RI S2206

Rhode Island opts out of sections 521-523 of the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA), removing the exemption that allowed out-of-state financial institutions to bypass Rhode Island's interest rate limits on loans made in the state.

Creates the "Anti-Evasion of Lending Rules Act of 2026" prohibiting schemes to circumvent state lending laws, including disguising loans as sale-leaseback transactions, cash rebates, or sales of goods/services.

Entities claiming to act as agents or service providers for exempt lenders will be treated as lenders subject to Rhode Island law if they hold the predominant economic interest in loans, market/broker/service the loans, or if the transaction structure indicates evasion of lending rules.

Loans made in violation are void and uncollectible; borrowers are entitled to restitution plus treble damages on excess charges, $1,000 statutory damages per violation, and attorneys' fees.

Effective October 1, 2026.