CHAPTER 78

AN ACT TO AMEND CHAPTER 288, VOLUME 56, LAWS OF DELAWARE, RELATING TO A RATE OF INTEREST NOT IN EXCESS OF 8 PER CENT PER ANNUM AND TO DELETE SECTION 3 THEREOF.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Section 1, Chapter 288, Volume 56, Laws of Delaware, is amended to read as follows:

Section 1. Section 2301, Subsection (a), Chapter 23, Title 6, Delaware Code, is amended by striking all of said subsection (a) and inserting in lieu thereof a new subsection (a) to read as follows:

(a) The legal rate of interest for the loan or use of money, in all cases where no express contract has been made for a less rate, shall be 6 per cent per annum, except that any borrower may agree to pay, and any lender may charge and collect from such borrower, interest at any rate agreed upon in writing in excess of 6 per cent per annum but not in excess of 8 per cent per annum on the unpaid principal balance.

Section 2. Section 3, Chapter 288, Volume 56, Laws of Delaware, is amended by striking said section in its entirety.

Section 3. Section 4, Chapter 288, Volume 56, Laws of Delaware, is renumbered "Section 3".

Approved May 15, 1969.