The bill amends Section 19-1-1 of the General Laws in Chapter 19-1, which pertains to the definitions and establishment of financial institutions. A significant change is the inclusion of new legal language that expands the definition of "regulated institution" to encompass non-depository trust companies organized under the laws of any state or the United States. This addition aims to clarify the types of entities that fall under the regulatory framework of financial institutions in the state.

Additionally, the bill introduces a new section titled "Definitions," which outlines various terms relevant to the financial sector, such as "financial institution," "credit union," and "branch." The act is designed to modernize and clarify existing definitions to ensure they reflect current practices and regulatory needs. The bill will take effect upon passage, thereby immediately implementing these changes to the law.

Statutes affected:
376: 19-1-1