DE SB216 | 2009-2010 | 145th General Assembly

Status

Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 11-6)
Status: Passed on June 10 2010 - 100% progression
Action: 2010-06-10 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

Summary

This Act provides a clarifying amendment to 944 of Title 5 of the Delaware Code, and does not change the meaning of the existing statute. The Act clarifies that a schedule or formula providing for a maximum rate of interest under a revolving credit plan does not preclude a bank or licensed lender regulated by the State Bank Commissioner from charging or reserving the right to charge, by discretion or otherwise, a rate lower than any maximum rate provided for in any schedule or formula. The clarification is prompted by a conflict in recent court decisions construing this section.

Tracking Information

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Title

An Act To Amend Title 5 Of The Delaware Code Relating To Variable Rates For Revolving Credit Plans.

Sponsors


Roll Calls

2010-06-01 - House - House Third Reading (Y: 40 N: 0 NV: 1 Abs: 0) [PASS]
2010-04-27 - Senate - Senate Third Reading (Y: 19 N: 0 NV: 0 Abs: 2) [PASS]

History

DateChamberAction
2010-06-10 Signed by Governor
2010-06-01 Passed by House of Representatives. Votes: Passed 40 YES 0 NO 1 NOT VOTING 0 ABSENT 0 VACANT
2010-05-05 Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 4 Favorable, 3 On Its Merits
2010-04-28 Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
2010-04-27 Passed by Senate. Votes: Passed 19 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
2010-03-31 Reported Out of Committee (BANKING) in Senate with 4 On Its Merits
2010-03-23 Assigned to Banking Committee in Senate

Delaware State Sources


Bill Comments

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