Rhode Island HB 5331: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- CHECK CASHING (Caps the APR for payday loans at 28%. Requires 90-day maturity date. Prohibits fees/interest payments in excess of 60% of principal. Requires monthly payments of no more than 25% of original principal amount.)

Status: 03/21/2023 Committee recommended measure be held for further study (as of 2023-03-21)

State: Rhode Island · Session: 2023 · Bill: HB 5331

Subjects: Consumer Affairs, Fees, Finance, Financial Institutions, Wages

Sponsors: Ajello, Alzate, Batista, Felix, Hull, Kislak, McGaw, Morales, Potter, Tanzi

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