Delaware § 2242 Salary orders, warrants or assignments as security for loans, confessions of judgment, acceleration; penalties for violations

Delaware Statutes

§ 2242 — Salary orders, warrants or assignments as security for loans, confessions of judgment, acceleration; penalties for violations

Delaware·Title 5·Part Other Businesses Under Jurisdiction of State Banking Department·Ch. 22 LICENSED LENDERS·Subch. Prohibitions and Penalties

(a)No order, warrant or claim of any kind, from any employee upon the employee’s employer, for any salary or part thereof due or to become due to such employee from such employer, shall be taken, accepted or agreed to be taken or accepted, as security for money loaned or to be loaned.

(b)No loan shall be declared due and payable unless the borrower shall be in default of an expressed term or condition of the instrument.

(c)Whoever violates this section shall be fined not less than $100 nor more than $500, or imprisoned not more than 6 months, or both.

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(a) No order, warrant or claim of any kind, from any employee upon the employee’s employer, for any salary or part thereof due or to become due to such employee from such employer, shall be taken, accepted or agreed to be taken or accepted, as security for money loaned or to be loaned.

(b) No loan shall be declared due and payable unless the borrower shall be in default of an expressed term or condition of the instrument.

(c) Whoever violates this section shall be fined not less than $100 nor more than $500, or imprisoned not more than 6 months, or both.

Delaware § 2242 (Salary orders, warrants or assignments as security for loans, confessions of judgment, acceleration; penalties for violations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.