Rhode Island H7868 allows lenders to charge origination fees, increase interest rates, and collect monthly service fees on small loans.
Rhode Island H7868 amends the state's small loan laws to allow lenders to charge an origination fee, increase interest rates, and collect a monthly service fee on loans up to $300 but not exceeding $5,000. The bill specifies different interest rates and service fees based on the loan amount. The changes take effect upon passage.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.