Establishes requirements for capital, liquidity, and corporate governance including: audit, risk management, and board oversight, for nonbank mortgage servicers.

Summary

If enacted, this bill would impose new capital, liquidity, and corporate governance requirements on nonbank mortgage servicers in Rhode Island, including mandatory audits, risk management programs, and board oversight. The bill aims to ensure servicer financial stability and consumer protection. It would primarily affect nonbank servicers, while banks and credit unions may be exempt or subject to existing standards.