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2020 Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-14.2 Small Loan Lenders
Section 19-14.2-8 Maximum loan and interest rate.
Universal Citation:
RI Gen L § 19-14.2-8 (2020)
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§ 19-14.2-8. Maximum loan and interest rate.
Every small loan lender may lend up to five thousand dollars ($5,000) in the aggregate to one borrower and may charge, contract for, and receive on the loan interest on the unpaid principal balance on a loan at a rate not exceeding the following:
(1) Loans up to and including three hundred dollars ($300), three percent (3%) per month;
(2) Loans exceeding three hundred dollars ($300) but not exceeding eight hundred dollars ($800), two and one-half percent (2.5%) per month; and
(3) Loans exceeding eight hundred dollars ($800), but not exceeding five thousand dollars ($5,000), two percent (2%) per month.
History of Section.
(P.L. 1995, ch. 82, § 54.)
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