Rhode Island · 2025 Regular Session · Bill
SB 386: AN ACT RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- INTEREST AND USURY
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 386 is a bill introduced in the Rhode Island Senate on February 26, 2025. According to its official title, it concerns: AN ACT RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- INTEREST AND USURY. Primary sponsor: Bridget Valverde (Democratic), Tiara Mack (Democratic), Alana DiMario (Democratic), Meghan Kallman (Democratic), Jake Bissaillon (Democratic), Mark McKenney (Democratic), Sue Sosnowski (Democratic), Jonathon Acosta (Democratic), Brian Thompson (Democratic), Melissa Murray (Democratic). Most recent recorded action (May 20, 2025): 05/20/2025 Committee recommended measure be held for further study.
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.
Allows RI to opt out of the provisions of DIDMCA exempting out of state lenders from interest rate limits which apply to RI lenders. Prevents evasion of statutory interest rate limits and lending rules for loans made in RI.
Sponsors
Sponsors by party (alphabetical): Democratic 10
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Bridget Valverde | Primary sponsor | Democratic | Senate | 35 |
| Tiara Mack | Primary sponsor | Democratic | Senate | 6 |
| Alana DiMario | Primary sponsor | Democratic | Senate | 36 |
| Meghan Kallman | Primary sponsor | Democratic | Senate | 15 |
| Jake Bissaillon | Primary sponsor | Democratic | Senate | 1 |
| Mark McKenney | Primary sponsor | Democratic | Senate | 30 |
| Sue Sosnowski | Primary sponsor | Democratic | Senate | 37 |
| Jonathon Acosta | Primary sponsor | Democratic | Senate | 16 |
| Brian Thompson | Primary sponsor | Democratic | Senate | 20 |
| Melissa Murray | Primary sponsor | Democratic | Senate | 24 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- 05/20/2025 Committee recommended measure be held for further study
- 05/16/2025 Scheduled for hearing and/or consideration (05/20/2025)
- 02/26/2025 Introduced, referred to Senate Commerce