Rhode Island § 19-14.11-2 § 19-14.11-2. Segregated accounts.

Rhode Island Statutes

§ 19-14.11-2 — § 19-14.11-2. Segregated accounts.

Rhode Island § 19-14.11-2

Title 19Financial institutions

Ch. 19-14.11Third-Party Loan Servicers

This text of Rhode Island § 19-14.11-2 (§ 19-14.11-2. Segregated accounts.) 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 § 19-14.11-2 (2026).

Text

§ 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 accounts of the licensee. Such funds
            shall not be used in the conduct of the licensee's personal affairs or in the licensee's
            business affairs.
         
(b) The licensee may withdraw funds from the segregated account for payment directly to
            the owner of the loan or othe

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§ 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 accounts of the licensee. Such funds shall not be used in the conduct of the licensee's personal affairs or in the licensee's business affairs.

(b) The licensee may withdraw funds from the segregated account for payment directly to the owner of the loan or other third party of principal and interest and other payments as may be required pursuant to the terms of the loan document or servicing contract.

(c) The licensee may withdraw funds from the segregated account for commissions to which it is entitled for services actually performed.

(d) The licensee may return funds from the segregated account to the borrower if not prohibited.

(e) The licensee shall maintain complete and accurate account records, including, at a minimum, the source of all deposits; the nature and recipient of all disbursements; the date and amount of each transaction; and the name of the borrower. All documents pertaining to account activity shall be produced upon request of the director.