2024 -- S 2275 | |
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LC004615 | |
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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: Senators Murray, Mack, Ciccone, Raptakis, Zurier, DiPalma, Bissaillon, | |
Date Introduced: February 12, 2024 | |
Referred To: Senate Commerce | |
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 | 6-26-1.1. Election of state opt-out. |
4 | In accordance with Section 525 of the federal “Depository Institutions Deregulation and |
5 | Monetary Control Act of 1980”, Pub. L. 96-221, the General Assembly declares that the State of |
6 | Rhode Island rejects and does not want the amendments to the “Federal Deposit Insurance Act”, |
7 | 12 U.S.C. Sec. 1811 et seq.; the federal “National Housing Act”, 12 U.S.C. Sec. 1701 et seq.; and |
8 | the “Federal Credit Union Act”, 12 U.S.C. Sec. 1757, made by sections 521 to 523 of the federal |
9 | “Depository Institutions Deregulation and Monetary Control Act of 1980”, Pub. L. 96-221, |
10 | prescribing interest rates and preempting state interest rates to apply to consumer credit transactions |
11 | in this state. As a result of this rejection, the rates established in § 6-26-2 and in title 19 shall control |
12 | consumer credit transactions in this state. |
13 | SECTION 2. This act shall take effect on October 1, 2024. |
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LC004615 | |
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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 opt Rhode Island out of those provisions of the “Depository Institutions |
2 | Deregulation and Monetary Control Act of 1980” (DIDMCA) which allow financial institutions |
3 | chartered in states other than Rhode Island to be exempt from interest rate limits which apply to |
4 | financial institutions chartered in Rhode Island and which are set in Rhode Island statute. |
5 | This act would take effect on October 1, 2024. |
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