HB143 - An Act To Amend Title 5 Of The Delaware Code Relating To Interest Rates On Loans To Individuals.
Delaware - 152nd General Assembly
Introduced bySean M. Lynn, Elizabeth Lockman, Marie Pinkney
Last updated over 1 year ago
14 Co-Sponsors
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.
STATUS
Introduced
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