# Rhode Island H7867: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES . Rhode Island H7867, AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES ., is a 2026 Regular Session House bill sponsored by Joseph J. Solomon, Jr. (Democratic); status signed, last action 2026-06-23 (Signed by Governor — Chapter 416) (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/RI-H7867-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Rhode Island H7867 - State: Rhode Island - Session: 2026 Regular Session - Title: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES . - Status: signed - Chamber: House - Introduced: 2026-02-27 - Last action: 2026-06-23, Signed by Governor — Chapter 416 - Sponsor: Joseph J. Solomon, Jr. (Democratic) - Cosponsors: 0 - Touches household money: no - Roll calls: 2 (102 yes, 0 no in all) - Economic provisions PRIA read: 9 ## Summary No summary available. ## Bill overview: provisions PRIA read - Who counts as a mortgage servicer: benefit, low. The law explains what loan “servicing” means. It covers taking your payments, handling escrow, and sending money to the loan owner. For reverse mortgages, it also includes paying money to the borrower. It also defines a third‑party loan servicer as a company that services Rhode Island home loans or… - Stronger rules for large mortgage servicers: mixed, medium. The law sets capital and cash requirements for covered nonbank mortgage servicers that handle 2,000+ loans in 2+ states. Servicers can meet some tests by qualifying under FHFA seller/servicer standards and must use GAAP accounting. They must keep written policies, cash management plans, and enough… - Clear rules for mortgage roles and steps: mixed, low. The law clarifies who is a loan broker and what counts as loan solicitation, processing, underwriting, and negotiation. It defines mortgage loans, the primary market, table-funding deals, and retail installment contracts. It explains who is a sub-servicer or a mortgage servicing rights investor, an… - Multistate licensing system and call reports: mixed, low. The law recognizes the multistate system states use to license and supervise lenders and brokers. Licensed entities must file Mortgage Call Reports with data on originations, servicing, and finances, quarterly or annually. These definitions guide filings and payments and are in effect until January… - Who counts as an employee or owner: mixed, low. The law treats workers paid on a W-2 as employees for licensed firms and excludes 1099 workers. It defines what employer oversight looks like for licensing. It sets conditions for provisional employees tied to certain bank-affiliated brokers and when staff may work from a remote location. It also d… - Clearer definitions for consumer loans: mixed, low. The law standardizes what counts as a loan. It includes mortgages, payday or deferred‑deposit loans, retail installment contracts, student loans, and insurance premium financing. A small loan is under $5,000 and not secured by real estate; small‑loan lenders are those who make them. The law explain… - Rules for check cashing and digital money: mixed, low. The law clarifies which items count as checks for check‑cashing rules and excludes traveler’s checks and foreign‑currency instruments. It defines a check casher and when a check is considered delivered. It defines currency transmission to include selling payment instruments, sending money for other… - Rules for money orders and virtual currency: mixed, low. The law defines virtual currency and excludes certain items like store rewards, in-game currency, proprietary tokens, and Reg E gift or prepaid cards. It defines monetary value, personal money orders, and what it means to sell a check. These rules set who must be licensed for money transmission and… - Stronger oversight of large mortgage servicers: mixed, low. The law sets firm rules for large nonbank mortgage servicers. A servicer is covered if it services 2,000 or more one‑to‑four unit home loans, operates in two or more states, and this count excludes whole loans it owns and loans only interim‑serviced before sale. Covered servicers must keep enough c… ## Sponsors and cosponsors - Sponsor: Joseph J. Solomon, Jr. (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-06-09 | Senate | FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES In Concurrence Passage | pass | 36 | 0 | | | 2026-05-26 | House | INSTITUTIONS-LICENSED ACTIVITIES PASSAGE | pass | 66 | 0 | | ## Actions (11) - 2026-06-23: Signed by Governor — Chapter 416 (Governor) - 2026-06-18: Transmitted to Governor (Governor) - 2026-06-09: Senate passed in concurrence (Senate) - 2026-06-05: Placed on Senate Calendar (06/09/2026) (Senate) - 2026-05-26: House read and passed (House) - 2026-05-22: Placed on House Calendar (05/26/2026) (House) - 2026-05-21: Committee recommends passage - 2026-05-15: Scheduled for consideration (05/21/2026) - 2026-04-28: Committee recommended measure be held for further study - 2026-04-24: Scheduled for hearing and/or consideration (04/28/2026) - 2026-02-27: Introduced, referred to House Corporations (House) ## Bill text - H7867 - As Introduced, 2026-02-27: [HTML](https://webserver.rilegislature.gov/BillText26/HouseText26/H7867.htm), [PDF](https://webserver.rilegislature.gov/BillText26/HouseText26/H7867.pdf) ## Related bills - H8104: AN ACT RELATING TO PROPERTY -- MORTGAGES OF REAL PROPERTY . (became law) - H8046: AN ACT RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY -- FEES . (became law) - H8025: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION . (became law) - H7866: AN ACT RELATING TO INSURANCE -- UNFAIR CLAIMS SETTLEMENT PRACTICES ACT . (became law) - H7642: AN ACT RELATING TO COURTS AND CIVIL PROCEDURE -- PROCEDURE GENERALLY -- DISTRICT COURT PRACTICE . (became law) - S3363: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION . (became law) ## Sources - [H7867 - As Introduced (HTML)](https://webserver.rilegislature.gov/BillText26/HouseText26/H7867.htm) - [H7867 - As Introduced (PDF)](https://webserver.rilegislature.gov/BillText26/HouseText26/H7867.pdf) ## Related - [H8104: AN ACT RELATING TO PROPERTY -- MORTGAGES OF REAL PROPERTY .](https://policyrisk.com/state-bill/RI-H8104-2026) - [H8046: AN ACT RELATING TO COURTS AND CIVIL PROCEDURE--PROCEDURE GENERALLY -- FEES .](https://policyrisk.com/state-bill/RI-H8046-2026) - [H8025: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .](https://policyrisk.com/state-bill/RI-H8025-2026) - [H7866: AN ACT RELATING TO INSURANCE -- UNFAIR CLAIMS SETTLEMENT PRACTICES ACT .](https://policyrisk.com/state-bill/RI-H7866-2026) - [H7642: AN ACT RELATING TO COURTS AND CIVIL PROCEDURE -- PROCEDURE GENERALLY -- DISTRIC…](https://policyrisk.com/state-bill/RI-H7642-2026) - [S3363: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .](https://policyrisk.com/state-bill/RI-S3363-2026) - [Rhode Island bills](https://policyrisk.com/states/rhode-island/bills) - [Rhode Island state hub](https://policyrisk.com/states/rhode-island) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/RI-H7867-2026 (as of 2026-11-01).