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Wednesday, May 16, 2012

Senate Committee Consider Payday Loan Bill

DOVER, Del. (AP) - A bill to regulate and monitor payday loans in Delaware continues to move through the legislature after winning narrow approval in the House.
The bill is scheduled for a hearing Wednesday in the Senate Banking Committee.
The bill cleared the state House two weeks, with only one more vote than needed for the required three-fifths majority.
Payday loans typically are small, short-term loans with high interest rates that effectively represent advances on a borrower's next paycheck.
The bill does not cap interest rates for payday loans, as previous failed proposals tried to do, but it does limit borrowers to no more than five payday loans in a 12-month period and lenders to no more than four rollovers of an existing payday loan.

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