Title 5 — Banking
30 chapters · 197 sections in this title.
5 Del. C. § 2401. Title.
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§ 2401. Title. This chapter may be cited as the “Delaware Secure and Fair Enforcement for Mortgage Licensing Act of 2009” or “Delaware S.A.F.E. Mortgage Licensing Act of 2009.”77 Del. Laws, c. 96, § 1;
5 Del. C. § 2402. Purpose.
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§ 2402. Purpose. (a) The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon Delaware’s consumers, Delaware’s economy, the neighborhoods and communities of Delaware, a…
5 Del. C. § 2403. Definitions.
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§ 2403. Definitions. In this chapter, unless the context otherwise requires: (1) “Commissioner” means the State Bank Commissioner. (2) “Depository institution” has the same meaning as in § 3 of the United States Federal Deposit Insurance Act [12 U.S.C. § 1813], and includes any c…
5 Del. C. § 2404. License and registration required.
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§ 2404. License and registration required. (a) An individual, unless specifically exempted from this chapter under subsection (c) of this section, shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this State without first obtai…
5 Del. C. § 2405. License application.
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§ 2405. License application. (a) Applicants for a license shall apply in a form as prescribed by the Commissioner. Each such form shall request such information as the Commissioner may designate and may be changed or updated as necessary by the Commissioner in order to carry out …
5 Del. C. § 2406. Issuance of license; expiration and surrender.
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§ 2406. Issuance of license; expiration and surrender. (a) The Commissioner shall not issue a mortgage loan originator license unless the Commissioner makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any gove…
5 Del. C. § 2407. Prelicensing education.
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§ 2407. Prelicensing education. (a) In order to meet the prelicensing education requirement referred to in § 2406(a)(4) of this title, a person shall complete at least 20 hours of education approved in accordance with subsection (b) of this section, which shall include at least: …
5 Del. C. § 2408. Testing.
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§ 2408. Testing. (a) In order to meet the written test requirement referred to in § 2406(a)(5) of this title, an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Mortgage Licensing System …
5 Del. C. § 2409. Standards for license renewal.
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§ 2409. Standards for license renewal. (a) Every licensee who desires to continue to engage in the business of a mortgage loan originator with respect to any dwelling located in this State shall, at least 30 days prior to the expiration of a license, apply to the Commissioner for…
5 Del. C. § 2410. Continuing education.
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§ 2410. Continuing education. (a) In order to meet the annual continuing education requirements referred to in § 2409(b)(2) of this title, a licensed mortgage loan originator shall complete at least 8 hours of education approved in accordance with subsection (b) of this section, …
5 Del. C. § 2411. Authority to require license.
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§ 2411. Authority to require license. (a) In addition to any other duties imposed upon the Commissioner by law, the Commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. (b) In order to ca…
5 Del. C. § 2412. Nationwide mortgage licensing system and registry information challenge process.
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§ 2412. Nationwide mortgage licensing system and registry information challenge process. The Commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Commissioner.7…
5 Del. C. § 2413. License revocation or suspension.
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§ 2413. License revocation or suspension. (a) The Commissioner may revoke, suspend, condition, or refuse to renew any license, or publicly reprimand a licensee under this chapter upon finding that the licensee: (1) Has violated or failed to comply with any provision of this chapt…
5 Del. C. § 2414. Enforcement authorities, violations and penalties.
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§ 2414. Enforcement authorities, violations and penalties. (a) Upon finding that a person subject to this chapter has violated or failed to comply with any provision of this chapter; any rule, regulation, order or supervisory letter promulgated by the Commissioner under the autho…
5 Del. C. § 2415. Surety bond required.
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§ 2415. Surety bond required. (a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive agent of a licensee under Chapter 21 or 22 of this title, the surety bond …
5 Del. C. § 2416. Confidentiality.
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§ 2416. Confidentiality. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in United States Public Law 110-289, § 1512 [12 U.S.C. § 5111], the requirements under any federal or stat…
5 Del. C. § 2417. Investigation and examination authority.
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§ 2417. Investigation and examination authority. (a) In addition to any other authority allowed under this title, the Commissioner shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspe…
5 Del. C. § 2418. Prohibited acts and practices.
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§ 2418. Prohibited acts and practices. It is a violation of this chapter for a person subject to this chapter to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) Engage in any unfair or dec…
5 Del. C. § 2419. Report to nationwide mortgage licensing system and registry.
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§ 2419. Report to nationwide mortgage licensing system and registry. Notwithstanding any state privacy law, the Commissioner is required to report regularly violations of this chapter, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licen…
5 Del. C. § 2420. Unique identifier shown.
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§ 2420. Unique identifier shown. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents a…
5 Del. C. § 2421. Recordkeeping.
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§ 2421. Recordkeeping. Every licensee shall maintain such books, accounts and records as will enable the Commissioner to enforce full compliance with this chapter, which books, accounts and records shall be in such form, shall contain such information and shall be kept in such ma…
5 Del. C. § 2422. Broad administrative authority.
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§ 2422. Broad administrative authority. The Commissioner shall have the broad administrative authority to administer, interpret and enforce this chapter, and to promulgate rules or regulations implementing this chapter, in order to carry out the intentions of the General Assembly…
5 Del. C. § 2423. Penalty.
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§ 2423. Penalty. Violation of § 2404 of this title is a class A misdemeanor.77 Del. Laws, c. 96, § 1;