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3/13/2025
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Sen. Raptakis introduces bill to eliminate mortgage licensing exemption
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STATE HOUSE – Sen. Leonidas P. Raptakis has introduced legislation (2025-S 0083) that would remove the licensing exemption for a mortgage lender that originates less than six loans in 12 consecutive months. Senator Raptakis has introduced the legislation for the past four years.
Currently, the cost of a mortgage loan officer license with the Department of Business Regulation (DBR) is $600.
“It’s outrageous that someone can sell a mortgage without being vetted and licensed by DBR. These mortgage sharks prey upon desperate people who are unable to secure a traditional mortgage from a bank or other institution, and that’s just not right. Whether it’s a commercial or private mortgage, no one should be exempt from regulation due to the volume of their workload. Our licensing procedures are in place to protect Rhode Islanders and this exemption puts our state’s most vulnerable residents at risk of being taken advantage of or swindled. Who are we protecting with this exemption? 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 has been referred to the Senate Commerce Committee.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903
(401)222-6124
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