Delaware Administrative Code
Title 5 - Banking
2200 - Licensed Lenders
2203 - Licensed Lenders Regulations Itemized Schedule of Charges
Section 2203-1.0 - Itemization of Charges

Universal Citation: 5 DE Admin Code 2203-1.0

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

1.1 Each licensee shall maintain itemizations of the current charges that the licensee uses in consumer transactions. The itemization shall identify all charges that the licensee may collect from its customers for a particular type of transaction. Separate itemizations must be prepared for revolving transactions, closed-end transactions, short term consumer loans as defined in 5 Del.C. § 2227, title loans as defined in 5 Del.C. § 2250, and real estate secured transactions. Each itemization must be dated as of the most recent change in any charge and may contain value ranges to reflect the different costs of credit that may vary with risk or rate. Each itemization shall clearly identify the specific type of loan to which it applies.

1.1.1 For closed end transactions, separate itemizations must be prepared for short-term consumer loans as defined in 5 Del.C. § 2227 and title loans as defined in 5 Del.C. § 2250.

1.1.2 For real estate secured transactions, separate itemizations must be prepared for revolving loans and closed-end loans.

1.2 Each licensee shall furnish every applicant with a copy of the appropriate itemization of charges when the application is made.

1.2.1 An explanation of the contents of the appropriate itemization satisfies this requirement for telephone applications.

1.2.2 Website screens containing the appropriate itemizations satisfy this requirement for electronic applications. The applicant must affirmatively acknowledge receipt of the appropriate screens before completing an application.

1.2.3 A Good Faith Estimate issued in accordance with the Federal Real Estate Settlement Procedures Act, as amended, satisfies this requirement for real estate secured transactions covered by that statute.

1.3 Each licensee that provides short term consumer loans as defined in 5 Del.C. § 2227 or title loans as defined in 5 Del.C. § 2250 shall prominently post its itemization of charges for those loans:

1.3.1 in plain view in an area easily accessible to its customers at the entrance to every office open to the public; and

1.3.2 on any internet website it maintains related to those loans.

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