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Can you summarize RIGL Title 6, Chapter 26.1?
Commercial Law General Regulatory Provisions > Credit Card Lending
Short Summary
This legal document governs the amendment of agreements in credit card lending in Rhode Island. It allows credit card lenders to amend the agreement at any time and in any respect, including changing terms, rates of interest, fees, collateral requirements, and other matters. The amendment may apply to all outstanding, unpaid indebtedness in the borrower’s account. If an amendment increases the interest rates, the lender must provide a written notice to the borrower at least fifteen days before the effective date of the amendment. The borrower has the option to accept or reject the amendment. If the borrower does not accept the amendment, they may be required to return all credit devices. The document also provides procedures for amendments in variable-rate plans and exceptions to amendments that do not increase interest rates. The procedures for amendment may vary for borrowers other than individuals. No penalties are mentioned in this document.
Whom does it apply to?
Credit card lenders and borrowers in Rhode Island
What does it govern?
Amendment of agreements in credit card lending
What are exemptions?
No exemptions are mentioned in the document
What are the Penalties?
No penalties are mentioned in the document
Jurisdiction
Rhode Island