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On June 23, 2026, the Rhode Island General Assembly enacted companion bills HB 7867 and SB 3075 , which together amend Chapter 19-14 of the Rhode Island General Laws regarding licensed activities for financial institutions. The new laws establish new corporate governance, capital and liquidity requirements for non-bank mortgage servicers operating within the state. Specifically, this authority applies to non-bank entities that service loans secured by residential real estate located in Rhode Island, including those that own the servicing rights but contract with a third party. Regarding operational standards, the laws stipulate that: Non-bank mortgage servicers must meet newly defined capital and liquidity minimums. Servicers are required to undergo independent audits and maintain robust risk management programs. Servicers must establish formal board oversight procedures to ensure ongoing compliance. Additionally, the laws clarify regulatory definitions related to financial institutions, including updated classifications involving virtual currency. The laws also maintain existing stipulations that its provisions apply strictly to loans owed or due for personal, family or household purposes. The laws take effect immediately .