Shown verbatim: the complete text as captured from the official PDF posted by the Rhode Island General Assembly, fetched 2026-07-29. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
S3074 2026 -- S 3074 ======== LC006021 ======== STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ A N A C T RELATING TO FINANCIAL INSTITUTIONS -- SMALL LOAN LENDERS Introduced By: Senators Britto, and Burke Date Introduced: March 13, 2026 Referred To: Senate Commerce It is enacted by the General Assembly as follows: 1 SECTION 1. Sections 19-14.2-8 and 19-14.2-12 of the General Laws in Chapter 19-14.2 2 entitled Small Loan Lenders are hereby amended to read as follows: 3 19-14.2-8. Maximum loan and interest rate. 4 Every small loan lender may charge an origination fee the lesser of one hundred dollars 5 ($100) or up to five percent (5%) of the amount borrowed and lend up to five thousand dollars 6 ($5,000) in the aggregate to one borrower and may charge, contract for, and receive on the loan 7 interest on the unpaid principal balance on a loan at a rate not exceeding the following: 8 (1) Loans up to and including three hundred dollars ($300), three percent (3%) five percent 9 (5%) per month plus a monthly service fee up to five dollars ($5.00) ; 10 (2) Loans exceeding three hundred dollars ($300) but not exceeding eight hundred dollars 11 ($800), two and one-half percent (2.5%) four and one-half percent (4.5%) per month plus a monthly 12 service fee up to ten dollars ($10.00) ; and 13 (3) Loans exceeding eight hundred dollars ($800), but not exceeding five thousand dollars 14 ($5,000), two percent (2%) four percent (4%) per month plus a monthly service fee up to thirty 15 dollars ($30.00) . 16 19-14.2-12. Small loans — No other charges — Exception. 17 In addition to the interest and fees allowed in this chapter, no small loan licensee shall 18 directly, or indirectly, charge, contract for, or receive any other charges except credit insurance, 19 lawful filing fees and insurance charges, and other fees listed in § 6-26-2(c) or as authorized by 1 regulation. 2 SECTION 2. This act shall take effect upon passage. ======== LC006021 ======== LC006021 - Page 2 of 3 EXPLANATION BY THE LEGISLATIVE COUNCIL OF A N A C T RELATING TO FINANCIAL INSTITUTIONS -- SMALL LOAN LENDERS *** 1 This act would allow a lender to charge an origination fee, increase interest rates and collect 2 a monthly service fee, on loans up to three hundred dollars ($300) but not exceeding five thousand 3 dollars ($5,000). 4 This act would take effect upon passage. ======== LC006021 ======== LC006021 - Page 3 of 3
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