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DE HB446
Bill
Status
6/30/2016
Primary Sponsor
Helene Keeley
Click for details
AI Summary
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Caps interest rates on short-term consumer loans ("alternative financial services") at 100% per year, replacing previous language allowing unlimited periodic rates.
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Prohibits licensees from making automated withdrawals exceeding the scheduled periodic payment amount on short-term consumer loans.
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Restricts collection of delinquency payments and accelerated default payments through automated withdrawals.
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Requires a minimum 5 business day waiting period between declined automated withdrawal attempts unless the borrower provides written consent for another attempt.
Legislative Description
An Act To Amend Title 5 Of The Delaware Code Relating To Loans.
Last Action
Reported Out of Committee (HOUSE ADMINISTRATION) in House with 5 On Its Merits
6/30/2016