Delaware Code Title 5 Sec. 2235C – Report by Commissioner
(a) The Commissioner shall collect and submit the following information to the Banking Committee of the Senate and the Economic Development/Banking/Insurance/Commerce Committee of the House of Representatives on or before March 15 of each year:
(1) The total number and dollar amount of short-term consumer loan transactions;
(2) The total number of individual borrowers who entered into short-term consumer loan transactions along with their gross monthly income;
(3) The minimum, maximum, and average amount of short-term consumer loan transactions;
(4) The minimum, maximum, and average annual percentage rate of short-term consumer loans;
(5) The average number of days a short-term consumer loan is outstanding;
(6) The number of borrowers entering into each permissible number of short-term consumer loans, 1 transaction to 5 transactions;
(7) The default rate on short-term consumer loans;
(8) Any other information that the commissioner believes is relevant or useful; and
(9) Any other information requested by the banking committees at least 60 days before the Commissioner’s report is due.
Terms Used In Delaware Code Title 5 Sec. 2235C
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2201
- Loan: means any single extension of closed end credit. See Delaware Code Title 5 Sec. 2227
- Short-term consumer loan: means a loan of $1,000 or less made to an individual borrower that charges interest and/or fees for which the stated repayment period is less than 60 days and is not secured by title to a motor vehicle. See Delaware Code Title 5 Sec. 2227
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The Commissioner shall require the database operator and licensees to submit any and all information necessary for the Commissioner to prepare the report referenced in subsection (a) of this section.