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Can you summarize RICR Title 230, Chapter 40, Subchapter 10?
Banking > Lending
Short Summary
The provided legal document content covers various aspects of lending regulations in Rhode Island. It includes the regulation of interest on escrow accounts, home loans, derivative transactions in lending limits, and mortgage foreclosure disclosure. The regulation of interest on escrow accounts establishes procedures for the implementation of provisions related to escrow accounts and interest. Mortgagees are required to credit interest on escrow accounts at the specified rate and provide notice to the mortgagor. The Home Loan Protection Act governs the regulation of home loans and provides definitions for various terms used in the Act. It outlines record-keeping requirements and mandates the maintenance of accurate analysis and disclosure forms. The regulation on derivative transactions in lending limits clarifies that Rhode Island state-chartered financial institutions must consider credit exposure to derivative transactions when determining lending limits. It defines terms and requires compliance with the Office of Comptroller of Currency’s Final Interim Rule. Rhode Island state-chartered credit unions have additional conditions for participating in derivative transactions. The document governing requirements for lenders, loan brokers, small loan lenders, third-party loan servicers, and mortgage loan originators outlines application processes, capital requirements, and other obligations. The Mortgage Foreclosure Disclosure requirements document applies to mortgagees, mortgagors, and mediation coordinators involved in mortgage foreclosure proceedings. It mandates the provision of a Notice of Mediation Conference, designation of an agent for mediation, and documentation of rejection of workout agreements. Exemptions include specific types of mortgages. Penalties for non-compliance or violation of the provisions are not specified in the provided documents.
Whom does it apply to?
Mortgagees, mortgagors, regulated institutions, lenders, loan brokers, small loan lenders, third-party loan servicers, mortgage loan originators, Rhode Island state-chartered financial institutions, banks, trust companies, savings banks, loan and investment banks, savings and loan associations, and credit unions
What does it govern?
Regulation of interest on escrow accounts, home loans, derivative transactions in lending limits, and mortgage foreclosure disclosure
What are exemptions?
Exemptions include mortgages with a default date on or before May 16, 2013, mortgages made and serviced by locally-based mortgagees, and reverse mortgages
What are the Penalties?
Penalties for non-compliance or violation of the provisions are not specified in the provided documents
Jurisdiction
Rhode Island