Title 19, Title 19 Institutions

(a) In order to ensure the effective supervision and enforcement of this chapter, the director, or the director’s designee, may, pursuant to chapter 35 of title 42: (1) Deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules or regul…

(a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee of a lender or loan broker licensed under chapter 14 of title 19, the surety bond of such lender or loan broker as re…

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in public law 110-289, § 1512 (12 U.S.C. § 5111), the requirements under any federal law, or chapter 2 of title 38 of the general l…

In addition to any authority allowed under this chapter the director, or the director’s designee, shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspension, license conditioning, lice…

It is a violation of this chapter for a person or individual subject to this chapter to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) Engage in any unfair or deceptive practice toward an…

Each lender, loan broker, or mortgage loan originator licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may r…

Subject to state privacy law the director, or the director’s designee, is required to report regularly violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry subject to the provisions con…

The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon Rhode Island’s consumers, Rhode Island’s economy, the neighborhoods and communities of Rhode Island, and the h…

The name and the unique identifier assigned by the Nationwide Multistate Licensing System of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or …

If any provision of this chapter or its application to any person or circumstance is held invalid, the remainder of the chapter or the application of the provision to other persons or circumstances is not affected.

For purposes of this chapter, the following definitions shall apply: (1) “Depository institution” has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union. (2) “Federal banking agencies” means the Board of Governors of the Federal R…

(a) An individual, unless specifically exempted from this chapter under subsection (b), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter.…

(a) Applicants for a license shall apply in a form as prescribed by the director, or the director’s designee. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director, or the director’s designee, and may be changed or update…

The director, or the director’s designee, shall not approve a mortgage loan originator license unless the director. or the director’s designee. makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmenta…

(a) In order to meet the pre-licensing education requirement referred to in this chapter, a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of Federal law and regulations; …

(a) In order to meet the written test requirement referred to in this chapter, an individual shall pass, in accordance with the standards established under this subsection, a qualified written test developed by the Nationwide Multistate Licensing System and administered by a test…

(a) The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under § 19-14.10-6. (2) The mortgage loan originator has satisfied the annual con…