§ 42-63.5-7.1. Providence place project usury exemption.
All loans made and other forms of credit extended to any one or more of Providence Place Group Limited Partnership, Providence Place Group, LLC, PPG Development of Rhode Island, Inc., and/or their respective successors and assigns, in connection with its or their acquisition, ownership, development, operation and/or financing of the Providence Place Project, as defined in this chapter, shall be exempt from usury laws now or hereafter in effect in the state, including, without limitation, those embodied in § 6-26-2, as amended, with the effect that all loans and extensions of credit as defined in this chapter shall be exempt from any maximum rate or other limitation on the amount of interest which may be reserved, charged or taken with respect thereto.
History of Section.
P.L. 1997, ch. 31, § 1; P.L. 1998, ch. 441, § 30.