Rhode Island payday loan laws

Legal Status: Legal (Applies to check cashers only)

Citation: R.I. Stat. Ann. 19-14.4-1 et seq.

Loan Terms:

Maximum Loan Amount: $500 face amount of check
Loan Term: Min: 13 days
Maximum Finance Rate and Fees: 10% of funds advanced
Finance Charge for 14-day $100 loan: $10
APR for 14-day $100 loan: 260%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: 3/$500
Rollovers Permitted: One (rollover)
Cooling-off Period:
Repayment Plan:

Collection Limits:

Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Rhode Island Department of Business Regulation
Address: 1511 Pontiac Ave, Cranston, RI 02920
Phone: (401) 462-9500
Fax: (401) 462-9532

Sourced from paydayloaninfo.org

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