2025 Regular Session • Rhode Island Legislature
H6055: Allows RI to opt out of the provisions of DIDMCA exempting out of state lenders from interest rate limits which apply to RI lenders. Prevents evasion of statutory interest rate limits and lending rules for loans made in RI.
Legislative Summary
COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- INTEREST AND USURY - Allows RI to opt out of the provisions of DIDMCA exempting out of state lenders from interest rate limits which apply to RI lenders. Prevents evasion of statutory interest rate limits and lending rules for loans made in RI.
Demographic Impact
Overall analysis of equity impact
60% Positive
Medium ConfidenceView detailed demographic breakdown ↓Unlock Full Demographic Insights
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Bill History
3/12/2025
Introduced, referred to House Corporations
House of Representatives
4/18/2025
Scheduled for hearing and/or consideration (04/24/2025)
House of Representatives
4/24/2025
Committee recommended measure be held for further study
House of Representatives
Status Information
Current Status
Introduced(3/12/2025)
Chamber
House of Representatives
Committee
Corporations(House of Representatives)
Sponsors
Democrat: 7
Primary Sponsor
Brandon Potter
Democrat