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Rhode IslandH52352025 Regular SessionHouseWALLET

AN ACT RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- INTEREST AND USURY .

Sponsored By: Mary Ann Shallcross Smith (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

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

Interest capped on new medical debt

The law took effect upon passage and caps interest only on medical debt incurred afterward. It covers bills for healthcare services, products, or devices owed to healthcare facilities or professionals. The annual cap uses the Federal Reserve’s weekly average one-year constant maturity Treasury yield, bounded between 1.5% and 4%. The rate comes from the calendar week before you first received a bill. Patients receiving financial assistance cannot be charged interest or late fees on covered debt.

Sponsors & Cosponsors

Sponsor

  • Mary Ann Shallcross Smith

    Democratic • House

Cosponsors

  • Jacquelyn M. Baginski

    Democratic • House

  • Julie A. Casimiro

    Democratic • House

  • Arthur J. Corvese

    Democratic • House

  • Alex S. Finkelman

    Democratic • House

  • Jenni A. Furtado

    Democratic • House

  • Arthur Handy

    Democratic • House

  • Thomas E. Noret

    Democratic • House

  • Earl A. Read, III

    Democratic • House

  • June Speakman

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 102 • No: 0

Senate vote • 6/20/2025

RELATING TO COMMERCIAL LAW -- INTEREST AND USURY In Concurrence Passage

Yes: 36 • No: 0

House vote • 6/3/2025

COMMERCIAL LAW-INTEREST & USURY PASSAGE

Yes: 66 • No: 0

Actions Timeline

  1. Signed by Governor — Chapter 303

    6/26/2025Governor

  2. Transmitted to Governor

    6/23/2025Governor

  3. Senate passed Sub A in concurrence

    6/20/2025Senate

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

    6/18/2025Senate

  5. Committee recommends passage of Sub A in concurrence

    6/17/2025

  6. Scheduled for consideration (06/17/2025)

    6/14/2025

  7. Referred to Senate Commerce

    6/11/2025Senate

  8. House passed Sub A

    6/3/2025House

  9. Placed on House Calendar (06/03/2025)

    5/30/2025House

  10. Committee recommends passage of Sub A

    5/15/2025

  11. Proposed Substitute

    5/9/2025

  12. Scheduled for consideration (05/15/2025)

    5/9/2025

  13. Committee recommended measure be held for further study

    2/25/2025

  14. Scheduled for hearing and/or consideration (02/25/2025)

    2/21/2025

  15. Introduced, referred to House Corporations

    1/29/2025House

Bill Text

  • H5235 - As Introduced

    1/29/2025

    HTMLPDF

  • H5235 - Substitute

    1/29/2025

    HTMLPDF

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