2013 Rhode Island General Laws
Title 19 - Financial institutions
Chapter 19-9 - Community Obligations and Banking Offenses
Section 19-9-3 - Mortgages – Appraisal fees.
§ 19-9-3 Mortgages – Appraisal fees. – (a) Every lending institution that accepts an application for a mortgage loan that requires the payment of an appraisal fee, shall, prior to the payment of the appraisal fee, inform the applicant that if the mortgage is not approved the appraisal fee may not be refunded to the customer.
(b) Every lending institution that accepts an application for a mortgage loan and which, at the applicant's expense, engages a real estate appraiser to conduct an appraisal of the subject real estate shall, upon written request, provide the applicant with a copy of the appraisal.
History of Section.
(P.L. 1995, ch. 82, § 47.)
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