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RI H7868
Bill
Status
2/27/2026
Primary Sponsor
Patricia Serpa
Click for details
AI Summary
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Authorizes small loan lenders to charge an origination fee of the lesser of $100 or 5% of the amount borrowed
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Increases maximum monthly interest rates: from 3% to 5% for loans up to $300; from 2.5% to 4.5% for loans $300-$800; from 2% to 4% for loans $800-$5,000
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Adds new monthly service fees: up to $5 for loans up to $300; up to $10 for loans $300-$800; up to $30 for loans $800-$5,000
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Takes effect upon passage
Legislative Description
Allows a lender to charge an origination fee, increase interest rates and collect a monthly service fee, on loans up to three hundred dollars ($300) but not exceeding five thousand dollars ($5,000).
Financial Institutions
Last Action
Committee recommended measure be held for further study
3/3/2026