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5/5/2026
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Senate approves Raptakis bill to eliminate mortgage licensing exemption
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STATE HOUSE – The Senate today approved legislation (2026-S 2015) sponsored by Sen. Leonidas P. Raptakis that would remove the licensing exemption for a mortgage lender who originates less than six loans in 12 consecutive months. Senator Raptakis has introduced the legislation for the past five years.
Currently, the cost of a mortgage loan officer license with the Department of Business Regulation (DBR) is $600.
“There are individuals in Rhode Island that make loans without a license. In attempt to escape licensure under the current exemption, they put loans in the names of various family members in an attempt to originate many loans but still less than six per person. These loans have terms that do not appear to comply with the laws of Rhode Island, however, the lack of licensure deprives the state of jurisdiction to take action. Some of these individuals take advantage of Rhode Islanders who may not speak English as a first language or may not understand the consumer protections available to them under a valid residential mortgage. With the cost of property still rapidly rising in Rhode Island, we need to ensure that the mortgage process is fair and safe for everyone, and this bill does just that,” said Senator Raptakis (D-Dist. 33, Coventry, West Greenwich).
DBR is supportive of the legislation, and it now heads to the House for consideration.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903
(401)222-6124
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