§ 19-14-26.1 - Additional penalties. - Rhode-island Statutes

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Statutes > Rhode-island > Title-19 > Chapter-19-14 > 19-14-26-1

SECTION 19-14-26.1

§ 19-14-26.1 Additional penalties. –(a) Any person who makes or brokers a loan not invalid for any other reason whoknowingly violates § 19-14-2 shall, in the discretion of the court,forfeit and have no right to collect or receive any interest, fees, or chargeswhatsoever.

(b) In the case of any unlicensed transaction involvinglending or loan brokering activities, the amount of interest, fees, or chargespreviously collected shall be credited to the principal balance of the loanthen due and owing or paid to the debtor, at the option of the holder of theloan.

(c) In the case of any unlicensed check cashing, sale ofcheck, or electronic money transfer transaction, the amount of any fees orcharges previously collected shall be paid to the person from whom the fee orcharge was collected. In the event that the person who collected the fee orcharge is unable to identify the person from whom the fee or charge wascollected, the fee or charge shall be paid to the director to and for the useof the state.

State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-14 > 19-14-26-1

SECTION 19-14-26.1

§ 19-14-26.1 Additional penalties. –(a) Any person who makes or brokers a loan not invalid for any other reason whoknowingly violates § 19-14-2 shall, in the discretion of the court,forfeit and have no right to collect or receive any interest, fees, or chargeswhatsoever.

(b) In the case of any unlicensed transaction involvinglending or loan brokering activities, the amount of interest, fees, or chargespreviously collected shall be credited to the principal balance of the loanthen due and owing or paid to the debtor, at the option of the holder of theloan.

(c) In the case of any unlicensed check cashing, sale ofcheck, or electronic money transfer transaction, the amount of any fees orcharges previously collected shall be paid to the person from whom the fee orcharge was collected. In the event that the person who collected the fee orcharge is unable to identify the person from whom the fee or charge wascollected, the fee or charge shall be paid to the director to and for the useof the state.

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State Codes and Statutes

Statutes > Rhode-island > Title-19 > Chapter-19-14 > 19-14-26-1

SECTION 19-14-26.1

§ 19-14-26.1 Additional penalties. –(a) Any person who makes or brokers a loan not invalid for any other reason whoknowingly violates § 19-14-2 shall, in the discretion of the court,forfeit and have no right to collect or receive any interest, fees, or chargeswhatsoever.

(b) In the case of any unlicensed transaction involvinglending or loan brokering activities, the amount of interest, fees, or chargespreviously collected shall be credited to the principal balance of the loanthen due and owing or paid to the debtor, at the option of the holder of theloan.

(c) In the case of any unlicensed check cashing, sale ofcheck, or electronic money transfer transaction, the amount of any fees orcharges previously collected shall be paid to the person from whom the fee orcharge was collected. In the event that the person who collected the fee orcharge is unable to identify the person from whom the fee or charge wascollected, the fee or charge shall be paid to the director to and for the useof the state.