Markell Seeks to Protect Families From Predatory Lenders

At the Governor’s Summit on Child Poverty and Economic Opportunity, Gov. Jack Markell announced a proposed legislation to protect Delaware families from predatory lenders.

“It is difficult for children to get off to a good start in life when their parents are in danger of losing the family home,” Markell said.

The Governor’s proposal focuses on the practices of payday and title loans. He is proposing a required license issued by the state and a $1,500 fee from payday lenders in Delaware. The fee will go to making low-interest lending programs available.

Also, title lenders would be required to pay a fee and possess similar licensing as payday lenders. Going a step further, Markell would require lenders to cease all liabilities on the loan once the family surrenders the title.

“I will ask legislators next week to stand with these families and stand against these financial predators,” Markell said.

“People deserve access to jobs where their hard work can be rewarded. Families deserve the chance to become, and remain, financially independent.”