State Codes and Statutes
Statutes > Rhode-island > Title-34 > Chapter-34-25-1 > 34-25-1-8SECTION 34-25.1-8
§ 34-25.1-8 Mortgagees authorized to takereverse mortgages. – (a) Domestic building-loan associations, whether organized by special act ofthe general assembly or pursuant to the provisions of chapter 22 of title 19,foreign building-loan associations subject to the provisions of chapter 24 oftitle 19, savings and loan associations organized under the laws of the UnitedStates of America, credit unions subject to the provisions of chapter 21 oftitle 19, loan and investment banks subject to the provisions of chapter 20 oftitle 19 and other financial institutions are expressly authorized to make loansecured by mortgages entitled as provided in § 34-25.1-1 and containingthe provisions required in §§ 34-25.1-1 and 34-25.1-2 to be containedin the provisions of the mortgages; provided that such loans comply in otherrespects with the requirements of law, if any, relating to loans secured byreal estate mortgages made by such institutions and with the requirements ofthis chapter.
(b) Other mortgagees are authorized to make loans on thesecurity of such mortgages if such mortgages comply with the requirements ofthis chapter.
(c) All reverse mortgage loan officers must be registeredand/or licensed under Rhode Island general laws § 19-14-1 et seq. asmortgage loan originators, unless otherwise exempt.
(d) The authority of the director of the department ofbusiness regulation or his or her designee to revoke licenses pursuant tochapter 19-14-13 shall apply to any lender that fails to comply with therequirements of this chapter.
