Bill > S0376

This bill amends the definition of "regulated institution" in Rhode Island state law to explicitly include non-depository trust companies organized under the laws of any state or the United States Government. Currently, the definition of "regulated institution" covers financial institutions, credit unions, and other insured deposit-taking institutions authorized to do business in the state. By adding non-depository trust companies to this definition, the bill expands the scope of institutions that are legally recognized and potentially subject to regulatory oversight. Trust companies are financial firms that manage assets and trusts on behalf of clients but, unlike traditional banks, do not typically accept deposits. This change could have implications for how these non-depository trust companies are treated under state financial regulations. The bill will take effect immediately upon passage, meaning the new definition will be in place as soon as the bill is signed into law.

Business and Industry

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