The bill amends Section 19-14.1-10 of the General Laws concerning lenders and loan brokers by introducing a new section titled "Special exemptions." It removes the licensing exemption for individuals who make fewer than six loans in a twelve-month period, thereby tightening the regulations on loan origination. The bill does not create new exemptions for nonprofit organizations, regulated institutions, or individuals acting on behalf of licensed entities.

Additionally, the bill clarifies that there is no similar exemption from licensing for loan brokers for brokering loans or acting as a loan broker. The act is set to take effect upon passage.

Statutes affected:
5331: 19-14.1-10