2011 Rhode Island Banking Legislation by Patricia Antonelli, Esquire and James H. Hahn, Esquire


Rhode Island Governor Lincoln Chafee signed Chapter 145 “An Act Relating to Financial Institutions” (the “Act”) into law on June 29, 2011. The Act became effective immediately. The Act makes changes to the state’s financial institutions' examination statute to allow the sharing of otherwise confidential and privileged information with the Conference of State Bank Supervisors (“CSBS”). The Act also eliminates the requirement that mortgage loan originators maintain a minimum net worth in addition to providing a minimum surety bond to qualify for licensing in Rhode Island. Maintenance of a surety bond in accordance with regulations to be promulgated by the Rhode Island Department of Business Regulation (the “DBR”) will now suffice without compliance with the more onerous minimum net worth requirements.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Partridge Snow & Hahn LLP | Attorney Advertising

Written by:


Partridge Snow & Hahn LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.