(a) In addition to such other limitations and requirements as are imposed pursuant to other provisions of this subchapter, short-term consumer loans shall be subject to the following: (1) No bank, trust company or savings bank shall make more than 4 rollovers of an existing short-term consumer loan. A bank, trust company or savings bank may, following not more than the maximum allowable number of rollovers, enter into a workout agreement with the borrower or take such other actions as are lawful to collect any outstanding and unpaid indebtedness. (2) No bank, trust company or savings bank shall make a short-term consumer loan unless such loan is subject to a right of recission on the part of the individual borrower. (3) No bank, trust company or savings bank shall pursue or threaten to pursue criminal action against an individual borrower in connection with the nonpayment of any amount due, including the unpaid return of any check or automated clearinghouse transaction. (b) In addition to such other disclosure requirements as are imposed pursuant to other provisions of this subchapter, short-term consumer loans shall be subject to the following: No bank, trust company or savings bank shall make a short-term consumer loan unless the application for such loan, which application shall be written in both English and Spanish, contains a written disclosure, conspicuously displayed, that: (1) The loan is designed as a short-term cash flow solution and not designed as a solution for longer term financial problems; (2) Additional fees may accrue if the loan is rolled over; and (3) Credit counseling services are available to consumers experiencing financial problems. (c) Nothing in this section prohibits a lender from refinancing the principal amount of a short-term consumer loan, subject to the limitations and requirements imposed herein. (d) The Commissioner is authorized to promulgate rules and regulations to exempt certain loans or classes of loans from the requirements of this section. Part II Banks and Trust Companies Consumer Credit Banks [Repealed]. General Provisions §§ 1001-1005 Definitions; applicability of other laws; taxation; reserved power of State to amend or repeal chapter; corporate name [Repealed]. Repealed by 71 Del. Laws, c. 19, § 53, eff. Apr. 23, 1997. Formation §§ 1010-1024 Incorporation by banks and bank holding companies; articles of association; contents and execution; notice of intention to incorporate; publication; application for certificate of public convenience and advantage; determination of public convenience; organization meeting; notice; proceedings; articles of organization — Contents; approval; filing; certificate of incorporation; commencement of corporate existence; certificate authorizing transaction of business; revocation of charter for failure to commence business within 6 months; fees; prohibition against new consumer credit banks on or after September 29, 1995 [Repealed]. Repealed by 71 Del. Laws, c. 19, § 53, eff. Apr. 23, 1997. Conduct of Internal Corporate Affairs §§ 1030-1040 Bylaws; directors; stockholders' meetings; voting rights of stockholders; minimum capital stock and surplus; par value of capital stock; payment for and issuance thereof; increase and reduction in such stock; stockholders' liability; dividends; amendment of charter or certificate of incorporation; merger and consolidation — Authorized; procedure; acquisition of assets and assumption of liabilities; Commissioner's approval; title to property [Repealed]. Repealed by 71 Del. Laws, c. 19, § 53, eff. Apr. 23, 1997. Powers, Conditions and Prohibitions §§ 1051-1055 Powers and limitations; office in State; business practices; required number of employees within State; revocation of authority to transact business [Repealed]. Repealed by 71 Del. Laws, c. 19, § 53, eff. Apr. 23, 1997.
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