AN ACT RELATING TO FINANCIAL INSTITUTIONS -- LENDERS AND LOAN BROKERS

SB 83 removes an existing rule that allowed certain lenders to operate without a license if they made fewer than six loans within a twelve-month period. This change means that any person or entity making loans, regardless of volume below six per year, will now be required to obtain a lender's license. The bill amends Section 19-14.1-10 of the General Laws, affecting those who lend money in the state.