§ 42-63.5-7.1 - Providence place project usury exemption. - Rhode Island Statutes

SECTION 42-63.5-7.1

   § 42-63.5-7.1  Providence place projectusury exemption. – All loans made and other forms of credit extended to any one or more ofProvidence Place Group Limited Partnership, Providence Place Group, LLC, PPGDevelopment of Rhode Island, Inc., and/or their respective successors andassigns, in connection with its or their acquisition, ownership, development,operation and/or financing of the Providence Place Project, as defined in thischapter, shall be exempt from usury laws now or hereafter in effect in thestate, including, without limitation, those embodied in § 6-26-2, asamended, with the effect that all loans and extensions of credit as defined inthis chapter shall be exempt from any maximum rate or other limitation on theamount of interest which may be reserved, charged or taken with respect thereto.