Bill Text: DE SB291 | 2015-2016 | 148th General Assembly | Draft

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Bill Title: An Act To Amend Title 6 Of The Delaware Code Relating To Title Loans

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced - Dead) 2016-06-23 - Assigned to Banking and Business Committee in Senate [SB291 Detail]

Download: Delaware-2015-SB291-Draft.html

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SPONSOR:	Sen. Bonini
	Reps. Baumbach, Keeley, Potter

DELAWARE STATE SENATE

148th GENERAL ASSEMBLY

SENATE BILL NO. 291

AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TITLE LOANS

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Subchapter V, Chapter 22, Title 6, Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§262 Licensee Requirements.

The licensee shall:

(1)        Accept any payment in excess of $5 at any time prior to the repossession of the motor vehicle.

(2)        Release the motor vehicle title in a timely manner when the Title Loan is paid.

(3)     Charge only expenses actually incurred in the repossession and disposal of the motor vehicle.

(4)     Not charge storage fees upon repossession of the motor vehicle.

SYNOPSIS

This Act makes certain requirements of Title Loan lenders.

AUTHOR: Senator Bonini