It is enacted by the General Assembly as follows:

SECTION 1. Chapter 63.5 of Title 42 of the General Laws entitled "Providence Place Project" is hereby amended by adding thereto the following section:

{ADD 42-63. 5-7.1. Providence Place Project Usury Exemption. --ADD} {ADD All loans made and other forms of credit extended to any one or more of Providence Place Group Limited Partnership, Providence Place Group, LLC, PPG Development of Rhode Island, Inc., and/or their respective successors and assigns, in connection with its or their acquisition, ownership, development, operation and/or financing of the Providence Place Project, as defined in this Chapter of the General Laws, shall be exempt from usury laws now or hereafter in effect in the state, including without limitation those embodied in section 6-26-2 of the General Laws, as amended, with the effect that all such loans and extensions of credit shall be exempt from any maximum rate or other limitation on the amount of interest which may be reserved, charged or taken with respect thereto. ADD}

SECTION 2. This act shall take effect upon passage.