Amends the definition of "regulated institution", to include non-depository trust companies organized under the law of any state or the United States Government.
Impact
This bill is significant in that it expands the scope of regulated institutions, thereby impacting the regulatory framework that governs various financial entities. By defining non-depository trust companies as regulated institutions, the bill allows state regulatory bodies to apply existing regulations to these organizations, ensuring they meet specific operational and financial standards. This move may lead to increased oversight and accountability in the financial sector, particularly for entities that have previously operated outside such regulatory frameworks.
Summary
Bill S0376 amends the definition of 'regulated institution' within the Rhode Island General Laws to include non-depository trust companies that are organized under the law of any state or the United States Government. This amendment is aimed at providing clarity and inclusivity in the terminology related to financial institutions, thereby ensuring that a broader category of entities falls under the regulatory purview. The intention behind this legislative change is to adapt to the evolving landscape of financial services and to enhance regulatory oversight in the non-depository sector.
Contention
Notable points of contention regarding S0376 may arise from the financial institutions' sector, particularly among entities that may now be required to comply with regulations that were previously not applicable to non-depository trust companies. There may be concerns from business owners regarding the increased regulatory burden or potential costs associated with compliance. Additionally, stakeholders may debate the balance between enhancing consumer protection through regulation and ensuring the financial institutions remain competitive and agile in a fast-changing market.
Amends outdated provisions of the banking statutes and the home loan protection act, adds consumer protections, including minimum capital requirements and limits on investments, for currency transmitters, including crypto currency.
Amends outdated provisions of the banking statutes and the home loan protection act, adds consumer protections, including minimum capital requirements and limits on investments, for currency transmitters, including crypto currency.
Includes immediate family members and related parties to be included in the definitions applicable to the chapter and require that information for nursing facility applicants for initial licensure or change of ownership.
Includes immediate family members and related parties to be included in the definitions applicable to the chapter and require that information for nursing facility applicants for initial licensure or change of ownership.
Allocates, to the cities and towns of the state, a portion of state income taxes for new employees of not-for-profit healthcare institutions and private educational institutions.
Allocates, to the cities and towns of the state, a portion of state income taxes for new employees of not-for-profit healthcare institutions and private educational institutions.
Amends the state’s apprenticeship laws to make them more consistent with applicable federal regulations and makes said laws more comprehendible and consistent with each other.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.