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Section 19-14-5.1 Minimum capital. [Effective January 1, 2020.]

RI Gen L § 19-14-5.1 (2019) (N/A)
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§ 19-14-5. Minimum capital. [Effective January 1, 2020.] Each licensee, licensed pursuant to an application for license filed after June 30, 1995, shall maintain the following minimum-net worth to be evidenced in accordance with regulations promulgated by the director, or the director's designee.

(1) Small-loan lenders, the sum of twenty-five thousand dollars ($25,000);

(2) Loan brokers, the sum of ten thousand dollars ($10,000);

(3) Lenders, the sum of one hundred thousand dollars ($100,000);

(4) Currency transmission licensees, the sum of fifty thousand dollars ($50,000). If a licensee limits its actions to virtual currency, the licensee may include in its calculation of net worth virtual currency, measured by the average value of the virtual currency in U.S. Dollar equivalent over the prior six (6) months; and

(5) Third-party loan servicers, the sum of one hundred thousand dollars ($100,000).

History of Section. (P.L. 1995, ch. 82, § 52; P.L. 2014, ch. 487, § 1; P.L. 2014, ch. 522, § 1; P.L. 2019, ch. 226, § 1; P.L. 2019, ch. 246, § 1.)

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