Bill
Bill > HB181
DE HB181
DE HB181An Act To Amend Title 5 Of The Delaware Code Relating To Interest Rates On Loans To Individuals.
summary
Introduced
05/11/2021
05/11/2021
In Committee
05/11/2021
05/11/2021
Crossed Over
Passed
Dead
06/30/2022
06/30/2022
Introduced Session
151st 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 seeks to amend Title 5 of the Delaware Code by capping the annual percentage rate (APR) for short-term consumer loans of $1,000 or less that must be repaid in less than 60 days, as well as motor vehicle title loans, at 20%. Currently, Delaware has no cap on interest rates for such loans, aside from a case-by-case determination of unconscionability by the courts. This bill aims to provide a clear and specific interest rate limit for these types of short-term consumer loans in Delaware.
Committee Categories
Business and Industry
Sponsors (14)
Sherry Dorsey Walker (D)*,
Sean Lynn (D)*,
Kim Williams (D)*,
Stephanie Bolden (D),
Bruce Ennis (D),
Stephanie Hansen (D),
Debra Heffernan (D),
John Kowalko (D),
Larry Lambert (D),
Tizzy Lockman (D),
Eric Morrison (D),
Marie Pinkney (D),
Dave Sokola (D),
Madinah Wilson-Anton (D),
Last Action
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 2 On Its Merits, 2 Unfavorable (on 06/08/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legis.delaware.gov/BillDetail?LegislationId=68683 |
| BillText | https://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=68683&legislationTypeId=1&docTypeId=2&legislationName=HB181 |
Loading...