§ 19-9-3 - Mortgages – Appraisal fees. - Rhode Island Statutes

SECTION 19-9-3

   § 19-9-3  Mortgages – Appraisal fees.– (a) Every lending institution that accepts an application for a mortgage loanthat requires the payment of an appraisal fee, shall, prior to the payment ofthe appraisal fee, inform the applicant that if the mortgage is not approvedthe appraisal fee may not be refunded to the customer.

   (b) Every lending institution that accepts an application fora mortgage loan and which, at the applicant's expense, engages a real estateappraiser to conduct an appraisal of the subject real estate shall, uponwritten request, provide the applicant with a copy of the appraisal.