§ 19-14-5 — § 19-14-5. Minimum capital.

Rhode Island § 19-14-5

• Jurisdiction: Rhode Island
• Title 19: Financial institutions
• Ch. 19-14: Licensed Activities

Text

§ 19-14-5. Minimum capital.

Each licensee, licensed pursuant to an application for license filed after June 30, 1995, shall maintain the following minimum net worth to be evidenced in accordance with regulations promulgated by the director, or the director's designee:

(1) Small loan lenders, the sum of twenty-five thousand dollars ($25,000);

(2) Loan brokers, the sum of ten thousand dollars ($10,000);

(3) Lenders, the sum of one hundred thousand dollars ($100,000);

(4) Currency transmission licensees:

(i) Shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000), two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000), and five-tenths percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000);

(ii) Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to § 19-14-1;

(iii) Notwithstanding the foregoing provisions of this section, the director shall have the authority, for good cause shown, to exempt, in part or in whole, from the requirements of this section any applicant or licensee; and

(5) Third-party loan servicers, the sum of one hundred thousand dollars ($100,000).

Legislative History

P.L. 1995, ch. 82, § 52; P.L. 2014, ch. 487, § 1; P.L. 2014, ch. 522, § 1; P.L. 2019, ch. 226, § 1; P.L. 2019, ch. 246, § 1; P.L. 2024, ch. 316, § 2, effective June 25, 2024; P.L. 2024, ch. 317, § 2, effective June 25, 2024.