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 will take effect on January 1, 2027, and aims to ensure that all lenders, regardless of the number of loans they issue, are subject to the same licensing requirements. The bill does not alter existing exemptions for nonprofit organizations, banks, credit unions, and certain other entities. Additionally, it clarifies that the licensing provisions will not apply to various types of loans, including those made to business entities, loans over $25,000 for commercial purposes, and loans secured by accounts receivable or business inventory.

Statutes affected:
2015: 19-14.1-10