§ 19-3-1. Law generally applicable to financial institutions. Every financial institution shall have the powers, rights, and privileges, and be subject to all the duties, restrictions, and liabilities, conferred and imposed upon it by this title, and in addition shall have all the powers, rights, and privileges, and be subject to all the duties, restrictions, […]
§ 19-3-10. Membership in federal home loan banks. Any financial institution, including a credit union, may become a member of a federal home loan bank organized pursuant to the provisions of the Federal Home Loan Bank Act, 12 U.S.C. § 1421 et seq., and may subscribe to the stock of any federal loan bank and […]
§ 19-3-11. Reserve requirements of the Federal Reserve System. Every financial institution within this state shall maintain reserves as required by the provisions with respect to reserve funds and reserve balances contained in the Federal Reserve Act, 12 U.S.C. § 221 et seq., and in the rules, regulations, orders, and rulings from time to time […]
§ 19-3-12. Authorized reserve agents. Reserve agents shall only include financial institutions or national banking associations in, and members of the clearing house association of, the city of Providence; and national banks, federally insured corporate central credit unions located within the six (6) New England states, and banks or trust companies incorporated by the state […]
§ 19-3-13. Use of electronic devices and machines. (a) Any financial institution or credit union may make available for use by its customers one or more electronic devices or machines (customer-bank communications terminals/automated teller machines). These devices or machines shall not be deemed to be the establishment of a branch of the particular financial institution […]
§ 19-3-13.1. ATM cards. No financial institution or credit union authorized pursuant to § 19-3-13 to make available for use by its customers any electronic banking devices or machines (customer bank communication terminals/automated teller machines) shall mail to any of its customers any card or device necessary to access the machines without the permission of […]
§ 19-3-13.2. Fee disclosures at automated teller machines. (a) Any financial institution, credit union, or other entity operating an automated teller machine pursuant to § 19-3-13 or otherwise, that imposes directly on the machine user any fee for use of its machine to process transactions affecting accounts held by other financial institutions, credit unions, or […]
§ 19-3-14. 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 […]
§ 19-3-2. Loans for which financial institution is liable. No financial institution shall make any loan or advance whereby it is liable directly, indirectly, or contingently for the repayment of the loan or advance in whole or in part. This restriction shall not impair the right of a financial institution: (1) To accept, under its […]
§ 19-3-3. Maximum aggregate liability of one person or company. (a) No financial institution shall permit any person or entity to borrow or guaranty an amount(s), directly or indirectly, in the aggregate, that exceeds fifteen percent (15%) of its unimpaired capital. In calculating this limitation, a financial institution shall take into account the credit exposure […]
§ 19-3-4. Loans on own shares. No stock-formed financial institution shall make a loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of its shares, unless the security or purchase is necessary to prevent loss upon a debt previously contracted in good faith; provided, […]
§ 19-3-5. Non-legal investments. (a) Any financial institution or credit union may hold stocks, bonds, or other securities of a non-legal character acquired in settlements and reorganizations effected to reduce or avoid losses on defaulted bonds and investments. These securities shall be sold within five (5) years after being acquired; provided, however, that the director, […]
§ 19-3-6. Special investments. (a) Subject to the limitations contained in this section, a financial institution may invest in the capital stock of any financial institution or other insured-deposit-taking institution duly organized under the laws of any state or of the United States or of any holding company for the institution as defined in this […]
§ 19-3-7. Holding or ownership of real estate. (a) Any financial institution may directly or indirectly purchase, own, or otherwise acquire interests in real estate, improved or unimproved, and improve, develop, redevelop, hold, and manage the real estate and any improvements on it, and mortgage, rent, lease, option, sell, or otherwise dispose of it and/or […]
§ 19-3-8. Prudent person rule. (a) In addition to investments set forth in this title, any financial institution may also, to the extent prescribed, invest in any securities that would be acquired by prudent persons of discretion and intelligence in these matters who are seeking a reasonable income and the preservation of their capital, as […]
§ 19-3-9. Financial institutions and credit unions joining Federal Reserve System. (a) A financial institution, including a credit union, may subscribe to the capital stock and become a member of a Federal Reserve bank within the Federal Reserve district where the financial institution or credit union is situated under the provisions of the United States […]
