(a) Interest rate limitation. — (1) Limitation to 6%. — An obligation or liability bearing interest at a rate in excess of 6% per year that is incurred by a federal worker, or the federal worker and the federal worker’s spouse jointly, before the shutdown shall not bear interest at a rate in excess of 6%:

a. During the covered period and 90 days thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or

b. During the covered period, in the case of any other obligation or liability.

(2) Forgiveness of interest in excess of 6%. — Interest at a rate in excess of 6% per year that would otherwise be incurred but for the prohibition in paragraph (a)(1) of this section is forgiven.

(3) Prevention of acceleration of principal. — The amount of any periodic payment due from a federal worker under the terms of the instrument that created an obligation or liability covered by this section shall be reduced by the amount of the interest forgiven under paragraph (a)(2) of this section that is allocable to the period for which such payment is made.

(b) Implementation of limitation-written notice to creditor. — In order for an obligation or liability of a federal worker to be subject to the interest rate limitation in subsection (a) of this section, the federal worker shall provide to the creditor written notice that the federal worker is furloughed or not getting paid as a result of a shutdown not later than 90 days after the date of that the shutdown began.

(c) Creditor protection. — A court may grant a creditor relief from the limitations of this section if, in the opinion of the court, the ability of the federal worker to pay interest upon the obligation or liability at a rate in excess of 6% per year is not materially affected by reason of the shutdown.

(d) Definitions. — For purposes of this section, the term “interest” includes service charges, renewal charges, fees, or any other charges, except bona fide insurance, with respect to an obligation or liability, and the term “obligation or liability” includes an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage.

(e) The provisions of this section shall expire on July 1, 2019, unless extended by the General Assembly.

82 Del. Laws, c. 2, § 1; 82 Del. Laws, c. 78, § 9.