TITLE 6


Commerce and Trade


SUBTITLE II


Other Laws Relating to Commerce and Trade


CHAPTER 43. RETAIL INSTALLMENT SALES


Subchapter VI. Refinancing and Consolidation


§ 4324. Deferred payments; charges.


A holder may at any time or from time to time permit a buyer to defer installment payments due under the terms of a retail
installment contract and may, in connection with such deferral, charge and collect deferral charges and may also require payment
by such buyer of the additional cost to the holder of premiums for continuing in force, until the end of such period of deferral,
any insurance coverage provided in connection with the contract.


6 Del. C. 1953, § 4324; 52 Del. Laws, c. 342; 63 Del. Laws, c. 2, § 18.;


§ 4325. Refinancing of unpaid balance; charges; agreement for refinancing.


The holder of a retail installment contract or contracts may, upon agreement in writing with the buyer, refinance the payment
of the unpaid time balance or balances of the contract or contracts by providing for a new schedule of installment payments.
The holder may charge and contract for the payment of a refinance charge by the buyer and collect and receive the same, but
such refinance charge (1) shall be based upon the amount refinanced, plus any additional cost of insurance and of official
fees incident to such refinancing, after the deduction of a refund credit in an amount equal to that to which the buyer would
have been entitled under § 4322 of this title, if the buyer has prepaid in full the buyer's obligations under the contract
or contracts, but in computing such refund credit there shall not be allowed the minimum earned service charge as authorized
by such section, and (2) may not exceed the rate of service charge provided under §§ 4315-4317 of this title. Such agreement
for refinancing may also provide for the payment by the buyer of the additional cost to the holder of the contract or contracts
of premiums for continuing in force, until the maturity of the contract or contracts as refinanced, any insurance coverages
provided for therein, subject to § 4305 of this title. The refinancing agreement shall set forth the amount of the unpaid
time balance or balances to be refinanced, the amount of any refund credit, the amount to be refinanced after the deduction
of the refund credit, the amount of the service charge under the refinancing agreement, any additional cost of insurance and
of official fees to the buyer, the new unpaid time balance and the new schedule of installment payments. Where there is a
consolidation of 2 or more contracts then §§ 4327 and 4328 of this title shall apply.


6 Del. C. 1953, § 4325; 52 Del. Laws, c. 342; 70 Del. Laws, c. 186, § 1.;


§ 4326. Default in payment of certain installments; buyer entitled to new payment schedule.


In the event a contract provides for the payment of any installment which is more than double the amount of the average of
the preceding installment, the buyer, upon default of this installment, shall be given an absolute right to obtain a new payment
schedule. Unless agreed to by the buyer, the periodic payments under the new schedule shall not be substantially greater than
the average of the preceding installments.


6 Del. C. 1953, § 4326; 52 Del. Laws, c. 342.;