Rhode Island HB 5802: 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: 03/11/2021 Committee recommended measure be held for further study (as of 2021-03-11)

State: Rhode Island · Session: 2021 · Bill: HB 5802

Subjects: Fees, Finance, Financial Institutions, Human Services

Sponsors: J Lombardi

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