What must be included in the high-cost loan notice?

The inclusion of special rules under state law in the high-cost loan notice is essential because it ensures that borrowers are aware of the specific protections and requirements that apply to high-cost loans in Rhode Island. High-cost loans are governed by regulations that are designed to protect borrowers from predatory lending practices, and these regulations may differ from one state to another. By informing borrowers about these special rules, the notice not only promotes transparency but also empowers borrowers with knowledge of their rights and the obligations of the lender. This understanding is crucial for borrowers to make informed decisions about their loan options and responsibilities, especially in the context of high-cost loans which might carry more risks and higher fees.