Payday Loan in Rhode Island. Current State Laws.

State: Rhode Island
Statutory Citation: 19-14.1-1 et seq. 19-14.4-1 et seq.
Maximum Loan Amount: $500
Finance Charges: No licensee shall: (1) Charge check-cashing fees in excess of three percent of the face amount of the check, or $5, whichever is greater, if the check is the payment of any kind of state public assistance or federal social security benefit; (2) Charge check-cashing fees for personal checks in excess of 10 percent of the face amount of the personal check or $5, whichever is greater; or (3) Charge check-cashing fees in excess of five percent of the face amount of the check or $5, whichever is greater, for all other checks. (4) Charge deferred deposit transaction fees in excess of 15 percent of the amount of funds advanced.