DE HB143 | 2023-2024 | 152nd General Assembly
Status
Spectrum: Partisan Bill (Democrat 14-0)
Status: Introduced on May 10 2023 - 25% progression, died in committee
Action: 2023-05-10 - Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Pending: House Economic Development/Banking/Insurance & Commerce Committee
Text: Latest bill text (Draft #1) [HTML]
Status: Introduced on May 10 2023 - 25% progression, died in committee
Action: 2023-05-10 - Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Pending: House Economic Development/Banking/Insurance & Commerce Committee
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 |
|---|---|---|
| 2023-05-10 | Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House |
