Regulatory Alerts2007-05-23 | ISGC-2007-008-DOBReciprocity With Rhode Island Regarding Non-Depository Activities
The Washington State Department of Financial Institutions issued this interpretive letter to confirm that Washington law imposes no restrictions on Rhode Island banks conducting specific non-depository lending activities in the state. The Department determined that Washington does not require licensing under the Mortgage Broker Practices Act, Consumer Loan Act, or Commercial Bank Law for such operations, thereby satisfying the reciprocity conditions of Rhode Island's lender licensing exemptions. This ruling allows Washington-chartered banks to rely on this mutual recognition to maintain exemptions from Rhode Island's Lender and Loan Broker Licensing Law for similar non-depository activities.
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