§ 19-14.2-11 - Maximum term of small loans. - Rhode Island Statutes

SECTION 19-14.2-11

   § 19-14.2-11  Maximum term of small loans.– No small loan lender shall enter into any contract of loan under this chapterof one thousand dollars ($1,000) or less, excluding charges, under which theborrower agrees to make any scheduled repayment of cash advance or principalmore than twenty-five (25) months from the date of making the contract, nor,any contract of small loan exceeding one thousand dollars ($1,000) but notexceeding five thousand dollars ($5,000), excluding charges, under which theborrower agrees to make any scheduled repayment of cash advance or principalmore than sixty (60) months from the date of making the contract. Everycontract of small loan shall provide for repayment of the loan in substantiallyequal installments at approximately equal periodical intervals of time.