Rhode Island S3074 allows lenders to charge fees and higher interest rates on loans up to $5,000.
Rhode Island S3074 amends the state's small loan lender laws to permit lenders to charge an origination fee, increase interest rates, and collect a monthly service fee on loans up to $5,000. The bill specifies different fee and interest rate structures for loans up to $300, between $300 and $800, and exceeding $800. The changes take effect immediately upon passage.
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- Legal Framework
- Critical Issues
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