Rhode Island § 6-26-11 § 6-26-11. Medical debt interest cap.

Rhode Island Statutes

§ 6-26-11 — § 6-26-11. Medical debt interest cap.

Rhode Island·Title 6 Commercial Law – General Regulatory Provisions·Ch. 6-26 Interest and Usury

§ 6-26-11. Medical debt interest cap.
(a) For purposes of this section "medical debtâ€� means an obligation of a consumer to pay
            an amount for the receipt of healthcare services as defined by § 27-81-3, products, or devices, owed to a healthcare facility or a healthcare professional
            as defined by § 27-81-3.
         
(b) Interest on medical debt shall be limited to the rate of interest equal to the weekly
            average one-year constant maturity Treasury yield, but not less than one and a half
            percent per annum (1.5% p.a.) nor more than four percent per annum (4% p.a.) as published
            by the Board of Governors of the Federal 

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§ 6-26-11. Medical debt interest cap.

(a) For purposes of this section "medical debtâ€� means an obligation of a consumer to pay an amount for the receipt of healthcare services as defined by § 27-81-3, products, or devices, owed to a healthcare facility or a healthcare professional as defined by § 27-81-3.

(b) Interest on medical debt shall be limited to the rate of interest equal to the weekly average one-year constant maturity Treasury yield, but not less than one and a half percent per annum (1.5% p.a.) nor more than four percent per annum (4% p.a.) as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the date when the consumer was first provided with a bill.

(c) The rate of interest provided in subsection (b) of this section shall only be applied to new debt incurred after June 26, 2025.

Rhode Island § 6-26-11 (§ 6-26-11. Medical debt interest cap.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.