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DE HB279

Bill

Official Source

Status

Introduced

1/21/2020

Primary Sponsor

Sean Lynn

Click for details

Origin

House of Representatives

150th General Assembly

AI Summary

  • Caps the annual percentage rate (APR) for short-term consumer loans at 20%, applying to loans of $1,000 or less that must be repaid in less than 60 days.

  • Caps the APR for motor vehicle title loans at 20%.

  • Removes Delaware's previous lack of interest rate caps beyond the unconscionability standard, which was determined on a case-by-case basis by courts.

  • Makes technical corrections to Delaware Code Title 5 to align with the Delaware Legislative Drafting Manual standards.

Legislative Description

An Act To Amend Title 5 Of The Delaware Code Relating To Interest Rates On Loans To Individuals.

Last Action

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

1/21/2020

Committee Referrals

Economic Development/Banking/Insurance & Commerce1/21/2020

Full Bill Text

No bill text available