Payday loan laws in Rhode Island
Status: Legal; applies to check cashers only (R.I. Stat. Ann. 19-14.4-1 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: 13 days
- Fees and finance charges: 10%
- Finance charge on a 14-day $100 loan: $10
- APR on 14-day $100 loan: 260%
Collection restrictions:
- Collection fees: Not Specified
- Criminal procedures: Not Specified
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: 3*$500
- Rollovers allowed: One
Complaint cell:
- Regulator: Rhode Island Department of Business Regulation
- Address: Division of Banking, 233 Richmond Street, Suite 231 Providence RI 02903
- Phone: (401) 222-2405
- Fax: (401) 222-5628
- Regulatory contact: Dennis F. Ziroli, Assoc. Director & Supt.
- Website: http://www.dbr.state.ri.us/
- File complaint: http://www.dbr.state.ri.us/
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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