AN ACT RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- INTEREST AND USURY

Summary

The bill lets Rhode Island opt out of federal rules that let non‑resident banks charge higher interest, and creates a new anti‑evasion law that makes any loan made in the state subject to Rhode Island’s interest‑rate limits. It applies to all loan formats, even when the lender hides behind other services, and makes illegal loans void with damages for borrowers.

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