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

SB 2015 removes an existing licensing exemption for lenders who originate fewer than six loans in any 12-month period in Rhode Island. This change directly affects small lenders, including independent brokers or micro-lenders, requiring them to obtain a license under the state's financial institution regulations starting January 1, 2027. The key mechanism eliminates a specific exception in current law that previously allowed these entities to operate without oversight. The bill does not alter other existing exemptions for nonprofit lenders, large commercial loans, or certain financial institutions.