The bill amends Section 19-14-1 of the General Laws in Chapter 19-14, titled "Licensed Activities," by removing outdated terms and introducing new definitions relevant to modern financial practices. Notably, the term "deferred-deposit transaction" has been entirely deleted, and in its place, the bill adds definitions for terms such as "bona fide employee," "check cashing," "currency transmission," and "loan," which now includes various financial transactions like mortgage-secured loans. The definition of "loan" has been broadened to encompass any advance of money or credit, reflecting contemporary financial practices, including virtual currency handling and the responsibilities of lenders and loan brokers.

Additionally, the bill establishes new regulations for check cashing services, allowing fees for personal checks to exceed ten percent of the check's face value or five dollars, whichever is greater, while capping fees for other checks at five percent or five dollars. It mandates that check cashers post a clear fee schedule and provide receipts for transactions. The repeal of provisions related to deferred deposit transactions eliminates previous regulations on check amounts and rollover provisions, thereby tightening regulations on check cashing fees and enhancing consumer protection against predatory lending practices. Overall, the bill aims to modernize the legal framework governing financial transactions and improve regulatory clarity and consumer protection in Rhode Island.