Delaware payday loan laws

Legal Status: Legal

Citation: Del. Code Ann. Tit. 5 2227 et seq.

Loan Terms:

Maximum Loan Amount: $1000
Loan Term: Less than 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limited

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Limit of five loans from all licensees in the 12-month period.
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan: Voluntary workout agreements.  Equal installments, minimum 90 days, no fees or interest

Collection Limits:

Collection Fees: One fee for nonpayment if the contract so provides, not to exceed 5% of the payment amount. Attorney fees and court costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Phone: (302) 577-6722 (from New Castle County)
Fax: (302) 739-3609

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