Delaware § 2250 Definitions

Delaware Statutes

§ 2250 — Definitions

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

As used in this subchapter:

(1)“Business day” means all calendar days except Saturdays, Sundays and legal holidays (as that term is defined in Chapter 5 of Title 1).

(2)“Conspicuous” has the meaning set forth in § 1-201 of Title 6.

(3)“Rollover” means the extension of an outstanding and unpaid indebtedness beyond the originally stated repayment period.

(4)“Title loan” means a loan made to one or more natural persons by a licensee and secured by the title to a motor vehicle, which loan is not used for the purpose of purchasing the vehicle that is used as security and which loan has an originally stated repayment period of 180 days or less.

(5)“Workout agreement” means an agreement for repayment of the outstanding and unpaid indebtedness on a title loan.

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As used in this subchapter:

(1) “Business day” means all calendar days except Saturdays, Sundays and legal holidays (as that term is defined in Chapter 5 of Title 1).

(2) “Conspicuous” has the meaning set forth in § 1-201 of Title 6.

(3) “Rollover” means the extension of an outstanding and unpaid indebtedness beyond the originally stated repayment period.

(4) “Title loan” means a loan made to one or more natural persons by a licensee and secured by the title to a motor vehicle, which loan is not used for the purpose of purchasing the vehicle that is used as security and which loan has an originally stated repayment period of 180 days or less.

(5) “Workout agreement” means an agreement for repayment of the outstanding and unpaid indebtedness on a title loan.

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