Rhode Island § 27-58-7 - The Banking and Insurance Consumer Protection Act
Full text of Rhode Island Rhode Island General Laws § 27-58-7 — The Banking and Insurance Consumer Protection Act, with citation guidance and answers to common questions.
§ 27-58-7. The Banking and Insurance Consumer Protection Act
R.I. Gen. Laws § 27-58-7
§ 27-58-7. Disclosures.
(a) A financial institution shall prominently disclose in writing, in clear and concise language, to the institution’s customers, including in any advertisement or promotional material, pursuant to regulations prescribed by the commissioner, that insurance offered, recommended, sponsored, or sold by the financial institution:
(1) Is not a deposit;
(2) Is not insured by the Federal Deposit Insurance Corporation;
(3) Is not guaranteed by the financial institution or an affiliated insured depository institution; and
(4) Where appropriate, involves investment risk, including potential loss of principal.
(b) A financial institution, for any loan for which insurance is required, shall disclose in writing to the institution’s customers, in clear and concise language prior to the signing of a loan or mortgage application, that by law the purchase of insurance from that financial institution cannot be required as a condition of loan or mortgage approval.
History of Section.
P.L. 1996, ch. 325, § 1.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 27-58-7
What does Rhode Island General Laws § 27-58-7 cover?
Section 27-58-7 ("The Banking and Insurance Consumer Protection Act") 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 § 27-58-7?
A common citation format is "Rhode Island General Laws § 27-58-7" (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 § 27-58-7 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.