AN ACT TO AMEND TITLE 5, DELAWARE CODE, RELATING TO DIRECT - REDUCTION AND OTHER LOANS BY BUILDING AND LOAN ASSOCIATIONS BY PROVIDING THAT IN CASE OF CONSTRUCTION LOANS THE FIRST PAYMENT SHALL NOT BE LATER THAN EIGHTEEN MONTHS AFTER THE DATE OF THE FIRST ADVANCE.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. § 1905, Title 5, Delaware Code, is amended by striking out the last sentence of Subparagraph (a) thereof and substituting therefor a new sentence to read as follows :
In the case of construction loans, the first payment shall not be later than eighteen months after the date of the first advance.
Approved December 7, 1965.