§ 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.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-63.5 - Providence Place Project
Section 42-63.5-1. - Definitions.
Section 42-63.5-2. - Findings.
Section 42-63.5-3. - Property taxes.
Section 42-63.5-4. - Additional provisions of Public Investment and HOV Agreement and Ground Lease.
Section 42-63.5-5. - Consent to condemnation — Real property requirements.
Section 42-63.5-6. - Convention center garage parking.
Section 42-63.5-7. - Additional agreements of the state.
Section 42-63.5-7.1. - Providence place project usury exemption.