Update on RI Surety Bond and Minimum Net Worth Requirements for Licensed Mortgage Loan Originators by Patricia Antonelli, Esq.

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Rhode Island Banking Regulation 6 as proposed by the Department of Business Regulation, Division of Banking (the “DBR”), contains an effective date of January 18, 2011. Given the numerous policy and technical issues raised by objections to the Regulation, it seems likely that the DBR will review proposed Regulation 6 thoroughly and consider revisions that will take those objections into account.

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