Delaware Code Title 5 Sec. 2254 – Rollover limit
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No licensee shall make a title loan rollover that would extend the repayment period for the loan beyond 180 days from the date on which the loan proceeds were disbursed to the borrower.
Terms Used In Delaware Code Title 5 Sec. 2254
- Rollover: means the extension of an outstanding and unpaid indebtedness beyond the originally stated repayment period. See Delaware Code Title 5 Sec. 2250
- 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. See Delaware Code Title 5 Sec. 2250