Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators


230-RICR-40-10-2 ACTIVE RULE

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2.1Authority

2.2Scope

2.3Purpose

2.4Depository Institutions

2.5Lenders, Loan Brokers, Third Party Loan Servicers and Small Loan Lender Requirements

2.6Mortgage Loan Originators

2.7Financial Responsibility

2.8Criminal Backgrounds

2.9Books Accounts and Records

2.10Remote Work Locations

2.11Severability


Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 40 Banking
Subchapter 10 Lending
Part 2 Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators
Type of Filing Direct Final Amendment
Regulation Status Active
Effective 06/27/2022

Regulation Authority:

R.I. Gen. Laws § Chapters 19-14
19-14.1
19-14.2
R.I. Gen. Laws § 19-14.10
R.I. Gen. Laws § 42-14-17

Purpose and Reason:

In response to the public health emergency, the department provided guidance allowing remote work locations for mortgage loan originators. The oversight and controls specified in the guidance have worked and have become business as usual for mortgage loan originators.  The regulation is being amended to codify the department’s guidance by adding a new section § 2.10 which sets for the supervision, training, and security requirements to allow employees of these licensees to work from home.

The Department does not expect these proposed amendments to be controversial.  The proposed amendment will take effect thirty (30) days after publication if no objection is received.