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When you consider who is exempt from usury laws, the most common loan providers are institutions. Institutions that provide consumer loans are typically exempt from usury laws. Institutions include banks, savings and loans, credit unions, licensed pawnbrokers, licensed finance lenders, and personal property brokers.
The largest owner of land in Rhode Island is the state government itself! In fact, the State of Rhode Island owns 70,000 acres of land, which together comprise almost 10% of all of the land in Rhode Island!
In Rhode Island, there is no fixed regulation regarding who buys an owner's title policy. While the prevalent practice is that the seller purchases it, it is negotiable. The buyer has to purchase the lender's title policy in Rhode Island to protect the mortgage broker's interests in the transaction.
With some constitutional amendments, most notably the 1979 constitutional amendment, Article XV, Section 1, California's usury limit is now generally 10% per year with a broader range of exemptions.
Creditors in Rhode Island have ten years to sue you for an unpaid loan, promissory note, or credit card. A creditor can still call and send you bills even after the statute of limitations has expired.
Under Rhode Island law, creditors may charge up to 12 percent interest on debt without an agreement, but up to 21 percent if there is an agreement. Exceptions include pawn brokers, licensed lenders, retail finance charges, and revolving credit (which includes all credit cards).
States that mandate the physical presence of an attorney, or restrict other types of closing duties to attorneys, include: Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, ...
Usury is interest that a lender charges a borrower at a rate above the lawful ceiling on such charges; a contract upon the loan of money with an illegally high interest rate as a condition of the loan.