R.I. Government Agencies | Privacy Policy |
(All documents PDF 
format unless otherwise noted)
The Banking Division provides regulatory oversight of state-chartered financial institutions, credit unions and licensees through financial examinations and reviews to determine compliance with state banking laws, financial solvency and safety and soundness operations.
The Banking Division is responsible for regulating, monitoring and examining thirty-two (32) state-chartered financial institutions and credit unions and approximately one thousand one hundred (1,100) licensees. The division accomplishes its program objectives through the process of licensing, chartering and examining financial institutions and licensees. The purposes of examinations are to determine financial solvency and compliance with Rhode Island Banking Laws and Regulations for the protection of depositors and the public interest. The division reviews and conducts hearings on applications filed by financial institutions and credit unions for charters, branches and other pertinent financial institution and credit union business. Licensees include lenders, loan brokers, small loan lenders, foreign exchange transaction, sale of check and electronic money transfers, check cashers, and debt poolers. Additionally, The Banking Division enforces statutes relating to maximum interest charges and state usury laws and conducts administrative hearings when required. Additional responsibilities include investigating and resolving several hundred consumer complaints and inquiries each year.
Charter, license and ensure compliance with statutory requirements for the safe and sound operation of regulated institutions and licensees to protect the public interest.
R.I. Gen. Laws 19-1 to 19-14.2 charge the division with the regulation of financial institutions and lenders, small loan lenders, and loan broker licensees. R.I. Gen. Laws 6-26 to 6-27 relate to interest, usury and truth in lending. R.I. Gen. Laws 34-23 to 34-27 relate to mortgages. R.I. Gen. Laws 19-14.3, 19-4-4 and 19-14.5 relate to Sale of Checks and Electronic Money Transfers, Check Cashing and Foreign Exchange Transactions, respectively. R.I. Gen. Laws 5-66 relates to Debt Pooling.
E-mail The Banking Division at BankInquiry@dbr.state.ri.us
Securities Regulation is responsible for the registration of certain securities, the licensing and regulation of broker dealers, sales representatives, certain investment advisers and certain investment adviser representatives.
The division is also responsible for enforcing compliance with the state's Franchise Investment Act, the registration of charitable and fund-raising groups and the states' Real Estate Time-Share Act. The division has annually processed approximately 60,584 licenses and 7,412 registrations, conducted on-site examinations of broker-dealers and investment advisers, and initiated investigations and enforcement actions pursuant to applicable state and federal laws and regulations.
Enforce compliance with the applicable provisions of state laws and regulations related to the securities industry, franchises, charities, fund-raisers and time-shares.
The division is charged with the administration and enforcement of the Rhode Island Uniform Securities Act ("RIUSA"), R.I. Gen. Laws 7-11; the Franchise Investment Act, R.I. Gen. Laws 19-28.1; the Charitable Solicitation Act, R.I. Gen. Laws 5-53.1; and the Real Estate Time-Share Act, R.I. Gen. Laws 34-41.
