What defines a lender in Rhode Island?

In Rhode Island, a lender is defined as a person who makes or funds a loan within the state using their own funds. This definition is crucial because it emphasizes the role of the individual or entity in the lending process, highlighting their responsibility to provide the capital that enables borrowers to access financing for various needs, such as purchasing a home or refinancing an existing loan. This distinction is important in the context of regulatory and licensing requirements within the state, as lenders must adhere to specific laws governing their activities to ensure consumer protection and operational integrity.

Other roles mentioned, such as a real estate agent or a loan processor, do not fulfill the direct function of providing funds for loans, which is the primary characteristic that defines a lender in this context. A real estate agent typically focuses on property transactions, while a loan processor assists in gathering information and managing paperwork associated with the loan application process. Therefore, only the individual who directly uses their own funds to facilitate a loan meets the definition of a lender in Rhode Island.