Title 5 — Banking
30 chapters · 197 sections in this title.
5 Del. C. § 1917. Investment by minors.
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§ 1917. Investment by minors. (a) Any building and loan association in this State may receive funds for investment in the shares of the association from or in the name of a minor. When an investment shall be made in the shares of a building and loan association by a minor or in t…
5 Del. C. § 1918. Investments standing in the name of decedents.
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§ 1918. Investments standing in the name of decedents. Building and loan associations may pay out the investment of decedents, together with any dividends or interest thereon, without requiring letters of administration to be issued upon the estates of such decedents, when and as…
5 Del. C. § 1919. Investments standing in the names of 2 or more persons.
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§ 1919. Investments standing in the names of 2 or more persons. When an investment in the shares of any building and loan association is made in the name of 2 or more persons, deliverable or payable to either, or to the survivor or survivors, the investment, or any part thereof, …
5 Del. C. § 1920. Investments in trust.
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§ 1920. Investments in trust. When an investment is made by any person in the shares of a building and loan association in this State, said investment in trust for another, and no other or further notice of the existence and terms of a legal and valid trust has been given in writ…
5 Del. C. § 1921. Powers similar to federally chartered institutions.
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§ 1921. Powers similar to federally chartered institutions. To the extent authorized by the Commissioner pursuant to regulations, a building and loan association shall have the power to engage in any activity which such federally chartered institutions may be authorized to engage…
5 Del. C. § 2001. Merger, consolidation and conversion authorized.
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§ 2001. Merger, consolidation and conversion authorized. Any 2 or more building and loan associations incorporated under the general corporation laws of this State may, in the manner hereinafter provided, be merged into one such association, hereinafter designated as the survivin…
5 Del. C. § 2002. Approval of joint plan of merger or consolidation, or plan of conversion.
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§ 2002. Approval of joint plan of merger or consolidation, or plan of conversion. The board of directors of each of the associations or federal savings and loan associations which desire to merge, consolidate or convert shall, by resolution adopted by at least a majority of all t…
5 Del. C. § 2003. Articles of merger, consolidation or conversion.
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§ 2003. Articles of merger, consolidation or conversion. Upon the approval, pursuant to this chapter, of the plan of merger, consolidation or conversion by the shareholders of the associations or federal savings and loan associations desiring to merge, consolidate or convert, or …
5 Del. C. § 2004. Advertisement.
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§ 2004. Advertisement. The association or federal savings and loan association shall advertise its intention to file articles of merger, consolidation or conversion, as the case may be, with the Secretary of State. Advertisements shall appear in a newspaper of the county where th…
5 Del. C. § 2005. Filing of articles of merger, consolidation or conversion; payment of fees; approval by Secretary of State.
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§ 2005. Filing of articles of merger, consolidation or conversion; payment of fees; approval by Secretary of State. The articles of merger, consolidation or conversion, as the case may be, the proof of publication of the advertisement required by this chapter, and a certificate o…
5 Del. C. § 2006. Approval of articles of merger, consolidation or conversion by State Bank Commissioner.
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§ 2006. Approval of articles of merger, consolidation or conversion by State Bank Commissioner. The State Bank Commissioner shall, immediately upon the receipt from the Secretary of State of the articles of merger, consolidation or conversion, conduct such examination as the Comm…
5 Del. C. § 2007. Issuance of certificate of merger, consolidation or conversion.
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§ 2007. Issuance of certificate of merger, consolidation or conversion. Immediately upon receipt of the approved articles of merger, consolidation or conversion from the State Bank Commissioner, and upon receipt by the Secretary of State of the written approval of the Federal Hom…
5 Del. C. § 2008. Effect of merger, consolidation or conversion.
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§ 2008. Effect of merger, consolidation or conversion. (a) Upon the merger or consolidation becoming effective, the several associations, or federal savings and loan associations, parties to the plan of merger or consolidation, shall be a single association or federal savings and…
5 Del. C. § 2009. Rights of dissenting shareholders.
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§ 2009. Rights of dissenting shareholders. If any shareholder of an association or federal savings and loan association which becomes a party to a plan of merger, consolidation or conversion shall file with such association or federal savings and loan association, prior to or at …
5 Del. C. § 2010. Effective date of merger, consolidation or conversion.
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§ 2010. Effective date of merger, consolidation or conversion. Upon the issuance of the certificate of merger, consolidation or conversion by the Secretary of State, the merger, consolidation or conversion shall be effective. The certificate of merger, consolidation or conversion…
5 Del. C. § 2011. Branch offices.
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§ 2011. Branch offices. (a) Any building and loan association incorporated under the laws of this State may open and maintain a branch office or place of business, or branch offices or places of business in this State, upon application submitted to and approved by the State Bank …
5 Del. C. § 2012. Fees for merger, consolidation or conversion.
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§ 2012. Fees for merger, consolidation or conversion. The resulting association shall pay to the office of State Bank Commissioner a fee of $1,150 upon approval of a merger, consolidation or conversion. In addition, the resulting association shall pay an investigation fee of $575…
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…
5 Del. C. § 2301. Citation.
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§ 2301. Citation. This chapter may be cited as “The Sale of Checks Act.”5 Del. C. 1953, § 2301; 58 Del. Laws, c. 421.;
5 Del. C. § 2302. Definitions.
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§ 2302. Definitions. For the purposes of this chapter: (1) “Person” means any individual, partnership, association, joint stock association or corporation, but does not include the United States government or the government of this State. (2) “Licensee” means a person duly licens…
5 Del. C. § 2303. License required.
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§ 2303. License required. No person, except those specified in § 2304 or agents of a licensee as provided in § 2311 shall engage in the business of selling checks, or issuing checks or engage in the business of receiving money for transmission or transmitting the same without hav…
5 Del. C. § 2304. Exemption from licensing.
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§ 2304. Exemption from licensing. (a) No license shall be required hereunder of banks, trust companies, credit unions, building and loan associations and savings and loan associations, organized under the laws of any state in the United States of America or the United States of A…
5 Del. C. § 2305. Qualifications.
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§ 2305. Qualifications. To qualify for a license hereunder an applicant shall meet the following requirements: (1) The applicant shall have a net worth of at least $100,000 computed according to generally accepted accounting principles; (2) The financial responsibility, financial…
5 Del. C. § 2306. Applications.
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§ 2306. Applications. (a) Each application for a license shall be made in writing and under oath to the Commissioner in such form and containing such information as the Commissioner may prescribe including the name and business and residence address of any of the following: (1) O…
5 Del. C. § 2307. Accompanying fees and statements.
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§ 2307. Accompanying fees and statements. Each application for a license shall be accompanied by: (1) An investigation fee of $172.50 which shall not be subject to refund. (2) The annual license fee as specified in § 2310. (3) Financial statements reasonably satisfactory to the C…
5 Del. C. § 2308. Action by Commissioner; conditional approval; license requirements; acquisition.
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§ 2308. Action by Commissioner; conditional approval; license requirements; acquisition. (a) Upon the filing of the application and the payment of the investigation fee and the annual license fee, the Commissioner shall, to the extent the Commissioner deems advisable, investigate…
5 Del. C. § 2309. Surety bonds and irrevocable letters of credit.
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§ 2309. 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. § 2310. Annual license fee.
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§ 2310. Annual license fee. After applicant receives notice of conditional approval by the Commissioner of the application for an original license and annually thereafter at least 30 days prior to the expiration of such license, applicant shall file with the Commissioner a renewa…
5 Del. C. § 2311. Agents.
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§ 2311. Agents. A licensee may conduct the licensee’s business at 1 or more locations within the State and through or by means of such agents as the licensee may from time to time designate or appoint. No license under this chapter shall be required of any agent of a licensee. In…
5 Del. C. § 2312. Liability of licensees.
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§ 2312. Liability of licensees. (a) Each licensee shall be liable for the payment of all checks which the licensee sells in this State, in whatever form and whether directly or through an agent, as the maker or drawer thereof according to the negotiable instruments law of this St…
5 Del. C. § 2313. Disclosure of responsibility and evidence of receipt.
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§ 2313. Disclosure of responsibility and evidence of receipt. (a) Every check sold by a licensee, directly or through an agent, shall bear the name of the licensee clearly imprinted thereon. (b) Every licensee shall furnish a customer with a receipt or other acknowledgment upon r…
5 Del. C. § 2314. Examination.
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§ 2314. Examination. The Commissioner may examine the business, books and records of the licensee at any time, the reasonable cost of such examination to be paid by licensee.5 Del. C. 1953, § 2314; 58 Del. Laws, c. 421; 70 Del. Laws, c. 186, § 1; 71 Del. Laws, c. 19, § 76; 73 Del…