§ 19-9-6 Lending institutions – Titleattorney. – (a) Every lending institution that accepts an application for any residentialmortgage loan or any commercial mortgage loan and requires that a titleattorney search the title of the subject real estate, or requires a policy oftitle insurance, shall permit the prospective mortgagor to select a qualifiedtitle attorney or title insurance company of his, her or its own choice tosearch the title of the subject real estate and to furnish title insurance. Thelending institution shall not unreasonably disapprove a title insurance policyprovided or paid for directly or indirectly by a borrower. The disapprovalshall be deemed unreasonable if it is not based solely on reasonable standardsuniformly applied, relating only to the extent of coverage required or thefinancial soundness of an insurer. The standards shall not discriminate againstany particular insurer, nor shall the standards call for the disapproval of aninsurance policy because the policy contained coverage in addition to thatrequired. Acceptance of a title insurance company's policy by the federalnational mortgage association or the federal home loan mortgage corporationshall be conclusive proof that the title insurance company meets the reasonablestandards required by this section whether or not the borrower is applying fora residential or a commercial mortgage loan.
(b) In the event the prospective mortgagor does not select aqualified title attorney or title insurance company, the prospective mortgagorshall sign a waiver permitting the lending institution to select an attorney.If any lending institution violates this section, an aggrieved party may file acomplaint in the superior court of the county in which the aggrieved partyshall dwell or has his, her or its principal place of business, or Providencecounty, if the superior court of that county shall not be in session, or if theaggrieved party is a nonresident or has no principal place of business in thisstate, of any other county as may be agreed upon by the parties to thepetition, and serve upon the lending institution a petition for an order of thecourt for the enforcement of this section, and the petition may request and thecourt shall have jurisdiction to grant after notice and hearing, an order:
(1) Granting injunctive relief to restrain the lendinginstitution from engaging in the alleged or suspected violation;
(2) Awarding reasonable attorney's fees, costs and expensesof the action; and
(3) Granting any other relief as may be required, until theperson or lending institution complies with the requirements of this section.
§ 19-9-6 Lending institutions – Titleattorney. – (a) Every lending institution that accepts an application for any residentialmortgage loan or any commercial mortgage loan and requires that a titleattorney search the title of the subject real estate, or requires a policy oftitle insurance, shall permit the prospective mortgagor to select a qualifiedtitle attorney or title insurance company of his, her or its own choice tosearch the title of the subject real estate and to furnish title insurance. Thelending institution shall not unreasonably disapprove a title insurance policyprovided or paid for directly or indirectly by a borrower. The disapprovalshall be deemed unreasonable if it is not based solely on reasonable standardsuniformly applied, relating only to the extent of coverage required or thefinancial soundness of an insurer. The standards shall not discriminate againstany particular insurer, nor shall the standards call for the disapproval of aninsurance policy because the policy contained coverage in addition to thatrequired. Acceptance of a title insurance company's policy by the federalnational mortgage association or the federal home loan mortgage corporationshall be conclusive proof that the title insurance company meets the reasonablestandards required by this section whether or not the borrower is applying fora residential or a commercial mortgage loan.
(b) In the event the prospective mortgagor does not select aqualified title attorney or title insurance company, the prospective mortgagorshall sign a waiver permitting the lending institution to select an attorney.If any lending institution violates this section, an aggrieved party may file acomplaint in the superior court of the county in which the aggrieved partyshall dwell or has his, her or its principal place of business, or Providencecounty, if the superior court of that county shall not be in session, or if theaggrieved party is a nonresident or has no principal place of business in thisstate, of any other county as may be agreed upon by the parties to thepetition, and serve upon the lending institution a petition for an order of thecourt for the enforcement of this section, and the petition may request and thecourt shall have jurisdiction to grant after notice and hearing, an order:
(1) Granting injunctive relief to restrain the lendinginstitution from engaging in the alleged or suspected violation;
(2) Awarding reasonable attorney's fees, costs and expensesof the action; and
(3) Granting any other relief as may be required, until theperson or lending institution complies with the requirements of this section.
§ 19-9-6 Lending institutions – Titleattorney. – (a) Every lending institution that accepts an application for any residentialmortgage loan or any commercial mortgage loan and requires that a titleattorney search the title of the subject real estate, or requires a policy oftitle insurance, shall permit the prospective mortgagor to select a qualifiedtitle attorney or title insurance company of his, her or its own choice tosearch the title of the subject real estate and to furnish title insurance. Thelending institution shall not unreasonably disapprove a title insurance policyprovided or paid for directly or indirectly by a borrower. The disapprovalshall be deemed unreasonable if it is not based solely on reasonable standardsuniformly applied, relating only to the extent of coverage required or thefinancial soundness of an insurer. The standards shall not discriminate againstany particular insurer, nor shall the standards call for the disapproval of aninsurance policy because the policy contained coverage in addition to thatrequired. Acceptance of a title insurance company's policy by the federalnational mortgage association or the federal home loan mortgage corporationshall be conclusive proof that the title insurance company meets the reasonablestandards required by this section whether or not the borrower is applying fora residential or a commercial mortgage loan.
(b) In the event the prospective mortgagor does not select aqualified title attorney or title insurance company, the prospective mortgagorshall sign a waiver permitting the lending institution to select an attorney.If any lending institution violates this section, an aggrieved party may file acomplaint in the superior court of the county in which the aggrieved partyshall dwell or has his, her or its principal place of business, or Providencecounty, if the superior court of that county shall not be in session, or if theaggrieved party is a nonresident or has no principal place of business in thisstate, of any other county as may be agreed upon by the parties to thepetition, and serve upon the lending institution a petition for an order of thecourt for the enforcement of this section, and the petition may request and thecourt shall have jurisdiction to grant after notice and hearing, an order:
(1) Granting injunctive relief to restrain the lendinginstitution from engaging in the alleged or suspected violation;
(2) Awarding reasonable attorney's fees, costs and expensesof the action; and
(3) Granting any other relief as may be required, until theperson or lending institution complies with the requirements of this section.
