All Roll Calls
Yes: 107 • No: 0
Rhode IslandH81042026 Regular SessionHouseWALLET
AN ACT RELATING TO PROPERTY -- MORTGAGES OF REAL PROPERTY .
Sponsored By: Carol Hagan McEntee (Democratic)
Became Law
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Limits on mortgage prepayment fees for homeowners
This law covers Rhode Island mortgages on owner‑occupied homes with up to four units. Lenders must state in the note that you can pay the loan in full after one year with no penalty. In the first year, any prepayment fee cannot be more than 2% of the payoff balance. If interest or other charges were prepaid or rolled into the loan, the lender must rebate them under Department of Business Regulation rules. For nonpurchase‑money loans, a lender may charge a prepayment penalty only if it clearly discloses the terms in writing and you agree in writing. No prepayment fee is allowed for any payment made more than 60 months after the loan date. Any lender that offers a penalty‑bearing nonpurchase loan must also offer a similar product that follows the no‑penalty‑after‑one‑year rule and federal rules.
Prepayment fees not counted as interest on mortgages
The law says prepayment penalties under this section are not interest under the state interest law. This sets how courts and lenders treat these fees under that statute.
Sponsors & Cosponsors
Sponsor
Carol Hagan McEntee
Democratic • House
Cosponsors
Justine A. Caldwell
Democratic • House
William W. O'Brien
Democratic • House
Tina L. Spears
Democratic • House
Roll Call Votes
Senate vote • 6/10/2026
RELATING TO PROPERTY -- MORTGAGES OF REAL PROPERTY In Concurrence
Yes: 37 • No: 0
House vote • 6/8/2026
MORTGAGES OF REAL PROPERTY PASSAGE
Yes: 70 • No: 0
Actions Timeline
Effective without Governor's signature — Chapter 281
6/26/2026GovernorTransmitted to Governor
6/18/2026GovernorSenate passed Sub A in concurrence
6/10/2026SenatePlaced on Senate Calendar (06/10/2026)
6/8/2026SenateHouse passed Sub A
6/8/2026HousePlaced on House Calendar (06/08/2026)
6/5/2026HouseCommittee recommends passage of Sub A
6/3/2026Proposed Substitute
5/29/2026Scheduled for consideration (06/03/2026)
5/29/2026Committee recommended measure be held for further study
3/26/2026Scheduled for hearing and/or consideration (03/26/2026)
3/20/2026Introduced, referred to House Judiciary
2/27/2026House
Bill Text
H8104 - As Introduced
2/27/2026
H8104 - Substitute
2/27/2026
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