§47-6-5b. Legislative Findings; Fixing Maximum Interest Rate on Certain Loans and Forbearances of Money Secured by Mortgages or Deeds of Trust Upon Real Property; Authorizing Commissioner of Banking to Fix Maximum Interest Rate on Such Loans and Forbearances of Money; Prohibiting Penalty Upon Prepayment and Escalation of Interest Clause; Quarterly Reports Required

(1) Changes in permissible interest rates on nonprecomputed loans or forebearances of money require specialized knowledge of the needs for credit for the construction and purchase of adequate housing and of buildings and improvements for the establishment and expansion of businesses and agricultural enterprises and of the availability of such credit at reasonable rates while affording a competitive return to persons extending such credit;