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DE HB143

Bill

Official Source

Status

Introduced

5/10/2023

Primary Sponsor

Sean Lynn

Click for details

Origin

House of Representatives

152nd General Assembly

AI Summary

  • Caps the annual percentage rate for short-term consumer loans at 20%, removing the previous reliance on case-by-case unconscionability determinations
  • Defines short-term consumer loans as loans of $1,000 or less that must be repaid in less than 60 days
  • Caps the annual percentage rate for motor vehicle title loans at 20%
  • Makes technical corrections to Delaware Code language to conform 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

5/10/2023

Committee Referrals

Economic Development/Banking/Insurance & Commerce5/10/2023

Full Bill Text

No bill text available