Delaware Code Title 5. Banking § 2242. Salary orders or assignments as security for loans of judgment, acceleration; penalties for violations
Current as of January 01, 2022 | Updated by FindLaw Staff
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(a) No order, warrant or claim of any kind, from any employee upon his or her employer, for any salary or part thereof due or to become due to such employee from such employer, shall be taken, accepted or agreed to be taken or accepted, as security for money loaned or to be loaned.
(b) No loan shall be declared due and payable unless the borrower shall be in default of an expressed term or condition of the instrument.
(c) Whoever violates this section shall be fined not less than $100 nor more than $500, or imprisoned not more than 6 months, or both.
Cite this article: FindLaw.com - Delaware Code Title 5. Banking § 2242. Salary orders or assignments as security for loans of judgment, acceleration; penalties for violations - last updated January 01, 2022 | https://codes.findlaw.com/de/title-5-banking/de-code-sect-5-2242/
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