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RI S3074

Bill

Official Source

Status

Introduced

3/13/2026

Primary Sponsor

Robert Britto

Click for details

Origin

Senate

2026 Regular Session

AI Summary

  • Authorizes small loan lenders to charge an origination fee of the lesser of $100 or 5% of the amount borrowed

  • 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

  • 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

  • Takes effect immediately 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

Introduced, referred to Senate Commerce

3/13/2026

Committee Referrals

Commerce3/13/2026

Full Bill Text

No bill text available