Section 19-14.10-1. – Short title.

§ 19-14.10-1. Short title. This chapter shall be known and may be cited as the “Secure and Fair Enforcement Mortgage Licensing Act of 2009”. History of Section.P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.

Section 19-14.10-10. – Continuing education for mortgage loan originators.

§ 19-14.10-10. Continuing education for mortgage loan originators. (a) In order to meet the annual continuing education requirements referred to in § 19-14.10-9, a licensed mortgage loan originator shall complete at least (8) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of federal law and […]

Section 19-14.10-11. – Authority to require license.

§ 19-14.10-11. Authority to require license. In addition to any other duties imposed upon the director, or the director’s designee, by law, the director, or the director’s designee, shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the director, […]

Section 19-14.10-12. – Nationwide Mortgage Licensing System and Registry information challenge process.

§ 19-14.10-12. Nationwide Mortgage Licensing System and Registry information challenge process. The director, or the director’s designee, shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the director, or the director’s designee. History of Section.P.L. 2009, ch. 148, § 3; P.L. 2009, ch. […]

Section 19-14.10-13. – Enforcement authorities, violations and penalties.

§ 19-14.10-13. Enforcement authorities, violations and penalties. (a) In order to ensure the effective supervision and enforcement of this chapter, the director, or the director’s designee, may, pursuant to chapter 35 of title 42: (1) Deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules or regulations issued […]

Section 19-14.10-14. – Surety bond required.

§ 19-14.10-14. Surety bond required. (a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee of a lender or loan broker licensed under chapter 14 of title 19, the surety bond of such lender or loan broker […]

Section 19-14.10-15. – Confidentiality.

§ 19-14.10-15. Confidentiality. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in public law 110-289, § 1512 (12 U.S.C. § 5111), the requirements under any federal law, or chapter 2 of title 38 of the general laws of Rhode Island regarding the privacy […]

Section 19-14.10-16. – Investigation and examination authority.

§ 19-14.10-16. Investigation and examination authority. In addition to any authority allowed under this chapter the director, or the director’s designee, shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation […]

Section 19-14.10-17. – Prohibited acts and practices.

§ 19-14.10-17. Prohibited acts and practices. It is a violation of this chapter for a person or individual subject to this chapter to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) Engage in any unfair or deceptive practice toward any […]

Section 19-14.10-18. – Mortgage call reports.

§ 19-14.10-18. Mortgage call reports. Each lender, loan broker, or mortgage loan originator licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. History of Section.P.L. 2009, ch. 148, § […]

Section 19-14.10-19. – Report to Nationwide Mortgage Licensing System and Registry.

§ 19-14.10-19. Report to Nationwide Mortgage Licensing System and Registry. Subject to state privacy law the director, or the director’s designee, is required to report regularly violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry subject to the provisions contained in § 19-1-4-3. […]

Section 19-14.10-2. – Purpose.

§ 19-14.10-2. Purpose. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon Rhode Island’s consumers, Rhode Island’s economy, the neighborhoods and communities of Rhode Island, and the housing and real estate industry. The general assembly finds that accessibility to […]

Section 19-14.10-20. – Reserved.

§ 19-14.10-20. Reserved. History of Section.P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.

Section 19-14.10-21. – Unique identifier shown.

§ 19-14.10-21. Unique identifier shown. The name and the unique identifier assigned by the Nationwide Multistate Licensing System of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or […]

Section 19-14.10-22. – Severability.

§ 19-14.10-22. Severability. If any provision of this chapter or its application to any person or circumstance is held invalid, the remainder of the chapter or the application of the provision to other persons or circumstances is not affected. History of Section.P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.

Section 19-14.10-3. – Definitions.

§ 19-14.10-3. Definitions. For purposes of this chapter, the following definitions shall apply: (1) “Depository institution” has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union. (2) “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the […]

Section 19-14.10-4. – License and registration required.

§ 19-14.10-4. License and registration required. (a) An individual, unless specifically exempted from this chapter under subsection (b), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must […]

Section 19-14.10-5. – State license and registration application and issuance.

§ 19-14.10-5. State license and registration application and issuance. (a) Applicants for a license shall apply in a form as prescribed by the director, or the director’s designee. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director, or the director’s designee, and may be changed or […]

Section 19-14.10-6. – Issuance of license.

§ 19-14.10-6. Issuance of license. The director, or the director’s designee, shall not approve a mortgage loan originator license unless the director. or the director’s designee. makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation […]

Section 19-14.10-7. – Pre-licensing and re-licensing education of loan originators.

§ 19-14.10-7. Pre-licensing and re-licensing education of loan originators. (a) In order to meet the pre-licensing education requirement referred to in this chapter, a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of Federal law and regulations; (2) […]