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Home arrow News arrow New Rhode Island Law Aims To Protect Home Loan Borrowers
New Rhode Island Law Aims To Protect Home Loan Borrowers Print E-mail
Friday, 28 July 2006
Rhode Island has a new law designed to protect borrowers. The Home Loan Protection Act was signed into law Thursday at the State House.

The law protects borrowers from what is known as "predatory lending" -- mortgage practices that are considered abusive to the homeowner. It eliminates incentives for lenders to make predatory loans. The law also calls for easy access to justice for families who have been taken advantage of.

Rhode Island is the 32nd state to enact legislation to protect borrowers. Housing advocates say that they pleased that the General Assembly and Gov. Carcieri have stood up against such unscrupulous practices. She said that low-income families, families of color and elders are the ones targetted by these predatory lenders.


By M. Sese
http://realestatepress.org

 
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