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Rhode Island Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 12% absent agreement otherwise (§6-26-1); otherwise, 21% (§6-26-2) |
| Penalty for Usury (Unlawful Interest Rate) | Contract shall be void; knowing violation is criminal usury with imprisonment up to 5 years (§6-26-3); borrower may recover twice amount of usurious interest paid (§6-26-4) |
| Interest Rates on Judgments | 12% unless otherwise already agreed upon rate (§9-21-10) |
| Exceptions | Pawnbroker (§19-26-18); persons licensed (§6-26-2); revolving or open-end credit plan; finance charge for retail sales (§6-27-4) |
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
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