CHAPTER 589

FORMERLY

SENATE BILL NO. 714

AN ACT TO AMEND SECTION 2301, CHAPTER 23, TITLE 6 OF THE DELAWARE CODE RELATING TO THE LEGAL RATE OF INTEREST.

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

Section 1. Amend Section 2301, Chapter 23, Title 6 of the Delaware Code, by striking subsection (a) in its entirety and substituting in lieu thereof a new subsection (a) to read as follows:

"(a) The legal rate of interest for the loan or use of money, where no express contract has been made for a less rate, shall be 6 percent 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 percent per annum, but not in excess of 4 percent over the discount rate charged by the Federal Reserve Board of Governors to its member banks."

Approved August 30, 1974.