{"data":{"id":"us-de/5-del.-c.-2255","jurisdiction":"us-de","citation":"5 Del. C. § 2255","heading":"Workout agreement.","body":"(a) If a title loan borrower fails to repay the loan in accordance with the original provisions of the loan or any rollover of the loan, a licensee shall not take possession of the motor vehicle that is used as security for that loan or file suit on the loan until the licensee offers the borrower a workout agreement. Every workout agreement shall require a net reduction of at least 10% of the outstanding and unpaid indebtedness on the loan every month. A borrower shall have at least 10 business days to accept a workout agreement before the licensee takes possession of the motor vehicle.\n(b) A title loan borrower who enters into a workout agreement with a licensee shall not be considered in default of the loan, and a licensee shall not take possession of a motor vehicle that is used as security for that loan or file suit against the borrower, unless the borrower defaults under the workout agreement.","path":["Title 5. Banking","Other Businesses Under Jurisdiction of State Banking Department","CHAPTER 22. Licensed Lenders","Subchapter V. Title Loans"],"source_url":"https://delcode.delaware.gov/title5/c022/sc05/index.html#2255","current_through":"2026-08-10 (85 Del. Laws, c. 421, 424)","vintage":"","retrieved_at":"2026-09-05T23:02:05Z","sha256":"8e86d1e9013167f2f4ed373a721406fbe73e6c7fe04725478ba468f3df75b0dc","source_id":"us-de","stale":true,"prev":"us-de/5-del.-c.-2254","next":"us-de/5-del.-c.-2256"},"notice":"GroundRules: Original legal text. Not legal advice."}