(a)  As used in § 35-4-4.1 — § 35-4-4.6, the following terms shall have the following meanings:

(1)  “Community Reinvestment Act (CRA)” shall mean the Community Reinvestment Act as enacted by the federal government as title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq., and all subsequent amendments and regulations.

(2)  “Banks” shall mean those federally insured and regulated depository institutions which are the recipients or potential recipients of state deposits. State or federally chartered credit unions are not “banks” under § 35-4-4.1 — § 35-4-4.6.

(3)  “Federal regulatory agencies” shall mean the federal reserve board, federal deposit insurance corporation (FDIC), comptroller of the currency, and the office of thrift supervision (OTS).

(4)  “Funds on deposit” shall mean those monies which are designated for general operating purposes, including all revenues from taxes, fees and fines, and federal aid; and also, all special purpose funds, restricted receipt accounts, and trust accounts.

Terms Used In Rhode Island General Laws 35-4-4.6

  • Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

(b)  Any investments of the state and municipal employees retirement systems shall be exempt from the provisions of § 35-4-4.1 — § 35-4-4.6.

History of Section.
P.L. 1992, ch. 175, § 1; P.L. 1993, ch. 416, § 1.