§ 34-25.2-2. Legislative findings.
The general assembly finds that predatory lending has become an increasing problem in this state, threatening the viability of many communities and causing decreases in home ownership. While the marketplace may appear to be operating effectively for most home loans, too many homeowners are falling victim to unprincipled creditors who provide loans at exorbitant costs and include terms which are unnecessary to secure repayment of the loan. The general assembly finds that as competition and self-regulation have not eliminated the predatory terms for home-secured loans, the consumer protection provisions of this chapter are necessary to encourage responsible lending.
History of Section.P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1.
Structure Rhode Island General Laws
Chapter 34-25.2 - Rhode Island Home Loan Protection Act
Section 34-25.2-1. - Short title.
Section 34-25.2-2. - Legislative findings.
Section 34-25.2-4. - Definitions.
Section 34-25.2-5. - Prohibited acts and practices regarding home loans.
Section 34-25.2-6. - Limitations and prohibited practices regarding high-cost home loans.
Section 34-25.2-7. - Assignee liability.
Section 34-25.2-8. - Civil action.
Section 34-25.2-9. - Subterfuge prohibited.
Section 34-25.2-10. - Rights in addition to other laws.
Section 34-25.2-11. - Exemption.
Section 34-25.2-12. - Department of business regulation.
Section 34-25.2-13. - Reporting.