The bill amends sections of the General Laws concerning "Small Loan Lenders" to allow lenders to charge an origination fee of the lesser of $100 or up to 5% of the amount borrowed. It also increases the maximum allowable interest rates and introduces monthly service fees for different loan amounts. Specifically, for loans up to $300, the interest rate is raised from 3% to 5% per month, with a service fee of up to $5. For loans between $300 and $800, the interest rate increases from 2.5% to 4.5% per month, with a service fee of up to $10. Lastly, for loans exceeding $800 but not exceeding $5,000, the interest rate is increased from 2% to 4% per month, with a service fee of up to $30.

Additionally, the bill clarifies that no other charges can be imposed by small loan licensees, except for credit insurance, lawful filing fees, and other fees as specified in existing regulations. This act is set to take effect upon passage.