Rhode Island H7751 makes litigation loan agreements subject to state usury laws.
Rhode Island H7751 amends state law to subject litigation loan agreements to usury laws. This bill defines a litigation lending agreement as any arrangement where money is paid to a litigant in exchange for repayment from litigation proceeds. It aims to ensure that such agreements comply with state laws on usurious loans, particularly addressing high interest rates that can exceed 100%. The bill takes effect upon passage.
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