Bill

Bill > H5581


RI H5581

RI H5581
Removes the licensing exemption for a lender that originates less than six (6) loans in twelve (12) consecutive months.


summary

Introduced
02/26/2025
In Committee
02/26/2025
Crossed Over
Passed
Dead
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)

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