| Chapter 302 |
| 2025 -- S 0172 SUBSTITUTE A Enacted 06/26/2025 |
| A N A C T |
| RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- INTEREST AND USURY |
Introduced By: Senators Burke, Tikoian, LaMountain, Felag, McKenney, Raptakis, Appollonio, Lawson, Murray, and Ruggerio |
| Date Introduced: February 05, 2025 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Chapter 6-26 of the General Laws entitled "Interest and Usury" is hereby |
| amended by adding thereto the following section: |
| 6-26-11. Medical debt interest cap. |
| (a) For purposes of this section "medical debt" 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 the effective date of this section. |
| SECTION 2. This act shall take effect upon passage. |
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| LC000878/SUB A |
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