Delaware § 2227 Definitions

Delaware Statutes

§ 2227 — Definitions

Delaware § 2227

JurisdictionDelaware

Title5

PartOther Businesses Under Jurisdiction of State Banking Department

Ch. 22LICENSED LENDERS

Subch.Closed End Credit

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Bluebook

Del. Code tit. 5, § 2227 (2026).

Text

As used in this subchapter:

(1)“Business day” means, with respect to recission under § 2235A of this title, all calendar days except Sundays and legal public holidays.

(2)“Closed end credit” means the extension of credit by a licensee to a borrower pursuant to an arrangement or agreement which is not a revolving credit plan as defined in subchapter II of this chapter.

(3)“Conspicuously displayed” means highlighted through the use of capitalization, bold print, underlining or some combination thereof.

(4)“Loan” means any single extension of closed end credit.

(5)“Right of recission” means, with respect to any short-term consumer loan, the right to return any amount borrowed, in full, on or before the close of business of the business day following the day on which such sum has bee

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As used in this subchapter:

(1) “Business day” means, with respect to recission under § 2235A of this title, all calendar days except Sundays and legal public holidays.

(2) “Closed end credit” means the extension of credit by a licensee to a borrower pursuant to an arrangement or agreement which is not a revolving credit plan as defined in subchapter II of this chapter.

(3) “Conspicuously displayed” means highlighted through the use of capitalization, bold print, underlining or some combination thereof.

(4) “Loan” means any single extension of closed end credit.

(5) “Right of recission” means, with respect to any short-term consumer loan, the right to return any amount borrowed, in full, on or before the close of business of the business day following the day on which such sum has been disbursed or advanced without the incursion of any fee or other charges.

(6) “Rollover” means, with respect to any short-term consumer loan, the extension of an outstanding and unpaid indebtedness beyond the stated repayment period solely on the basis of the payment of a fee without approval of a new loan application.

(7) “Short-term consumer loan” means a loan of $1,000 or less made to an individual borrower that charges interest and/or fees for which the stated repayment period is less than 60 days and is not secured by title to a motor vehicle.

(8) “Workout agreement” means an agreement between an individual borrower and a licensee for the repayment of an outstanding and unpaid indebtedness. The workout agreement must provide for payments in equal installments over a period of at least 90 days and the licensee may not assess any other fee, interest charge, or other charge on the borrower as a result of converting the loan into a workout agreement.