2012 -- H 7934

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LC00887

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO EDUCATION -- THE RHODE ISLAND STUDENT LOAN AUTHORITY

     Introduced By: Representatives Baldelli-Hunt, Brien, Winfield, Walsh, and Hearn

     Date Introduced: March 13, 2012

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 16-62 of the General Laws entitled "The Rhode Island Student

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Loan Authority" is hereby amended by adding thereto the following section:

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     16-62-6.1. Maximum interest rate on loans. -- Notwithstanding any provision of the

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general or public laws to the contrary or rule or regulation of the authority, the interest rates on

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loans shall not be greater than four (4%) percent per annum; which rate shall be reviewed every

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two (2) years by the house and senate finance committees.

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     SECTION 2. This act shall take effect upon passage and shall be repealed two (2) years

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after the effective date of passage.

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LC00887

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO EDUCATION -- THE RHODE ISLAND STUDENT LOAN AUTHORITY

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     This act would set the maximum rate of interest on student loans at four (4%) percent per

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annum, subject to review every two (2) years by the house and senate finance committees.

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     This act would take effect upon passage, and would be repealed two (2) years after the

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effective date of passage.

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LC00887

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