Title 19, Title 19 Institutions

(a) Subject to the approval of the director, or the director’s designee, any financial institution or credit union may amend its agreement to form. (b) If the amendment increases the capital stock of a stock financial institution, the certificate of the general treasurer that the…

Any financial institution or credit union may establish a branch, or branches, within this state at any other place than its main office upon obtaining the approval of the director, or the director’s designee. The director, or the director’s designee, shall decide, upon considera…

Any financial institution or credit union may relocate a branch upon sixty (60) days’ prior written notice to the director, or the director’s designee, provided that the relocated branch is: (1) To be located within the same city or town as the existing branch; or (2) To be locat…

(a) Any financial institution may, subject to the approval of the director, or the director’s designee, to be given on any notice and terms that the director, or the director’s designee, may require: (1) Merge into, or consolidate with, another regulated institution or other insu…

(a) Any mutual savings bank chartered under the laws of this state may convert to and become a financial institution with capital stock upon adoption of a plan of conversion by two-thirds (⅔) vote of the board of trustees and approval of the plan by the director, or the director’…

(a) Any mutual savings bank chartered under the laws of this state may reorganize into the mutual holding company form of organization pursuant to this section. A mutual savings bank may reorganize into a mutual holding company form of organization by organizing a mutual holding …

The bylaws of any financial institution shall not be altered, amended, or added to except upon approval of the director, or the director’s designee. A certified copy of the proposed alteration, amendment, or addition shall be submitted to the director, or the director’s designee,…

Any financial institution or credit union may, by bylaw, authorize its directors or trustees to indemnify and reimburse any person (or the personal representative of any person) who at any time serves, or shall have served, as director, trustee, officer, or employee of the financ…

Every director of a financial institution, when appointed or elected, shall take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the financial institution, and will not knowingly violate, or willingly permi…

Every financial institution and credit union in this state shall cause a record to be made, in a book kept for that purpose, of all of the proceedings of the board of directors or trustees or standing committees thereof, at every meeting thereof, and of the names of all directors…

(a) Every officer and employee of a regulated institution shall be bonded in a form and in an amount that the director, or the director’s designee, may prescribe, for the honest discharge of his or her duties, and shall file with the director, or the director’s designee, an attes…

(a) Any agreement to form shall state that the subscribers to the agreement associate themselves with the intention of forming a financial institution pursuant to this title to transact business authorized by this title within this state and shall specify: (1) The name by which t…

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…

The subscribers to the agreement to form shall make application to the director, or the director’s designee, for a certificate that public convenience and advantage will be promoted by the establishment of the financial institution, which certificate the director, or the director…

The first meeting of the subscribers to the agreement to form shall be called by a notice signed either by that subscriber to the agreement to form who is designated in the agreement for this purpose, or by a majority of the subscribers. The notice shall state the time, place, an…

At the first meeting, or at the adjournment of any meeting, the subscribers shall, without limiting other actions, choose a temporary secretary, adopt bylaws, and elect, in any manner as the bylaws may determine, directors, a president, a secretary, and any other officers as the …

The president and a majority of the directors who are elected at the first meeting shall make, sign, and make oath to a certificate setting forth: (1) A true copy of the agreement to form, the names of the subscribers to the agreement, and the name, residence, and post office add…

The certificate in § 19-2-6 shall be submitted to the director, or the director’s designee, together with the records of the first meeting, and the director, or the director’s designee, shall examine the certificate and records and may require an amendment of the certificate and …

The secretary of state shall, upon the filing of certificates, as provided in § 19-2-7, and upon the payment of ten dollars ($10.00), record the certificate and issue to the financial institution a certificate, under the seal of the state, substantially in the following form: BE …

(a) The financial institution, if a stock financial institution, shall not issue any shares of stock until the par value of the shares has been actually paid in cash, free and clear of all encumbrances. When the whole capital stock has been issued, a complete list of the stockhol…

Every financial institution shall have the powers, rights, and privileges, and be subject to all the duties, restrictions, and liabilities, conferred and imposed upon it by this title, and in addition shall have all the powers, rights, and privileges, and be subject to all the du…

Any financial institution, including a credit union, may become a member of a federal home loan bank organized pursuant to the provisions of the Federal Home Loan Bank Act, 12 U.S.C. § 1421 et seq., and may subscribe to the stock of any federal loan bank and invest therein.

Every financial institution within this state shall maintain reserves as required by the provisions with respect to reserve funds and reserve balances contained in the Federal Reserve Act, 12 U.S.C. § 221 et seq., and in the rules, regulations, orders, and rulings from time to ti…

Reserve agents shall only include financial institutions or national banking associations in, and members of the clearing house association of, the city of Providence; and national banks, federally insured corporate central credit unions located within the six (6) New England sta…

(a) Any financial institution or credit union may make available for use by its customers one or more electronic devices or machines (customer-bank communications terminals/automated teller machines). These devices or machines shall not be deemed to be the establishment of a bran…

No financial institution or credit union authorized pursuant to § 19-3-13 to make available for use by its customers any electronic banking devices or machines (customer bank communication terminals/automated teller machines) shall mail to any of its customers any card or device …

(a) Any financial institution, credit union, or other entity operating an automated teller machine pursuant to § 19-3-13 or otherwise, that imposes directly on the machine user any fee for use of its machine to process transactions affecting accounts held by other financial insti…

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 financial institution shall make any loan or advance whereby it is liable directly, indirectly, or contingently for the repayment of the loan or advance in whole or in part. This restriction shall not impair the right of a financial institution: (1) To accept, under its letter…

(a) No financial institution shall permit any person or entity to borrow or guaranty an amount(s), directly or indirectly, in the aggregate, that exceeds fifteen percent (15%) of its unimpaired capital. In calculating this limitation, a financial institution shall take into accou…

No stock-formed financial institution shall make a loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of its shares, unless the security or purchase is necessary to prevent loss upon a debt previously contracted in good faith; …

(a) Any financial institution or credit union may hold stocks, bonds, or other securities of a non-legal character acquired in settlements and reorganizations effected to reduce or avoid losses on defaulted bonds and investments. These securities shall be sold within five (5) yea…

(a) Subject to the limitations contained in this section, a financial institution may invest in the capital stock of any financial institution or other insured-deposit-taking institution duly organized under the laws of any state or of the United States or of any holding company …

(a) Any financial institution may directly or indirectly purchase, own, or otherwise acquire interests in real estate, improved or unimproved, and improve, develop, redevelop, hold, and manage the real estate and any improvements on it, and mortgage, rent, lease, option, sell, or…

(a) In addition to investments set forth in this title, any financial institution may also, to the extent prescribed, invest in any securities that would be acquired by prudent persons of discretion and intelligence in these matters who are seeking a reasonable income and the pre…

(a) A financial institution, including a credit union, may subscribe to the capital stock and become a member of a Federal Reserve bank within the Federal Reserve district where the financial institution or credit union is situated under the provisions of the United States Federa…

Upon the written application, under oath, to the director, or the director’s designee, by depositors representing five percent (5%) of the deposits of any financial institution, as shown by the last published return of the financial institution, or upon the written application to…

Any regulated institution permitted by law to receive deposits, except a financial institution prevented from accepting deposits by its bylaws or agreement to form, shall maintain federal deposit insurance. Failure to maintain federal deposit insurance shall be deemed sufficient …

The director, or the director’s designee, may summon the directors, trustees, employees, officers, or agents of any regulated institution and any other witnesses that he or she thinks proper, and examine them relative to the affairs, transactions, and condition of the regulated i…

(a) Whenever it appears to the director, or the director’s designee, that a regulated institution has violated its agreement to form, or any law or regulation, or is conducting its business in an unauthorized or unsafe manner, or the regulated institution has been notified by its…

After suspension of the right of a regulated institution to do business, the regulated institution affected shall cease to have any right to continue its business, except for the purpose of winding up the affairs of the regulated institution. Any officers, directors, or agents of…

(a) Any person or regulated institution aggrieved by a final order of the director, or the director’s designee, made under the authority of this title may appeal to the superior court pursuant to chapter 35 of title 42. (b) The director, or the director’s designee, may apply to t…

(a) The director, or the director’s designee, shall have authority to examine, at any time, the accounts, books, and papers of any person in the business of receiving money on deposit, in order to ascertain whether the person has violated or is violating any provision of this tit…

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

(a) No person, except regulated institutions, including any bank or trust company that has established a trust branch office in this state pursuant to the provisions of § 19-3.1-6(b), or banks or credit unions organized under the laws of the United States or of any other state wi…

Notwithstanding any general or special law to the contrary, a person, domestic or foreign corporation, partnership, association, limited-liability company, or similar entity shall not use the name, trade name, or trademark of any covered institution in any written or oral adverti…