§ 19-14.2-11. Maximum term of small loans.
No small loan lender shall enter into any contract of loan under this chapter of one thousand dollars ($1,000) or less, excluding charges, under which the borrower agrees to make any scheduled repayment of cash advance or principal more than twenty-five (25) months from the date of making the contract, nor, any contract of small loan exceeding one thousand dollars ($1,000), but not exceeding five thousand dollars ($5,000), excluding charges, under which the borrower agrees to make any scheduled repayment of cash advance or principal more than sixty (60) months from the date of making the contract. Every contract of small loan shall provide for repayment of the loan in substantially equal installments at approximately equal periodical intervals of time.
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.