Governor Jack Markell is set to sign legislation that would crackdown on the payday lending industry.
The Delaware state Senate passed the measure with just one dissenting vote.
The measure limits borrowers to five high-interest, short-term loans of $1-thosuand each in a 12 month period.
Greg Wilson with the Delaware Community Reinvestment Action Council told the Wilmington News Journal that this was a great day for a lot of people who have been subjected to predatory lending.
Senate President Pro Tem Anthony DeLuca said that the state has seen thousands of people caught in a cycle of pay day loans and finding themselves further in debt than when they started.
But industry representatives charged that the legislation was a job killer for those employed in the financial services sector.
