§ 19-14.1-1. Confessions of judgment — Incomplete instruments prohibited. No lender or loan broker shall take any confession of judgment, or any power of attorney, except a power of attorney or power of sale authorizing the lender or loan broker in case of default in payment of interest or principal, to enforce the provisions of […]
§ 19-14.1-10. Special exemptions. (a) The licensing provisions of chapter 14 of this title shall not apply to: (1) Nonprofit charitable, educational, or religious corporations or associations; (2) Any person who makes less than six (6) loans in this state in any consecutive twelve-month (12) period; there is no similar exemption from licensing for loan […]
§ 19-14.1-11. Rules and regulations. The director, or the director’s designee, may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History of Section.P.L. 1995, ch. 82, § 53.
§ 19-14.1-12. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-14.1-2. Maximum rate of interest. (a) Every lender may lend or loan broker may negotiate the lending of any sum of money and may charge, contract for, and receive points, fees, charges, and interest on the unpaid balance of the loan at a rate not to exceed that provided in § 6-26-2, or as […]
§ 19-14.1-3. Unemployment insurance defined. For the purposes of this chapter, involuntary unemployment insurance coverage shall not be a factor in the approval by the lender or loan broker of any loan. The lender or loan broker shall give and maintain specific written indication that the cost of this coverage is disclosed to the debtor; […]
§ 19-14.1-4. Documents delivered to borrower — Advance payments — Release of security. Every lender or loan broker, as applicable, who is the holder of any note shall: (1) Give to any borrower, or the borrower’s agent, making a loan payment a plain and complete receipt for all payments on the loan at the time […]
§ 19-14.1-5. Instrument evidencing loan, contents. No loan document shall contain: (1) Any acceleration clause under which any part or all of the unpaid balance of the obligation not yet matured may be declared due and payable because the holder deems himself or herself to be insecure; (2) Any power of attorney to confess judgment […]
§ 19-14.1-6. Assignment of earnings. The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a […]
§ 19-14.1-7. Assignment of wages simultaneous with loan — Liens on furniture. No assignment of, or order for, payment of any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the amount of the loan […]
§ 19-14.1-8. Escrow accounts. (a) All fees paid by clients or residential mortgage loan applicants to a lender or loan broker prior to the closing of the loan in connection with which those fees are paid, shall be deposited in one or more escrow accounts maintained at a federally-insured-deposit-taking institution. The account(s) shall contain only […]
§ 19-14.1-9. Penalties. (a) Any person or entity and the several members, officers, directors, agents and employees thereof, who or that knowingly violates, or participates in the violation of any of the applicable provisions of this chapter, or any regulation promulgated thereunder, shall be guilty of a misdemeanor and, upon conviction of this violation, shall […]
