reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.9 - License Renewal Term

Current through June 14, 2024
A. Every real
				  estate broker or salesperson who desires to renew a License shall apply for
				  renewal by submitting a complete renewal application and paying the appropriate
				  fee in accordance with R.I. Gen. Laws §
										5-20.5-11.
B. Licenses issued before January 1, 2020,
				  shall be renewed every two (2) years on May 1 of each even numbered year.
C. Licenses issued after January
				  1, 2020, shall be renewed every two (2) years on the anniversary of the date
				  the license was issued.
D.
				  Licensees are responsible for the timely renewal of their license. The
				  Department may provide notice of the license renewal requirement as a courtesy,
				  but the absence of such notice shall not be construed as relieving licensees
				  from their responsibility for timely license renewal.
E. Failure to renew prior to the expiration
				  date of an issued license shall result in the institution of administrative
				  disciplinary proceedings in accordance with the Administrative Procedures Act,
				  R.I. Gen. Laws Chapter 42-35, and the Department's Rules of Procedure for
				  Administrative Hearings, Part 10-00-2 of this Title.
F. The Department may impose administrative
				  penalties as a condition of reinstatement of a license, taking into account any
				  aggravating or mitigating facts and circumstances.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.10 - Disaffiliation of License

Current through June 14, 2024
A. When a licensee
				  disaffiliates from a brokerage, the principal broker must send written notice
				  to the Real Estate Section of the Department of the disaffiliation of the
				  licensee. The principal broker of the licensee's new brokerage must sign and
				  submit a transfer of license form to the Department.
B. Licensees are not required to return their
				  license to the Department unless it has been revoked or they wish to surrender
				  the license.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.11 - Dissolution of Brokerage

Current through June 14, 2024
The principal broker shall notify the Department in writing
					 of the dissolution of the brokerage and return his or her license to the
					 Department within ten (10) days. Upon the dissolution of a brokerage, all
					 licensees affiliated with that brokerage must transfer their license to another
					 brokerage or return it to the Department within ten (10) days for
					 cancellation.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.12 - Property Management Companies

Current through June 14, 2024
A. Any person who
				  performs any of the acts within the meaning of "real estate broker" pursuant to
				  R.I. Gen. Laws §
										5-20.5-1(5) in the
				  regular course of, or as an incident to, the management of another person's
				  real property are required to be licensed as a real estate broker pursuant to
				  R.I. Gen. Laws Chapter 5-20.5.
B.
				  This section does not apply to a
bona fide
owner, lessor, or
				  lessee of the real property being managed, or the regular employees
				  thereof.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.13 - Reporting Convictions and Disciplinary Actions

Current through June 14, 2024
Any licensee convicted of, or otherwise pleads guilty or
nolo contendere
to, any felony or misdemeanor, or is
					 disciplined by any governmental agency in connection with any other
					 occupational license, shall file with the Department a written report of such
					 conviction or disciplinary action within sixty (60) days of the final judgment
					 or final order in the case.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.14 - Discriminatory Practices Prohibited

Current through June 14, 2024
A. No licensee
				  shall solicit the sale, lease, the listing for sale, or the lease of
				  residential property due to the presence or prospective entry into the
				  neighborhood of an individual or individuals of any protected class designated
				  in the Rhode Island Fair Housing Practices Act, R.I. Gen. Laws Chapter 34-37;
				  nor shall licensees distribute material or make statements designed to induce a
				  residential property owner to sell or lease his or her property due to such
				  change in the neighborhood.
B. No
				  licensee shall violate the Fair Housing Practices Act, R.I. Gen. Laws Chapter
				  34-37, the Civil Rights Act of 1866,
				  42 U.S.C. §§
											1981 -
				  1982, or the Civil Rights Act of
				  1968, Title VIII and Title IX, 42 U.S.C. §§
										3601-19, and  3631, to the
				  extent that such violation constitutes a violation of the Rhode Island General
				  Laws pertaining to real estate licensure and this Regulation.
C. No licensee or brokerage shall advertise
				  or use any form of application or make any inquiry that expresses directly or
				  indirectly any limitation, specification, or discrimination as to individuals
				  of any protected class designated in the Rhode Island Fair Housing Practices
				  Act, R.I. Gen. Laws Chapter 34-37.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.15 - Additional Grounds for Disciplinary Action

Current through June 14, 2024
A. No
				  person shall engage in the business of licensed real estate activity while his
				  or her license is expired, revoked, suspended, or otherwise not
				  valid.
B. A licensee who
				  fraudulently certifies to the Department completion of the continuing education
				  requirement described in §
										2.30   of this Part may be subject to the
				  suspension of his or her license following notice and an opportunity for a
				  hearing until such time that the requirements of §
										2.30   of this Part are
				  satisfied.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.16 - Conduct of Contested Cases

Current through June 14, 2024
A. Powers and
				  Proceedings. The Administrative Procedures Act, R.I. Gen. Laws Chapter 42-35,
				  and the Department's Rules of Procedure for Administrative Hearings, Part
				  10-00-2 of this Title, shall govern all complaint and enforcement proceedings
				  pursuant to R.I. Gen. Laws Chapters 5-20.5 and 5-20.6 and this Part.
B. Complaints. Any person may file a
				  complaint against any licensee or any person who is required to be licensed but
				  is not licensed by the Department. Such complaint shall be in writing, signed
				  by the Complainant, and on a form provided by the Department. The Department
				  shall make an initial determination whether the complaint is within the
				  Department's jurisdiction. If no jurisdiction exists, the Department shall
				  notify the complainant in writing. If jurisdiction exists, the Department shall
				  conduct whatever investigation it deems appropriate, including forwarding a
				  copy of the complaint to the Respondent. If instructed to do so by the
				  Department, the Respondent shall file a response to the complaint within
				  fifteen (15) business days or such other time frame specified by the
				  Department.
C. Upon completion of
				  its investigation, the Department shall take one (1) of the following actions:
1. If the Department determines that the
				  complaint fails to establish probable cause of a violation of the Rhode Island
				  General Laws pertaining to real estate licensure or this Regulation, the
				  Department shall take no action on the complaint and shall advise the
				  Complainant and Respondent in writing of the determination; or
2. If the Department determines that the
				  complaint establishes probable cause, the Department shall take such action as
				  it deems appropriate under applicable law and the Rules and Regulations adopted
				  pursuant thereto.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.17 - License Restoration

Current through June 14, 2024
A. Following the
				  revocation or suspension of a license in accordance with any disciplinary
				  action, the Director may impose certain conditions to any future license
				  restoration.
B. Such conditions for
				  future license restoration may include, but are not limited to, the following:
1. Successful completion of a written
				  examination of the same type normally given to applicants for initial
				  licenses;
2. Successful completion
				  of certain continuing education courses;
3. Providing an updated criminal background
				  check from the Attorney General's Bureau of Criminal Information (BCI);
4. Sufficient evidence of
				  rehabilitation where the nature of the offense so warrants; and/or
5. Payment of an administrative penalty with
				  consideration given to any aggravating or mitigating circumstances.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.18 - Client Funds

Current through June 14, 2024
A. Escrow Accounts
1. The principal broker shall be responsible
				  for the escrow accounts maintained on behalf of the brokerage and its
				  offices.
2. Escrow accounts shall
				  be so designated by the financial institution in which the account is located,
				  and on all deposit tickets and checks drawn on the account. In addition, the
				  monthly bank statement for the account shall bear the words, "Trust Account" or
				  "Escrow Account."
3. Funds
				  designated for escrow shall be deposited in the escrow account of the principal
				  broker of the seller or landlord, unless otherwise agreed to in writing by the
				  parties to the real estate transaction.
4. Funds designated for escrow shall be
				  deposited in the escrow account promptly after the execution of the purchase
				  and sales agreement or, in the case of a rental, promptly after receipt of the
				  funds.
5. Funds held in escrow may
				  be applied to the commission when earned by the respective licensees only at
				  the time of, or subsequent to, the closing of the real estate
				  transaction.
6. A licensee shall
				  not convert the money or property of others to his or her own use, apply such
				  money or property to a purpose other than that for which it was paid or
				  entrusted to him or her, or permit or assist any other person in the conversion
				  or misapplication of such money or property.
7. The maintenance of nominal amounts of the
				  licensee's funds in escrow accounts solely to provide continuity in such
				  accounts or to meet bank service charges shall not be construed to be
				  commingling.
8. In the absence of
				  any agreement to the contrary, the interest on monies placed in an
				  interest-bearing escrow account shall accrue to the licensee.
9. If a statute or Regulation compels the
				  maintenance of a fixed amount of funds in a licensee's escrow account in
				  addition to client or consumer funds, the maintenance of such fixed amount
				  shall not be construed to be commingling.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.19 - Release of Deposits

Current through June 14, 2024
A. Forfeiture of
				  Deposit. A principal broker may release a deposit to a seller or landlord only
				  after the following steps have been taken:
1.
				  The principal broker makes a good faith determination that the buyer or renter
				  forfeited his or her rights to the deposit's return;
2. The principal broker provides written
				  notice to the buyer or renter by certified mail, return receipt requested, of
				  his or her intent to release the deposit to the seller or landlord sixty (60)
				  days from the date of receipt of the written notice; and
3. The buyer or renter fails to notify the
				  principal broker in writing within the sixty (60) day period that he or she
				  disputes the ownership of the deposit.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.21 - Commissions

Current through June 14, 2024
A. Unless otherwise expressly provided by
				  written agreement between the principal broker and an affiliated licensee and
				  cooperating broker and referring broker, all commissions due to a licensee from
				  the principal broker shall be subject to an accounting and payment to the
				  affiliated licensee and cooperating broker and referring broker no later than
				  ten (10) calendar days from the receipt of such commission by the principal
				  broker.
B. Every principal broker
				  must promulgate a written policy for the payment of commissions to affiliated
				  licensees upon their termination. Such policy must prescribe the rate of
				  commission to be paid, if any, on termination. The principal broker must obtain
				  the written signature of each affiliated licensee under such principal broker
				  as soon as such affiliation is established to indicate that the affiliated
				  licensee agrees to the policy. The policy shall include, but not be limited to,
				  the following:
1. Upon termination of
				  affiliation or employment, the principal broker shall make a complete
				  accounting in writing of all commissions due to licensee;
2. In the event any commission so accounted
				  for is not in accord with the established commission schedule, the principal
				  broker shall give a complete written explanation of any difference;
				  and
3. Such accounting shall be
				  made within thirty (30) days after the termination of affiliation or employment
				  of the licensee.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.22 - General Obligations of Licensees

Current through June 14, 2024
A. All licensees
				  shall deal fairly with all parties to a real estate transaction.
B. Every licensee shall make a diligent
				  effort to ascertain all pertinent information and facts, including but not
				  limited to lot size, zoning, presence or absence of town water or sewer
				  connection, and in the course of a new dwelling, municipal acceptance of the
				  plat and certificate of occupancy, concerning every property in a real estate
				  transaction in which he or she acts as a client representative. The client
				  representative shall reveal, in writing, all information and facts material to
				  any transaction to his or her client and when appropriate to any other party.
				  This information shall include any actual or potential conflicts of interest
				  that the licensee may reasonably anticipate.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.23 - Advance Fees

Current through June 14, 2024
A. Any principal
				  broker who charges or collects an advance fee for services to be rendered,
				  including but not limited to, advertising costs under an advance fee agreement,
				  shall at the time of accepting the advance fee furnish his or her buyer or
				  seller with a list of services to be rendered.
B. This section shall not apply to advance
				  fees charged by a principal broker for the purpose of performing a market
				  analysis of real property.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.24 - Prohibition Against Lending Name

Current through June 14, 2024
A. No licensee
				  shall enter into an arrangement, either directly or indirectly, to lend his or
				  her name or license for the benefit of another person, or for the purpose of
				  circumventing the Rhode Island General Laws pertaining to real estate licensure
				  and this Regulation.
B. Any
				  arrangement where a licensee affiliates with a principal broker not actively
				  involved in real estate activity requiring licensure to circumvent the Rhode
				  Island General Laws pertaining to real estate licensure and this Regulation
				  shall be grounds for disciplinary action.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.25 - Advertising

Current through June 14, 2024
A. Unless otherwise stated herein, categories
				  of advertising include but are not limited to any publication, sign, radio,
				  television or internet broadcasts, billboards, business stationary, business
				  cards, business and legal forms, email, websites, social media and other
				  internet media, printed materials, items, and documents.
B. A licensee shall not advertise in any way
				  that is false or misleading.
C.
				  General Requirements for all Advertising by Licensees
1. All advertising shall include the name of
				  the brokerage or principal broker under which the Licensee and/or Team is
				  licensed to do business.
a. The name of the
				  Brokerage shall be displayed so that it is larger and more prominent than any
				  included name of a Licensee or Team. The name of the Brokerage should be in
				  close proximity to the Licensee's name and/or Team's name.
b. When the name of a Licensee or Team is
				  contained in any advertising, except on business cards, it shall be in print
				  smaller and less conspicuous than that of the brokerage.
c. Team names and Licensee names shall not be
				  displayed in such a manner that they could be construed to be a Brokerage
				  name.
d. Team names shall include
				  the word "Team" or "Group" in all advertising.
e. Team names shall not include the following
				  words or any derivation thereof:
(1)
				  Agency;
(2) Associates;
(3) Brokerage;
(4) Brokers;
(5) Company;
(6) Corporation, Corp. or Inc.;
(7) Firm;
(8) LLC, LP, LLP;
(9) Partners, Partnership;
(10) Property, Properties; or
(11) Realty
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.26 - Agreements

Current through June 14, 2024
A. No listing agreement or contract for the
				  sale of real property, or any interest therein, shall contain a pre-printed
				  fee, commission rate or commission amount.
B. Upon request, the principal broker shall
				  advise the seller of the rate or amount of any commission split or
				  distribution.
C. All listing
				  agreements that list property with a real estate multiple listing service
				  operation shall specify the complete name of that listing service.
D. No licensee shall enter into a "net
				  listing" contract for the sale of real property, or any interest
				  therein.
E. A listing agreement
				  that provides for the principal broker's retention of any portion of the
				  deposit monies upon default by the buyer shall specifically state such in large
				  type or bold print in such a manner as to inform the seller of this
				  contingency.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.27 - Appraisals Prohibited

Current through June 14, 2024
A. Licensed real
				  estate brokers and real estate salespersons not certified or licensed as an
				  appraiser pursuant to R.I. Gen. Laws Chapter 5-20.7 are prohibited from
				  describing or referring to any valuation of real estate as an
				  appraisal.
B. A real estate
				  salesperson or real estate broker licensed under R.I. Gen. Laws Chapter 5-20.5
				  may provide his or her client with a Broker Price Opinion ("BPO") or a
				  Comparative Market Analysis ("CMA") if he or she discloses that the BPO or CMA
				  is not an appraisal that conforms to the standards adopted by USPAP and
				  includes on the BPO or CMA the following disclaimer:
1. "This opinion or analysis is not a
				  certified appraisal or an appraisal that conforms to the Uniform Standards of
				  Professional Appraisal Practice (USPAP). It is intended only for the benefit of
				  the addressee for the purpose of assisting buyers or sellers or prospective
				  buyers or sellers in deciding the listing offering, or sale price of the real
				  property and not for any other purpose, including but not limited to, lending
				  purpose excepting that specifically provided under R.I. Gen. Laws §
											5-20.7-3."
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.28 - Errors and Omission Insurance

Current through June 14, 2024
A. In accordance
				  with R.I. Gen. Laws §
										5-20.5-25, the Department
				  establishes the following minimum requirements for coverage contained in a
				  licensee's errors and omissions insurance policy:
1. In the case of an individual licensee, the
				  insurance shall be in an amount for each claim of at least fifty thousand
				  dollars ($50,000.00) and in an aggregate amount of at least one hundred fifty
				  thousand dollars ($150,000.00).
2.
				  In the case of a principal broker's blanket policy for his or her licensees, a
				  brokerage, the minimum coverage shall be:
a.
				  In an amount for each claim of at least fifty thousand dollars ($50,000.00)
				  multiplied by the number of individual licensees employed by or associated with
				  the principal broker, and in an aggregate amount of at least one hundred fifty
				  thousand dollars ($150,000.00) multiplied by the number of individual licensees
				  employed by or associated with the principal broker; or
b. In an amount sufficient to provide
				  coverage at a level of at least three hundred thousand dollars ($300,000.00)
				  for each claim with an aggregate top limit of liability for all claims of at
				  least one million dollars ($1,000,000.00) during any one (1) year.
3. The insurance shall cover
				  negligence, wrongful acts, and errors and omissions committed by the licensee.
				  Where a principal broker's policy applies, the insurance shall only cover
				  negligence, wrongful acts, and errors and omissions committed by the licensee
				  while affiliated with the principal broker.
4. The insurance required by R.I. Gen. Laws
				  §
											5-20.5-25 may provide that it does
				  not apply to any dishonest, fraudulent, criminal, or malicious act or omission
				  of the insured licensee.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.29 - Real Estate Schools and Instructors

Current through June 14, 2024
A. All
				  real estate school permits are valid for one (1) year and expire annually on
				  August 31.
B. Courses are approved
				  for a three (3) year period. Re-submission is required for re-approval for
				  additional three (3) year periods.
C. Each authorized school must designate one
				  (1) individual as an authorized agent. The authorized agent shall:
1. Maintain records documenting the entrance
				  qualifications for students, attendance of students including their name, the
				  dates on which they attended the school and the date on which they completed
				  the curriculum for licensure as a real estate broker or salesperson, the
				  continuing education curriculum for licensed brokers and salespeople or the
				  instructor curriculum;
2. Notify
				  the Board of any change in the address or telephone number of the authorized
				  school or any change of the authorized agent within seven (7) days of such
				  change; and
3. Ensure that only
				  qualified instructors are permitted to teach the curriculum that contributes
				  toward certification for licensure or continuing education.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.30 - Continuing Education

Current through June 14, 2024
A. Continuing
				  Education Required for License Renewal
1. As a
				  pre-requisite to renewing a license, all licensees not specifically exempted
				  shall complete twenty-four (24) clock hours of Department-approved real estate
				  courses during the preceding two (2) year period.
2. At each renewal, licensees shall submit
				  proof to the Department that the licensee has completed the required continuing
				  education in accordance with §
											2.30   of this Part.
3. Only those courses previously approved by
				  the Department in accordance with §
											2.29(G)   of this Part may be taken to
				  fulfill the requirements of §
											2.30   of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.31 - Mandatory Relationship Disclosures

Current through June 14, 2024
A. Licensees shall
				  comply with R.I. Gen. Laws Chapter 5-20.6, "Relationships in Residential Real
				  Estate Transactions."
B. When a
				  Team is working with a prospective buyer, seller, tenant or landlord, the
				  relationship of each licensee on the team to the client(s) must be disclosed in
				  accordance with R.I. Gen. Laws §
										5-20.6-8.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.32 - Severability

Current through June 14, 2024
If any section, term, or provision of this Regulation is
					 adjudged invalid for any reason, all remaining sections, terms, and provisions
					 shall remain in full force and effect.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.1 - Authority

Current through June 14, 2024
This Part is promulgated pursuant to the authority granted
					 in R.I. Gen. Laws §§
										5-20.9-7,
					 5-20.9-9,
					 5-20.9-15,
					 5-20.9-16,
					 5-20.9-18,
					 5-20.9-19 and
					 42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.2 - Purpose

Current through June 14, 2024
The purpose of this Part is to establish standards and
					 procedures for the registration of Appraisal Management Companies, and to
					 generally assist the Department in carrying out the administration and
					 enforcement of the Real Estate Appraisal Management Company Registration Act,
					 R.I. Gen. Laws §
										5-20.9-1 et seq., so that the
					 public interest may be effectively served.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.3 - Definitions

Current through June 14, 2024
A. In addition to the terms defined in R.I.
				  Gen. Laws §§
										5-20.7-2 and
				  5-20.9-2, for this Part, the
				  following terms shall have the following meanings:
1. "AMC" means Appraisal Management Company.
2. "Department" means the Rhode
				  Island Department of Business Regulation.
3. "Registrant" means the holder of an AMC
				  Registration.
4. "Registration" or
				  "AMC Registration" means the Registration issued by the Department to an AMC
				  that meets the requirements of R.I. Gen. Laws §
											5-20.9-1, et seq.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.4 - Application for Registration

Current through June 14, 2024
A. In accordance
				  with R.I. Gen. Laws §
										5-20.9-3, AMCs are required to
				  register with the Department.
B.
				  Every applicant for AMC registration shall submit a complete application to the
				  Department along with the applicable fees.
C. In addition to the information required by
				  R.I. Gen. Laws §
										5-20.9-4, the application must also
				  include:
1. All trade names and fictitious
				  names used by the AMC.
2.
				  Identification of whether it is a single state or multistate AMC. If
				  multistate, a list of all other states the AMC is registered in.
3. A designated controlling person that will
				  be the principal contact for all communication between the AMC and the
				  Department, in accordance with R.I. Gen. Laws §
											5-20.9-11.
4. A certification that the AMC is registered
				  with the Rhode Island Secretary of State.
5. A Certification regarding criminal history
				  and a Criminal History Record from the Rhode Island Department of Attorney
				  General for each person identified by R.I. Gen. Laws §
											5-20.9-4(d).
				  Non-residents must also submit a Criminal History Record from their home state
				  law enforcement agency.
6. A
				  certification in accordance with R.I. Gen. Laws §
											5-20.9-10(b) that
				  each owner or controlling person of an AMC has never had a license or
				  registration to act as an appraiser denied, suspended or revoked, in this state
				  or in any other state.
7. For
				  nonresident AMCs, consent to service of process and identification of a
				  registered agent in accordance with R.I. Gen. Laws §
											5-20.9-5.
8. A certification that the AMC has systems
				  in place to comply with the requirements of R.I. Gen. Laws §
											5-20.9-4(c).
9. A completed taxpayer status
				  affidavit.
10. A list of all
				  independent fee appraisers on the AMC's appraisal panel in Rhode
				  Island.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.5 - Duty to Update Information on File with the Department

Current through June 14, 2024
A. All application requirements must be
				  maintained and kept current for the duration of the Registration.
B. Change of Address. Written notice shall be
				  given to the Department within fourteen (14) days of any change in a
				  Registrant's mailing address, email address, controlling person, or any other
				  change in contact information reported on the most recent application. Note
				  that a change in business address, ownership or management would require a
				  Transfer Application or other additional information to be submitted.
C. Registrations are Not
				  Transferable. A Registration shall be granted only to the applicant. A
				  Registration is not subject to transfer, assignment or leasing to another
				  person or entity without prior application to, and approval from the
				  Department.
D. Dissolution of AMC.
				  When a Registrant dissolves a firm or otherwise ceases operation, the
				  Registrant must notify the Department within ten (10) days of ceasing
				  operations.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.6 - Term of Registration

Current through June 14, 2024
A. The term of
				  Registration shall be one (1) year from the date on which it was issued.
B. The expiration date of the
				  Registration shall appear on the Registration. It is the obligation of the
				  Registrant to timely renew its Registration.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.7 - Renewal of Registration

Current through June 14, 2024
A. Renewal
				  applications must be received by the Department prior to the expiration of the
				  AMC Registration.
B. Every AMC
				  registered pursuant to R.I. Gen. Laws §
										5-20.9-1, et seq., which desires to
				  renew its Registration shall apply for the renewal of the Registration upon a
				  form to be furnished by the Department, which shall contain whatever
				  information the Department requires. Any renewal of a Registration shall be
				  subject to the same provisions and requirements covering issuance, suspension,
				  and revocation of any Registration as originally issued.
C. Criminal History Records are required for
				  initial applications and upon renewal only for any new persons identified by
				  R.I. Gen. Laws §
										5-20.9-4(d).
				  However, all such persons identified by R.I. Gen. Laws §
										5-20.9-4(d) must
				  certify each year that they have not been convicted of or plead nolo contendere
				  to any felony or misdemeanor since the last renewal.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.8 - Expired Registrations

Current through June 14, 2024
A. Applications for
				  the restoration of an expired Registration, which has been allowed to lapse for
				  less than one (1) year, may be renewed upon submission of a complete renewal
				  application and payment of a reinstatement fee of one hundred ($100) dollars,
				  in addition to the required renewal fee.
B. If the Registration has been expired for
				  more than one (1) year, the AMC must follow the procedure for a new
				  application.
C. Any AMC seeking to
				  reinstate a Registration after expiration must affirm by affidavit that the AMC
				  has not engaged in any unregistered activity since the expiration of the
				  Registration.
D. If an AMC has
				  engaged in unregistered activity pursuant to R.I. Gen. Laws §
										5-20.9-9, the AMC must file an
				  affidavit with the Department listing all such unregistered activity. The
				  Department shall review the affidavit submitted and may take disciplinary
				  action in accordance with §
										3.11   of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.9 - Fees and Charges

Current through June 14, 2024
A. AMC Registration
				  fees are payable to the General Treasurer and are non-refundable.
B. The Department will collect the AMC
				  Federal Registry Fee and transmit it to the Federal Registry in accordance with
				  12 C.F.R. §
											1102.403.
C. Fees:
Initial Registration Fee
$ 500
Renewal Registration Fee
$ 500
Reinstatement Fee for Late Renewal
$ 100
AMC Federal Registry Fee - AMCs in existence for
								more than 1 year
$ 25 multiplied by the number of appraisers who
								have performed an appraisal for the AMC in connection with a covered
								transaction in Rhode Island during the previous year.
AMC Federal Registry Fee - AMCs in existence for
								less than 1 year
$ 25 multiplied by the number of appraisers who
								have performed an appraisal for the AMC in connection with a covered
								transaction in Rhode Island since the AMC commenced doing business.
Certificate of Good Standing Fee
$ 25
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.10 - Records Retention

Current through June 14, 2024
When the Department conducts an inspection of an AMC, the
					 Department may request that photocopies or electronic copies of required
					 records be produced by the Registrant for submission to the Department. The
					 Department will consider the AMC in compliance with its record keeping
					 requirements if the records are stored electronically so long as they can be
					 readily retrieved in compliance with R.I. Gen. Laws §
										5-20.9-6 and this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.11 - Enforcement Actions

Current through June 14, 2024
A. Complaints. The
				  Department shall have authority to investigate all complaints against AMCs for
				  violations of R.I. Gen. Laws §
										5-20.9-1, et seq., or this Part. In
				  furtherance thereof, the Department shall notify the AMC in writing of the
				  Department's receipt of a complaint, enclosing a copy thereof. The AMC shall
				  within twenty (20) days from the date of the Department's letter, file with the
				  Department a written answer to the complaint. The Department shall review the
				  answer and submit a copy thereof to the complainant for further response, if
				  necessary. Upon receipt of the response, the Department will then evaluate the
				  complaint and response thereto and the matter will be handled in compliance
				  with the Department's applicable procedures and regulations for such matters.
				  The Department may, upon its own motion, with or without a complaint, notice a
				  hearing for the purposes of further investigating whether to sanction a
				  Registrant or other Person.
B. All
				  hearings and enforcement actions shall be conducted in accordance with the
				  Administrative Procedures Act, R.I. Gen. Laws §
										42-35-1 et seq., and the
				  Department's Rules of Procedure for Administrative Hearings, Part 10-00-2 of
				  this Title.
C. It is sufficient
				  cause for denial, suspension or revocation of an AMC Registration if an owner,
				  controlling person, principal or employee of an AMC has been found by the
				  Department to be responsible for any act or omission that would be cause for
				  refusing, suspending, or revoking a Registration.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.12 - Penalties for Violations

Current through June 14, 2024
Any AMC or principal thereof who fails to comply with the
					 provisions of this Part or the provisions of R.I. Gen. Laws §
										5-20.9-1 et seq., may be subject to
					 any of the penalties outlined in R.I. Gen. Laws §
										5-20.9-9.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 3 - Appraisal Management Companies (230-RICR-30-20-3) › Section 230-RICR-30-20-3.13 - Reporting of Conviction and Disciplinary Actions

Current through June 14, 2024
A. Any
				  AMC whose registration is disciplined by any state agency resulting in the
				  denial, suspension or revocation of that AMC's registration shall file a
				  written report of such discipline with the Department within sixty (60) days of
				  the final order or consent agreement in the case.
B. Any owner, controlling person, principal
				  of an AMC whose real estate appraiser license is disciplined by any state
				  appraiser regulatory agency resulting in the denial, suspension or revocation
				  of that person's real estate appraiser license shall file a written report of
				  such discipline with the Department within sixty (60) days of the final order
				  or consent agreement in the case.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.1 - Authority

Current through June 14, 2024
This Part is promulgated pursuant to the authority granted
					 in R.I. Gen. Laws §
										42-63.1-14.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.2 - Purpose

Current through June 14, 2024
The purpose of this Part is to establish standards and
					 procedures for the registration of short-term rental properties listed for rent
					 on the website of any third-party hosting platform that conducts business in
					 Rhode Island.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.3 - Definitions

Current through June 14, 2024
A. In addition to the terms defined in R.I.
				  Gen. Laws §
										42-63.1-2, for this Part, the
				  following terms shall have the following meanings:
1. "Department" means the Department of
				  Business Regulation.
2. "Director"
				  means the Director of the Department of Business Regulation or his or her
				  designee.
3. "Owner" has the
				  meaning set forth in R.I. Gen. Laws §
											42-63.1-2. Note that the
				  definition of "Owner" includes a lessee where the lessee is offering a
				  residential unit for "tourist or transient" use.
4. "Registrant" means the Owner registering a
				  property with the Department as a short-term rental as required by R.I. Gen.
				  Laws §
											42-63.1-14.
5. "Registration" means a Registration for a
				  short-term rental property as required by R.I. Gen. Laws §
											42-63.1-14.
6. "Rooms for rent" means the number of rooms
				  in the short-term rental exclusive of bathrooms and kitchens.
7. "Short-term rental" has the meaning set
				  forth in R.I. Gen. Laws §
											42-63.1-14(b).
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.4 - Registrations

Current through June 14, 2024
In accordance with R.I. Gen. Laws §
										42-63.1-14, all short-term rental
					 properties listed for rent on the website of any third-party hosting platform
					 that conducts business in Rhode Island must be registered with the
					 Department.
4.4.1
Applications
				  for Registration
A. Every Owner of a
				  short-term rental property subject to R.I. Gen. Laws §
											42-63.114   shall
				  submit a complete application to the Department along with the applicable fee
				  for each property advertised for short-term rental.
B. Registrations will be issued for each
				  property. If a person or entity operates multiple short-term rental properties,
				  each individual property must be separately registered with the Department.
1. Listings for private rooms or shared space
				  within the same owner-occupied unit for short-term rental only require one (1)
				  registration for per unit.
2.
				  Listings for the entire space require one registration per rental unit. For
				  example, for multi-family properties, each separate apartment advertised for
				  short-term rental within the building must have its own registration.
C. The application shall include
				  the information set forth in R.I. Gen. Laws §
											42-63.1-14(d) and
				  any other information the Department may require.
D. Upon submission of a complete Registration
				  application, the Department shall issue a Registration.
E. No Registration will be issued for
				  incomplete or deficient applications.
F. All applications for Registration and
				  renewal shall be submitted electronically through a registration system as
				  directed by the Department.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.5 - Fees and Charges

Current through June 14, 2024
A. Registration fees
				  are payable to the "General Treasurer, State of Rhode Island" and are
				  non-refundable.
B. Fees:
Registration Fee
Renewal Fee
$ 50.00
$ 50.00
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.6 - Notices of Violation and Penalties for Failure to Register

Current through June 14, 2024
A. Penalties may be imposed on Owners for
				  failure to register in accordance with R.I. Gen. Laws §
										42-63.1-14.
B. The Department shall be authorized to
				  issue to the Owner in writing or by email a Notice of Violation for failure to
				  register, assessing the statutory penalties listed in R.I. Gen. Laws §
										42-63.1-14(i).
1. The Owner shall, within twenty (20) days
				  from the date of the Department's Notice:
a.
				  Pay the penalty on the Notice of Violation and register the property or
				  properties identified with the Department; or
b. File with the Department a written
				  response to the Notice of Violation. The Department will then evaluate the
				  response and the matter will be handled in compliance with the Department's
				  Rules of Procedure for Administrative Hearings, Part 10-00-2 of this
				  Title.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 4 - Short-Term Rental Property Registration › Section 230-RICR-30-20-4.7 - Severability

Current through June 14, 2024
If any section, term, or provision of this Regulation is
					 adjudged invalid for any reason, all remaining sections, terms, and provisions
					 shall remain in full force and effect.