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Bill > S0376


RI S0376

Amends the definition of "regulated institution", to include non-depository trust companies organized under the law of any state or the United States Government.


summary

Introduced
02/26/2025
In Committee
02/26/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

This act would amend the definition of "regulated institution", to include non-depository trust companies organized under the law of any state or the United States Government. This act would take effect upon passage.

AI Summary

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.

Committee Categories

Business and Industry

Sponsors (4)

Last Action

Committee recommended measure be held for further study (on 03/25/2025)

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