Delaware Cash Advance Laws & Regulations
Delaware payday loans are regulated by the Delaware State Bank Commissioner and by Delaware legal statute. There are not many strict requirements placed on the Delaware payday lending process, as the state recognizes a broad freedom to contract. This means that residents enjoy a great deal of autonomy when choosing to borrow from a payday lender. The regulations that are in place serve to keep loan amounts low and keep rotating debt to a minimum. As of January 2012, no further legislative mandates governing cash advances have been passed. Delaware residents can find their state’s regulations listed below.
Here are some specific Delaware regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
60 days - Maximum Finance Charges and Fees
No Limit - Maximum Loan Amount
$500 - Number of Rollovers
Four - Outstanding Loans Allowed at Once
No limit, but no more than $1000 in payday loans at any given time - Cool-Off Period
N/A
- Payment Plan
Discuss with your lender - Collection Fees
N/A - Presentment Limit
None - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and entire cost of loan including fees
References:
Delaware Code, Annotated Title 5 § 2227 et seq.
Delaware Office of the State Bank Commissioner
555 E. Loockerman Street Suite 210
Dover, DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Web: Delaware Office of the State Bank Commissioner
Information by City
More Information about Delaware
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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