CHAPTER 439

FORMERLY

HOUSE BILL NO. 806

AN ACT TO AMEND CHAPTER 23, TITLE 6, OF THE DELAWARE CODE WITH REFERENCE TO INTEREST, BY ELIMINATING THE LIMITATIONS ON THE LEGAL RATE OF INTEREST FOR CERTAIN COMMERCIAL LOANS.

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

Section 1. Amend §2301 of Title 6, Delaware Code, by adding thereto a new subsection (c) to read as follows:

"(c) Notwithstanding any other provision in this Chapter to the contrary, there shall be no limitation on the rate of interest which may be legally charged for the loan or use of money, where the amount of money loaned or used exceeds $100,000.00, and where repayment thereof is not secured by a mortgage against the principal residence of any borrower."

Approved July 11, 1974