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On May 20, State of Rhode Island District Court issued Administrative Order 2020-02, announcing that it would recommence adjudicating eviction matters on June 2, and detailing a set of temporary practices and protocols for eviction matters. Similarly, on May 19, the State of Rhode Island Department of Business Regulation issued Certified Constables Bulletin 2020-1.2, noting that certified constables should conduct service of process and executions regarding eviction at a time and in a manner specified by the court.
On May 6, the governor of Rhode Island extended multiple executive orders related to the Covid-19 pandemic until June 5, 2020. These include, among others, orders related to quarantines, remote corporate and shareholder meetings, and unemployment insurance.
On April 28, the attorney general of Rhode Island issued guidance to financial institutions, credit unions, creditors and debt collectors announcing that, in the attorney general’s view, all CARES Act recovery rebates are exempt from attachment and execution under Rhode Island law. The attorney general also warned that if a creditor attempts to attach a CARES Act recovery rebate, the attorney general’s office may bring a civil action or seek injunctive relief.
On April 28, the Rhode Island Department of Business Regulation, Banking Division, amended previous guidance (previously covered here) issued to mortgage loan originators, lenders, loan brokers and exempt company registrants. The previous guidance permitted working at home, even if the home is located outside of Rhode Island or is not a licensed branch. The department extended this guidance until June 30, 2020.
Rhode Island clarifies timing requirements for foreclosure mediation notices with CARES Act forbearances
On April 15, Rhode Island’s Superintendent of Banking issued a bulletin to clarify how mortgagors should implement CARES Act forbearances to accord with the state’s foreclosure mediation statute, which requires certain notices be mailed within 120 days of default. During the pendency of the Covid-19 pandemic, mortgagors must mail the required notice within 120 days after the termination of the forbearance agreement, subject to certain conditions.
On April 10, Rhode Island Governor Gina Raimondo issued an executive order mandating that all shareholder annual and special meetings must be held remotely due to the Covid-19 crisis. The order will remain in effect until May 8, unless renewed, modified, or rescinded.
On April 3, the Rhode Island Department of Business Regulation Banking Division issued a bulletin asking premium finance companies to work with insured individuals and entities to maintain coverage during the Covid-19 crisis. The bulletin requests that premium lenders: (1) extend payment periods, implement alternative payment plans, and take other necessary steps to avoid the cancellation or lapse of coverage during the emergency period; (2) implement alternative payment methods, such as facilitation electronic payments; (3) consider waiving late payments and other penalties, and extend grace periods on statement due dates and; (4) streamline processes that might delay issuing new coverage or cause the lapse of existing coverage.
In light of widespread interruptions created by the Covid-19 emergency, the Rhode Island Division of Banking extended the due date for debt collectors, small loan lenders, and debt management companies to submit 2020 Rhode Island Annual Reports to April 30, 2020. Extensions beyond that date will be considered on a case-by-case basis.
On March 23, the Rhode Island Division of Banking issued a bulletin encouraging state-chartered banks and credit unions to take steps to meet the financial services needs of customers and communities impacted by Covid-19. This includes providing alternative service options in light of facility closures, waiving certain fees, increasing ATM cash withdrawal limits, easing restrictions on cashing checks, increasing credit card limits, and offering payment accommodations to borrowers. The Division emphasized that prudent efforts to modify the terms of an existing loan for affected customers will not be subject to regulatory criticism. Finally, the Division noted that it is willing to provide supervisory and regulatory relief to affected financial institutions.
On March 13, the Rhode Island Department of Business Regulation, Banking Division issued Banking Bulletin 2020-1 providing interim regulatory guidance allowing licensed mortgage loan originations to work from home, whether located in Rhode Island or another state, even if the home is not a licensed branch subject to certain conditions.
- Brandy A. Hood to discuss "Ongoing challenges of TRID compliance" at the Mortgage Bankers Association Live: Legal Issues and Regulatory Compliance Conference
- Daniel R. Alonso to discuss "Resisting temptation in a crisis: How to make sure ethics and compliance don't get diluted under financial strain" at a New York City Bar Association webcast
- Daniel P. Stipano to discuss "BSA for BSA seasoned officers" at an NAFCU webinar
- Jon David D. Langlois to discuss "LIBOR transition: Preparations for legal professionals" at a Mortgage Bankers Association webinar
- Garylene D. Javier to discuss "Navigating workplace culture in 2020" at the DC Bar Conference