“Implementation of Proposed RI Surety Bond and Minimum Net Worth Regulation 6 on Hold”
On January 5, 2011, the Rhode Island Department of Business Regulation, Division of Banking (the DBR) issued the Banking Bulletin 2011-1 entitled Notice Concerning Banking Regulation 6 (link below).
January 2011On January 5, 2011, the Rhode Island Department of Business Regulation, Division of Banking (the “DBR”) issued the Banking Bulletin 2011-1 entitled “Notice Concerning Banking Regulation 6” (link below). Regulation 6 proposed minimum net worth and surety bond requirements for Rhode Island licensed mortgage loan originators. The DBR previously announced an effective date of January 18, 2011 for Regulation 6. The Notice advises that the DBR will forbear from filing proposed Regulation 6 as a final regulation effective January 18, 2011, in order that the DBR has sufficient time to consider all of the comments received from interested parties. Look for future eblasts on this topic when the DBR issues an amended or final Regulation 6.
Click here for a copy of the Banking Bulletin 2011-1.
Click here for the written comments of Attorney James H. Hahn of Partridge Snow & Hahn LLP, in his capacity as Legislative Counsel to RIMBA.
Click here for our December 14, 2010 E-Alert on this topic.
Click here for our November 11, 2010 E-Alert on this topic.
Click here for a copy of the Public Notice and Proposed Banking Regulation 6.