Delaware Administrative Code
Title 5 - Banking
2200 - Licensed Lenders
2202 - Licensed Lenders Minimum Requirements for Content of Books and Records
Section 2202-5.0 - Record of Loans in Litigation and Repossessions

Universal Citation: 5 DE Admin Code 2202-5.0

Current through Register Vol. 28, No. 3, September 1, 2024

A record of all loans in litigation, repossessions, or voluntary surrenders shall be maintained either on the borrower's account record or a litigation record. If a composite record of such loans is not kept, the loans shall be maintained in a separate litigation and repossession file. The litigation and repossession record shall disclose the following information:

5.1 Loan number, original amount of loan and unpaid balance;

5.2 Type of security foreclosed, attached, replevined, repossessed, or surrendered;

5.3 Date and terms of settlement of account or, if after judgment, prejudgment balance, current balance, unearned charges credited to borrower's account, and legal costs;

5.4 Evidence that the terms of sale were fair to the borrower, if the security was sold after repossession; and,

5.5 Records of litigation accounts handled by attorneys or corporate collection centers shall be maintained in the branch office and should reflect a correct current balance.

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