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DE HB181

Bill

Official Source

Status

Introduced

5/11/2021

Primary Sponsor

Sean Lynn

Click for details

Origin

House of Representatives

151st General Assembly

AI Summary

  • Caps annual percentage rate (APR) at 20% for short-term consumer loans of $1,000 or less that must be repaid in less than 60 days.
  • Caps APR at 20% for motor vehicle title loans.
  • Previously Delaware had no interest rate cap on short-term consumer loans other than the legal standard of unconscionability determined on a case-by-case basis.
  • Makes technical corrections to Delaware Code language to conform to 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

Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 2 On Its Merits, 2 Unfavorable

6/8/2022

Committee Referrals

Economic Development/Banking/Insurance & Commerce5/11/2021

Full Bill Text

No bill text available