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Can you summarize RIGL Title 19, Chapter 1?
Financial institutions > Definitions and Establishment of Financial Institutions
Short Summary
This legal document provides definitions for various terms related to financial institutions and credit unions in the State of Rhode Island. It defines terms such as ‘agreement to form’, ‘branch’, ‘credit union’, ‘director’, ‘division of banking’, ‘federal credit union’, ‘financial institution’, ‘main office’, ‘person’, ‘regulated institution’, ‘retail installment contract’, ‘retail seller’, ‘superintendent’, ‘unimpaired capital’, and ‘writing’. The document also establishes the authority and responsibilities of the director of the department of business regulation and the division of banking. It does not specify any penalties or exemptions. The definitions and provisions outlined in this document apply to financial institutions, credit unions, regulated institutions, and other insured-deposit-taking institutions authorized to do business in the state. This section of the State of Rhode Island General Laws governs the process of filing applications for regulated institutions. All applications must be made to the director or the director’s designee, except for certain exceptions. The director or the director’s designee is responsible for publishing notice of filed applications on the department’s website and other communication methods deemed appropriate. The notice includes a provision for a public comment period, during which the application is open for public inspection. If there are no objectors at the end of the comment period, the director or the director’s designee may approve or deny the application. If there are objectors, a public hearing may be held, and the director or the director’s designee will consider testimony given under oath before making a decision. Any aggrieved applicant can appeal an order regarding an application. The superintendent is authorized to collect filing fees for applications, and the fees are established by the division of banking. The superintendent can also promulgate rules and regulations for the implementation of this section. Parties adversely affected by a decision can make a written demand for a hearing, which will be conducted according to the Administrative Procedures Act. Adverse parties can also appeal a decision by filing an appeal with the superior court.
Whom does it apply to?
Financial institutions, credit unions, regulated institutions, and other insured-deposit-taking institutions authorized to do business in the state
What does it govern?
Definitions and establishment of financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Rhode Island