The bill amends Rhode Island's laws regarding interest and usury by adding a new section that allows the state to opt out of certain provisions of the Federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). Specifically, it expressly rejects the application of the amendments made by sections 521 through 523 of DIDMCA concerning loans made within the state, ensuring that financial institutions chartered in other states do not benefit from exemptions to interest rate limits that apply to Rhode Island-chartered institutions.

Additionally, the bill introduces the "Anti-Evasion of Lending Rules Act of 2025," which establishes strict prohibitions against evading state lending rules and interest rate limits. It outlines various deceptive practices that would be considered violations, such as disguising loans as sales or other transactions, and prohibits any device, subterfuge, or pretense to evade the requirements of the lending laws. The act clarifies that individuals or entities that facilitate loans exceeding the permitted rates are subject to the same regulations, regardless of their claimed status as agents or service providers.

Violations of this chapter would render loans void and uncollectible, and violators would be liable for damages, including actual and consequential damages, statutory damages of one thousand dollars ($1,000) per violation, reasonable attorneys' fees and costs, and any other legal or equitable relief deemed appropriate by the court. The act is set to take effect on October 1, 2025.