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DE SB74

Bill

Status

Passed

5/22/2025

Primary Sponsor

Spiros Mantzavinos

Click for details

Origin

Senate

153rd General Assembly

AI Summary

  • Adds a new definition of "lease-purchase property" as personal property owned by the lessor at the time it is displayed and offered for lease-purchase to consumers

  • Allows lessors to satisfy price disclosure requirements through electronic disclosure for lease-purchase property offered online or through e-commerce, rather than requiring physical tags on items

  • Requires lessors offering third-party inventory (property not owned by the lessor) for lease-purchase to provide cash price and total payment disclosures electronically before other required disclosures

  • Electronic disclosures must be clearly and conspicuously indicated in readable Arabic numerals and provided before the standard lease-purchase agreement disclosures required under § 7603

  • Makes technical corrections to existing statutory language to conform with Delaware Legislative Drafting Manual standards

Legislative Description

An Act To Amend Chapter 76, Title 6 Of The Delaware Code Relating To The Delaware Lease-purchase Agreement Act.

Last Action

Signed by Governor

5/22/2025

Committee Referrals

Economic Development/Banking/Insurance & Commerce4/10/2025
Banking, Business, Insurance & Technology3/13/2025

Full Bill Text

No bill text available