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HB 143 Delaware House · 152nd General Assembly (2023-2024)

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
May 2023
Committee Review
Floor Vote
Governor
Introduced May 10, 2023 Last action May 10, 2023
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Full legislative history

Actions timeline

Total actions
1
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Committee
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May 10, 2023
Introduced
Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
lower
13 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Bill Bush
Bill Bush
DDemocratic
DE
29
P
Photo of Brian Pettyjohn
Brian Pettyjohn
RRepublican
DE
19
P
Photo of Cyndie Romer
Cyndie Romer
DDemocratic
DE
25
P
Photo of Eric Morrison
Eric Morrison
DDemocratic
DE
27
P
Photo of Kendra Johnson
Kendra Johnson
DDemocratic
DE
5
P
Photo of Laura Sturgeon
Laura Sturgeon
DDemocratic
DE
4
P
Photo of Marie Pinkney
Marie Pinkney
DDemocratic
DE
13
P
Photo of Nicole Poore
Nicole Poore
DDemocratic
DE
12
P
Photo of Sean Lynn
Sean Lynn
DDemocratic
DE
31
P
Photo of Sean Matthews
Sean Matthews
DDemocratic
DE
10
P
Photo of Spiros Mantzavinos
Spiros Mantzavinos
DDemocratic
DE
7
P
Photo of Tizzy Lockman
Tizzy Lockman
DDemocratic
DE
3
P
Photo of Val Longhurst
Val Longhurst
DDemocratic
DE
15