Closing Protection Letters in Rhode Island

Sources

The issuance of Closing Protections Letters is permitted under Section 27-2.6-6 of the Rhode Island General Laws [1].

Forms

CPL Form

• Latest CPL Form Filing Date: 03-30-2015
• Filing Requirements: Form & Rate Filing Required Section 27-2.6-6
• Current From: WFG 4-2-14
• ALTA Version:

Rates

Rhode Island allows the issuance of separate CPLs to buyers, borrowers, and/or lenders depending on who is a party to the transaction, but only permits a single fee to be charged per transaction.

State Mandated Rates

There are no state mandated rates. The fee must be filed and approved by the commissioner of insurance pursuant to Rhode Island General Law 27-2.6-16. See Section 27-2.6-6(c)(2).

WFG Rates

Although separate CPLs can be issued to buyer, borrower, and/or lender, the total fee is $25 per transaction. Therefore a refinance or a purchase with a loan would allow the issuance of separate CPLs to a lender and the borrower or buyer, respectively, but the fee would be $25 in the aggregate and not a separate $25 for each CPL.

• Buyer: $25.00 per transaction
• Seller: N/A
• Lender: $25.00 per transaction
• Borrower: $25.00 per transaction

Notes

• Notes:
• Rate Checked: CONFIRM
• By:
• Manual Date:

Cross-References

• Rhode Island
• Closing Protection Letters