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DE HB143
DE HB143An Act To Amend Title 5 Of The Delaware Code Relating To Interest Rates On Loans To Individuals.
summary
Introduced
05/10/2023
05/10/2023
In Committee
05/10/2023
05/10/2023
Crossed Over
Passed
Dead
06/30/2024
06/30/2024
Introduced Session
152nd 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 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%. Previously, Delaware had no cap on interest rates for these types of loans beyond the requirement that they not be "unconscionable," which was determined on a case-by-case basis by the courts. This bill aims to provide a clear and consistent interest rate limit for these types of short-term consumer loans in Delaware.
Committee Categories
Business and Industry
Sponsors (14)
Bill Bush (D)*,
Kendra Johnson (D)*,
Sean Lynn (D)*,
Cyndie Romer (D)*,
Kim Williams (D)*,
Kyle Gay (D),
Stephanie Hansen (D),
Larry Lambert (D),
Tizzy Lockman (D),
Valerie Longhurst (D),
Eric Morrison (D),
Marie Pinkney (D),
Nicole Poore (D),
Laura Sturgeon (D),
Last Action
Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House (on 05/10/2023)
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 | https://legis.delaware.gov/BillDetail?LegislationId=130343 |
| BillText | https://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=130343&legislationTypeId=1&docTypeId=2&legislationName=HB143 |
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