§ 27-58-3 - Definitions.
SECTION 27-58-3
§ 27-58-3 Definitions. – (a) For the purposes of this chapter, "financial institution" includes:
(1) A bank, savings bank, or trust company, as defined intitle 19, its affiliates or subsidiaries, or any of its officers, agents,representatives, or employees, or any bank, savings bank, or savings and loanassociation chartered pursuant to federal law and located in Rhode Island, itsaffiliates or subsidiaries, or any of its officers, agents, representatives, oremployees;
(2) A bank holding company as defined in 12 U.S.C. §1841, except any bank holding company that is exempt as provided in 12 U.S.C.§ 1843(d), its affiliates or subsidiaries, or any of its officers, agents,representatives, or employees; or
(3) Any other individual, corporation, partnership, orassociation authorized to take deposits and to make loans of money under theprovisions of chapters 5, 14, 14.1, and 14.2 of title 19 or any of itsofficers, agents, representatives, or employees.
(b) "Insurance" includes all products defined or regulated asinsurance by the department of business regulation except:
(1) Credit life, credit accident and health, creditinvoluntary unemployment insurance; group credit insurance, forced, placed orvoluntary credit personal property insurance; group mortgage cancellation lifeinsurance, or group mortgage accident and health insurance and annuities;
(2) Insurance placed by a financial institution in connectionwith collateral pledged as security for a loan when the debtor breaches thecontractual obligation to provide that insurance; and
(3) Private mortgage insurance.