2024 -- H 7941 | |
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LC005421 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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A N A C T | |
RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- | |
INTEREST AND USURY | |
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Introduced By: Representatives Potter, Cruz, Stewart, Alzate, Morales, Ajello, Tanzi, | |
Date Introduced: March 05, 2024 | |
Referred To: House Corporations | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 6-26 of the General Laws entitled "Interest and Usury" is hereby |
2 | amended by adding thereto the following section: |
3 | 6-26-11. The federal Depository Institutions Deregulation and Monetary Control Act |
4 | of 1980. |
5 | In accordance with section 525 of the Depository Institutions Deregulation and Monetary |
6 | Control Act of 1980 (Pub. L. 96-221; 94 Stat. 161) ("DIDMCA"), it is hereby expressly provided |
7 | that the State of Rhode Island rejects the application of the amendments made by sections 521 |
8 | through 523 of DIDMCA with respect to loans made in the State of Rhode Island. The rates |
9 | established in ยง 6-26-2 and in title 19 of the Rhode Island general laws shall control consumer |
10 | credit transactions. |
11 | SECTION 2. This act shall take effect on October 1, 2024. |
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LC005421 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- | |
INTEREST AND USURY | |
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1 | This act would remove the exemption from interest rate limits provided by the Depository |
2 | Institutions Deregulation and Monetary Control Act of 1980, for all loans made within the state of |
3 | Rhode Island. |
4 | This act would take effect on October 1, 2024. |
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LC005421 | |
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