Rhode Island § 19-3-2 § 19-3-2. Loans for which financial institution is liable.

Rhode Island Statutes

§ 19-3-2 — § 19-3-2. Loans for which financial institution is liable.

Rhode Island·Title 19 Financial institutions·Ch. 19-3 Powers and Operations

§ 19-3-2. Loans for which financial institution is liable.
No financial institution shall make any loan or advance whereby it is liable directly,
            indirectly, or contingently for the repayment of the loan or advance in whole or in
            part. This restriction shall not impair the right of a financial institution:
         
(1) To accept, under its letters of credit or other authorization, drafts or bills of
            exchange arising out of actual commercial transactions or issued or drawn for agricultural,
            industrial, or commercial purposes, at sight or on time; or
         
(2) To purchase from and sell mortgag

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§ 19-3-2. Loans for which financial institution is liable.

No financial institution shall make any loan or advance whereby it is liable directly, indirectly, or contingently for the repayment of the loan or advance in whole or in part. This restriction shall not impair the right of a financial institution:

(1) To accept, under its letters of credit or other authorization, drafts or bills of exchange arising out of actual commercial transactions or issued or drawn for agricultural, industrial, or commercial purposes, at sight or on time; or

(2) To purchase from and sell mortgage loans with or without recourse to the Rhode Island housing and mortgage finance corporation or other secondary market investors.

Rhode Island § 19-3-2 (§ 19-3-2. Loans for which financial institution is liable.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.