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DE HB279
DE HB279An Act To Amend Title 5 Of The Delaware Code Relating To Interest Rates On Loans To Individuals.
summary
Introduced
01/21/2020
01/21/2020
In Committee
01/21/2020
01/21/2020
Crossed Over
Passed
Dead
06/30/2020
06/30/2020
Introduced Session
150th General Assembly
Bill Summary
Delaware is one of a handful of states that has no cap other than unconscionability on interest rates for short-term consumer loans. Under Delaware case law, the unconscionability of an interest rate is decided by a court on a case by case basis. This Act caps interest rates at 20% for short-term consumer loans of $1,000 or less that must be repaid in less than 60 days and motor vehicle title loans.
AI Summary
This bill caps interest rates at 20% for short-term consumer loans of $1,000 or less that must be repaid in less than 60 days and motor vehicle title loans in Delaware. Currently, Delaware has no cap on interest rates for such short-term loans, other than a case-by-case determination of unconscionability by the courts. The bill aims to address this by setting a 20% interest rate cap for these types of loans.
Committee Categories
Business and Industry
Sponsors (14)
Sean Lynn (D)*,
Kim Williams (D)*,
David Bentz (D),
Catherine Cloutier (R),
Anthony Delcollo (R),
Sherry Dorsey Walker (D),
Bruce Ennis (D),
Stephanie Hansen (D),
Kendra Johnson (D),
John Kowalko (D),
Tizzy Lockman (D),
David McBride (D),
Raymond Seigfried (D),
Dave Sokola (D),
Last Action
Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House (on 01/21/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://legis.delaware.gov/BillDetail?LegislationId=47966 |
| BillText | http://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=47966&legislationTypeId=1&docTypeId=2&legislationName=HB279 |
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