Title 19, Title 19 Institutions

The credit committee or duly appointed loan officer shall approve, in writing, every loan or advance made by the credit union, subject to any limitations that may be set from time to time by the board of directors. Every application for a loan shall be made in writing and shall s…

(a) The supervisory committee shall make, or cause to be made, an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union. (b) Following a detailed investigation perfo…

The capital, deposits, and surplus of the credit union shall be lent to the members for the purposes and upon the security and terms as the credit committee shall approve, as authorized by a written loan policy, duly adopted by the board of directors. Funds not used in loans to m…

(a) For purposes of this section: (1) “Eligible obligation” means a loan or group or portfolio of loans and includes a participation interest in a loan or group or portfolio of loans. (2) “Participation interest” means a loan where one or more federally insured financial institut…

A credit union shall not permit any person or entity to borrow or guaranty, directly or indirectly, an amount(s), in the aggregate, that exceeds one percent (1%) of its total assets or twenty percent (20%) of the total unimpaired capital, whichever is greater. This limit shall no…

(a) No member of the board of directors or member of either the credit or supervisory committee shall directly or indirectly borrow from or become surety for any loan or advance made by the credit union, except that any member of the board of directors or any member from either o…

Credit union management may expel from the credit union any member who has not fulfilled his or her duties toward the credit union; or who has been convicted of a criminal offense; or who neglects or refuses to comply with the provisions of this chapter or of the credit union’s b…

At those intervals that the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificat…

Fifteen (15) or more citizens of this state who have associated themselves by a written agreement to form a credit union may, with the consent of the director, or the director’s designee, become a corporation upon complying with the provisions of §§ 7-6-33 — 7-6-35. The subscribe…

Each credit union shall establish and maintain a regular reserve, as provided by the Federal Credit Union Act, 12 U.S.C. § 1751 et seq. The director, or the director’s designee, shall approve or deny any charges to the reserve.

A credit union may, in accordance with rules and regulations that the director, or the director’s designee, may adopt, destroy its records that have become obsolete.

The capital stock, corporate franchises, and personal property, but not the real estate, of credit unions shall be exempt from taxation; provided, however, that every credit union shall annually pay to the general treasurer forty cents (40¢) on each one hundred dollars ($100) dep…

(a) A credit union may be converted into a federal credit union, and a federal credit union may be converted into a credit union, by complying with all the requirements of applicable federal and state law. (b) A federal credit union shall become a credit union when its agreement …

(a) Any credit union may, with approval of the director, or the director’s designee, merge with another credit union under the agreement to form of the surviving credit union, pursuant to any plan agreed upon by a two thirds (⅔) vote of those members of the board of directors of …

A credit union may engage in any activity authorized by law or regulation for federal credit unions that, in the opinion of the director, or the director’s designee, is not unsafe and unsound for the credit union.

Every credit union shall maintain liquidity reserves equal to an amount as determined in the credit union’s liquidity and funds management policy as established and adopted by the board of directors of the credit union. Failure to adopt an adequate funds management policy shall b…

A credit union chartered in another state shall be permitted to do business in Rhode Island if credit unions may do business in the other state, under terms and conditions no more onerous than the laws of the state of Rhode Island, as determined by the director, or the director’s…

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the inv…

(a) If authorized by the credit union board of directors, a credit union registered to do business in the State of Rhode Island may conduct a savings promotion raffle, provided that it has given the department of business regulation prior written notice of its intent to conduct s…

After organization of any credit union has been completed, nothing in this chapter shall be construed to debar from membership any fraternal organization, voluntary association, partnership, or corporation.

(a) The director, or the director’s designee, shall promulgate regulations that prescribe the form and content of the credit union’s bylaws that shall, if not contrary to state law, reflect the guidelines of the federal credit union model bylaws and amendment provisions. (b) No c…

Whenever payment for shares or deposits has been made in any credit union in the name of two (2) or more persons and payable to either, or any, or the survivor, payment of the amount due on the shares or deposits, or any part, or any interest, or dividend may be made to any of th…

(a) A credit union may offer demand deposits to its members provided the following conditions are met: (1) That the credit union has shares and deposits of one million dollars ($1,000,000) or more; (2) Every credit union shall maintain reserves as required by the provisions with …

No person shall be entitled to vote at any meeting who has not been a member of the credit union for more than three (3) months, but this restriction shall not apply during the first year of the existence of the credit union, nor shall it apply during the first three (3) months o…

(a) At the annual meeting, the members shall elect a board of directors, the number of which shall be fixed from time to time by the bylaws, provided, however, that there shall be a minimum of five (5) directors. The directors shall be elected to staggered three (3) year terms so…

(a) The board of directors shall appoint, or the membership shall elect, qualified members to a supervisory committee consisting of no fewer than three (3) members nor more than five (5) members. The director, or the director’s designee, shall issue guidelines defining a “qualifi…