Rhode Island 21% Usury Collection Check

Live. Collecting a Rhode Island loan? 6-26-2: interest above 21% (or prime + 9) on net proceeds = void and payments recoverable; banks forfeit interest.

Collecting a Rhode Island personal, online or private loan? Checks each loan and contact against the usury law: interest above the greater of 21% or prime + 9 points on the net proceeds the borrower received (R.I. Gen. Laws 6-26-2) makes the contract void with every payment recoverable when the lender is not a regulated financial institution (6-26-4(a), (c)); regulated institutions forfeit all interest (6-26-4(d)). Flags collecting a void loan or forfeited interest (FDCPA 1692e(2)(A), 1692f(1)) and arrest threats. Not legal advice.

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