Title 5, Banking

§ 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…

§ 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 …

§ 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…

§ 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;

§ 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;

§ 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…

§ 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…

§ 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…

§ 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 …

§ 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…

§ 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: …

§ 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 …

§ 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…

§ 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, …

§ 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…

§ 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…

§ 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…

§ 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…

§ 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 …

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 2423. Penalty. Violation of § 2404 of this title is a class A misdemeanor.77 Del. Laws, c. 96, § 1;

§§ 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…

§ 2701. Definitions. As used in this chapter, unless otherwise specifically defined, or unless another intention clearly appears, or the context requires a different meaning: (1) “Commissioner” means the State Bank Commissioner. (2) “Licensed casher of checks” means any individua…

§ 2702. Application of chapter. The provisions of this chapter shall not apply: (1) When checks, drafts or money orders are cashed without a consideration or charge; (2) When checks, drafts or money orders are cashed by any person as an incident to the conduct of any other lawful…

§ 2711. Requirement of license. No person shall engage in the business of cashing checks, drafts or money orders for a consideration without first obtaining a license from the State Bank Commissioner.Code 1935, § 2408B; 46 Del. Laws, c. 287, § 1; 5 Del. C. 1953, § 2711;

§ 2712. Form and contents of application for license. Application for a license required by § 2711 of this title shall be in writing, and in the form prescribed by the State Bank Commissioner, and shall state the name and the address (both of the residence and place of business) …

§ 2713. Fees to be paid at time of application for license. The applicant, at the time of making the application under § 2712 of this title, shall pay to the State Bank Commissioner the nonrefundable sum of $150 as a fee for investigating the application and the additional sum of…

§ 2714. 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…

§ 2715. Minimum requirement of liquid assets. Each applicant for a license shall prove, in form satisfactory to the State Bank Commissioner, that the applicant has available for the operation of the business, for each location and for each mobile unit specified in the application…

§ 2716. Issuance of license; conditions precedent. If the State Bank Commissioner finds that the financial responsibility, experience, character and general fitness of the applicant, and of the members thereof if the applicant is a copartnership or association, and of the officer…

§ 2717. Refusal of license; disposition of fees. If the State Bank Commissioner finds that the applicant fails to meet any of the conditions set forth in § 2716 of this title, the Commissioner shall not issue the license, and the Commissioner shall notify the applicant of the den…

§ 2718. Form of license [Repealed].Code 1935, § 2408D; 46 Del. Laws, c. 287, § 1; 5 Del. C. 1953, § 2718; 72 Del. Laws, c. 15, § 38; repealed by 80 Del. Laws, c. 225, § 8, effective May 9, 2016.;

§ 2719. Display of license [Repealed].Code 1935, § 2408D; 46 Del. Laws, c. 287, § 1; 5 Del. C. 1953, § 2719; repealed by 80 Del. Laws, c. 225, § 10, effective May 9, 2016.;

§ 2720. Term and renewal of licenses. A license issued pursuant to this chapter shall be for a term expiring on the 31st day of December following the date of its issuance, and may be renewed for the ensuing calendar year upon the filing of an application in conformity with §§ 27…

§ 2721. Transferability of license. The license shall not be transferable or assignable.Code 1935, § 2408D; 46 Del. Laws, c. 287, § 1; 5 Del. C. 1953, § 2721;

§ 2722. Limitation of license. Not more than 1 place of business or 1 mobile unit shall be maintained under the same license. More than 1 license may be issued to the same licensee upon compliance with this chapter for each new license.Code 1935, § 2408E; 46 Del. Laws, c. 287, § …

§ 2723. License for limited station. Any licensed casher of checks may open and maintain, within this State, 1 or more limited stations for the purpose of cashing checks, drafts or money orders for the particular group or groups specified in the license authorizing each limited s…

§ 2724. Change of place of business or area; change of name. (a) A licensee may make a written application to the State Bank Commissioner for leave to change the licensee’s place of business, or in the case of a mobile unit, the area in which the unit is authorized to be operated…

§ 2725. 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…

§ 2726. 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,…