Rhode Island · 2026 Regular Session · Bill
HB 7724: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- SMALL LOAN LENDERS
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
HB 7724 is a bill introduced in the Rhode Island House on February 12, 2026. According to its official title, it concerns: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- SMALL LOAN LENDERS. Primary sponsor: Pat Serpa (Democratic). Most recent recorded action (February 13, 2026): 02/13/2026 Withdrawn at sponsor's request.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
Establishes a maximum per annum rate of interest on small loans at ninety-nine percent (99%) and limit the amounts of origination and closing fees. Also requires that late fees and returned payment fees be agreed to in writing between borrower and lender.
Sponsors
Sponsors by party (alphabetical): Democratic 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Pat Serpa | Primary sponsor | Democratic | House | 27 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- 02/13/2026 Withdrawn at sponsor's request
- 02/12/2026 Introduced, referred to House Corporations