R.I. Gen. Laws § 44-7-25: Sale of rights to uncollected taxes that are due and payable.

The collector, with the approval of the city or town council, is authorized to sell to a bank or other financial institution the rights of the city or town to receive taxes, which are due and payable as of the end of the city or town’s fiscal year and are uncollected at the time of the sale. Any agreement executed under this section shall be filed with the city or town clerk, but does not need to be filed or recorded under the Uniform Commercial Code, title 6A. The collector shall act as the sole collecting agent for the bank or financial institution and shall exercise the rights under chapters 7 — 9 of this title as to collection, enforcement of liens, and sale for nonpayment with respect to those taxes.