Section 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.R.I. Gen. Laws § 19-14.11-1
Added by 2014 Pub. Laws, ch. 522,§ 2, eff. 7/1/2015.Added by 2014 Pub. Laws, ch. 487,§ 2, eff. 7/1/2015.