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DE HB54

Bill

Official Source

Status

Introduced

1/26/2017

Primary Sponsor

Helene Keeley

Click for details

Origin

House of Representatives

149th General Assembly

AI Summary

  • Caps interest rates for short-term consumer loans at 100% per year, replacing the previous unlimited rate structure.
  • Prohibits licensees from making automated withdrawals exceeding the scheduled periodic payment amount on short-term loans.
  • Prohibits automated withdrawals for delinquent or accelerated default payments on short-term consumer loans.
  • Requires a minimum 5-business-day waiting period before attempting another automated withdrawal after a declined payment, unless the borrower provides written consent.

Legislative Description

An Act To Amend Title 5 Of The Delaware Code Relating To Loans.

Last Action

Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

1/26/2017

Committee Referrals

Economic Development/Banking/Insurance/Commerce1/26/2017

Full Bill Text

No bill text available