or Login to see your representatives.

Access Candidates' and Representatives' Biographies, Voting Records, Interest Group Ratings, Issue Positions, Public Statements, and Campaign Finances

Simply enter your zip code above to get to all of your candidates and representatives, or enter a name. Then, just click on the person you are interested in, and you can navigate to the categories of information we track for them.

Key Votes

HB 289 - Limits Payday Loans - Key Vote

Delaware Key Votes

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Limits Payday Loans

Legislation - Bill Passed (Senate) (20-1) -
Legislation - Bill Passed (House) (26-7) - (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) -

Title: Limits Payday Loans

Sponsors

Co-sponsors

Back to top