The bill amends Chapter 6-26 of the General Laws, titled "Interest and Usury," by introducing a new section, 6-26-11, which establishes a cap on interest rates for medical debt. Medical debt is defined as an obligation of a consumer to pay for the receipt of healthcare services, products, or devices owed to a healthcare facility or a healthcare professional. The bill stipulates that the interest on medical debt shall be limited to a rate equal to the weekly average one-year constant maturity Treasury yield, with a minimum rate of 1.5% per annum and a maximum rate of 4% per annum, as published by the Board of Governors of the Federal Reserve System for the calendar week preceding the date when the consumer was first provided with a bill. This interest rate cap applies only to new medical debt incurred after the effective date of this section. The act will take effect immediately upon passage.