§ 19-14.2-1. Maximum rate on small loans not authorized by chapter.
(a) No person, except as authorized by this chapter, shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than provided by this chapter upon the loan, use, or sale of credit of the amount or value of five thousand dollars ($5,000) or less.
(b) The prohibition in subsection (a) shall apply to any person who, by any device, subterfuge, or pretense shall charge, contract for, or receive greater interest, consideration, or charges than is authorized by this chapter for the loan, use, or forbearance of money, goods, or things in action, or for the loan, use, or sale of credit.
(c) No loan of the amount or value of five thousand dollars ($5,000) or less for which a greater rate of interest, consideration, or charges than is permitted by this chapter has been charged, contracted for, or received, wherever made, shall be enforced in this state, and every person in any way participating therein in this state shall be subject to the provisions of this chapter, provided that this section shall not apply to loans legally made in any other state, commonwealth, or district which then has in effect a regulatory small loan law similar in principal to this chapter.
History of Section.P.L. 1995, ch. 82, § 54.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.2 - Small Loan Lenders
Section 19-14.2-1. - Maximum rate on small loans not authorized by chapter.
Section 19-14.2-2. - Confessions of judgment — Incomplete instruments prohibited.
Section 19-14.2-3. - Unemployment insurance defined.
Section 19-14.2-4. - Documents delivered to borrower — Advance payments — Release of security.
Section 19-14.2-5. - Instrument evidencing loan, contents.
Section 19-14.2-6. - Assignment of earnings.
Section 19-14.2-7. - Assignment of wages simultaneous with loan — Liens on furniture.
Section 19-14.2-8. - Maximum loan and interest rate.
Section 19-14.2-9. - Split loans.
Section 19-14.2-10. - Computation of interest.
Section 19-14.2-11. - Maximum term of small loans.
Section 19-14.2-12. - Small loans — No other charges — Exception.
Section 19-14.2-13. - Additional documents delivered to borrower.
Section 19-14.2-14. - Penalties.