Rhode Island S3074 allows lenders to charge fees and higher interest rates on small loans.

Rhode Island S3074 amends the state's small loan laws to permit lenders to charge an origination fee, increase interest rates, and collect a monthly service fee on loans up to five thousand dollars ($5,000). The bill specifies different fee and interest rate structures for loans up to three hundred dollars ($300), loans between three hundred dollars ($300) and eight hundred dollars ($800), and loans exceeding eight hundred dollars ($800) but not exceeding five thousand dollars ($5,000). The act takes effect upon passage.

Rhode Island S3074 allows lenders to charge fees and higher interest rates on small loans.

Rhode Island S3074 amends the state's small loan laws to permit lenders to charge an origination fee, increase interest rates, and collect a monthly service fee on loans up to five thousand dollars ($5,000). The bill specifies different fee and interest rate structures for loans up to three hundred dollars ($300), loans between three hundred dollars ($300) and eight hundred dollars ($800), and loans exceeding eight hundred dollars ($800) but not exceeding five thousand dollars ($5,000). The act takes effect upon passage.