5 Del. Admin. Code § 2202-5.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 2202-5.0 - Record of Loans in Litigation and Repossessions

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.

5 Del. Admin. Code § 2202-5.0