Any person or entity who entered into an agreement with any institution subject to receivership pursuant to the Rhode Island Depositors Economic Protection Act for an interest rate above the highest publicly posted rate forfeits all of that interest in excess of the posted rate from the date of initial deposit.
R.I. Gen. Laws § 42-116-35
Excess interest forfeiture
Known as the Rhode Island Depositors Economic Protection Act
The act spans §§ 42-116-1 to 42-116-9 (45 sections).
P.L. 1991, ch. 3, § 4.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.