DE HB181 | 2021-2022 | 151st General Assembly
Status
Spectrum: Partisan Bill (Democrat 14-0)
Status: Introduced on May 11 2021 - 25% progression, died in chamber
Action: 2022-06-08 - Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 2 On Its Merits, 2 Unfavorable
Text: Latest bill text (Draft #1) [HTML]
Status: Introduced on May 11 2021 - 25% progression, died in chamber
Action: 2022-06-08 - Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 2 On Its Merits, 2 Unfavorable
Text: Latest bill text (Draft #1) [HTML]
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.
Title
An Act To Amend Title 5 Of The Delaware Code Relating To Interest Rates On Loans To Individuals.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2022-06-08 | Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 2 On Its Merits, 2 Unfavorable | |
2021-05-11 | Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House |