Delaware Administrative Code
Title 5 - Banking
2900 - Financing the Sale of Motor Vehicles
2901 - Motor Vehicle Sales Finance Companies Operating Regulations
Section 2901-1.0 - Applicability of Chapter
Universal Citation: 5 DE Admin Code 2901-1.0
Current through Register Vol. 28, No. 3, September 1, 2024
1.1 Lease Contracts. 5 Del.C. Ch. 29 applies to a lease contract only when:
1.1.1 The lessee contracts to pay a sum substantially equivalent to, or in excess of, the value of the motor vehicle for the use of the motor vehicle over the lease term;
1.1.2 The lessee is obligated to become, or has the option of becoming, the owner of the motor vehicle at some time during, or at the expiration of, the lease contract; and
1.1.3 The value for which the motor vehicle is to be sold at the end of the lease term is not paid in a single installment.
1.2 5 Del.C. Ch. 29 applies to all motor vehicles meeting the definition of that term in 5 Del.C. § 2901 (1) regardless of whether the intended use is personal or commercial.
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