§ 19-14.1-3. Unemployment insurance defined.
For the purposes of this chapter, involuntary unemployment insurance coverage shall not be a factor in the approval by the lender or loan broker of any loan. The lender or loan broker shall give and maintain specific written indication that the cost of this coverage is disclosed to the debtor; that the coverage is not a condition for the extension of credit; and that the debtor voluntarily desires the coverage. The debtor shall be given written notice of his or her right to cancel within thirty (30) days of the receipt of the insurance policy and that the cancellation will result in a full refund of any premiums paid. Unemployment resulting from a labor dispute shall be deemed involuntary unemployment.
History of Section.P.L. 1995, ch. 82, § 53.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.1 - Lenders and Loan Brokers
Section 19-14.1-1. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.1-2. - Maximum rate of interest.
Section 19-14.1-3. - Unemployment insurance defined.
Section 19-14.1-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.1-5. - Instrument evidencing loan, contents.
Section 19-14.1-6. - Assignment of earnings.
Section 19-14.1-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.1-8. - Escrow accounts.
Section 19-14.1-9. - Penalties.
Section 19-14.1-10. - Special exemptions.