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Rhode IslandH50422025 Regular SessionHouseWALLET

AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LICENSED ACTIVITIES .

Sponsored By: Karen Alzate (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Stronger safeguards for small-dollar loan borrowers

Beginning January 1, 2026, Rhode Island bans schemes that dodge small-loan rules for loans of $5,000 or less. This includes disguising loans as property sale-and-leasebacks or cash rebates for fake installment sales. The ban also covers helping borrowers get loans by mail, phone, or online with rates or charges above state limits. It applies even when the person arranging the loan has no Rhode Island location. Separately, check cashers offering deferred-deposit loans lose the exemption that let them lend without the applicable loan license.

Sponsors & Cosponsors

Sponsor

  • Karen Alzate

    Democratic • House

Cosponsors

  • José F. Batista

    Democratic • House

  • Cherie L. Cruz

    Democratic • House

  • Grace Diaz

    Democratic • House

  • Joshua J. Giraldo

    Democratic • House

  • John J. Lombardi

    Democratic • House

  • Katherine S. Kazarian

    Democratic • House

  • David Morales

    Democratic • House

  • Brian C. Newberry

    Republican • House

  • Jennifer A. Stewart

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 101 • No: 2

Senate vote • 6/20/2025

RELATING TO FINANCIAL INSTITUTIONS-LICENSED ACTIVITIES In Concurrence Passage

Yes: 31 • No: 2

House vote • 6/16/2025

FINANCIAL/LICENSED ACTIVITIES PASSAGE

Yes: 70 • No: 0

Actions Timeline

  1. Signed by Governor — Chapter 373

    7/1/2025Governor

  2. Transmitted to Governor

    6/25/2025Governor

  3. Senate passed Sub A in concurrence

    6/20/2025Senate

  4. Placed on Senate Calendar (06/20/2025)

    6/18/2025Senate

  5. House passed Sub A

    6/16/2025House

  6. Placed on House Calendar (06/16/2025)

    6/13/2025House

  7. Committee recommends passage of Sub A

    6/10/2025

  8. Proposed Substitute

    6/7/2025

  9. Scheduled for consideration (06/10/2025)

    6/7/2025

  10. Committee recommended measure be held for further study

    3/13/2025

  11. Scheduled for hearing and/or consideration (03/13/2025)

    3/7/2025

  12. Introduced, referred to House Corporations

    1/15/2025House

Bill Text

  • H5042 - As Introduced

    1/15/2025

    HTMLPDF

  • H5042 - Substitute

    1/15/2025

    HTMLPDF

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