§ 19-14.10-2 - Purpose.
SECTION 19-14.10-2
§ 19-14.10-2 Purpose. – The activities of mortgage loan originators and the origination or offering offinancing for residential real property have a direct, valuable and immediateimpact upon Rhode Island's consumers, Rhode Island's economy, the neighborhoodsand communities of Rhode Island, and the housing and real estate industry. Thegeneral assembly finds that accessibility to mortgage credit is vital to thestate's citizens. The general assembly also finds that it is essential for theprotection of the citizens of Rhode Island and the stability of Rhode Island'seconomy that reasonable standards for licensing and regulation of the businesspractices of mortgage loan originators be imposed. The general assembly furtherfinds that the obligations of mortgage loan originators to consumers inconnection with originating or making residential mortgage loans are such as towarrant the regulation of the mortgage lending process. The purpose of thischapter is to protect consumers seeking mortgage loans and to ensure that themortgage lending industry is operating without unfair, deceptive, andfraudulent practices on the part of mortgage loan originators. Therefore thegeneral assembly establishes within this chapter:
(1) System of supervision and enforcement. Aneffective system of supervision and enforcement of the mortgage lendingindustry, including:
(i) The authority to issue licenses to conduct business underthis chapter, including the authority to write rules or regulations or adoptprocedures necessary to the licensing of persons covered under this chapter.
(ii) The authority to deny, suspend, condition or revokelicenses issued under this chapter.
(iii) The authority to examine, investigate and conductenforcement actions as necessary to carry out the intended purposes of thischapter, including the authority to subpoena witnesses and documents, enterorders, including cease and desist orders, order restitution and monetarypenalties and order the removal and ban of individuals from office oremployment.
(2) Broad administrative authority. That the directorof the department of business regulation ("director") or the director'sdesignee shall have the broad administrative authority to administer, interpretand enforce this chapter, and promulgate rules or regulations implementing thischapter, in order to carry out the intentions of the general assembly.