Rhode Island payments and fintech laws

What it would do: Rhode Island rejects federal preemption of its interest rate limits for loans made in the state and prohibits evasion of lending rules through disguised transactions, requiring violators to pay treble damages, $1,000 per violation, and restitution.

What it would do: Requires retailers to hold money received for gift certificates in a separate account until the gift certificate is redeemed, then transfer only the redeemed amount to the retailer's business account. Exempts gift certificates distributed through rewards, loyalty, or promotional programs without consumer payment.

What it would do: Prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on tax and gratuity amounts in electronic payment transactions if merchants provide such data during authorization or settlement, with a 180-day window to submit documentation for fee credits and penalties of $1,000 per violation.

What it would do: Prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on the tax portion of electronic payment transactions when merchants provide tax amount data during authorization or settlement, with a 180-day window for retroactive refunds and penalties up to $1,000 per violation.

What it would do: Requires payment card networks to exclude state or local taxes and separately listed gratuities from swipe fee calculations, either by deducting them at settlement or rebating merchants within 180 days, and prohibits increasing fees on non-tax portions to circumvent this requirement.

What it would do: Prohibits retail establishments from imposing a surcharge fee on customers who use credit cards for transactions in the state, designating such surcharges as deceptive trade practices. Takes effect upon passage.

What it would do: Requires businesses imposing credit card surcharges to provide clear notice at the point of sale and on menus for restaurants, effective January 1, 2027, with violations treated as unfair trade practices.

What it would do: Rhode Island rejects federal preemption of its interest rate limits for loans made in the state and prohibits evasion of lending rules through disguised transactions, requiring violators to pay treble damages, $1,000 per violation, and restitution.

What it would do: Prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on tax and gratuity amounts in electronic payment transactions if merchants provide such data during authorization or settlement, with a 180-day window to submit documentation for fee credits and penalties of $1,000 per violation.

What it would do: Amends Rhode Island's currency transmission law to define virtual currency-related terms and require virtual currency kiosk operators to provide customers with paper or electronic receipts detailing transactions starting January 1, 2026.