Terms Used In Delaware Code > Title 5 > Chapter 10 - Consumer Credit Banks [Repealed].

• Activity and use limitations: means restrictions or obligations with respect to real property created under this subchapter. See Delaware Code Title 7 Sec. 7907
• Alarm Activation Report: means a designated form issued by the State Fire Marshal for use by the Fire Chief indicating the alarm signal was found to be the result of a false alarm. See Delaware Code Title 16 Sec. 6638
• Alarm signal: means the activation of a fire alarm signaling system or a fire suppression system that requests a response by a fire department. See Delaware Code Title 16 Sec. 6638
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Audible alarm: means any device, bell, horn, or siren which is attached to the interior or exterior of a building, emits a warning signal outside the building and is designed to attract attention when activated by a fire. See Delaware Code Title 16 Sec. 6638
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Bridge: means the Delaware Memorial Bridge over the Delaware River and all approaches thereto and approach highways and all other buildings or structures connected with the Bridge and all equipment essential to the operation thereof and also all property rights, easements and franchises relating thereto and deemed necessary or convenient for the construction or operation thereof and may include any highways connecting the Bridge with a state road. See Delaware Code Title 17 Sec. 301
• Brownfield: means real property, the expansion, redevelopment, or reuse of which may be hindered by the reasonably held belief that the real property may be environmentally contaminated. See Delaware Code Title 7 Sec. 9103
• CERCLA: means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U. See Delaware Code Title 7 Sec. 9103
• Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2403
• Common interest community: means a condominium or other real property with respect to which a person, by virtue of the person's ownership of a parcel of real property, is obligated to pay for property taxes, insurance premiums, maintenance, or improvement of other real property described in a recorded covenant that creates the common interest community. See Delaware Code Title 7 Sec. 7907
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Construction: means the first complete building or rebuilding of a highway after it has been converted into a state highway upon a modern engineering design with a permanent foundation of cement, concrete or other equally hard and permanent material and a top dressing of suitable material to economically withstand the wear of the particular traffic to which such highway will probably be subject with an adequate drainage system so that such highway, with reasonable maintenance, can reasonably be expected to endure for upwards of 40 years. See Delaware Code Title 17 Sec. 101
• Contractor: means any corporation, company, association, firm, partnership, society, joint-stock company, sole proprietorship or individual that contracts to perform any remedial action under the remedial standards established in this chapter. See Delaware Code Title 7 Sec. 9103
• Contractual relationship: means , but is not limited to, land contracts, deeds, easements, leases or other instruments transferring title or possession. See Delaware Code Title 7 Sec. 9103
• Conviction: A judgement of guilt against a criminal defendant.
• cost of construction: means the cost of construction, the cost of all lands, properties, rights, easements, franchises, ferries and ferry equipment acquired, the cost of all machinery and equipment, financing charges, interest prior to and during the construction and for 1 year after such Bridge is opened for public use, cost of traffic estimates and of engineering data, engineering and legal expense, cost of plans, specifications, surveys, estimates of costs and of revenues, other expenses necessary or incident to determining the feasibility or practicability of the enterprise, administrative expense, insurance or bond premiums and such other expenses as may be necessary or incidental to the financing of the Bridge, as defined in this section, the construction thereof, the placing of the same in operation and the condemnation of property necessary for such construction and operation and any obligation or expense incurred by or on behalf of the Department or by any corporation, board or authority for traffic surveys, borings, preparation of plans and specifications and other engineering services which may be utilized by the Department in the construction of the Bridge or incurred for legal expenses in connection with the authorization of the construction or financing of the Bridge shall be regarded as a part of the cost of such Bridge. See Delaware Code Title 17 Sec. 301
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Transportation or if the Department is abolished, any board, commission or officer succeeding to the principal functions thereof or to whom the powers given by this chapter to the Department shall be given by law. See Delaware Code Title 17 Sec. 301
• Department: means the Department of Natural Resources and Environmental Control. See Delaware Code Title 7 Sec. 9103
• Department: means the Department of Natural Resources and Environmental Control (DNREC). See Delaware Code Title 7 Sec. 7907
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dispatch center: means a location specifically configured for the primary purpose of providing emergency communications services, public safety answering point services, and dispatch of fire apparatus to emergency situations. See Delaware Code Title 16 Sec. 6638
• Disposal: means the discharge, deposit, injection, dumping, spilling, leaking or placing of any hazardous substance into or on any land, water or into the air so that such hazardous substance or any constituent thereof may enter the environment. See Delaware Code Title 7 Sec. 9103
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Environment: means the navigable waters, the waters of the contiguous zone, ocean waters, and any other surface water, ground water, drinking water supply, land surface or subsurface strata or ambient air within the State. See Delaware Code Title 7 Sec. 9103
• Environmental covenant: means a servitude arising under an environmental response project that imposes activity and use limitations. See Delaware Code Title 7 Sec. 7907
• Environmental response project: means a plan or work performed for environmental remediation of real property, conducted:

  a. See Delaware Code Title 7 Sec. 7907

• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Executor: A male person named in a will to carry out the decedent
• Facility: means any building, structure, installation, equipment, pipe or pipeline (including any pipe into a sewer or publicly owned treatment works), well, pit, pond, lagoon, impoundment, ditch, landfill, storage container, motor vehicle, rolling stock, vessel, aircraft, or any site or area where a hazardous substance has been generated, manufactured, refined, transported, stored, treated, handled, recycled, released, disposed of, placed or otherwise come to be located. See Delaware Code Title 7 Sec. 9103
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• False alarm: includes :

  a. See Delaware Code Title 16 Sec. 6638

• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: means :

  a. See Delaware Code Title 7 Sec. 9103

• Fiduciary capacity: means the capacity of a person in holding title to a facility, or otherwise having control of or an interest in the facility, pursuant to the exercise of the responsibilities of the person as a fiduciary. See Delaware Code Title 7 Sec. 9103
• Fire alarm contractor: means a person or company licensed by the State Fire Marshal's Office and engaged in installing, maintaining, monitoring, altering, or servicing fire alarm signaling or fire suppression systems. See Delaware Code Title 16 Sec. 6638
• Fire alarm signaling monitoring company: means a station or building located remote from the protected premises where fire alarm signals from one or more protected premises are received and from where, upon receipt of such signal, a dispatch center is notified. See Delaware Code Title 16 Sec. 6638
• Fire alarm signaling system: means an automatic or manual fire alarm or fire suppression system in accordance with the State Fire Prevention Regulations. See Delaware Code Title 16 Sec. 6638
• Fire chief: means the fire chief or officer in charge of the responding fire department. See Delaware Code Title 16 Sec. 6638
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Fund: means the Hazardous Substance Cleanup Fund created pursuant to § 9113 of this title. See Delaware Code Title 7 Sec. 9103
• Grantee: includes every person to whom a freehold estate or interest is conveyed. See Delaware Code Title 1 Sec. 302
• Hazardous substance: means :

  a. See Delaware Code Title 7 Sec. 9103

• Holder: means a person that is the grantee of an environmental covenant. See Delaware Code Title 7 Sec. 7907
• Immediate family member: means a spouse, child, sibling, parent, grandparent or grandchild. See Delaware Code Title 5 Sec. 2403
• Imminent threat of release: means potential for a release which requires action to prevent or mitigate damage to the environment or endangerment to public health or welfare which may result from such a release. See Delaware Code Title 7 Sec. 9103
• Individual: means a natural person. See Delaware Code Title 5 Sec. 2403
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lender: means :

  a. See Delaware Code Title 7 Sec. 9103

• Lien: A claim against real or personal property in satisfaction of a debt.
• Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing under Chapter 21 or 22 of this title. See Delaware Code Title 5 Sec. 2403
• Monitored system: means the process by which a fire alarm signaling monitoring company receives signals from a fire alarm system and notifies the dispatch center. See Delaware Code Title 16 Sec. 6638
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:

  a. See Delaware Code Title 5 Sec. 2403

• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators. See Delaware Code Title 5 Sec. 2403
• Natural resources: means land, fish, wildlife, biota, air, water, groundwater, drinking water supplies, and other such resources belonging to, managed by, held in trust by, appertaining to, or otherwise controlled by Delaware, the United States, any foreign government, any local government, or any Indian tribe. See Delaware Code Title 7 Sec. 9103
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Delaware Code Title 5 Sec. 2403
• Operable unit: means any subdivision of a facility in terms of area or environmental media or any other manner approved by the Secretary. See Delaware Code Title 7 Sec. 9103
• Owner: means a person that owns a fee simple interest in real property that is subject to an environmental covenant. See Delaware Code Title 7 Sec. 7907
• Owner: means any person who owns the premises where the fire alarm signaling system or fire suppression system is installed or the person or persons who lease, operate, occupy, manage the premises, or are bound by the contract for services provided by the fire alarm signaling monitoring company. See Delaware Code Title 16 Sec. 6638
• Owner or operator: means :

  a. See Delaware Code Title 7 Sec. 9103

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, corporation, company, limited liability company, partnership, association, or other entity. See Delaware Code Title 5 Sec. 2403
• Person: means an individual, firm, corporation, association, partnership, consortium, joint venture, commercial entity, state government agency, unit of local government, school district, conservation district, federal government agency, Indian tribe or interstate body. See Delaware Code Title 7 Sec. 9103
• Person: means any individual, trust, firm, joint stock company, federal agency, partnership, corporation (including a government corporation or authority), limited liability company, association, state, municipality, commission, political subdivision of a state or any interstate body. See Delaware Code Title 7 Sec. 7907
• Plan of remedial action: means a detailed plan describing cleanup actions and related information for the containment or permanent removal and disposal of hazardous substances from a facility. See Delaware Code Title 7 Sec. 9103
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Potentially responsible party: means any person identified pursuant to § 9105(a)(1) through (6) of this title as a person liable with respect to a facility. See Delaware Code Title 7 Sec. 9103
• Premises: means any building or structure where a fire alarm signaling system is installed. See Delaware Code Title 16 Sec. 6638
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Project: includes the Bridge and all additions thereto and improvements thereof, the construction of which is authorized under this chapter. See Delaware Code Title 17 Sec. 301
• Prospective purchaser: means a person (or a tenant of a person) that acquires or intends to acquire ownership of a facility after the date of the enactment of this subdivision and that establishes each of the following:

  a. See Delaware Code Title 7 Sec. 9103

• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
• Record: when used as a noun, means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Delaware Code Title 7 Sec. 7907
• Registered mortgage loan originator: means any individual who:

  a. See Delaware Code Title 5 Sec. 2403

• Release: means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing into the environment (including the abandonment or discarding of barrels, containers and other closed receptacles containing any hazardous substance or pollutant or contaminant), but excludes:

  a. See Delaware Code Title 7 Sec. 9103

• Remedial action: means the containment, contaminant mass or toxicity reduction, isolation, treatment, removal, cleanup or monitoring of hazardous substances released into the environment, or the taking of such other actions as may be necessary to prevent, minimize or mitigate harm or risk of harm to the public health or welfare or the environment which may result from a release or an imminent threat of a release of hazardous substances. See Delaware Code Title 7 Sec. 9103
• Remedy: means any action, response or expenditure consistent with the purposes of this chapter to identify, minimize or eliminate any imminent threat posed by any hazardous substances to public health or welfare or the environment including preparation of any plans, conducting of any studies and any investigative, oversight of remedy or monitoring activities with respect to any release or imminent threat of release of a hazardous substance and any health assessments, risk assessments or health effect studies or natural resource damage assessments conducted in order to determine the risk or potential risk to public health or welfare or the environment. See Delaware Code Title 7 Sec. 9103
• Residential mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in § 103(v) of the United States Truth in Lending Act [15 U. See Delaware Code Title 5 Sec. 2403
• Residential real estate: means any real property located in Delaware, upon which is constructed, or intended to be constructed, a dwelling. See Delaware Code Title 5 Sec. 2403
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Secretary: means the Secretary of Transportation. See Delaware Code Title 17 Sec. 101
• Secretary: means Secretary of the Department or the Secretary's designee. See Delaware Code Title 7 Sec. 9103
• Secretary: means the Secretary of the Department of Natural Resources and Environmental Control or the Secretary's duly authorized designee. See Delaware Code Title 7 Sec. 7907
• Security interest: includes a right under a mortgage, deed of trust, assignment, judgment, lien, pledge, security agreement, factoring agreement, or lease and any other right accruing to a person to secure the repayment of money, the performance of a duty, or any other obligation by a nonaffiliated person. See Delaware Code Title 7 Sec. 9103
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Site assessment: means the assessment of a facility and/or property to determine whether hazardous substances have entered the environment. See Delaware Code Title 7 Sec. 9103
• State: means the State of Delaware, in the United States. See Delaware Code Title 7 Sec. 7907
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See Delaware Code Title 5 Sec. 2403