Bill
Bill > H5581
RI H5581
RI H5581Removes the licensing exemption for a lender that originates less than six (6) loans in twelve (12) consecutive months.
summary
Introduced
02/26/2025
02/26/2025
In Committee
02/26/2025
02/26/2025
Crossed Over
Passed
Dead
06/20/2025
06/20/2025
Introduced Session
2025 Regular Session
Bill Summary
This act would remove the licensing exemption for a lender that originates less than six (6) loans in twelve (12) consecutive months. This act would take effect upon passage.
AI Summary
This bill removes a current licensing exemption in Rhode Island law that allows lenders who originate fewer than six loans in a twelve-month period to operate without obtaining a lending license. Previously, such small-scale lenders were not required to be licensed under the state's lending regulations, but this bill would eliminate that exemption, meaning that all lenders, regardless of the number of loans they originate, would need to obtain a license from the state. The change appears designed to increase oversight and regulation of lending activities by ensuring that even small-volume lenders are subject to the same licensing requirements as larger lending institutions. The bill would take effect immediately upon its passage, which means lenders would need to quickly comply with the new licensing requirement. This could potentially impact small or part-time lenders who previously operated without needing to go through the formal licensing process.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Committee recommended measure be held for further study (on 03/13/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://status.rilegislature.gov/ |
BillText | https://webserver.rilegislature.gov/BillText25/HouseText25/H5581.pdf |
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