The main purpose of the Rhode Island Home Loan Protection Act is:

The Rhode Island Home Loan Protection Act primarily aims to safeguard consumers from predatory lending practices. This legislation addresses issues related to unfair or deceptive practices in the home loan industry, ensuring that lenders adhere to ethical standards when offering loans to borrowers. By focusing on consumer protection, the Act seeks to prevent practices such as inflated fees, misleading loan terms, and aggressive sales tactics that can lead borrowers into financial distress.

This law establishes various requirements for lenders, including the need to disclose essential information clearly and transparently. It also empowers consumers by providing them with resources and recourse if they encounter unfair lending practices. The primary goal is to create a safer borrowing environment, ensuring that homebuyers are treated fairly and have access to necessary information to make informed financial decisions.