The views of the authors on this website are not neccessarily the views of the website. All comments are solely the responsibility of those who write them.

Saturday, April 28, 2012

Del. Bill Targets Payday Loans

DOVER, Del. (AP) - The state House is poised to consider a bill aimed at regulating and monitoring payday loans in Delaware.
Payday loans typically are small, short-term loans with high interest rates that effectively represent advances on a borrower's next paycheck.
A bill up for a House vote on Thursday would permit a borrower to obtain no more than five payday loans in a 12-month period. It also changes the definition of short-term consumer loan to include loans up to $1,000 rather than $500.
The bill also would limit a lender to no more than four rollovers of an existing payday loan.
The legislation also calls for the creation of a database that would allow lenders to determine whether a potential borrower has an outstanding payday loan.

No comments: