Title 5 — Banking
30 chapters · 197 sections in this title.
5 Del. C. § 2101. Definitions.
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§ 2101. Definitions. In this chapter, unless the context otherwise requires: (1) “Borrower” means a person obtaining or desiring to obtain a mortgage loan. (2) “Commissioner” means the State Bank Commissioner. (3) “Licensee,” “licensed mortgage loan broker,” or “person licensed” …
5 Del. C. § 2102. License required.
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§ 2102. License required. (a) Subject to the provisions of subsection (b) of this section, every person desiring to transact the business of a mortgage loan broker shall be required to obtain a license under this chapter; provided however, that a person who acts as a mortgage loa…
5 Del. C. § 2103. Application and fees.
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§ 2103. Application and fees. (a) Every application for a license shall be in writing, in the form prescribed by the Commissioner and shall contain the name and complete address or addresses where the business of the applicant is to be conducted and, if the applicant is a partner…
5 Del. C. § 2104. Issuance of license.
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§ 2104. Issuance of license. Upon the filing of an application for a license, if the Commissioner shall find that the financial responsibility, experience, character and general fitness of the applicant and of the members thereof (if the applicant is a partnership or association)…
5 Del. C. § 2105. Changes in officers or directors of licensee.
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§ 2105. Changes in officers or directors of licensee. In the event that there shall be any change among the officers, partners or directors of any licensee, the licensee shall forthwith notify the Commissioner of the name, address and occupation of each new officer, partner or di…
5 Del. C. § 2106. License requirements.
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§ 2106. License requirements. A licensee shall obtain a license for each office or other place of business from which its mortgage loan brokerage business is conducted upon payment of the required fees for each office and compliance with all applicable provisions of law. In the e…
5 Del. C. § 2107. Renewal of license.
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§ 2107. Renewal of license. Every holder of a license or a renewal thereof, as provided for in this section, desiring to continue the transaction of business as provided for in this chapter, shall, at least 30 days prior to the expiration of such license or renewal thereof, make …
5 Del. C. § 2108. Surety bonds and irrevocable letters of credit.
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§ 2108. Surety bonds and irrevocable letters of credit. (a) Surety bonds. — (1) Every licensee shall file with the Commissioner, in a form satisfactory to the Commissioner, an original corporate surety bond, with surety provided by a corporation authorized to transact business in…
5 Del. C. § 2109. Suspension, revocation or surrender of license.
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§ 2109. Suspension, revocation or surrender of license. (a) The Commissioner may revoke any license issued hereunder if the Commissioner shall find that: (1) The licensee has violated any provision of this chapter or any rule, regulation or order made by the Commissioner under an…
5 Del. C. § 2110. Supervision and examination of business by Commissioner.
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§ 2110. Supervision and examination of business by Commissioner. (a) Each licensee shall be subject to the supervision of the Commissioner, and the Commissioner shall visit and examine each licensee as frequently as the Commissioner deems it necessary or expedient. On the occasio…
5 Del. C. § 2111. Maintenance of books and records by licensee.
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§ 2111. Maintenance of books and records by licensee. (a) Every licensee shall maintain such books, accounts and records relating to its business as will enable the Commissioner to enforce full compliance with this chapter, which books, accounts and records shall be in such form,…
5 Del. C. § 2112. Regulations.
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§ 2112. Regulations. The Commissioner may adopt such regulations, not inconsistent herewith, as the Commissioner may deem necessary or appropriate in the administration, interpretation and enforcement of this chapter.68 Del. Laws, c. 326, § 1;
5 Del. C. § 2113. Mortgage or loan broker disclosures.
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§ 2113. Mortgage or loan broker disclosures. A licensee may not receive a fee for acting as a mortgage loan broker except pursuant to a written agreement between the mortgage loan broker and the borrower. Such written agreement shall be entered into prior to the time that the mor…
5 Del. C. § 2114. Responsibilities of mortgage loan brokers.
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§ 2114. Responsibilities of mortgage loan brokers. A mortgage loan broker shall diligently and in good faith attempt to obtain a mortgage loan for the account of a borrower in accordance with the terms of the agreement for mortgage loan brokerage services. No mortgage loan broker…
5 Del. C. § 2115. Mortgage loan broker fees.
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§ 2115. Mortgage loan broker fees. A licensee may not accept any fee in connection with a mortgage loan, other than an application fee or any credit report fee, property appraisal fee, title examination fee or other bona fide 3rd-party fee actually and reasonably paid or incurred…
5 Del. C. § 2116. Penalty.
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§ 2116. Penalty. Any person who violates any provision of this chapter shall be fined not less than $50 nor more than $200 or imprisoned for not more than 3 months or both for each such offense.73 Del. Laws, c. 247, § 7;
5 Del. C. § 2117. Multi-state automated licensing system.
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§ 2117. Multi-state automated licensing system. (a) The Commissioner is authorized to participate in any automated system involving 1 or more other states that will facilitate any aspect of the application and licensing processes of this chapter. (b) Upon joining any such system,…
5 Del. C. § 2118. Reverse mortgages.
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§ 2118. Reverse mortgages. (a) For purposes of this section, unless the context requires otherwise: (1) “Independent housing counselor” means a housing counseling agency approved by the United States Department of Housing and Urban Development, or any government agency or nonprof…
5 Del. C. § 2119. Mortgage loan modification services; compensation.
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§ 2119. Mortgage loan modification services; compensation. (a) As used in this section, unless the context requires otherwise, “mortgage loan modification services” means services as an intermediary between an individual and 1 or more mortgage loan creditors for the purpose of ob…