Rhode Island General Laws 19-14.2-9. Split loans
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No small loan lender shall induce or permit any borrower to split up or divide any loan, or permit any person to become obligated individually under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of charge than would otherwise be permitted.
History of Section.
P.L. 1995, ch. 82, § 54.
Terms Used In Rhode Island General Laws 19-14.2-9
- Contract: A legal written agreement that becomes binding when signed.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6