Rhode Island H7724 sets a maximum interest rate on small loans at 99% per annum and limits origination and closing fees.

Rhode Island H7724 establishes a cap on the annual interest rate for small loans at 99%. It also restricts origination fees to no more than 10% of the loan amount and closing fees to no more than 4% of the loan amount. Additionally, the bill mandates that late fees and returned payment fees must be agreed upon in writing between the borrower and lender. The bill takes effect upon passage.

Rhode Island H7724 sets a maximum interest rate on small loans at 99% per annum and limits origination and closing fees.

Rhode Island H7724 establishes a cap on the annual interest rate for small loans at 99%. It also restricts origination fees to no more than 10% of the loan amount and closing fees to no more than 4% of the loan amount. Additionally, the bill mandates that late fees and returned payment fees must be agreed upon in writing between the borrower and lender. The bill takes effect upon passage.