Rhode Island General Laws 19-14-22. Reporting requirements
(a) Each licensee shall annually file a report with the director, or the director’s designee, on a quarterly basis, giving any relevant information that the director, or the director’s designee, may reasonably require concerning the business and operations during the reporting period of each licensed place of business conducted by the licensee within the state. The report shall be submitted through the Nationwide Multistate Licensing System and attested to by the entity. To the extent that the Nationwide Multistate Licensing System does not require submission of quarterly reports of condition, each licensee shall, annually, on or before March 31, file a report with the director, or the director’s designee, giving any relevant information that the director, or the director’s designee, may reasonably require concerning the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee within the state. At the time of renewal of the license, the sum of fifty-five dollars ($55.00) per license and fifty-five dollars ($55.00) per branch certificate shall be paid by the licensee to the director for the use of the state. Any licensee who or that shall delay transmission of any report required by the provisions of this title beyond the limit, unless additional time is granted, in writing, for good cause, by the director, or the director’s designee, shall pay a penalty of twenty-five dollars ($25) for each day of the delay. In lieu of a report by any licensed mortgage loan originator, the director, or the director’s designee, may accept a report by the licensed lender or licensed loan broker who or that employed the licensed mortgage loan originator for the activities of the licensed mortgage loan originator while employed by such lender or loan broker during the applicable calendar year.
Terms Used In Rhode Island General Laws 19-14-22
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Conviction: A judgement of guilt against a criminal defendant.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(b) Any licensee shall, within twenty-four (24) hours after actual knowledge, notify the director, or the director’s designee, in writing, of the occurrence of any of the following events: the institution of bankruptcy, receivership, reorganization, or insolvency proceedings regarding a licensee; the institution of any adverse government action against a licensee; or any felony indictment or conviction of any licensee or any officers, directors, owners, employees, members, or partners thereof, as the case may be.
(c) Each mortgage loan originator licensee shall, on or before March 31, 2010, and every March 31st thereafter, file with the director, or the director’s designee, evidence acceptable to the director, or the director’s designee, that said loan originator licensee has filed with the Nationwide Multistate Licensing System and Registry a report of condition, which shall be in such form and shall contain such information as the Nationwide Multistate Licensing System and Registry may require.
(d) Both the mortgage loan originator and his or her licensed employer shall promptly notify the director, or the director’s designee, in writing, within fifteen (15) business days of the termination of employment or services of a mortgage loan originator.
History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2002, ch. 65, art. 13, § 19; P.L. 2007, ch. 73, art. 16, § 1; P.L. 2007, ch. 244, § 1; P.L. 2009, ch. 148, § 1; P.L. 2009, ch. 160, § 1; P.L. 2010, ch. 56, § 1; P.L. 2010, ch. 64, § 1; P.L. 2022, ch. 338, § 3, effective June 29, 2022; P.L. 2022, ch. 339, § 3, effective June 29, 2022.