Rhode Island § 19-14.2-1 § 19-14.2-1. Maximum rate on small loans not authorized by chapter. [Effective until January 1, 2027.]

Rhode Island Statutes

§ 19-14.2-1 — § 19-14.2-1. Maximum rate on small loans not authorized by chapter. [Effective until January 1, 2027.]

Rhode Island § 19-14.2-1

Title 19Financial institutions

Ch. 19-14.2Small Loan Lenders

This text of Rhode Island § 19-14.2-1 (§ 19-14.2-1. Maximum rate on small loans not authorized by chapter. [Effective until January 1, 2027.]) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-14.2-1 (2026).

Text

§ 19-14.2-1. Maximum rate on small loans not authorized by chapter. [Effective until January 1,
               2027.]
(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

Free access — add to your briefcase to read the full text and ask questions with AI

§ 19-14.2-1. Maximum rate on small loans not authorized by chapter. [Effective until January 1, 2027.]

(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.