Markell Signs Payday Lending Bill

DOVER, DE – Delaware governor Jack Markell signed a bill Wednesday which limits payday lending and creates a database to track the short term loans.

House Bill 289 limits to five the amount of payday loans worth $1,000 or less that anyone can take out in any 12-month period. It also requires that the state bank commissioner report back to the General Assembly on the prevalence of payday loans. “We do a lot of bills down here,” DeLuca said. “Hopefully we do a lot of good work. We probably do some things we shouldn’t do. This was a vote your heart piece of legislation. Not a vote your party piece of legislation.”

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