Rhode Island House Bill 7724: Establishes a maximum per annum rate of interest on small loans at ninety-nine percent (99%) and limit the amounts of origination and closing fees. Also requires that late fees and returned payment fees be agreed to in writing between borrower and lender.

Rhode Island · 2026 session

What it does

FINANCIAL INSTITUTIONS -- SMALL LOAN LENDERS - Establishes a maximum per annum rate of interest on small loans at ninety-nine percent (99%) and limit the amounts of origination and closing fees. Also requires that late fees and returned payment fees be agreed to in writing between borrower and lender.

Latest action

Withdrawn at sponsor's request (2026-02-13)

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