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Delaware Statutes, Title 5

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Delaware/Statutes

← All Delaware coverage

Title 5, Banking

31 chapters · 735 sections in this title.

All chapters in Title 5735 Ch 7, CORPORATION LAW FOR STATE BANKS AND …100 Ch 9, REGULATIONS GOVERNING BUSINESS OF BA…73 Ch 22, LICENSED LENDERS61 Ch 1, STATE BANK COMMISSIONER42 Ch 8, ACQUISITION OF INTERESTS IN BANKING …39 Ch 23, Money Transmission and Virtual Curre…39 Ch 35, Delaware Payment Stablecoins Act [Fo…38 Ch 15, CREDIT CARD INSTITUTIONS33 Ch 16, CORPORATION LAW FOR STATE SAVINGS BANKS33 Ch 14, FOREIGN BANKS30 Ch 33, BUSINESS AND INDUSTRIAL DEVELOPMENT …24 Ch 24, Mortgage Loan Originators23 Ch 27, CASHING OF CHECKS, DRAFTS OR MONEY O…23 Ch 19, Powers and Conduct of Business21

39 sections·Filtered byTitle 5✕Ch 23✕

5 Del. C. § 2301. Title [For application of this section, see 85 Del. Laws, c. 338, § 3].
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§ 2301. Title [For application of this section, see 85 Del. Laws, c. 338, § 3]. This chapter may be cited as the “Delaware Money Transmission and Virtual Currency Modernization Act.” 5 Del. C. 1953, § 2301; 58 Del. Laws, c. 421; 85 Del. Laws, c. 338, § 2;
5 Del. C. § 2302. Purpose [For application of this section, see 85 Del. Laws, c. 338, § 3].
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§ 2302. Purpose [For application of this section, see 85 Del. Laws, c. 338, § 3]. It is the intent and purpose of the General Assembly that the provisions of this chapter accomplish the following: (1) Ensure states can coordinate in all areas of regulation, licensing, and supervi…
5 Del. C. § 2303. Definitions [For application of this section, see 85 Del. Laws, c. 338, § 3].
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§ 2303. Definitions [For application of this section, see 85 Del. Laws, c. 338, § 3]. As used in this chapter: (1) “Acting in concert” means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agree…
5 Del. C. § 2304. License required [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2304. License required [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this chapter.…

5 Del. C. § 2305. Exemptions [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2305. Exemptions [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) This chapter does not apply to any of the following: (1) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons …

5 Del. C. § 2306. Application and license fees [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2306. Application and license fees [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) An application for a license must be in writing on a form the Commissioner prescribes. The application must include all of the following: (1) The legal name and every addres…

5 Del. C. § 2307. Issuance of license [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2307. Issuance of license [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) Upon receipt of an application for an original license that contains all required items, the Commissioner shall promptly notify the applicant in writing of the date on which the appl…

5 Del. C. § 2308. Net worth [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2308. Net worth [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee shall maintain at all times a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100 million, 2% of additional assets for $100 million to $1 billion,…

5 Del. C. § 2309. Surety bonds [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2309. Surety bonds [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee shall file with the Commissioner an original corporate surety bond in a form satisfactory to the Commissioner. The bond must be issued by a corporation authorized to transact bus…

5 Del. C. § 2310. Renewal of license [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2310. Renewal of license [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A license under this chapter must be renewed annually. The annual renewal fee is $230 plus $4.60 for each location in this State of the offices of the applicant’s authorized delegates…

5 Del. C. § 2311. Maintenance of license [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2311. Maintenance of license [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) If a licensee no longer meets the requirements for a license under this chapter, the Commissioner may suspend or revoke the license. (b) An applicant shall, at all times, meet the…

5 Del. C. § 2312. Multistate automated licensing system [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2312. Multistate automated licensing system [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) The Commissioner may participate in an automated system involving 1 or more other states to facilitate the application and licensing processes of this chapter. (b) …

5 Del. C. § 2313. Relationship to federal law [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2313. Relationship to federal law [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) If a provision of this chapter is inconsistent with a federal law governing money transmission, the federal law preempts this chapter to the extent of the inconsistency. (b) …

5 Del. C. § 2314. Acquisition of control [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2314. Acquisition of control [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A person, or group of persons acting in concert, shall obtain the written approval of the Commissioner prior to acquiring control of a licensee. This requirement does not apply to…

5 Del. C. § 2315. Notice and information requirements for a change of key individuals [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2315. Notice and information requirements for a change of key individuals [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee adding or replacing any key individual shall do all of the following: (1) Provide notice in a manner prescribed by the Comm…

5 Del. C. § 2316. Maintenance of books and records by licensee [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2316. Maintenance of books and records by licensee [For application of this section, see 85 Del. Laws, c. 338, § 3]. Every licensee, and as applicable, the authorized delegate, shall maintain books, accounts and records relating to all transactions under this chapter necessary …

5 Del. C. § 2317. Retention of books and records by licensee [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2317. Retention of books and records by licensee [For application of this section, see 85 Del. Laws, c. 338, § 3]. The Commissioner shall prescribe the minimum information to be maintained in the books, accounts, and records of a licensee and its authorized delegates to ensure …

5 Del. C. § 2318. Contents of books and records [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2318. Contents of books and records [For application of this section, see 85 Del. Laws, c. 338, § 3]. A licensee and an authorized delegate shall keep books, accounts, and records available as provided in this chapter for the period the Commissioner requires by regulation.85 De…

5 Del. C. § 2319. Reporting requirements [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2319. Reporting requirements [For application of this section, see 85 Del. Laws, c. 338, § 3]. The Commissioner shall prescribe reporting requirements, including all of the following: (1) Reports of condition and income. (2) Authorized delegate reports. (3) Submission of audite…

5 Del. C. § 2320. Bank Secrecy Act reports [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2320. Bank Secrecy Act reports [For application of this section, see 85 Del. Laws, c. 338, § 3]. A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements under the Bank Se…

5 Del. C. § 2321. Maintenance of permissible investments [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2321. Maintenance of permissible investments [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee shall maintain at all times permissible investments with a market value of at least the aggregate amount of all its outstanding money transmission oblig…

5 Del. C. § 2322. Supervision and examination of business by Commissioner [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2322. Supervision and examination of business by Commissioner [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) Every person or combination of persons licensed to transact business as provided in this chapter is subject to the supervision and examination of …

5 Del. C. § 2323. Suspension and revocation [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2323. Suspension and revocation [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) The Commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if any of the following apply: (1) The licensee fails t…

5 Del. C. § 2324. Suspension and revocation of authorized delegates [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2324. Suspension and revocation of authorized delegates [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) The Commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the Commissioner finds any of the following app…

5 Del. C. § 2325. Relationship between licensee and authorized delegate [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2325. Relationship between licensee and authorized delegate [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) Before a licensee is authorized to conduct business through an authorized delegate or allows a person to act as the licensee’s authorized delegate, …

5 Del. C. § 2326. Unauthorized activities [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2326. Unauthorized activities [For application of this section, see 85 Del. Laws, c. 338, § 3]. A person may not engage in the business of money transmission on behalf of a person not licensed under this chapter or not exempt pursuant to subchapter II of this chapter. A person …

5 Del. C. § 2327. Timely transmission [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2327. Timely transmission [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonabl…

5 Del. C. § 2328. Refunds [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2328. Refunds [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) This section does not apply to any of the following: (1) Money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, Subpart B, as amended. (2) Money received fo…

5 Del. C. § 2329. Receipts [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2329. Receipts [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) This section does not apply to any of the following: (1) Money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, Subpart B, as amended. (2) Money received f…

5 Del. C. § 2330. Disclosures for payroll processing services [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2330. Disclosures for payroll processing services [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee that provides payroll processing shall do all of the following: (1) Issue reports to clients detailing client payroll obligations in advance of the…

5 Del. C. § 2331. Application and construction [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2331. Application and construction [For application of this section, see 85 Del. Laws, c. 338, § 3]. In applying and construing this chapter, a person must consider the need to promote uniformity of the law with respect to its subject matter among states that enact it, in whole…

5 Del. C. § 2332. Transition period [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2332. Transition period [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) Except as provided in subsection (b) of this section, a licensee in this State engaging in the business of money transmission is exempt from the provisions of this chapter, to the exte…

5 Del. C. § 2333. Definitions [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2333. Definitions [For application of this section, see 85 Del. Laws, c. 338, § 3]. As used in this subchapter: (1) “Control” means the power to execute unilaterally, or prevent indefinitely, a virtual currency transaction. (2) “Control of virtual currency,” when used in refere…

5 Del. C. § 2334. Scope [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2334. Scope [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) This subchapter does not apply to the exchange, transfer, or storage of virtual currency or to virtual-currency administration to the extent any of the following laws govern the activity: (1) The …

5 Del. C. § 2335. Conditions precedent to engaging in virtual currency business activity [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2335. Conditions precedent to engaging in virtual currency business activity [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A person may not engage in virtual-currency business activity, or hold itself out as being able to engage in virtual-currency busin…

5 Del. C. § 2336. Required disclosures [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2336. Required disclosures [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee engaged in virtual-currency business activity shall provide all disclosures required by subsection (b) of this section and any additional disclosures the Commissioner dee…

5 Del. C. § 2337. Property interests and entitlements to virtual currency [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2337. Property interests and entitlements to virtual currency [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee that has control of virtual currency for 1 or more persons shall maintain control of virtual currency in each type of virtual currency …

5 Del. C. § 2338. Additional requirements and clarifications for virtual currency business activities [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2338. Additional requirements and clarifications for virtual currency business activities [For application of this section, see 85 Del. Laws, c. 338, § 3]. (a) A licensee engaged in virtual currency business activities must comply with all provisions of this subchapter to the e…

5 Del. C. § 2339. Rules and regulations [For application of this section, see 85 Del. Laws, c. 338, § 3].

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§ 2339. Rules and regulations [For application of this section, see 85 Del. Laws, c. 338, § 3]. The Commissioner may adopt rules and regulations necessary for the administration of this subchapter. 5 Del. C. 1953, § 2318; 58 Del. Laws, c. 421; 85 Del. Laws, c. 338, § 2;