Delaware Governor will propose new PDL, title lending rules
April 23, 2009 | Delaware, industry, regulation | Comments (0)The Payday Pundit isn’t sure if the Governor is genuine or is merely trying to raise money from the industry for state coffers. From the story:
The proposals, which Markell will discuss next week in his address to a joint session of the Delaware General Assembly, focus on a particular type of predatory lenders: those who issue payday loans and title loans.
Specifically, the legislation would require that any payday lender who wants to set up shop in Delaware be licensed by the state and would need to pay a $1,500 fee that will go to making low-interest lending programs available. The Governor also proposal also demands a similar license and fee from title lenders and goes one step further by requiring the lenders to cease all liabilities on the loan once the family surrenders the title.
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