230-RICR-40-05-2. Applications of Regulated Institutions (version Periodic Refile, 12/19/2001 to 12/19/2001)

STATE OF RHODE ISLAND DEPARTMENT OF BUSINESS REGULATION DIVISION OF BANKING 233 RICHMOND STREET, SUITE 231 PROVIDENCE, RHODE ISLAND 02903 BANKING REGULATION 98-1 APPLICATIONS OF REGULATED INSTITUTIONS TABLE OF CONTENTS 98-1-1. AUTHORITY. 98-1-2. PURPOSE. 98-1-3. SEVERABILITY. 98-1-4. DEFINITIONS. 98-1-5. PROVISIONS - FILING FEES. 98-1-6. APPLICABILITY. 98-1-7. EFFECTIVE DATE. 98-1-1. AUTHORITY. This regulation is promulgated pursuant to the authority granted in Section 3 of Chapter 1 of Title 19 of the General Laws of Rhode Island. 98-1-2. PURPOSE. The purpose of this regulation is to set forth fees for applications filed by regulated institutions, financial institutions and credit unions with the Director of the Department of Business Regulation to carry out the provisions of Section 19-1-3 of the General Laws of Rhode Island entitled "Applications - General". The actions and information required by this regulation are hereby declared to be necessary and appropriate in the public interest. 98-1-3. SEVERABILITY. If any provision of this regulation or the application thereof to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not 2 affect other provisions or applications of this regulation which can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this regulation are severable. 98-1-4. DEFINITIONS. Unless otherwise provided by this regulation or unless the context clearly requires otherwise, terms used in this regulation shall have the same meaning as the terms as defined in Title 19. 98-1-5. FILING FEES. Each regulated institution, financial institution and credit union which files an application with the Director shall pay an application fee, equal in amount to the total cost of the salary and benefits, calculated on an hourly basis, of the person(s) employed by the Division of Banking having actually participated in the review of the application. The Division of Banking shall submit a bill to the applicant with the decision on the application, detailing the application fee. The detailed breakdown of the bill to the applicant shall include but not be limited to the total hours of review time, the name(s) of the person(s) reviewing the application and the charge per hour. The maximum number of hours per type of application which shall be included in the bill to the applicant will be established by the Division of Banking at a public hearing pursuant to R.I.Gen. Laws § 19-1-3. 3 98-1-6. APPLICABILITY. Application fees shall only apply in those instances in which an application for approval is required by Title 19 of the Rhode Island General Laws. For certain types of transactions, approvals may be granted without the need for the filing of an application. Applications and associated fees are required for approvals by the Director, including but not limited to the following: (a) Agreements to Form; (b) Amendments to Agreements to Form; (c) Establishment of branches; (d) Relocations of branches; (e) Mergers of financial institutions (f) Interstate banking, including but not limited to interstate acquisitions, mergers, and purchase and assumptions; (g) Interstate branching; and (h) Changes in control. (i) Other approvals which, in the discretion of the Director, require the filing of an application Applications, and therefore application fees, are not required to be filed for approvals including but not limited to the following: (a) Mergers of credit unions; (b) Conversions to stock form of financial institution; 4 (c) Amendments to by-laws; (d) Establishment of electronic devices and machines; (e) Conversions to federal charter; (f) Voluntary liquidations; (g) Conservatorships; and (h) Receiverships. 98-1-7. EFFECTIVE DATE. Effective date: August 9, 1998 Refiled date: December 19, 2001 5