Key Votes
HB 289 - Limits Payday Loans - Key Vote
Delaware Key Votes
Stages
- June 27, 2012 Became Law Without Governor's Signature
- June 7, 2012 Senate Bill Passed
- May 1, 2012 House Bill Passed
- March 28, 2012 Introduced
Family
Issues
Stage Details
Legislation - Became Law Without Governor's Signature (Executive) - June 27, 2012
Title: Limits Payday Loans
Legislation - Bill Passed (Senate) (20-1) - June 7, 2012
Legislation - Bill Passed (House) (26-7) - May 1, 2012 (Key vote)
Title: Limits Payday Loans
Vote Smart's Synopsis:
Vote to pass a bill that limits the number of short-term consumer loans a person can acquire, effective January 1, 2013.
Highlights:
- Limits the number of short-term consumer loans a borrower may acquire to no more than 5 in a 12 month period (Sec. 2).
- Authorizes the development of a database for lenders to determine the following (Sec. 3):
- Whether a borrower has preexisting short-term consumer loans;
- The number of preexisting short-term consumer loans a borrower has;
- Whether a borrower is eligible for a short-term consumer loan; and
- Any relevant information required to maintain compliance with this bill.
- Amends the definition of “short-term consumer loans” to include loans of $1,000 or less, whereas existing law deines it as a loan of $500 or less (Sec. 1).
- Requires “workout agreements” between borrowers and lenders to provide for payments to be made in equal installments over a period of at least 90 days, and prohibits the lender from assessing any other fees, interest charges, or other charges on the borrower as a result of altering the loan into a workout agreement (Sec. 1).
- Defines “workout agreement” as an agreement between an individual borrower and licensed lender for the repayment of an outstanding debt (Sec. 1).
- Prohibits a lender from engaging in any method meant to evade this law, including, but not limited to, the following (Sec. 2):
- Offering, making, or assisting a borrower in obtaining a loan that is in violation of this chapter; and
- Disguising a short-term consumer loan as a revolving line of credit, or assisting a borrower in obtaining a revolving line of credit for the purposes of evading the requirements of this law.
- Requires the State Bank Commissioner to collect and submit a report on short-term consumer loans to the House of Representatives by March 15th of each year (Sec. 4).
Note:
NOTE: ACCORDING TO THE STATE CONSTITUTION, A BILL MUST RECEIVE THE VOTES OF A MAJORITY OF THE MEMBERS ELECTED TO EACH CHAMBER IN ORDER TO BECOME LAW. THEREFORE, A BILL MAY RECEIVE MORE 'YEAS' THAN 'NAYS' AND STILL FAIL BECAUSE IT DID NOT RECEIVE 'YEA' VOTES FROM A MAJORITY OF THE MEMBERS OF THAT CHAMBER.
Legislation - Introduced (House) - March 28, 2012
Title: Limits Payday Loans
Sponsors
- Colin R. J. Bonini (DE - R)
- Anthony J. DeLuca (DE - D) (Out Of Office)
- Gerald W. Hocker (DE - R) (Out Of Office)
- Helene M. Keeley (DE - D)
Co-sponsors
- Michael A. Barbieri (DE - D)
- Gerald L. Brady (DE - D)
- Debra J. Heffernan (DE - D)
- David G. 'Dave' Lawson (DE - R)
- Harold J. 'Jack' Peterman (DE - R)
- Teresa L. 'Terry' Schooley (DE - D) (Out Of Office)
