Current through 2024 Legislative Session Act Chapter 510
Section 2242 - Salary orders, warrants or assignments as security for loans, confessions of judgment, acceleration; penalties for violations(a) No order, warrant or claim of any kind, from any employee upon his or her employer, for any salary or part thereof due or to become due to such employee from such employer, shall be taken, accepted or agreed to be taken or accepted, as security for money loaned or to be loaned.(b) No instrument evidencing a loan under this chapter shall contain any acceleration clause under which any part, or all of the unpaid balance, of the obligation not yet matured, may be declared due and payable because the holder deems himself or herself to be insecure or any power of attorney to confess judgment or any other power of attorney.(c) Whoever violates this section shall be fined not less than $100 nor more than $500, or imprisoned not more than 6 months, or both. 66 Del. Laws, c. 22, §1; 70 Del. Laws, c. 186, § 1.;