Bill > S0083

This bill removes a current licensing exemption for lenders who originate fewer than six loans in a twelve-month period under Rhode Island's lending regulations. Specifically, the bill eliminates the existing provision that allows individuals or entities making less than six loans in a consecutive twelve-month period to be exempt from obtaining a lender's license. By removing this exemption, the legislation would require all lenders, regardless of the small number of loans they originate, to obtain the necessary licensing from the state. The purpose appears to be to increase oversight and regulation of lending activities, ensuring that even small-scale lenders are subject to the same licensing requirements and regulatory standards as larger lending operations. The bill would take effect immediately upon its passage, meaning that lenders would need to comply with the new licensing requirement as soon as the bill becomes law.

Business and Industry

https://status.rilegislature.gov/