AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO INTEREST RATES ON LOANS TO INDIVIDUALS.
- Introduced May 10, 2023
- In committee May 10, 2023
- Died
- Passed the Senate
- To the governor
- Became law
What it does
The legislature's own summary of the bill, or its official long title.
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.
Every action
1 step, oldest first, as the legislature records them.
- CommitteeIntroduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House · House Economic Development/Banking/Insurance & Commerce
Roll calls
No recorded votes on this bill yet.
Sponsors
The member who introduced it, joined by 7 cosponsors: 7 Democrats.
- SM Sean M. LynnD Primary sponsor · District 31
- KJ Kendra JohnsonD Joint sponsor · District 5
- KW Kimberly WilliamsD Joint sponsor · District 19
- CR Cyndie RomerD Joint sponsor · District 25
- WB William BushD Joint sponsor · District 29
- SE S. Elizabeth LockmanD Joint sponsor · District 3
- MP Marie PinkneyD Joint sponsor · District 13
All 7 cosponsors
From Delaware's official records (legis.delaware.gov), checked Nov 1, 2026. Text links go to the official versions; LegiList does not copy bill text.