Delaware Licensed Lendors, Consumer Protection Issues (5 Del. Admin. Code 2107-4.0)

About the Legislation:

Providers should timely apprise consumers of the benefits and risks of nontraditional mortgage products, including the likelihood of increased future payment obligations. Communications with consumers (including advertisements, oral statements, promotional materials, and monthly statements) should provide clear and balanced information about the relative benefits and risks of nontraditional mortgage products, including the risk of payment shock and the risk of negative amortization. Providers that offer nontraditional mortgage products must ensure that they do so in a manner that complies with all applicable laws and regulations, including Truth in Lending Act (and Regulation Z) and Section 5 of the FTC Act.

Private Right of Action: No.
Damages/Enforcement: Subject to administrative enforcement by the State Bank Commissioner.

Read the Legislation

State Association Contact

Josephine Bahn, Member

Aaron Krauss, Member

Any updates or new legislation should be sent to [email protected].

Delaware Licensed Lendors, Consumer Protection Issues (5 Del. Admin. Code 2107-4.0)

About the Legislation:

State Association Contact

Our Experts