§ 19-14.11-1. License required. (a) No person shall act as a third-party loan servicer, directly or indirectly, for a loan to a Rhode Island borrower without first obtaining a license under this chapter from the director, or the director’s designee. (b) No license shall be required of: (1) A depository institution, or an affiliate or […]
§ 19-14.11-2. Segregated accounts. (a) All amounts paid by borrowers to a licensee subject to this chapter shall be deposited in one or more accounts maintained at a federally insured depository institution, and with respect to such funds, the licensee shall act as a fiduciary. Such account, or accounts, shall be segregated from all other […]
§ 19-14.11-3. Records required of licensee. The licensee shall keep, use in the licensee’s business, and make available to the director, or the director’s designee, upon request, such books, accounts, records, and data compilations as will enable the director, or director’s designee, to determine whether such licensee is complying with the provisions of this and […]
§ 19-14.11-4. Prohibited acts and practices. It is a violation of this chapter for a person 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 person. (3) Obtain property by fraud […]
