§ 19-14.1-2. Maximum rate of interest.
(a) Every lender may lend or loan broker may negotiate the lending of any sum of money and may charge, contract for, and receive points, fees, charges, and interest on the unpaid balance of the loan at a rate not to exceed that provided in § 6-26-2, or as otherwise permitted under applicable federal law or regulation.
(b) Rebates of finance charges on precomputed loans, made for an original term of sixty (60) months or less, may be calculated on the method commonly referred to as the rule of 78 or sum of the digits. Rebates of finance charges on precomputed loans, made for an original term greater than sixty (60) months, must be calculated on the simple interest method.
History of Section.P.L. 1995, ch. 82, § 53; P.L. 1997, ch. 98, § 10; P.L. 2003, ch. 79, § 3; P.L. 2003, ch. 82, § 3.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.1 - Lenders and Loan Brokers
Section 19-14.1-1. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.1-2. - Maximum rate of interest.
Section 19-14.1-3. - Unemployment insurance defined.
Section 19-14.1-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.1-5. - Instrument evidencing loan, contents.
Section 19-14.1-6. - Assignment of earnings.
Section 19-14.1-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.1-8. - Escrow accounts.
Section 19-14.1-9. - Penalties.
Section 19-14.1-10. - Special exemptions.