Interest Rate Deregulation Act of 1981

Interest Rate Deregulation Act of 1981 - Title I: Business and Agricultural Loans - Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to prohibit State limitations on interest or other charges with regard to the extension of business or agricultural loans credit.

Makes the provisions of this Act effective with respect to business and agricultural loans made on or after April 1, 1980. States that the provisions of this Act shall not apply to any such loan made in any State after the date on which a State adopts a law or votes in favor of a referendum rejecting the application of this Act to loans made in such State. Provides for application of this Act to loans made in such a State during the eligibility period but before the adoption of such a law or the passage of such a referendum.

Title II: Consumer Loans - Amends the Depository Institution Deregulation and Monetary Control Act of 1980 to prohibit State limitations on interest or other charges with regard to the extension of consumer credit. Permits States to adopt legislation explicitly exempting themselves from such prohibition. Permits any such adopted legislation to specify that portion of the extensions of consumer credit made in such State to which the prohibitions of this Act will not apply.

Authorizes the Board of Governors of the Federal Reserve System to issue rules and regulations and to publish interpretations governing the implementation of this title.

Title III: Effective Date - Makes this Act effective on the date of its enactment.