Rhode Island bill H7867 establishes capital, liquidity, and corporate governance requirements for nonbank mortgage servicers.

Rhode Island bill H7867 amends the General Laws to establish requirements for nonbank mortgage servicers, including capital, liquidity, and corporate governance. Covered mortgage servicers must maintain capital and liquidity, establish a board of directors for oversight, and implement a risk management program. The bill also mandates annual external audits and requires servicers to report to the director or their designee. These provisions ensure that mortgage servicers operate safely and soundly, complying with state and federal laws.

Rhode Island bill H7867 establishes capital, liquidity, and corporate governance requirements for nonbank mortgage servicers.

Rhode Island bill H7867 amends the General Laws to establish requirements for nonbank mortgage servicers, including capital, liquidity, and corporate governance. Covered mortgage servicers must maintain capital and liquidity, establish a board of directors for oversight, and implement a risk management program. The bill also mandates annual external audits and requires servicers to report to the director or their designee. These provisions ensure that mortgage servicers operate safely and soundly, complying with state and federal laws.