§ 2261. Notice to borrower.
111 words·~1 min read·
/de/title-5/chapter-22-licensed-lenders/subchapter-v-title-loans/2261·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to any other requirement of law, a licensee shall provide to the borrower, within 30 days of the date of the sale of any motor vehicle that is used as security for a title loan, a written explanation of the disposition of the proceeds of that sale. The explanation shall include all of the information required for an explanation under § 9-616 of Title 6, and shall be provided whether or not the sale resulted in a surplus or deficiency with respect to the amount owed by the borrower. The explanation shall include a notice that the sale has satisfied all outstanding and unpaid indebtedness under the title loan.