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Rhode IslandS30752026 Regular SessionSenate

AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES .

Sponsored By: Robert Britto (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

Stronger rules for large mortgage servicers

The law sets stronger capital, liquidity, governance, audit, and risk rules for large nonbank mortgage servicers. It applies to covered servicers that handle 2,000 or more one-to-four unit loans and operate in two or more states. Servicers must keep required capital and liquid assets, follow GAAP, and keep written policies and cash plans. Meeting FHFA seller/servicer standards for capital and liquidity counts as meeting these state rules. A board must oversee compliance, with internal audit and an annual external audit of finances, controls, net worth, MSR values, and insurance. Not-for-profit servicers, housing finance agencies, and servicers that only handle reverse mortgages are exempt from the financial-condition section.

Regulator can tighten or ease servicer rules

The director can make rules to run this chapter. After a formal review, the director can order extra safeguards for servicers found extremely high risk. For servicers found extremely low risk, the director can say some or all financial and governance rules do not apply. During severe economic, environmental, or social events, the director can temporarily suspend parts of these rules with public notice.

Updated definitions for loans and servicing

The law updates key terms that decide who is covered by mortgage-servicing and loan rules. It defines principal owner as 10% or more and sets small loan as under $5,000. It clarifies roles like sub-servicer and whole loans. These definitions apply now and expire January 1, 2027.

Sponsors & Cosponsors

Sponsor

  • Robert Britto

    Democratic • Senate

Cosponsors

  • Jacob Bissaillon

    Democratic • Senate

  • John P. Burke

    Democratic • Senate

  • Lori Urso

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 105 • No: 0

House vote • 6/8/2026

FIN INST.-LICENSED ACTIVITIES PASSAGE IN CONCURRENCE

Yes: 69 • No: 0

Senate vote • 5/5/2026

RELATING TO FINANCIAL INSTITUTIONS-LICENSED ACTIVITIES Passage

Yes: 36 • No: 0

Actions Timeline

  1. Signed by Governor — Chapter 417

    6/23/2026Governor

  2. Transmitted to Governor

    6/18/2026Governor

  3. House passed in concurrence

    6/8/2026House

  4. Placed on the House Consent Calendar (06/08/2026)

    6/5/2026House

  5. Committee recommends passage in concurrence

    6/2/2026

  6. Scheduled for consideration (06/02/2026)

    5/29/2026

  7. Referred to House Corporations

    5/6/2026House

  8. Senate read and passed

    5/5/2026Senate

  9. Placed on Senate Calendar (05/05/2026)

    4/29/2026Senate

  10. Committee recommends passage

    4/28/2026

  11. Scheduled for consideration (04/28/2026)

    4/24/2026

  12. Committee recommended measure be held for further study

    4/14/2026

  13. Scheduled for hearing and/or consideration (04/14/2026)

    4/10/2026

  14. Introduced, referred to Senate Commerce

    3/13/2026Senate

Bill Text

  • S3075 - As Introduced

    3/13/2026

    HTMLPDF

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