The bill amends sections of the General Laws related to the Rhode Island Commerce Corporation, specifically establishing a financial limit on its authority to finance transactions. It introduces a provision that limits the Rhode Island Commerce Corporation's financing authority to five million dollars ($5,000,000) for any one individual, business entity, or project, as defined in 42-64-3, unless additional funding is authorized by the General Assembly.

The bill also includes new sections that outline the general powers of the Rhode Island Commerce Corporation, specifying that this financial cap applies to all transactions financed by the corporation. The act is set to take effect upon passage.

Statutes affected:
7311: 42-64-6, 42-64-7