DE HB371

Amends Delaware Code Title 25, section 2119 to add a new subsection (e) defining "consumer purpose mortgage" and "consumer purpose instrument given for the purpose of creating a lien"

Defines consumer purpose mortgages and liens as those encumbering one-to-four family residential properties only

Excludes multi-unit residential properties such as apartment buildings, and office, commercial, or industrial properties from the definition of consumer purpose mortgages

Allows parties in commercial loan situations to contractually require lenders receive insurance policies as evidence of collateral insurance, restoring freedom of contract for non-residential transactions

Takes effect upon enactment