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Can you summarize 230 RICR Chapter 40?
Department of Business Regulation (includes the Office of the Health Insurance Commissioner) > Banking
Short Summary
The provided legal document content covers various aspects of banking regulations in Rhode Island. It includes the record retention requirements for money servicers and debt collectors, as well as the procedures and requirements for mutual holding companies operating in Rhode Island. The document also covers lending regulations, including the regulation of interest on escrow accounts, home loans, derivative transactions in lending limits, and mortgage foreclosure disclosure. Additionally, there are regulations governing credit unions in Rhode Island, including procedures for credit union by-laws, eligibility criteria for members of the credit union’s supervisory committee, and requirements for compliance with federal deposit insurance laws. The documents apply to licensees of the Department of Business Regulation, including the Office of the Health Insurance Commissioner, persons carrying on the business of transacting in debt collecting, Rhode Island financial institutions operating in mutual form, mortgagees, mortgagors, mediation coordinators, and credit unions. Financial institutions, credit unions, and other insured-deposit-taking institutions authorized to do business in Rhode Island are exempt from being considered check cashers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Licensees of the Department of Business Regulation, including the Office of the Health Insurance Commissioner, persons carrying on the business of transacting in debt collecting, Rhode Island financial institutions operating in mutual form, mortgagees, mortgagors, mediation coordinators, credit unions
What does it govern?
Record retention requirements for money servicers, debt collectors, mutual holding companies, and lending regulations
What are exemptions?
Financial institutions, credit unions, and other insured-deposit-taking institutions authorized to do business in Rhode Island are exempt from being considered check cashers under R.I. Gen. Laws Chapter 19-14.1 but are authorized to cash checks. No specific exemptions are mentioned for debt collectors, mutual holding companies, or lending regulations.
What are the Penalties?
No specific penalties are mentioned in the provided documents.
Jurisdiction
Rhode Island