Rhode Island HB 7055: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- PAYDAY LOANS (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: 01/09/2020 Introduced, referred to House Finance (as of 2020-01-09)

State: Rhode Island · Session: 2020 · Bill: HB 7055

Subjects: Fees, Financial Institutions

Sponsors: Hull, Lombardi, Walsh

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