Rhode Island Governor Signs into Law Interest Rate Cap that Stops Payday Loan Debt Traps
RI becomes 21st state, alongside D.C., to prohibit triple-digit interest rate credit DURHAM, N.C. – After a long struggle – almost fifteen years after legislation was first introduced – Rhode Island Governor Dan McKee has signed into law a bill that will prohibit payday lenders from charging annual percentage rates (APRs) higher than 36%. The law will take effect on...