§ 34-25.2-9. Subterfuge prohibited.
It shall be a violation of this chapter for any person to attempt in bad faith to avoid the application of this chapter by:
(1) Dividing any loan transaction into separate parts for the purpose of evading the provisions of this chapter;
(2) Structuring a home loan transaction as an open-end loan for the purpose of evading the provisions of this chapter when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan;
(3) Engaging in any other subterfuge with the intent of evading any provision of this chapter.
History of Section.P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1; P.L. 2011, ch. 363, § 16.
Structure Rhode Island General Laws
Chapter 34-25.2 - Rhode Island Home Loan Protection Act
Section 34-25.2-1. - Short title.
Section 34-25.2-2. - Legislative findings.
Section 34-25.2-4. - Definitions.
Section 34-25.2-5. - Prohibited acts and practices regarding home loans.
Section 34-25.2-6. - Limitations and prohibited practices regarding high-cost home loans.
Section 34-25.2-7. - Assignee liability.
Section 34-25.2-8. - Civil action.
Section 34-25.2-9. - Subterfuge prohibited.
Section 34-25.2-10. - Rights in addition to other laws.
Section 34-25.2-11. - Exemption.
Section 34-25.2-12. - Department of business regulation.
Section 34-25.2-13. - Reporting.