Title 5 — Banking
30 chapters · 197 sections in this title.
5 Del. C. § 2315. Suspension, revocation or surrender of license.
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§ 2315. Suspension, revocation or surrender of license. (a) The Commissioner may revoke any license issued hereunder upon finding that: (1) The licensee has violated any provision of this chapter or any rule or regulation made by the Commissioner under and within the authority of…
5 Del. C. § 2316. Appeal from Commissioner [Repealed].
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§ 2316. Appeal from Commissioner [Repealed]. Repealed by 73 Del. Laws, c. 24, § 12, eff. April 17, 2001. For present law see § 2315 of this title.
5 Del. C. § 2317. Penalties.
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§ 2317. Penalties. Any person who violates any provision of this chapter shall be fined not less than $100 nor more than $500 or imprisoned for not more than 90 days, or both for each such offense.5 Del. C. 1953, § 2317; 58 Del. Laws, c. 421.;
5 Del. C. § 2318. Rules and regulations.
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§ 2318. Rules and regulations. The Commissioner may adopt rules and regulations necessary for the administration of this chapter.5 Del. C. 1953, § 2318; 58 Del. Laws, c. 421.;
5 Del. C. § 2319. Multi-state automated licensing system.
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§ 2319. 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. § 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;
5 Del. C. § 2501-2510. License requirement; application of chapter; investigation of applicant by Commissioner; deposit required by applicant for license; revocation or suspension of license; registration of agents; fees and charges; annual report of licensee; annual examination of licensees by Bank Commissioner; violations and penalties [Repealed].
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§§ 2501-2510. License requirement; application of chapter; investigation of applicant by Commissioner; deposit required by applicant for license; revocation or suspension of license; registration of agents; fees and charges; annual report of licensee; annual examination of licens…
5 Del. C. § 2901. Definition of terms.
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§ 2901. Definition of terms. As used in this chapter, unless the context or subject matter otherwise requires: (1) “Motor vehicle” means any device propelled or drawn by any power other than muscular power, in, upon, or by which any person or property is, or may be transported or…
5 Del. C. § 2902. Licensing of sales finance companies required.
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§ 2902. Licensing of sales finance companies required. (a) No person shall engage in the business of a sales finance company in this State without a license therefor as provided in this chapter; provided, however, that the licensing requirements of this chapter shall not apply to…
5 Del. C. § 2903. Renewal of license.
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§ 2903. 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 ap…
5 Del. C. § 2904. Suspension, revocation or surrender of license.
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§ 2904. Suspension, revocation or surrender of license. (a) The Commissioner may revoke any license issued hereunder upon finding that: (1) The licensee has violated any provision of this chapter or any rule or regulation made by the Commissioner under and within the authority of…
5 Del. C. § 2905. Filing of complaints.
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§ 2905. Filing of complaints. Any retail buyer having reason to believe that this chapter relating to the retail buyer’s retail installment contract has been violated, may file with the Commissioner a written complaint setting forth the details of such alleged violation and the C…
5 Del. C. § 2906. Powers of Commissioner.
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§ 2906. Powers of Commissioner. (a) For the purpose of administering this chapter, determining whether any business contemplated by this chapter is being operated in accordance with the provisions thereof or making investigation of any complaint or alleged violation, the Commissi…
5 Del. C. § 2907. Requirements and prohibitions as to retail installment contracts.
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§ 2907. Requirements and prohibitions as to retail installment contracts. (a) A retail installment contract shall be in writing, shall be signed by both the buyer and the seller and shall be completed as to all essential provisions prior to the signing of the contract by the buye…
5 Del. C. § 2908. Finance charge.
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§ 2908. Finance charge. (a) A retail seller or the holder of a retail installment contract may charge and collect a finance charge in respect of a retail installment transaction and may calculate such finance charge in the manner and at the rate or rates specified in the contract…
5 Del. C. § 2908A. Prepayment [Transferred].
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§ 2908A. Prepayment [Transferred]. Transferred.
5 Del. C. § 2909. Prepayment.
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§ 2909. Prepayment. (a) A buyer may prepay the debt due under a retail installment contract in full at any time. (b) If the finance charge imposed pursuant to § 2908 of this title in respect of a retail installment transaction has been precomputed and taken in advance, then, in t…
5 Del. C. § 2910. Deferred installments.
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§ 2910. Deferred installments. A holder may at any time or from time to time permit a buyer to defer installment payments due under the terms of a retail installment contract and may, in connection with such deferral, charge and collect deferral charges and may also require payme…
5 Del. C. § 2911. Penalties.
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§ 2911. Penalties. (a) Any person who shall wilfully and intentionally violate this chapter or engage in the business of a sales finance company in this State without a license therefor as provided in this chapter shall be fined not more than $500. (b) A wilful violation of §§ 29…
5 Del. C. § 2912. Waiver unenforceable and void.
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§ 2912. Waiver unenforceable and void. Any waiver of this chapter shall be unenforceable and void.5 Del. C. 1953, § 2911; 52 Del. Laws, c. 335, § 1; 70 Del. Laws, c. 6, § 14;
5 Del. C. § 2913. Disclosure requirements.
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§ 2913. Disclosure requirements. Notwithstanding any other provision of this chapter to the contrary, disclosures made in the terminology of the Truth in Lending Act [15 U.S.C. § 1601 et seq.], as amended, and regulations prescribed thereunder, shall be deemed to comply with comp…
5 Del. C. § 2914. Surety bonds and irrevocable letters of credit.
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§ 2914. 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. § 2915. Multi-state automated licensing system.
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§ 2915. 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. § 3001-3009. Doing business without license prohibited; application for license; fees; issuance of license; license requirements; changes in officers or directors of licensee; suspension or revocation of license; surrender of license; procedure; Commissioner authorized to examine records; licensee’s records required to be kept; reports; exclusion of certain institutions from operation of chapter [Repealed].
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§§ 3001-3009. Doing business without license prohibited; application for license; fees; issuance of license; license requirements; changes in officers or directors of licensee; suspension or revocation of license; surrender of license; procedure; Commissioner authorized to examin…
5 Del. C. § 3101-3131. Definitions; license to make secondary mortgage loan; qualifications of licensee; application for license; issuance or refusal of license; procedure on refusal of license; license; contents; fee for application, investigation and license; licensee bond; abatement of license fee; suspension; revocation; refusal of license; procedure; grounds; surrender of license; term of license; reinstatement; investigation by Commissioner; issuance of subpoena by Commissioner; enforcement of Commissioner’s subpoena in Superior Court; maintenance of books and records by licensee; period of retention of records by licensee; prescription of information to be shown in licensee books; prohibition of secondary mortgage not made or offered in accordance with this chapter; interest; maximum service charges; instrument evidencing loan; contents; statement of account; supplied to borrower; prepayment; requirement that prior mortgage holders refuse to make loan; false or misleading advertising prohibited; penalties for violation of chapter; enforceability of loan not made in compliance with this chapter; rules and regulations; power of Commissioner to make; exclusion of certain institutions from operation of chapter [Repealed].
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§§ 3101-3131. Definitions; license to make secondary mortgage loan; qualifications of licensee; application for license; issuance or refusal of license; procedure on refusal of license; license; contents; fee for application, investigation and license; licensee bond; abatement of…
5 Del. C. § 3201. Citation.
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§ 3201. Citation. This chapter may be cited as the “Transportation of Money and Valuables Act.”5 Del. C. 1953, § 3201; 58 Del. Laws, c. 423.;
5 Del. C. § 3202. Definitions.
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§ 3202. Definitions. For purposes of this chapter: (1) “Person” means any individual, partnership, association, joint stock association or corporation, or other entity, but does not include the United States government or the government of this State. (2) “Licensee” means a perso…
5 Del. C. § 3203. License required.
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§ 3203. License required. No person requiring a license by this chapter shall engage in this State in the business of a transporter until such person’s application for a license to so engage in business is finally approved by the State Bank Commissioner.5 Del. C. 1953, § 3203; 58…