§ 19-14.8-5 — § 19-14.8-5. Application for registration — Form, fee and accompanying documents.

Rhode Island § 19-14.8-5

• Jurisdiction: Rhode Island
• Title 19: Financial institutions
• Ch. 19-14.8: Uniform Debt-Management Services Act

Text

§ 19-14.8-5. Application for registration — Form, fee and accompanying documents.

(a) An application for registration as a provider must be in a form prescribed by the director.

(b) Subject to adjustment of dollar amounts pursuant to § 19-14.8-32(f), an application for registration as a provider must be accompanied by:

(1) The fee established by chapter 14 of this title;

(2) The bond required by § 19-14.8-13;

(3) Identification of all trust accounts required by § 19-14.8-22 and an irrevocable consent authorizing the director to review and examine the trust accounts;

(4) Evidence of insurance in the amount of two hundred fifty thousand dollars ($250,000):

(A) Against the risks of dishonesty, fraud, theft, and other misconduct on the part of the applicant or a director, employee, or agent of the applicant;

(B) Issued by an insurance company authorized to do business in this state and rated at least "A� by a nationally recognized rating organization;

(C) With a deductible of not more than ten thousand dollars ($10,000);

(D) Payable to the applicant, the individuals who have agreements with the applicant, and this state, as their interests may appear; and

(E) Not subject to cancellation by the applicant without the approval of the director;

(5) If the applicant is a foreign corporation, proof that the applicant holds a certificate of authority to conduct affairs in this state, as required by chapter 6 of title 7; and

(6) If the applicant is organized as a not-for-profit entity or is exempt from taxation, evidence of not-for-profit and tax-exempt status applicable to the applicant under the Internal Revenue Code, 26 U.S.C. § 501, as amended.

Legislative History

P.L. 2006, ch. 243, § 3; P.L. 2006, ch. 291, § 3; P.L. 2014, ch. 106, § 4; P.L. 2014, ch. 125, § 4.