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Application to Acquire Control of a Financial Institution Under Rhode Island General Laws Title 19, Chapter 8 - Rhode Island
Application to Acquire Control of a Financial Institution Under Rhode Island General Laws Title 19, Chapter 8 is a legal document that was released by the Rhode Island Department of Business Regulation - a government authority operating within Rhode Island.
FAQ
Q: What is the purpose of the application to acquire control of a financial institution?
A: The purpose of the application is to seek regulatory approval to gain control over a financial institution in Rhode Island.
Q: What is considered a financial institution in Rhode Island?
A: A financial institution can include banks, credit unions, trust companies, and other similar entities.
Q: What is Rhode Island General Laws Title 19, Chapter 8 about?
A: Rhode Island General Laws Title 19, Chapter 8 pertains to the regulation and control of financial institutions in Rhode Island.
Q: Who is required to submit the application?
A: Any individual or entity seeking to gain control over a financial institution in Rhode Island must submit the application.
Q: What information is required in the application?
A: The application typically requires detailed information about the applicant, its financial condition, business plans, and any other relevant information.
Q: Who reviews the application?
A: The application is reviewed by the Rhode Island Department of Business Regulation, Division of Banking.
Q: What factors are considered in the approval process?
A: The Division of Banking considers factors such as the financial stability of the applicant, its ability to operate the financial institution, and any potential risks involved.
Q: How long does the approval process take?
A: The length of the approval process can vary, but it generally takes several months to complete.
Q: Can the application be denied?
A: Yes, the Division of Banking has the authority to deny the application if it determines that the applicant does not meet the required qualifications or poses significant risks.
Q: Are there any fees associated with the application?
A: Yes, there are application fees that must be paid along with the submission of the application.
Form Details:
- Released on June 1, 2022;
- The latest edition currently provided by the Rhode Island Department of Business Regulation;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Rhode Island Department of Business Regulation.
Download Application to Acquire Control of a Financial Institution Under Rhode Island General Laws Title 19, Chapter 8 - Rhode Island
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