The bill amends Chapter 6-26 of the General Laws by adding a new section titled "Medical debt interest cap." This section defines "medical debt" as an obligation of a consumer to pay for healthcare services, products, or devices owed to a healthcare facility or a healthcare professional. It establishes 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 of 1.5% per annum and a maximum 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.

Furthermore, the bill specifies that the interest rate cap will only apply to new medical debt incurred after the effective date of this section. The act is set to take effect upon passage.