Bill Text: DE SB298 | 2015-2016 | 148th General Assembly | Draft

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Bill Title: An Act To Amend Title 5 Of The Delaware Code Relating To Title Loans.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Engrossed - Dead) 2016-07-01 - Passed by Senate. Votes: Passed 20 YES 1 NO 0 NOT VOTING 0 ABSENT 0 VACANT [SB298 Detail]

Download: Delaware-2015-SB298-Draft.html

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

DELAWARE STATE SENATE

148th GENERAL ASSEMBLY

SENATE BILL NO. 298

AN ACT TO AMEND TITLE 5OF 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 5, 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