HB 181 DE
AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO INTEREST RATES ON LOANS TO INDIVIDUALS.
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Summary
Delaware is one of a handful of states that has no cap other than unconscionability on interest rates for short-term consumer loans. Under Delaware case law, the unconscionability of an interest rate is decided by a court on a case by case basis. This Act caps interest rates at 20% for short-term consumer loans of $1,000 or less that must be repaid in less than 60 days and motor vehicle title loans. This Act also makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.
Sponsors (5)
- Sean M. Lynn Democratic · primary
- S. Elizabeth Lockman Democratic · primary
- Marie Pinkney Democratic · primary
- Kimberly Williams Democratic · primary
- Sherry Dorsey Walker · primary
9 coauthors / cosponsors
- Bruce C. Ennis · cosponsor
- Stephanie L. Hansen Democratic · cosponsor
- David P. Sokola Democratic · cosponsor
- Stephanie T. Bolden · cosponsor
- Debra Heffernan Democratic · cosponsor
- John A. Kowalko · cosponsor
- Larry Lambert Democratic · cosponsor
- Eric Morrison Democratic · cosponsor
- Madinah Wilson-Anton Democratic · cosponsor
Action history (2)
- May 11, 2021 Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House · lower
- Jun 8, 2022 Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 2 On Its Merits, 2 Unfavorable · lower
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