The bill introduces several amendments to Section 19-14-1 of the General Laws in Chapter 19-14, titled "Licensed Activities," focusing on the definitions and regulations of financial services. It updates the definition of "check cashing" to exclude travelers checks or foreign denomination instruments and expands "currency transmission" to include control over virtual currency transactions. The term "deferred-deposit transaction" is removed, suggesting a move away from payday loans. The bill also revises the definition of "lender" to encompass anyone funding loans with their own funds within the state and updates the definition of "loan" to cover various credit advances, excluding language related to payday loans. New terms such as "loan broker," "loan-closing services," and "Nationwide Multistate Licensing System" are defined, providing a comprehensive update to the legal language concerning licensed financial activities.

Additionally, the bill exempts certain entities from licensing requirements for making or brokering loans, including nonprofit organizations and individuals making fewer than six loans per year. It specifies that no license is needed for deferred deposit transactions if the entity has a valid check-cashing license, sets a maximum interest rate for small loans, and amends fees for check-cashing services. The bill also repeals Section 19-14.4-5.1, which allowed check cashers to defer the deposit of personal checks, effectively aiming to eliminate provisions for payday lenders. The act is intended to take effect upon passage.

Statutes affected:
175: 19-14-1, 19-14.1-10, 19-14.2-1, 19-14.4-5.1