§ 19-14.1-10 Special exemptions. –(a) The licensing provisions of chapter 14 of this title shall not apply to:
(1) Nonprofit charitable, educational, or religiouscorporations or associations;
(2) Any person who makes less than six (6) loans in thisstate in any consecutive twelve (12) month period; there is no similarexemption from licensing for loan brokers for brokering loans or acting as aloan broker;
(3) Any person acting as an agent for a licensee for thepurpose of conducting closings at a location other than that stipulated in thelicense;
(4) Regulated institutions and banks or credit unionsorganized under the laws of the United States, or subject to written noticewith a designated Rhode Island agent for service of process in the formprescribed by the director or the director's designee, of any other statewithin the United States if the laws of the other state in which such bank orcredit union is organized authorizes under conditions not substantially morerestrictive than those imposed by the laws of this state, as determined by thedirector or the director's designee, a financial institution or credit union toengage in the business of originating or brokering loans in the other state; nobank or credit union duly organized under the laws of any other state withinthe United States may receive deposits, pay checks or lend money from anylocation within this state unless such bank or credit union has receivedapproval from the director or the director's designee for the establishment ofan interstate branch office pursuant to chapter 7 of title 19 of the generallaws; or
(5) Any natural person employee who is employed by a licenseewhen acting on the licensee's behalf; provided that this exemption shall notapply to a mortgage loan originator required to be licensed under §19-14-2 or § 19-14.10-4.
(6) A licensed attorney when performing loan closing servicesfor a licensee or for an entity identified in subdivision (4) above.
(b) The provisions of this chapter and chapter 14 of thistitle shall not apply to:
(1) Loans to corporations, joint ventures, partnerships,limited liability companies or other business entities;
(2) Loans over twenty-five thousand dollars ($25,000) inamount to individuals for business or commercial, as opposed to personal,family or household purposes;
(3) Loans principally secured by accounts receivable and/orbusiness inventory;
(4) Loans made by a life insurance company wholly secured bythe cash surrender value of a life insurance policy;
(5) Education-purpose loans made by the Rhode Island healthand educational building corporation as vested in chapter 38.1 of title 45 ofthe Rhode Island student loan authority as vested in chapter 62 of title 16;
(6) The acquisition of retail or loan installment contractsby an entity whose sole business in this state is acquiring them from federalbanks receivers or liquidators;
(7) Notes evidencing the indebtedness of a retail buyer to aretail seller of goods, services or insurance for a part or all of the purchaseprice; or
(8) Any state or federal agency which makes, brokers, orfunds loans or acts as a lender or a loan broker. This exemption includesexclusive agents or exclusive contractors of the agency specifically designatedby the agency to perform those functions on behalf of the agency and which hasnotified the director, in writing, of the exclusive agency or contract.
(9) Notes evidencing the indebtedness of a retail buyer to aretail motor vehicle dealer that include as part of the amount financed,disclosed in accordance with 12 C.F.R. 226.18 as amended, an amountrepresenting negative equity related to the motor vehicle being traded in aspart of the purchase price of the motor vehicle being purchased.
(c) No license to make or fund loans, or to act as a lenderor small loan lender shall be required of any person who engages in deferreddeposit transactions (commonly known as "pay-day advance") while holding avalid license to cash checks pursuant to chapter 14 of this title.
§ 19-14.1-10 Special exemptions. –(a) The licensing provisions of chapter 14 of this title shall not apply to:
(1) Nonprofit charitable, educational, or religiouscorporations or associations;
(2) Any person who makes less than six (6) loans in thisstate in any consecutive twelve (12) month period; there is no similarexemption from licensing for loan brokers for brokering loans or acting as aloan broker;
(3) Any person acting as an agent for a licensee for thepurpose of conducting closings at a location other than that stipulated in thelicense;
(4) Regulated institutions and banks or credit unionsorganized under the laws of the United States, or subject to written noticewith a designated Rhode Island agent for service of process in the formprescribed by the director or the director's designee, of any other statewithin the United States if the laws of the other state in which such bank orcredit union is organized authorizes under conditions not substantially morerestrictive than those imposed by the laws of this state, as determined by thedirector or the director's designee, a financial institution or credit union toengage in the business of originating or brokering loans in the other state; nobank or credit union duly organized under the laws of any other state withinthe United States may receive deposits, pay checks or lend money from anylocation within this state unless such bank or credit union has receivedapproval from the director or the director's designee for the establishment ofan interstate branch office pursuant to chapter 7 of title 19 of the generallaws; or
(5) Any natural person employee who is employed by a licenseewhen acting on the licensee's behalf; provided that this exemption shall notapply to a mortgage loan originator required to be licensed under §19-14-2 or § 19-14.10-4.
(6) A licensed attorney when performing loan closing servicesfor a licensee or for an entity identified in subdivision (4) above.
(b) The provisions of this chapter and chapter 14 of thistitle shall not apply to:
(1) Loans to corporations, joint ventures, partnerships,limited liability companies or other business entities;
(2) Loans over twenty-five thousand dollars ($25,000) inamount to individuals for business or commercial, as opposed to personal,family or household purposes;
(3) Loans principally secured by accounts receivable and/orbusiness inventory;
(4) Loans made by a life insurance company wholly secured bythe cash surrender value of a life insurance policy;
(5) Education-purpose loans made by the Rhode Island healthand educational building corporation as vested in chapter 38.1 of title 45 ofthe Rhode Island student loan authority as vested in chapter 62 of title 16;
(6) The acquisition of retail or loan installment contractsby an entity whose sole business in this state is acquiring them from federalbanks receivers or liquidators;
(7) Notes evidencing the indebtedness of a retail buyer to aretail seller of goods, services or insurance for a part or all of the purchaseprice; or
(8) Any state or federal agency which makes, brokers, orfunds loans or acts as a lender or a loan broker. This exemption includesexclusive agents or exclusive contractors of the agency specifically designatedby the agency to perform those functions on behalf of the agency and which hasnotified the director, in writing, of the exclusive agency or contract.
(9) Notes evidencing the indebtedness of a retail buyer to aretail motor vehicle dealer that include as part of the amount financed,disclosed in accordance with 12 C.F.R. 226.18 as amended, an amountrepresenting negative equity related to the motor vehicle being traded in aspart of the purchase price of the motor vehicle being purchased.
(c) No license to make or fund loans, or to act as a lenderor small loan lender shall be required of any person who engages in deferreddeposit transactions (commonly known as "pay-day advance") while holding avalid license to cash checks pursuant to chapter 14 of this title.
§ 19-14.1-10 Special exemptions. –(a) The licensing provisions of chapter 14 of this title shall not apply to:
(1) Nonprofit charitable, educational, or religiouscorporations or associations;
(2) Any person who makes less than six (6) loans in thisstate in any consecutive twelve (12) month period; there is no similarexemption from licensing for loan brokers for brokering loans or acting as aloan broker;
(3) Any person acting as an agent for a licensee for thepurpose of conducting closings at a location other than that stipulated in thelicense;
(4) Regulated institutions and banks or credit unionsorganized under the laws of the United States, or subject to written noticewith a designated Rhode Island agent for service of process in the formprescribed by the director or the director's designee, of any other statewithin the United States if the laws of the other state in which such bank orcredit union is organized authorizes under conditions not substantially morerestrictive than those imposed by the laws of this state, as determined by thedirector or the director's designee, a financial institution or credit union toengage in the business of originating or brokering loans in the other state; nobank or credit union duly organized under the laws of any other state withinthe United States may receive deposits, pay checks or lend money from anylocation within this state unless such bank or credit union has receivedapproval from the director or the director's designee for the establishment ofan interstate branch office pursuant to chapter 7 of title 19 of the generallaws; or
(5) Any natural person employee who is employed by a licenseewhen acting on the licensee's behalf; provided that this exemption shall notapply to a mortgage loan originator required to be licensed under §19-14-2 or § 19-14.10-4.
(6) A licensed attorney when performing loan closing servicesfor a licensee or for an entity identified in subdivision (4) above.
(b) The provisions of this chapter and chapter 14 of thistitle shall not apply to:
(1) Loans to corporations, joint ventures, partnerships,limited liability companies or other business entities;
(2) Loans over twenty-five thousand dollars ($25,000) inamount to individuals for business or commercial, as opposed to personal,family or household purposes;
(3) Loans principally secured by accounts receivable and/orbusiness inventory;
(4) Loans made by a life insurance company wholly secured bythe cash surrender value of a life insurance policy;
(5) Education-purpose loans made by the Rhode Island healthand educational building corporation as vested in chapter 38.1 of title 45 ofthe Rhode Island student loan authority as vested in chapter 62 of title 16;
(6) The acquisition of retail or loan installment contractsby an entity whose sole business in this state is acquiring them from federalbanks receivers or liquidators;
(7) Notes evidencing the indebtedness of a retail buyer to aretail seller of goods, services or insurance for a part or all of the purchaseprice; or
(8) Any state or federal agency which makes, brokers, orfunds loans or acts as a lender or a loan broker. This exemption includesexclusive agents or exclusive contractors of the agency specifically designatedby the agency to perform those functions on behalf of the agency and which hasnotified the director, in writing, of the exclusive agency or contract.
(9) Notes evidencing the indebtedness of a retail buyer to aretail motor vehicle dealer that include as part of the amount financed,disclosed in accordance with 12 C.F.R. 226.18 as amended, an amountrepresenting negative equity related to the motor vehicle being traded in aspart of the purchase price of the motor vehicle being purchased.
(c) No license to make or fund loans, or to act as a lenderor small loan lender shall be required of any person who engages in deferreddeposit transactions (commonly known as "pay-day advance") while holding avalid license to cash checks pursuant to chapter 14 of this title.
