Delaware Administrative Code
Title 18 - Insurance
2000 - Premium Finance Companies
2001 - Insurance Premium Finance Companies
Section 2001-21.0 - Extension or Deferral Charge
Current through Register Vol. 28, No. 3, September 1, 2024
21.1 The lender may at the request of the borrower, extend or defer the scheduled due dates of all or any part of any installment or installments, and may restate the amount of the installments and the time schedule therefor. The amount that may be charged to the borrower for such extension or deferral, shall not exceed the equivalent of one percent (1%), per month, simple interest on the amount of the installment, or installments, or part thereof, extended or deferred, for the period of such extension or deferral.
21.2 Such period shall not exceed the period from the date when such extended or deferred installment or installments, or part thereof, would have been payable in the absence of such extension or deferral, to the date when such installment or installments, or part thereof, are made payable under the agreement of extension or deferment.
21.3 Notwithstanding any prior provisions, a minimum charge of $1 may be made.
