As used in this subchapter:
(1) ”Bank,” “borrower” and “individual borrower” have the meanings given in subchapter II of this chapter.
(2) ”Business day” means, with respect to recission under § 976 of this title, all calendar days except Sundays and legal public holidays.
(3) ”Closed end credit” means the extension of credit by a bank to a borrower pursuant to an arrangement or agreement which is not a revolving credit plan as defined in subchapter II of this chapter.
(4) ”Conspicuously displayed” means highlighted through the use of capitalization, bold print, underlining or some combination thereof.
(5) ”Loan” means any single extension of closed end credit.
(6) ”Right of recission” means, with respect to any short-term consumer loan, the right to return any amount borrowed, in full, on or before the close of business of the business day following the day on which such sum has been disbursed or advanced, without the incursion of any fee or other charges.
(7) ”Rollover” means, with respect to any short-term consumer loan, the extension of an outstanding and unpaid indebtedness beyond the stated repayment period solely on the basis of the payment of a fee without approval of a new loan application.
(8) ”Short-term consumer loan” means a loan of $500 or less made to an individual borrower that charges interest and/or fees for which the stated repayment period is less than 60 days and is not secured by title to a motor vehicle.
(9) ”Workout agreement” means an agreement between an individual borrower and a bank, trust company or savings bank for the repayment of an outstanding and unpaid indebtedness which requires a net reduction of not less than 10% of such indebtedness per payment period.
Terms Used In Delaware Code Title 5 Sec. 961
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC