§ 19-1-1 - Definitions.
SECTION 19-1-1
§ 19-1-1 Definitions. – Unless otherwise specified, the following terms shall have the followingmeanings throughout this title:
(1) "Agreement to form" means the agreement to form afinancial institution or the agreement to form a credit union, as applicable,pursuant to this title, and includes, for financial institutions organizedbefore December 31, 1995, the articles of incorporation or the agreement ofassociation of the financial institution, where applicable.
(2) "Board of bank incorporation" means the board of bankincorporation as constituted under this title or the predecessor of the boardof bank incorporation.
(3) "Branch" means any office or place of business, otherthan the main office or customer-bank-communication-terminal outlets asprovided for in this title, at which deposits are received, or checks paid ormoney lent, or at which any trust powers are exercised. Any financialinstitution which had, on or before June 30, 2003, established an office orplace of business, other than its main office, at which trust powers areexercised, shall not be required to obtain the approval of the director or thedirector's designee pursuant to § 19-2-11 of the general laws in chapter 2of title 19 for any such offices established as of that date.
(4) "Credit union" means a credit union duly organized underthe laws of this state.
(5) "Director" means the director of the department ofbusiness regulation.
(6) "Division of banking" means the division within thedepartment of business regulation responsible for the supervision andexamination of regulated institutions and/or licensees under chapter 14 of thistitle.
(7) "Federal credit union" means a credit union dulyorganized under the laws of the United States.
(8) "Financial institution" means any entity, other than acredit union, duly organized under the laws of this state which has thestatutory authority to accept money on deposit pursuant to title 19, includingan entity which is prohibited from accepting deposits by its own by-laws oragreement to form; the term includes, but is not limited to banks, trustcompanies, savings banks, loan and investment banks and savings and loanassociations.
(9) "Main office" means, in the case of financialinstitutions or credit unions, the location stated in the agreement to form, asamended, and, otherwise, the location recognized by the institution's primarybanking regulator as its main office.
(10) "Person" means individuals, partnerships, corporations,limited liability companies or any other entity however organized.
(11) "Regulated institution" means any financial institution,credit union or other insured-deposit-taking institution which is authorized todo business in this state including one authorized by operation of aninterstate banking statute which allowed its original entry.
(12) "Retail installment contract" means any securityagreement negotiated or executed in this state or under the laws of this stateincluding, but not limited to, any agreement in the nature of a mortgage,conditional sale contract, or any other agreement whether or not evidenced byany written instrument to pay the retail purchase price of goods, or any partthereof, in installments over any period of time and pursuant to which anysecurity interest is retained or taken by the retail seller for the payment ofthe purchase price, or any part thereof, of the retail installment contract.
(13) "Retail seller" means any person who sells or contractsto sell any goods under a retail installment contract to a retail buyer.
(14) "Superintendent" means the associate director andsuperintendent of banking in the department of business regulation.
(15) "Unimpaired capital" means the sum of all capital andallowance accounts minus estimated losses on assets, calculated in accordancewith generally accepted accounting principles.