CHAPTER 209

FORMERLY

SENATE RILL NO. 290

AN ACT TO AMEND CHAPTER 43, TITLE 6, DELAWARE CODE, RELATING TO RETAIL INSTALLMENT SALES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend 54301, Chapter 43, Title 6, Delaware Code, by striking subsection (3) in its entirety, and substituting in lieu thereof the following:

'"Retail seller' or 'seller' means a person engaged In the business of selling goods or furnishing services to retail buyers and, as used in Subchapter IX hereof dealing with retail installment accounts, includes a bank or others operating a credit card system pursuant to which a cardholder purchases goods or services from participating merchants and others."

Section 2. Amend $4301, Chapter 43, Title 6, Delaware Code, by striking subsection (7) in its entirety, and substituting in lieu thereof the following:

'"Retail installment account' or 'installment account' or 'revolving account' means an account established by an agreement entered into in this State, pursuant to which the buyer promises to pay, in installments, to a retail seller, his outstanding balance incurred in retail installment sales, whether or not a security interest in the goods sold is retained by the seller, and which provides for a service charge which is expressed as a percent of the periodic balances to accrue thereafter providing such charge is not capitalized or stated as a dollar amount in such agreement and Includes those accounts established with banks or others operating a credit card system pursuant to which a cardholder purchases goods or services from participating merchants and others."

Section 3. The provisions of this Act shall take effect Immediately upon enactment into law.

Approved July 19, 1983.