Rhode Island § 19-14.2-8 § 19-14.2-8. Maximum loan and interest rate.

Rhode Island Statutes

§ 19-14.2-8 — § 19-14.2-8. Maximum loan and interest rate.

Rhode Island § 19-14.2-8

Title 19Financial institutions

Ch. 19-14.2Small Loan Lenders

This text of Rhode Island § 19-14.2-8 (§ 19-14.2-8. Maximum loan and interest rate.) 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 § 19-14.2-8 (2026).

Text

§ 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 

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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.