Rhode Island recently passed a bill to amend certain provisions of its Financial Institutions Act to provide clarifications and remove requirements it deemed unnecessary. As an example of some of the key highlights included in the Amendments, the definition of “lender” has been revised to include a person who enters into or funds a “retail installment contract”, as that term is now defined. The bill also defines a “remote location” as including a location meeting certain requirements “at which an employee of a licensee may provide services to the licensee even if that location differs from the establishment specified in the license.” or a branch certificate issued to the licensee”. Article 19-14-25 of the General Laws has been updated to incorporate the new definition of “remote location” and to articulate additional requirements.
In addition, the bill amends the Financial Institutions Act to mandate the use of the National Multi-State Licensing System in certain contexts, such as to comply with the reporting requirements of Section 19-14-22. . In addition, the bill revises the requirements related to section 19-14-24 to prohibit a licensee from conditioning “any sale on the requirement that the consumer purchase any other product or service from a supplier specified, including vendors with whom the licensee shares office space.
The act took effect immediately.