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145th General Assembly
Senate Bill # 108 w/SA 4

Primary Sponsor: Marshall Additional Sponsor(s):    Rep. B. Short
CoSponsors: { NONE...}
Introduced on : 06/04/2009
Long Title:AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO TITLE LOANS AND SHORT-TERM CONSUMER LOANS.
Synopsis: Section 1 of this Act provides protection for consumers of a short-term loan product commonly known as a title loan, under which a borrower provides a motor vehicle as collateral for the loan. The Act requires conspicuous disclosure of significant terms of such loans, provides a right of rescission for such loans, and limits the duration of an extension of a loan that a consumer can receive, thereby ensuring that consumers do not mistakenly attempt to use these loans for long-term borrowing. The Act also requires that a lender offer a workout agreement to a consumer, limits the duration and amount of interest that can be charged when a loan is in default, and mandates compliance with certain federal and state consumer protection acts. The lender's recourse on a title loan is limited to the proceeds from the sale of the motor vehicle, and the lender is required in all cases to provide the borrower with a written explanation of the proceeds from the sale.
Section 2 of this Act provides that lenders licensed by the State Bank Commissioner pursuant to Chapter 22 of Title 5 shall pay an annual high-cost loan license fee surcharge of $1,500 for each licensed office for making title loans or short-term consumer loans, commonly known as pay-day loans. Such fees shall be used to fund the creation of the Financial Literacy Education Fund under the administration of the State Banking Commissioner and Secretary of Education to be used to fund financial literacy education programs for consumers and in our schools.

Current Status: Signed   On   07/16/2009
Volume Chapter77:164
Date Governor acted:07/16/2009
Full text of Legislation:
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Full text of Legislation:
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Fiscal Notes/Fee Impact:F/I (Complete)
Amendments: SA 1 to SB 108 - Stricken
SA 2 to SB 108 - Stricken
SA 3 to SB 108 - Stricken
SA 4 to SB 108 - Passed
Committee Reports:
Senate Committee report 06/10/09 F=0 M=5 U=0----->Committee Report
Voting Reports:
Senate vote: () Passed 6/29/2009 2:52:54 PM------->Voting Record
House vote: () Passed 6/30/2009 11:06:12 PM------->Voting Record
Fee Impact:
Fee Impact------->Fee Impact
Engrossed Version:
Engrossment------->Engrossment
Actions History:
Jul 16, 2009 - Signed by Governor
Jun 30, 2009 - Passed by House of Representatives. Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Jun 30, 2009 - Necessary rules are suspended in House
Jun 30, 2009 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Jun 29, 2009 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 0 ABSENT 1 VACANT
Jun 29, 2009 - Amendment SA 4 - Passed by Senate. Votes: Passed 19 YES 0 NO 0 NOT VOTING 1 ABSENT 1 VACANT
Jun 29, 2009 - Amendment SA 3 - Stricken
Jun 29, 2009 - Amendment SA 2 - Stricken
Jun 29, 2009 - Amendment SA 1 - Stricken
Jun 29, 2009 - Amendment SA 4 - Introduced and Placed With the Bill in Senate
Jun 25, 2009 - Amendment SA 3 - Introduced and Placed With the Bill in Senate
Jun 24, 2009 - Amendment SA 2 - Introduced and Placed With the Bill in Senate
Jun 24, 2009 - Amendment SA 1 - Introduced and Placed With the Bill in Senate
Jun 10, 2009 - Reported Out of Committee (BANKING) in Senate with 5 On Its Merits
Jun 04, 2009 - Assigned to Banking Committee in Senate
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