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Can you summarize RIGL Title 19, Chapter 6?
Financial institutions > Bank Holding Companies
Short Summary
The provided legal document content consists of two sections of the State of Rhode Island General Laws. The first section governs the examination powers of the director or the director’s designee in relation to Rhode Island bank-holding companies and their deposit-taking subsidiaries. The director or designee has the authority to conduct examinations of these entities whenever deemed necessary. The examination powers and authority granted to the director or designee are the same as those for the examination of regulated institutions. The cost of these examinations is to be paid in the same manner as other regulated institutions. However, the director or designee may accept the report of an examination conducted by a federal bank regulatory agency or the equivalent supervisory official of another state within the last fifteen months. There are no specific penalties mentioned in this section. The second section pertains to Rhode Island bank-holding companies and requires them to file an annual financial report with the director or the director’s designee. The report must be signed and sworn to by the president or a vice-president, as well as the secretary, treasurer, or auditor of the bank-holding company. The report should show the condition of the bank-holding company at the close of business on a specified past day. The report must be transmitted to the director or the director’s designee within thirty (30) days of request, excluding Sundays and holidays. A fee of fifty dollars ($50.00) must be paid to the director at the time of filing, and a penalty of twenty-five dollars ($25.00) per day for each day the report is delayed is applicable. Copies of reports prepared for federal regulatory authorities may be filed instead, within the time frame required for federal reports, along with the above fees.
Whom does it apply to?
Rhode Island bank-holding companies, their deposit-taking subsidiaries, the director or the director's designee
What does it govern?
Examination powers of the director or the director's designee in relation to Rhode Island bank-holding companies and their deposit-taking subsidiaries, filing of annual financial reports by Rhode Island bank-holding companies
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Rhode Island