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HB 279 Delaware House · 150th General Assembly (2019-2020)

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO INTEREST RATES ON LOANS TO INDIVIDUALS.

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. This Act also makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2020
Committee Review
Floor Vote
Governor
Introduced Jan 21, 2020 Last action Jan 21, 2020
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Full legislative history

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Committee
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Jan 21, 2020
Introduced
Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
lower
4 primary · 10 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
DB
David B. McBride
DDemocratic
DE
13
P
Photo of Kim Williams
Kim Williams
DDemocratic
DE
19
P
Photo of Sean Lynn
Sean Lynn
DDemocratic
DE
31
P
Photo of Tizzy Lockman
Tizzy Lockman
DDemocratic
DE
3
Co
AD
Anthony Delcollo
RRepublican
DE
7
Co
BC
Bruce C. Ennis
DDemocratic
DE
14
Co
CC
Catherine Cloutier
RRepublican
DE
5
Co
Photo of Dave Sokola
Dave Sokola
DDemocratic
DE
8
Co
DB
David Bentz
DDemocratic
DE
18
Co
JA
John A. Kowalko
DDemocratic
DE
25
Co
Photo of Kendra Johnson
Kendra Johnson
DDemocratic
DE
5
Co
Photo of Raymond Seigfried
Raymond Seigfried
DDemocratic
DE
7
Co
Photo of Sherry Dorsey Walker
Sherry Dorsey Walker
DDemocratic
DE
3
Co
Photo of Stephanie Hansen
Stephanie Hansen
DDemocratic
DE
10