§ 19-14.1-2 - Maximum rate of interest. - Rhode Island Statutes

SECTION 19-14.1-2

   § 19-14.1-2  Maximum rate of interest.– (a) Every lender may lend or loan broker may negotiate the lending of any sumof money and may charge, contract for and receive points, fees, charges andinterest on the unpaid balance of the loan at a rate not to exceed thatprovided in § 6-26-2, or as otherwise permitted under applicable federallaw or regulation.

   (b) Rebates of finance charges on precomputed loans, made foran original term of sixty (60) months or less, may be calculated on the methodcommonly referred to as the rule of 78 or sum of the digits. Rebates of financecharges on precomputed loans, made for an original term greater than sixty (60)months, must be calculated on the simple interest method.