Rhode Island § 19-3-2 - Powers and Operations
Full text of Rhode Island Rhode Island General Laws § 19-3-2 — Powers and Operations, with citation guidance and answers to common questions.
§ 19-3-2. Powers and Operations
R.I. Gen. Laws § 19-3-2
§ 19-3-2. Loans for which financial institution is liable.
No financial institution shall make any loan or advance whereby it is liable directly, indirectly, or contingently for the repayment of the loan or advance in whole or in part. This restriction shall not impair the right of a financial institution:
(1) To accept, under its letters of credit or other authorization, drafts or bills of exchange arising out of actual commercial transactions or issued or drawn for agricultural, industrial, or commercial purposes, at sight or on time; or
(2) To purchase from and sell mortgage loans with or without recourse to the Rhode Island housing and mortgage finance corporation or other secondary market investors.
History of Section.
P.L. 1995, ch. 82, § 40.
Frequently Asked Questions About Rhode Island § 19-3-2
What does Rhode Island General Laws § 19-3-2 cover?
Section 19-3-2 ("Powers and Operations") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 19-3-2?
A common citation format is "Rhode Island General Laws § 19-3-2" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 19-3-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.