Rhode Island General Laws Title 19. Financial Institutions § 19-4-2. Periodic examinations--Access to records

(a) The director, or the director's designee, shall, whenever he or she considers it advisable, but at least once in each year, examine each regulated institution. However, the director may extend the examination period for eligible financial institutions to at least once every eighteen (18) months. For the purposes of this section, an eligible financial institution means a financial institution with total assets of less than two hundred fifty million dollars ($250,000,000) that has not experienced a change in control in the last twelve-month (12) period and that is:

In addition, the director may also consider other factors that may be considered by federal banking regulatory agencies when those agencies determine whether financial institutions qualify for an extended examination cycle. At each examination the director, or the director's designee, shall have free access to all books, records, papers, assets and any other information deemed necessary by the director, or the director's designee, to ascertain the regulated institution's condition; its ability to fulfill its obligations; and whether it has complied with the provisions of law.

(b) The total cost of an examination made pursuant to this section shall be paid by the examined party and shall include the following expenses:

(c) Expenses incurred pursuant to subsections (b)(2) and (b)(3) shall be allocated equally to each regulated institution no more frequently than annually and shall not exceed an annual average assessment of seven hundred fifty dollars ($750) per regulated institution for any given three (3) calendar-year period. All revenues collected pursuant to this section shall be deposited as general revenues. That assessment shall be in addition to any taxes and fees otherwise payable to the state.

(d) The director, or the director's designee, is authorized to accept in his or her discretion the report of any examination conducted by any federal banking regulatory or federal deposit insuring agencies or other state banking regulatory agency in lieu of an examination by the director, or the director’s designee.