Rhode Island § 27-72-16 - Life Settlements Act
Full text of Rhode Island Rhode Island General Laws § 27-72-16 — Life Settlements Act, with citation guidance and answers to common questions.
§ 27-72-16. Life Settlements Act
R.I. Gen. Laws § 27-72-16
§ 27-72-16. Penalties.
(a) It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements, to commit a fraudulent life settlement act.
(b) For criminal liability purposes, a person who commits a fraudulent life settlement act is guilty of committing insurance fraud and shall be subject to additional penalties under § 27-54-1 et seq.
(c) The commissioner shall be empowered to levy a civil penalty not exceeding one thousand dollars ($1,000) and the amount of the claim for each violation upon any person, including those persons and their employees licensed pursuant to this chapter, who is found to have committed a fraudulent life settlement act or violated any other provision of this chapter.
(d) The license of a person licensed under this chapter that commits a fraudulent life settlement act shall be revoked.
History of Section.
P.L. 2009, ch. 195, § 1; P.L. 2009, ch. 262, § 1.
Frequently Asked Questions About Rhode Island § 27-72-16
What does Rhode Island General Laws § 27-72-16 cover?
Section 27-72-16 ("Life Settlements 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 § 27-72-16?
A common citation format is "Rhode Island General Laws § 27-72-16" (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 § 27-72-16 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.