§ 42-116-41. Loan portfolio valuation.
(a) On or before the winter meeting of the performance review committee, the corporation shall submit to the committee an assessment of the current market value of the remaining loans and real estate owned. This assessment shall contain a profile of the portfolio in sufficient detail to permit an informal valuation by an investor. The assessment shall report the known transactions involving similar portfolios, which have been reported in the publications that report the results of auctions or sales of similar portfolios and provide an analysis to the potential market reception of a theoretical decision by the corporation to invite bids to sell the portfolio.
(b) The portfolio profile will include a stratification of loans by performance status and collateral type. Data will include the number of loans in each classification, the aggregate principal balance, the “Legal Balance”, the dollar weighted average rate of interest, dollar weighted average delinquencies, and the dollar weighted average maturity. The profile is to be consistent with those of similar portfolios, which are offered by lenders to investors in the institutional investment market.
(c) Should comparable information provided be inconclusive as to the current market value of the portfolio, the committee may recommend to the Rhode Island depositors economic protection corporations’ board of directors that the corporation seek an informal review of the potential value of the portfolio by an investor within one hundred twenty (120) days of the committee’s winter meeting.
History of Section.P.L. 1996, ch. 212, § 1; P.L. 2006, ch. 216, § 53.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation
Section 42-116-1. - Short title.
Section 42-116-2. - Legislative findings.
Section 42-116-3. - Definitions.
Section 42-116-5. - General powers of corporation.
Section 42-116-5.1. - Sale of property.
Section 42-116-6. - Additional general powers.
Section 42-116-7. - Assumption of liabilities and distribution.
Section 42-116-10. - Promulgation of regulations.
Section 42-116-11. - Payment of state funds — Agreement between corporation and department.
Section 42-116-12. - Payment of depositor’s claims.
Section 42-116-12.1. - Distribution of funds in individual retirement accounts.
Section 42-116-13. - Bonds of the corporation.
Section 42-116-14. - Refunding bonds.
Section 42-116-15. - Bonds eligible for investment.
Section 42-116-16. - No additional consent required.
Section 42-116-17. - Bonds not obligations of the state.
Section 42-116-18. - Lien status — Recording.
Section 42-116-19. - Investment securities.
Section 42-116-20. - Trust fund.
Section 42-116-21. - Authorization to accept appropriated monies.
Section 42-116-22. - Assistance by state officers, departments, boards and commissions.
Section 42-116-23. - Certain agreements.
Section 42-116-24. - Tax exemption.
Section 42-116-25. - Duration of corporation — Termination.
Section 42-116-25.1. - Defeasance of corporation bonds.
Section 42-116-25.2. - Indemnification.
Section 42-116-26. - Record keeping — Financial statements.
Section 42-116-27. - Inconsistent laws — Supplemental powers.
Section 42-116-28. - Compliance with federal law.
Section 42-116-29. - Inapplicability of certain laws.
Section 42-116-30. - Liability of the corporation.
Section 42-116-31. - Special revenue fund.
Section 42-116-32. - Corporation’s right to subrogation.
Section 42-116-33. - Performance review committee.
Section 42-116-34. - Severability.
Section 42-116-35. - Excess interest forfeiture.
Section 42-116-36. - Recording certain transfer documents.
Section 42-116-37. - Use of funds.
Section 42-116-38. - Depositor’s advisory board.
Section 42-116-39. - Payment of commission costs.