Title 19, Title 19 Institutions

Whenever a vote is taken pursuant to § 19-10.1-1 by a financial institution with capital stock to convert such financial institution into a corporation organized under the Rhode Island Business Corporation Act, it shall be the duty of the board of directors or trustees thereof to…

Whenever any financial institution with capital stock coverts to and becomes a general business corporation pursuant to § 19-10.1-1 while holding upon deposit or for safekeeping any funds or other property of any description pursuant to its powers under § 19-3-1, such property sh…

No lender or loan broker shall take any confession of judgment, or any power of attorney, except a power of attorney or power of sale authorizing the lender or loan broker in case of default in payment of interest or principal, to enforce the provisions of any chattel mortgage or…

(a) The licensing provisions of chapter 14 of this title shall not apply to: (1) Nonprofit charitable, educational, or religious corporations or associations; (2) Any person who makes less than six (6) loans in this state in any consecutive twelve-month (12) period; there is no s…

The director, or the director’s designee, may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.

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) Every lender may lend or loan broker may negotiate the lending of any sum of money and may charge, contract for, and receive points, fees, charges, and interest on the unpaid balance of the loan at a rate not to exceed that provided in § 6-26-2, or as otherwise permitted unde…

For the purposes of this chapter, involuntary unemployment insurance coverage shall not be a factor in the approval by the lender or loan broker of any loan. The lender or loan broker shall give and maintain specific written indication that the cost of this coverage is disclosed …

Every lender or loan broker, as applicable, who is the holder of any note shall: (1) Give to any borrower, or the borrower’s agent, making a loan payment a plain and complete receipt for all payments on the loan at the time the payment is made in person at the lender’s or loan br…

No loan document shall contain: (1) Any acceleration clause under which any part or all of the unpaid balance of the obligation not yet matured may be declared due and payable because the holder deems himself or herself to be insecure; (2) Any power of attorney to confess judgmen…

The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this …

No assignment of, or order for, payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the amount of the loan is paid to the borrower simultaneo…

(a) All fees paid by clients or residential mortgage loan applicants to a lender or loan broker prior to the closing of the loan in connection with which those fees are paid, shall be deposited in one or more escrow accounts maintained at a federally-insured-deposit-taking instit…

(a) Any person or entity and the several members, officers, directors, agents and employees thereof, who or that knowingly violates, or participates in the violation of any of the applicable provisions of this chapter, or any regulation promulgated thereunder, shall be guilty of …

(a) No person, except as authorized by this chapter, shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than provided by this chapter upon the loan, use, or sale of credit of the amount or value of five thousand dollars …

(a) Interest on loans made under this chapter shall not be paid, deducted, or received in advance, or compounded, and shall be computed and paid only on unpaid principal balances and on the basis of the number of days actually elapsed. For the purpose of these computations, a mon…

No small loan lender shall enter into any contract of loan under this chapter of one thousand dollars ($1,000) or less, excluding charges, under which the borrower agrees to make any scheduled repayment of cash advance or principal more than twenty-five (25) months from the date …

In addition to the interest allowed in this chapter, no small loan licensee shall directly, or indirectly, charge, contract for, or receive any other charges except credit insurance, lawful filing fees and insurance charges, and other fees listed in § 6-26-2(c) or as authorized b…

Every licensee who is the holder of any small loan note shall deliver to the borrower, at the time any small loan is made, a statement of the law regarding interest rate and term limitations, in plain English, showing in clear and distinct terms the amount and date of the loan an…

(a) Any person or any member, officer, director, agent, or employee of any person, who knowingly violates or participates in the violation of any of the applicable provisions of this chapter, or any regulation promulgated under this chapter, is guilty of a misdemeanor and, upon c…

The director, or the director’s designee, may, adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.

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…

No small loan lender shall take any confession of judgment, or any power of attorney, except a power of attorney or power of sale authorizing the small loan lender in case of default in payment of interest or principal, to enforce the provisions of any chattel mortgage or pledge.…

For the purposes of this chapter, involuntary unemployment insurance coverage shall not be a factor in the approval by the small loan lender of any loan. The small loan lender shall give and maintain specific written indication that the cost of this coverage is disclosed to the d…

Every small loan lender who is the holder of any note shall: (1) Give to the borrower or the borrower’s agent making payment a plain and complete receipt for all payments on the loan at the time the payment is made, in person, at the small loan lender’s office; (2) Permit payment…

No loan document shall contain: (1) Any acceleration clause under which any part or all of the unpaid balance of the obligation not yet matured may be declared due and payable because the holder deems himself or herself to be insecure; (2) Any power of attorney to confess judgmen…

The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this …

No assignment of, or order for, payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any small loan lender under this chapter, shall be valid unless the amount of the loan is paid to the borrower s…

Every small loan lender may lend up to five thousand dollars ($5,000) in the aggregate to one borrower and may charge, contract for, and receive on the loan interest on the unpaid principal balance on a loan at a rate not exceeding the following: (1) Loans up to and including thr…

No small loan lender shall induce or permit any borrower to split up or divide any loan, or permit any person to become obligated individually under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of charge than would ot…

No license to engage in the business of currency transmission shall be required of any: (1) Regulated institution, bank, or credit union organized under the laws of the United States, or subject to written notice with a designated Rhode Island agent for service of process in the …

In addition to the definitions provided in § 19-14-1 the following definitions are applicable to this chapter: (1) “Blockchain analytics” means the analysis of data from blockchains or public distributed ledgers, including associated transaction information. (2) “Blockchain analy…

A person licensed by another state to engage in currency transmission business activity in that state may engage in currency transmission business activity with or on behalf of a resident to the same extent as a licensee if: (1) The department determines that the state in which t…

(a) The department may cooperate, coordinate, jointly examine, consult, and share records and other information with the appropriate regulatory agency of another state, a self-regulatory organization, federal or state regulator of banking or non-depository providers, or a regulat…

(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations. (b) Excep…

(a) The following investments are permissible under § 19-14.3-2.1: (1) Cash including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee’s customers in a federally insured depository financial institution and cash equivalents includ…

Each licensee shall be liable for the payment of all checks or electronic money transfer sold by the licensee in this state, in whatever form and whether directly or through an agent, as the maker or drawer of these according to the negotiable instrument laws of this state; and a…

Every person carrying on a foreign exchange business or the business of forwarding foreign drafts or of forwarding money or other credits to any country outside of the United States shall make and preserve a record of each transaction. The record shall contain all of the followin…

A virtual currency kiosk operator shall disclose in a clear, conspicuous, and easily readable manner in a chosen language made available to and preferred by the customer, all relevant terms and conditions generally associated with the products, services, and activities of the vir…

All virtual currency kiosk operators shall use blockchain analytics software to assist in the prevention of sending purchased virtual currency from a virtual currency kiosk operator to a virtual currency wallet known to be affiliated with fraudulent activity at the time of a tran…

(a) For new customers a virtual currency kiosk operator shall not accept transactions of more than two thousand U.S. dollars ($2,000) a day of cash or the equivalent. (b) For existing customers, a virtual currency kiosk operator shall not accept transactions of more than five tho…

All virtual currency kiosk operators performing business in the state shall provide live customer service, at a minimum, Monday through Friday between 8:00 AM EST and 10:00 PM EST. The customer service toll free number shall be displayed on the virtual currency kiosk or the virtu…

Every person, whether engaged in the foreign exchange brokerage business or not, to whom any money, draft, or credit is delivered to be forwarded to a foreign correspondent, shall forward the credit, accompanied by draft credits, or any documents necessary and essential to carryi…

Every person who has delivered or deposited money or credit to be forwarded to a foreign correspondent, who has acquired any judgment, debt, claim, or demand relating to the transaction against any person named as principal in any bond filed in accordance with the provisions of t…

The provisions of §§ 19-4.3-3.1 — 19-4.3-3.3 shall not apply to duly incorporated financial institutions or credit unions.

(a) A licensee engaging in virtual currency business activities shall provide to a resident who uses the licensee’s virtual currency products or service the disclosures required by subsection (b) of this section and any additional disclosure the department by rule determines reas…