(a)  Every lending institution that accepts an application for a mortgage loan that requires the payment of an appraisal fee, shall, prior to the payment of the appraisal fee, inform the applicant that if the mortgage is not approved, the appraisal fee may not be refunded to the customer.

Terms Used In Rhode Island General Laws 19-9-3

  • Appraisal: A determination of property value.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10

(b)  Every lending institution that accepts an application for a mortgage loan and which, at the applicant’s expense, engages a real estate appraiser to conduct an appraisal of the subject real estate shall, upon written request, provide the applicant with a copy of the appraisal.

History of Section.
P.L. 1995, ch. 82, § 47.