SB 8 | Committee | Marshall | This Act makes the Wilmington city auditor an elected position beginning with the 2018 election. This Act also provides for the city auditor to serve a 4 year term and for vacancies in the office to be filled by Wilmington city council. Additionally, this Act makes clear that the city auditor is the head of the auditing department and is to exercise independent control of the department; however, the auditor is to annually report to the mayor, council, and the public on the audits performed. Amendments made by this Act may require action by Wilmington City Council to conform City Ordinances to the Charter. | AN ACT TO AMEND THE HOME RULE CHARTER OF THE CITY OF WILMINGTON RELATING TO THE CITY AUDITOR. |
HB 54 | Committee | Keeley | This bill imposes a cap on the interest rate that may be charged for “alternative financial services” at an annual rate of interest of 100%. “Alternative financial services” is a term sometimes used for payday loans, installment loans, and other credit products generally targeted towards working class people without access to more traditional banking or credit card services. Over the years, this state and others have made various efforts to regulate the industry, to assure that it is operating fairly and in a non-predatory manner. Generally, lenders in this industry have restructured their loan products to avoid such laws and regulations. See, e.g., James v. National Financial, LLC, 132 A.3d 799, 834-838 (Del. Ch. 2016). By placing a cap on interest rate in Chapter 22, the purpose of this bill is to circumscribe the ability of short-term, sub-prime lenders to take advantage of unsophisticated borrowers – regardless of the name or structure they may give the credit products. By its terms, Chapter 22 does not apply to more traditional financial products offered by banks, credit unions, credit card companies, and the like. Traditional financial products are already extensively regulated by state and federal law, and are less amenable to abuse.
The bill also prohibits the use of automated withdrawals on short-term loans regulated by Chapter 22 for delinquency payments or accelerated default payments. It prohibits repeat attempts to make an automated withdrawal for at least 5 days after a declined payment, unless the borrower authorizes another attempt in writing. This will prevent borrowers from being charged multiple fees by their banks for overdrafts or declined withdrawals when licensees try repeatedly in a short time frame to process an automated withdrawal. | AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO LOANS. |
HCR 8 | Committee | Kowalko | This House Concurrent Resolution urges the President and Congress to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act. | URGING THE PRESIDENT AND CONGRESS OF THE UNITED STATES TO ENACT LEGISLATION REINSTATING THE SEPARATION BETWEEN COMMERCIAL AND INVESTMENT BANKING. |
HB 60 | Committee | Kowalko | This bill creates the right for the parent or guardian of a child to opt out of the annual assessment, currently the Smarter Balanced Assessment System. | AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO EDUCATION ASSESSMENT. |
HB 59 | Committee | Q. Johnson | This bill clarifies that all journeyperson applicants of sufficient age who successfully complete any apprenticeship program approved by the Board, and successfully pass the final exam associated with the Board approved program, should be treated equally for purpose of licensure. Currently the Board grants a journeyperson license only to applicants who receive one of a limited number of Department of Labor certificates of completion, despite completing the same program. | AN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO LICENSURE AS A JOURNEYPERSON ELECTRICIAN. |