2005 Rhode Island Code - § 34-23-6 — Disclosure requirements.

    In the event any brokerage fees, loan fees, points, finders' fees, origination fees, or any similar charges shall be imposed on any secured mortgage loan on real estate containing thereon dwelling houses of not more than four (4) dwelling units, those charges shall not be subject to any refund in the event the underlying loan contract is prepaid in full and shall be disclosed in writing to the applicant either by delivering such disclosure or by placing it in the mail to the loan applicant, not later than three (3) business days after the application is received. The disclosure, which may be a form of good faith estimate under the federal real estate settlement procedures act, shall contain an itemization of such fees and charges. The applicant also concurrently shall be given the following notice: "Notice regarding nonrefundability of loan fees: You have received a good faith estimate or other itemization of fees and charges showing the loan fees and similar charges you are likely to pay to obtain this loan. As provided in § 34-23-6, none of these or other fees and charges will be refunded in the event the loan is prepaid in whole or in part." The applicant shall sign an acknowledgement of receipt of such disclosure and notice.