RI H7072 | 2022 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-04-27 - Committee recommended measure be held for further study
Pending: House Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Check Cashing -- Payday Loans

Sponsors


History

DateChamberAction
2022-04-27HouseCommittee recommended measure be held for further study
2022-04-22HouseScheduled for hearing and/or consideration (04/27/2022)
2022-01-12HouseIntroduced, referred to House Finance

Rhode Island State Sources


Bill Comments

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