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RI H7724
Bill
Status
2/12/2026
Primary Sponsor
Patricia Serpa
Click for details
AI Summary
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Establishes a maximum annual interest rate of 99% for small loans up to $5,000, replacing the previous tiered monthly rate structure (3% for loans up to $300, 2.5% for $300-$800, 2% for $800-$5,000)
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Caps origination fees at 10% of the original loan amount and closing fees at 4% of the original loan amount
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Requires late payment fees (5% of delinquent payment or $18, whichever is greater) and returned payment fees (up to $30) to be agreed to in writing between borrower and lender
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Takes effect immediately upon passage
Legislative Description
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.
Financial Institutions
Last Action
Withdrawn at sponsor's request
2/13/2026