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DE SB216
Bill
Status
6/10/2010
Primary Sponsor
Edward Bennett
Click for details
AI Summary
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Amends Section 944 of Title 5 of the Delaware Code to clarify that banks may charge interest rates lower than any maximum rate specified in a schedule or formula for revolving credit plans.
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Amends Section 2217 of Title 5 of the Delaware Code to clarify that licensed lenders may charge interest rates lower than any maximum rate specified in a schedule or formula.
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Provides a clarifying amendment that does not change the meaning of existing statute but resolves conflict in recent court decisions interpreting these sections.
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Takes effect upon enactment with a severability clause protecting the Act if any provision is found invalid.
Legislative Description
An Act To Amend Title 5 Of The Delaware Code Relating To Variable Rates For Revolving Credit Plans.
Last Action
Signed by Governor
6/10/2010