Allows RI to opt out of the provisions of DIDMCA exempting out of state lenders from interest rate limits which apply to RI lenders. Prevents evasion of statutory interest rate limits and lending rules for loans made in RI.

1. **ONE-SENTENCE SUMMARY:** This bill allows Rhode Island to enforce its interest rate limits on loans made within the state, even for out-of-state lenders. 2. **KEY REQUIREMENTS:** - Ensure that all loans made in Rhode Island comply with state interest rate limits, regardless of the lender's location. - Review and possibly adjust lending practices to align with Rhode Island's statutory interest rate rules. 3. **DEADLINES:** - The bill is currently introduced and does not have an effective date yet; keep an eye on legislative updates for when it may pass. 4. **PENALTIES:** - Non-compliance could lead to fines or other enforcement actions by state regulators, though specific penalties are not detailed in the bill text. 5. **SMB IMPACT:** Small businesses that offer loans will need to ensure their lending practices comply with Rhode Island's interest rate limits, which may require adjustments to their current policies and practices. This could affect their ability to compete with out-of-state lenders who may have different regulations.