§ 34-25.2-2 - Legislative findings. - Rhode Island Statutes

SECTION 34-25.2-2

   § 34-25.2-2  Legislative findings. –The general assembly finds that predatory lending has become an increasingproblem in this state, threatening the viability of many communities andcausing decreases in home ownership. While the marketplace may appear to beoperating effectively for most home loans, too many homeowners are fallingvictim to unprincipled creditors who provide loans at exorbitant costs andinclude terms which are unnecessary to secure repayment of the loan. Thegeneral assembly finds that as competition and self-regulation have noteliminated the predatory terms for home-secured loans, the consumer protectionprovisions of this chapter are necessary to encourage responsible lending.