§ 19-14.2-1 - Maximum rate on small loans not authorized by chapter. - Rhode Island Statutes

SECTION 19-14.2-1

   § 19-14.2-1  Maximum rate on small loansnot authorized by chapter. – (a) No person, except as authorized by this chapter, shall directly orindirectly charge, contract for, or receive any interest, discount, orconsideration greater than provided by this chapter upon the loan, use, or saleof credit of the amount or value of five thousand dollars ($5,000) or less.

   (b) The prohibition in subsection (a) shall apply to anyperson who, by any device, subterfuge, or pretense shall charge, contract for,or receive greater interest, consideration, or charges than is authorized bythis chapter for the loan, use, or forbearance of money, goods, or things inaction, or for the loan, use, or sale of credit.

   (c) No loan of the amount or value of five thousand dollars($5,000) or less for which a greater rate of interest, consideration, orcharges than is permitted by this chapter has been charged, contracted for, orreceived, wherever made, shall be enforced in this state, and every person inany way participating therein in this state shall be subject to the provisionsof this chapter, provided that this section shall not apply to loans legallymade in any other state, commonwealth, or district which then has in effect aregulatory small loan law similar in principal to this chapter.