 05 - Securities › Part 1 - Pre-Licensing Requirements (230-RICR-50-05-1) › Section 230-RICR-50-05-1.3 - Severability Provisions

Current through June 14, 2024
If any provision of this Part or the application thereof to
					 any person or circumstances is held invalid or unconstitutional, the invalidity
					 or unconstitutionality shall not affect other provisions or applications of
					 this Part which can be given effect without the invalid or unconstitutional
					 provision or application, and to this end the provisions of this regulation are
					 severable.