The bill amends Section 19-14.1-10 of the General Laws concerning lenders and loan brokers by removing the licensing exemption for individuals who originate fewer than six loans in a twelve-month period. This change tightens the regulations on loan origination by requiring all lenders, regardless of the number of loans made, to obtain a license. The bill introduces a new section titled "Special exemptions," which outlines specific categories of loans that are exempt from the licensing provisions, including loans to business entities, loans over $25,000 for commercial purposes, and loans secured by accounts receivable or business inventory. Additionally, it clarifies that individuals engaging in deferred deposit transactions do not require a license if they hold a valid check-cashing license. The act is set to take effect upon passage.

Statutes affected:
5581: 19-14.1-10