Terms Used In Delaware Code > Title 5 > Chapter 29 - Financing the Sale of Motor Vehicles

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Brownfield: means real property, the expansion, redevelopment, or reuse of which may be hindered by the reasonably held belief that the real property may be environmentally contaminated. See Delaware Code Title 7 Sec. 9103
• Brownfields developer: shall mean a person who, with respect to a facility:

  a. See Delaware Code Title 7 Sec. 9123

• Brownfields Development Agreement: means an agreement between the Secretary and a brownfield developer with respect to a certified brownfield that sets forth a scope and schedule of activities to assess and respond to the actual, threatened, or perceived release of hazardous substances at the facility. See Delaware Code Title 7 Sec. 9123
• buyer: means a person who buys a motor vehicle from a retail seller and who executed a retail installment contract in connection therewith. See Delaware Code Title 5 Sec. 2901
• Cash sale price: means the price stated in a retail installment contract for which the seller would have sold to the buyer, and the buyer would have bought from the seller, the motor vehicle which is the subject matter of the retail installment contract, if such sale has been a sale for cash instead of a retail installment transaction. See Delaware Code Title 5 Sec. 2901
• certificate of incorporation: as used in this chapter , unless the context requires otherwise, includes not only the original certificate of incorporation filed to create a corporation but also all other certificates, agreements of merger or consolidation, plans of reorganization, or other instruments, howsoever designated, which are filed pursuant to § 102, §§ 133-136, § 151, §§ 241-243, § 245, §§ 251-258, §§ 263-264, § 267, § 303, §§ 311-313, or any other section of this title, and which have the effect of amending or supplementing in some respect a corporation's certificate of incorporation. See Delaware Code Title 8 Sec. 104
• Commissioner: means State Bank Commissioner. See Delaware Code Title 5 Sec. 2901
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• contract: means an agreement, entered into in this State, pursuant to which the title to, the property in or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a retail seller from a retail buyer as security, in whole or in part, for the buyer's obligation. See Delaware Code Title 5 Sec. 2901
• Contractual relationship: means , but is not limited to, land contracts, deeds, easements, leases or other instruments transferring title or possession. See Delaware Code Title 7 Sec. 9103
• Department: means the Department of Natural Resources and Environmental Control. See Delaware Code Title 7 Sec. 9103
• Dependent: A person dependent for support upon another.
• Environment: means the navigable waters, the waters of the contiguous zone, ocean waters, and any other surface water, ground water, drinking water supply, land surface or subsurface strata or ambient air within the State. See Delaware Code Title 7 Sec. 9103
• Existing environmental condition: means all known or discovered releases of hazardous substances which are found to be, or to have been, existing at or in the vicinity of the facility prior to a person entering into a Brownfields Development Agreement with the Secretary. See Delaware Code Title 7 Sec. 9123
• Facility: means any building, structure, installation, equipment, pipe or pipeline (including any pipe into a sewer or publicly owned treatment works), well, pit, pond, lagoon, impoundment, ditch, landfill, storage container, motor vehicle, rolling stock, vessel, aircraft, or any site or area where a hazardous substance has been generated, manufactured, refined, transported, stored, treated, handled, recycled, released, disposed of, placed or otherwise come to be located. See Delaware Code Title 7 Sec. 9103
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Finance charge: means the amount agreed upon between the buyer and the seller, as limited by this chapter, to be added to the aggregate of the cash sale price, the amount, if any, included for insurance and other benefits and official fees, in determining the time price. See Delaware Code Title 5 Sec. 2901
• Fraud: Intentional deception resulting in injury to another.
• Imminent threat of release: means potential for a release which requires action to prevent or mitigate damage to the environment or endangerment to public health or welfare which may result from such a release. See Delaware Code Title 7 Sec. 9103
• Licensee: means a holder of a license issued by the State Bank Commissioner pursuant to this chapter. See Delaware Code Title 5 Sec. 2901
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. ^{Source: Federal Reserve}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motor vehicle: means any device propelled or drawn by any power other than muscular power, in, upon, or by which any person or property is, or may be transported or drawn upon a highway. See Delaware Code Title 5 Sec. 2901
• Person: means an individual, firm, corporation, association, partnership, consortium, joint venture, commercial entity, state government agency, unit of local government, school district, conservation district, federal government agency, Indian tribe or interstate body. See Delaware Code Title 7 Sec. 9103
• Person: means an individual, partnership, corporation, association, and any other group however organized. See Delaware Code Title 5 Sec. 2901
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Release: means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing into the environment (including the abandonment or discarding of barrels, containers and other closed receptacles containing any hazardous substance or pollutant or contaminant), but excludes:

  a. See Delaware Code Title 7 Sec. 9103

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remedy: means any action, response or expenditure consistent with the purposes of this chapter to identify, minimize or eliminate any imminent threat posed by any hazardous substances to public health or welfare or the environment including preparation of any plans, conducting of any studies and any investigative, oversight of remedy or monitoring activities with respect to any release or imminent threat of release of a hazardous substance and any health assessments, risk assessments or health effect studies or natural resource damage assessments conducted in order to determine the risk or potential risk to public health or welfare or the environment. See Delaware Code Title 7 Sec. 9103
• Retail installment transaction: means any transaction evidenced by a retail installment contract entered into between a retail buyer and a retail seller wherein the retail buyer buys a motor vehicle from the retail seller at a time price payable in one or more deferred installments. See Delaware Code Title 5 Sec. 2901
• Sales finance company: means a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. See Delaware Code Title 5 Sec. 2901
• Secretary: means Secretary of the Department or the Secretary's designee. See Delaware Code Title 7 Sec. 9103
• seller: means a person who sells a motor vehicle to a retail buyer under or subject to a retail installment contract. See Delaware Code Title 5 Sec. 2901
• Subpoena: A command to a witness to appear and give testimony.
• Subpoena duces tecum: A command to a witness to produce documents.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}