(a)  The application for a license shall be in the form prescribed by the director and shall contain the name and address or addresses where the business of the applicant is located and if the applicant is a partnership, association, corporation, or other form of business organization, the names and addresses of each member, director, and principal officer thereof and any individual acting in the capacity of the manager of an office location. The application shall also include a description of the activities of the applicant, in such detail and for such periods as the director may require, as well as such further information as the director may require. The director may require a background investigation of each applicant for a license by means of fingerprint checks pursuant to § 19-14-7 and § 42-14-14, utilizing the Federal Bureau of Investigation, or other agency as determined by the director for state and national criminal history record checks. If the applicant is a partnership, association, corporation, or other form of business organization, the director may require a background investigation by means of fingerprint checks on each member, director, trustee, or principal officer of the applicant and any individual acting in the capacity of the manager of an office location. The director will determine by rule those items of information appearing on a criminal records check that will constitute disqualifying information and therefore render the applicant ineligible for licensing under this chapter in accordance with the provisions of § 19-14-7. Each application for a license shall be accompanied by an investigation fee. The applicant at the time of making application shall pay to the department a fee equal to the annual license fee as provided in this chapter and the sum of one half (½) of the annual license fee as a fee for investigating the application. The license shall be continuous and the license fee shall cover the period through December 31 of each year. The annual license fee for any application approved after November 1 of any given year shall satisfy the annual license fee requirement through the end of the next succeeding calendar year ending December 31. The director, or the director’s designee, is authorized to participate in a multistate licensing system for licensees. The director may establish requirements for participation by an applicant for a license or a person licensed under this chapter. Any such requirements that may be established by the director shall be published on the website of the department of business regulation. Upon implementation, participation by an applicant for a license or by a person licensed under the provisions of this chapter shall be mandatory. The applicant may be required to pay an additional fee for a license or other participation in such multistate licensing system.

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Terms Used In Rhode Island General Laws 19-14-3

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Trustee: A person or institution holding and administering property in trust.

(b)  [Reserved].

(c)  [Reserved].

(d)  Any license issued under the provisions of former § 5-66-2 shall remain in full force and effect until its expiration and shall be subject to the provisions of this chapter.

(e)  An applicant for issuance of a mortgage loan originator license shall file with the director, or the director’s designee, evidence acceptable to the director, or the director’s designee, that said applicant has complied with the provisions of §§ 19-14.10-5, 19-14.10-7 and 19-14.10-8.

History of Section.
P.L. 1995, ch. 82, § 52; P.L. 2004, ch. 579, § 2; P.L. 2006, ch. 243, § 1; P.L. 2006, ch. 291, § 1; P.L. 2007, ch. 73, art. 16, § 1; P.L. 2007, ch. 244, § 1; P.L. 2007, ch. 251, § 2; 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; P.L. 2023, ch. 395, art. 2, § 5, effective June 27, 2023.