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Tuesday, May 1, 2012

Payday loan up for House vote

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

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