Rhode Island § 19-14.11-1 § 19-14.11-1. License required.

Rhode Island Statutes

§ 19-14.11-1 — § 19-14.11-1. License required.

Rhode Island § 19-14.11-1

Title 19Financial institutions

Ch. 19-14.11Third-Party Loan Servicers

This text of Rhode Island § 19-14.11-1 (§ 19-14.11-1. License required.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-14.11-1 (2026).

Text

§ 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 subsidiary of a depository institution,
            that is controlled by, or under common control with, the depository institution and
            subject to the regulatory authority of the primary regulator of the depository institution.
         
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§ 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 subsidiary of a depository institution, that is controlled by, or under common control with, the depository institution and subject to the regulatory authority of the primary regulator of the depository institution.

(2) A lender licensed under chapter 14 of title 19 that retains the servicing rights on a loan originally closed in the lender's name and subsequently sold, in whole or in part, to a third party, provided that the provisions of §§ 19-14.11-2 (segregated accounts) and 19-14.11-4 (prohibited acts and practices) of this chapter shall apply to such lender.

(3) A debt-management company licensed in this state when engaged in activities permitted pursuant to its debt-management license.

(4) An attorney licensed in this state when collecting a debt on behalf of a client.

(5) Bona-fide nonprofit, organizations, exempt from taxation under section 501(c) of the Internal Revenue Code, that are approved by the Department of Housing and Urban Development as housing counseling agencies; that have a physical location in Rhode Island; and that lend state or federal funds.