In Del., Short-Term Lending Hits Its Limit

Law360, New York (August 8, 2012, 1:12 PM EDT) -- On June 27, 2012, Delaware Gov. Jack Markell signed into law House Bill 289, legislation that places a number of severe limitations on short-term loans made by a Delaware licensed lender. These limitations will apply to both brick-and-mortar lenders, as well as Internet lenders operating under the Delaware Licensed Lender Act. The new limitations become effective on Jan. 1, 2013.

The most notable restriction under the new law is a prohibition against any individual receiving more than five short-term consumer loans in a 12-month period from...
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