§ 34-25.2-2 Legislative findings.
The general assembly finds that predatory lending has become an increasing
problem in this state, threatening the viability of many communities and
causing decreases in home ownership. While the marketplace may appear to be
operating effectively for most home loans, too many homeowners are falling
victim to unprincipled creditors who provide loans at exorbitant costs and
include terms which are unnecessary to secure repayment of the loan. The
general assembly finds that as competition and self-regulation have not
eliminated the predatory terms for home-secured loans, the consumer protection
provisions of this chapter are necessary to encourage responsible lending.
(P.L. 2006, ch. 569, § 1; P.L. 2006, ch. 573, § 1.)