This 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 evade Rhode Island's interest rate limits.

Additionally, the bill introduces the "Anti-Evasion of Lending Rules Act of 2026," which establishes clear prohibitions against evading state lending rules through deceptive practices. This new chapter outlines various forms of subterfuge that are prohibited, such as disguising loans as sales or other transactions, and clarifies that individuals or entities that exceed the state's interest rate limits will still be considered lenders, regardless of how they present themselves.

The act prohibits any person from engaging in devices or subterfuge to evade the requirements of the chapter or existing lending laws. It specifies that if a loan exceeds the rate permitted by state law, the person involved will be considered a lender, even if they claim to act in another capacity.

Violations of this chapter will render loans void and uncollectible, and borrowers will be entitled to restitution of any amounts paid. The bill establishes penalties for violators, including actual and consequential damages, statutory damages of $1,000 per violation, reasonable attorneys' fees and costs, and any other legal or equitable relief deemed appropriate by the court. This act is set to take effect on October 1, 2026.