§ 34-25.1-8. Mortgagees authorized to take reverse mortgages. (a) Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States of America, credit unions subject to the provisions of chapter 21 of title 19, loan and investment banks subject to the provisions of chapter 20 of title 19 and other financial institutions are expressly authorized to make loan secured by mortgages entitled as provided in § 34-25.1-1 and containing the provisions required in §§ 34-25.1-1 and 34-25.1-2 to be contained in the provisions of the mortgages; provided that such loans comply in other respects with the requirements of law, if any, relating to loans secured by real estate mortgages made by such institutions and with the requirements of this chapter.

(b) Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of this chapter.

(c) All reverse mortgage loan officers must be registered and/or licensed under Rhode Island general laws § 19-14-1 et seq. as mortgage loan originators, unless otherwise exempt.

(d) The authority of the director of the department of business regulation or his or her designee to revoke licenses pursuant to chapter 19-14-13 shall apply to any lender that fails to comply with the requirements of this chapter.

History of Section. (P.L. 1986, ch. 475, § 1; P.L. 2008, ch. 19, § 1; P.L. 2008, ch. 21, § 1.)