Rhode Island § 19-1-3 - Definitions and Establishment of Financial Institutions

§ 19-1-3. Applications — General.

(a) All applications filed by regulated institutions shall be made to the director, or the director’s designee, other than the exceptions set forth in this title.

(b) The director, or the director’s designee, shall cause notice of applications filed to be published on the department’s website and by any other method deemed by the director, or the director’s designee, to communicate with persons who are, or may be, interested in the application. The notice shall include a provision allowing for a public comment period. During this period, the application shall be open for public inspection at the division of banking. If, at the end of the public comment period, there are no objectors to the application, the director, or the director’s designee, may approve or deny the application. If there are any objectors, the director, or the director’s designee, may hold a public hearing to take testimony, under oath, and after considering this testimony, shall approve or deny the application. Any applicant aggrieved by any order regarding an application may appeal pursuant to the provisions of chapter 35 of title 42.

(c) The superintendent shall collect a filing fee with respect to applications submitted to the division of banking for consideration. All fees pursuant to this section shall be paid to the director for the use of the state. The fees to be charged for each type of application shall be established by the division of banking by regulation.

(d) The superintendent is hereby authorized to promulgate rules and regulations for the implementation of this section, including, but not limited to, the establishment of specific time periods within which a decision for the various types of applications must be rendered by the division of banking.

(e) Any party adversely affected by a decision of the director, or the director’s designee, may make written demand upon the director, or the director’s designee, within thirty (30) days notification of the decision from which the party is appealing. A hearing conducted pursuant to this section shall be conducted pursuant to the Administrative Procedures Act, chapter 35 of title 42.

(f) Anyone adversely affected by a decision of the director, or the director’s designee, may appeal the decision by filing an appeal with the superior court pursuant to § 42-35-15.