5 Del. C. § 1414 — Delaware Code / Title 5 / Chapter 14 / Subchapter I / Section 1414
§ Â
        1414. Registered office; registered agent; filing of changes.
Status: in_force

(a) A foreign bank holding a certificate of authority pursuant to this subchapter shall have and continuously maintain in this State:

(1) A registered office which may be, but need not be, the same as its place of business in this State; and

(2) A registered agent, which agent may be either an individual, resident in this State, whose business office is identical with such registered office, or a corporation authorized to transact business in this State having a business office identical with such registered office.

(b) A registered agent may at any time vacate its office as registered agent by filing in the office of the Commissioner a statement setting forth its resignation and the effective date thereof, which shall not be less than 60 days after the date of filing. A copy of the statement shall be served on the foreign bank by the registered agent so resigning by registered or certified mail addressed to such foreign bank at its principal office as such is known to such resigning agent and directed to the attention of the secretary or other comparable officer of such corporation at least 30 days prior to the date of filing of said certificate.

(c) A foreign bank may from time to time change the address of its registered office; and shall change its registered agent if the office of the registered agent becomes vacant for any reason or if its registered agent becomes disqualified or incapacitated to act, or if it revokes the appointment of its registered agent. Any such change of registered office or registered agent may be effected by filing in the office of the Commissioner duplicate originals of a statement setting forth the details with respect to such change and the effective date thereof.
5 Del. C. § 746 — Delaware Code / Title 5 / Chapter 7 / Subchapter III / Section 746
§ Â
        746. Par value of stock; payment for and issuance; increase and reduction.
Status: in_force

The capital stock shall be divided into shares of a stated par value. No business shall be transacted by the corporation until the whole amount of its capital stock is subscribed for and actually paid in in cash. No stock shall be issued by any corporation until the par value thereof shall be fully paid in in cash. Any corporation may, subject to the approval of the State Bank Commissioner, increase or reduce its capital stock in the manner hereinafter provided. In the case of a reduction, the capital stock shall not be reduced to less than the amount required by § 745 of this title.
5 Del. C. § 973 — Delaware Code / Title 5 / Chapter 9 / Subchapter III / Section 973
§ Â
        973. Application of other state laws.
Status: reserved

Any other law of this State limiting the rate or amount of interest, discount, points, finance charges, service charges or other charges which may be charged, taken, collected, received or reserved shall not apply to extensions of credit made in accordance with this subchapter.
5 Del. C. § 2409 — Delaware Code / Title 5 / Chapter 24 / Section 2409
§ Â
        2409. Standards for license renewal.
Status: in_force

(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 a license renewal 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 the purposes of this chapter.

(b) The minimum standards for license renewal for mortgage loan originators shall include the following:

(1) The mortgage loan originator continues to meet the minimum standards for license issuance under § 2406(a)(1)-(6) of this title;

(2) The mortgage loan originator has satisfied the annual continuing education requirements described in § 2410 of this title; and

(3) The mortgage loan originator has paid all required fees for renewal of the license.

(c) The Commissioner may mandate that an application for a license renewal shall be treated as a new application if the renewal application is not on file with the office of the Commissioner at least 30 days prior to the expiration of the license.
5 Del. C. § 724 — Delaware Code / Title 5 / Chapter 7 / Subchapter II / Section 724
§ Â
        724. Notice of intention to incorporate; publication.
Status: in_force

Notice of the intention of the incorporators to form a bank or trust company shall be given to the State Bank Commissioner, and a notice in such form as the Commissioner shall approve shall be published at least once a week, for 2 successive weeks, in 1 or more newspapers designated by the Commissioner, at least 1 of which newspapers shall be published in the county where it is proposed to establish the bank or trust company. The published notice shall specify the names of all the associates, the name of the proposed corporation, the city or town where it is to be located, and the amount of its capital stock.
5 Del. C. § 1902 — Delaware Code / Title 5 / Chapter 19 / Section 1902
§ Â
        1902. Special powers of domestic association.
Status: in_force

Building and loan associations organized under Title 8 may, in addition to the other powers granted in such title and this chapter, make loans to and among their stockholders and also to and among nonstockholders.

Building and loan associations may also make loans secured by shares of their own capital stock.

Building and loan associations may charge and collect periodic interest in respect to such loans at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing, or the bond, note or other evidence of the loan provides, or as established in the manner provided in such agreement, bond, note or other evidence of the loan, and may calculate such periodic interest by way of simple interest or such the method as the agreement governing, or the bond, note or other evidence of the loan provides. If the interest is precomputed, it may be calculated on the assumption that all scheduled payments will be made when due. For purposes thereof, a year may but need not be a calendar year and may be such period of from 360 days to 366 days, including or disregarding leap year, as the association may determine.

Building and loan associations may engage in revolving credit and closed end credit. Such activities shall be subject to the provisions of subchapters II and III of Chapter 9 of this title.

Building and loan associations may act as trustee of trusts created or organized in the United States under the Self-Employed Individuals Tax Retirement Act of 1962, and amendments thereto, and which qualify for specific tax treatment under § 401(d) or § 408(a) of the United States Internal Revenue Code of 1986 [26 U.S.C. § 401(d) or § 408(a)], if the funds of such trust are invested in savings accounts or deposits in such association or in obligations or securities issued by such association. Individual accounts and records shall be kept by the association for each participant and shall show in proper detail all transactions therein.
5 Del. C. § 931 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 931
§ Â
        931. Employee retirement pensions for savings banks and savings societies.
Status: in_force

(a) Savings banks and savings societies, subject to the laws of this State, may, in the discretion of a majority of all the managers or governing board, retire any officer, clerk or other employee, who has served the savings bank or savings society for a period of 30 years or more, or who has served the savings bank or savings society for a period of 10 years or more and shall have become incapacitated, or who has served the savings bank or savings society for a period of 20 years or more and has attained the age of 60 years. Any person retired from service pursuant to this section may be paid an annual pension, in equal monthly installments. The maximum pension paid shall in no case exceed 60% of the average annual salary for the 3 years preceding retirement. The discretion of the managers or governing board as to the time of payments, the amount of payments, and the duration of payments, within the maximum amounts allowed under this section, shall at all times be absolute and final.

(b) For the purpose of establishing and maintaining a pension plan or a plan for carrying life insurance or providing other after death benefits for any of its officers, clerks or employees, or their estates or beneficiaries, or a plan combining these types of benefits, any such savings bank or savings society may, in the discretion of a majority of its board of managers or governing board, segregate or allocate funds from its income or other assets and pay the same into a trust fund. Any such institution establishing such trust fund may itself act as trustee or may have an independent trustee. Even though the ultimate benefits of the plan are paid out of such trust fund, or even though premiums for the coverage are paid out of such trust fund, rather than directly out of the savings institution’s operating funds, unless the terms of the said trust are approved by the State Bank Commissioner as provided in this section, the limitations of years and percentage specified in the preceding paragraph shall remain applicable, and the only benefits payable shall be such as are authorized by the said paragraph. If the State Bank Commissioner shall determine that the said plan is not injurious to the institution or the security of its deposits, then such benefits as may be provided by said plan may be paid to officers, clerks or employees, or their estates or beneficiaries, in accordance with the terms of the plan, even though these terms may not be within the limitations of the preceding paragraph. If the plan has once been approved but is thereafter amended, the amendment shall be approved before any benefits are paid out under the amended plan.
5 Del. C. § 2303 — Delaware Code / Title 5 / Chapter 23 / Section 2303
§ Â
        2303. License required.
Status: in_force

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 having first obtained a license hereunder.
5 Del. C. § 1425 — Delaware Code / Title 5 / Chapter 14 / Subchapter II / Section 1425
§ Â
        1425. Revocation of license.
Status: in_force

If the Commissioner finds:

(1) The licensee or its representative has violated any provision of this subchapter or any law, rule or regulation of this State; or

(2) Any fact or condition exists which, if it had existed at the time of the original application for such license, would have resulted in the Commissioner refusing to issue such license; then, after notice to the foreign bank and a reasonable opportunity to be heard, the Commissioner may revoke such license.
5 Del. C. § 168 — Delaware Code / Title 5 / Chapter 1 / Subchapter III / Section 168
§ Â
        168. Exceptions; authority for emergency acquisitions.
Status: in_force

(a) This subchapter shall not apply to the formation of new banks and trust companies, the merger of existing banks or trust companies or to the formation of bank holding companies or savings and loan holding companies or the acquisition by bank holding companies or savings and loan holding companies of Delaware banks and trust companies which otherwise require application to and approval by the Commissioner.

(b) Notwithstanding any other provision of this title, the Commissioner may approve the change of control of any Delaware chartered bank or trust company upon determining that the Delaware chartered bank or trust company is in default or in danger of default; provided, however, that the Delaware chartered bank or trust company has not been caused to be in default or in danger of default for the specific purpose of engaging in a change of control transaction pursuant to this subsection. For purposes of this subsection, the term “in danger of default” with respect to a Delaware chartered bank or trust company means that in the opinion of the Commissioner, the Delaware chartered bank or trust company is not likely to be able to meet the demands of its depositors or pay its obligations in the normal course of business and there is no reasonable prospect that it will be able to meet such demands or pay such obligations without assistance, or the Delaware chartered bank or trust company has incurred or is likely to incur losses that will deplete all or substantially all of its capital and there is no reasonable prospect that its capital will be replenished without assistance.
5 Del. C. § 2724 — Delaware Code / Title 5 / Chapter 27 / Subchapter II / Section 2724
§ Â
        2724. Change of place of business or area; change of name.
Status: in_force

(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, stating the reasons for the proposed change. If the Commissioner approves the application the Commissioner shall issue a new license in accordance with § 2716 of this title, for the new location of the licensee or, in the case of a mobile unit, the new area in which the mobile unit may be operated.

(b) In case there is a change in name but no change in corporate structure of a licensee, the Commissioner shall issue without charge an amended license for the new name.
5 Del. C. § 1436 — Delaware Code / Title 5 / Chapter 14 / Subchapter III / Section 1436
§ Â
        1436. Applicability of other laws.
Status: in_force

Every foreign bank operating a resulting branch office in this State pursuant to this subchapter shall be deemed and held to be subject to this title and any other law or laws of this State making provision for the regulation of banks and trust companies where the same are not inconsistent with the express provisions of this subchapter including, without limitation, § 131 and § 132 of this title, subchapter VII of Chapter 7 of this title for the regulation of out-of-state banks operating resulting branch offices in this State, and subchapter I of this chapter for the regulation of foreign banks operating foreign bank branches, foreign bank limited purpose branches and foreign bank agencies in this State.
5 Del. C. § 2258 — Delaware Code / Title 5 / Chapter 22 / Subchapter V / Section 2258
§ Â
        2258. Interest after default or repossession.
Status: in_force

If a title loan borrower defaults on the loan, interest shall accrue on that loan at the rate specified in the original loan agreement for the original title loan period, any rollover period, and the period of any workout agreement. If the borrower remains in default at the expiration of the last of those periods, interest shall accrue from that point forward at no more than the legal rate specified in § 2301 of Title 6 as of that time. In all such cases, interest shall cease to accrue at the time a licensee takes possession of the motor vehicle that is used as security for that loan. Interest following a judgment that is rendered by a court of competent jurisdiction in favor of the licensee in any suit for breach of the loan agreement shall accrue at a rate determined by the court.
5 Del. C. § 1520 — Delaware Code / Title 5 / Chapter 15 / Subchapter II / Section 1520
§ Â
        1520. Commencement of corporate existence.
Status: in_force

Upon the issuance of the certificate of incorporation by the Secretary of State and the recording of the certificate and articles of organization as provided in § 1519 of this title, the incorporator(s) named in the certificate, any successors, and assigns shall from the date of the certificate be and constitute a body corporate, for the purposes and by the name set forth in the certificate, subject to dissolution or the revocation or forfeiture of the franchise under this chapter or under this Code or any other statute of this State relating to the dissolution of or to the revocation or forfeiture of the charter or franchise of banks or trust companies; but the corporation shall not have the right to do any business until it has secured from the State Bank Commissioner of this State the certificate provided for in § 1521 of this title.
5 Del. C. § 1102 — Delaware Code / Title 5 / Chapter 11 / Section 1102
§ Â
        1102. Statement of net income to be filed.
Status: in_force

(a) For purposes of assessment, the president, treasurer or other proper officer of every banking organization, trust company or federal savings bank not headquartered in this State but maintaining branches in this State (or out-of-state bank that operates a resulting branch in this State), shall, in each year, file with the December 31 call report, a true statement, verified by oath, setting forth the net income of such banking organization, trust company or federal savings bank not headquartered in this State but maintaining branches in this State as defined in this chapter and such other true statement, in such form as shall be specified by the State Bank Commissioner, verified by oath setting forth the “taxable income” of such banking organization, trust company or federal savings bank not headquartered in this State but maintaining branches in this State as defined in this chapter. In the case of an out-of-state bank that operates more than one resulting branch in this State, the statement setting forth the taxable income of such resulting branches shall set forth the information required by the State Bank Commissioner on a basis that consolidates such information for all resulting branches of such out-of-state bank in this State. Any and all documents relating to the taxation of a banking organization, trust company or federal savings bank not headquartered in this State but maintaining branches in this State shall be true statements, verified by oath, by the president, treasurer or other proper officer of such banking organization, trust company or federal savings bank not headquartered in this State but maintaining branches in this State (or out-of-state bank that operates a resulting branch in this State).

(b) Every banking organization (or out-of-state bank that operates a resulting branch in this State), trust company or federal savings bank not headquartered in this State but maintaining branches in this State failing to comply with subsection (a) of this section shall be subject to a penalty of $25 for each day that it continues in such failure, unless the Commissioner is satisfied that such failure was not wilful. Any penalty that may be imposed by the Commissioner hereunder shall be paid to the State Treasurer for deposit in the General Fund.
5 Del. C. § 1662 — Delaware Code / Title 5 / Chapter 16 / Subchapter IV / Section 1662
§ Â
        1662. Limitations on powers and activities of savings banks.
Status: in_force

(a) (1) A savings bank shall operate so as to satisfy the Qualified Thrift Lender Test, as provided in § 10(m) of the Home Owners’ Loan Act (12 U.S.C. § 1467a(m)), or in accordance with such regulations or orders as may be established or issued by the Commissioner. Such regulations or orders shall be similar in scope and content to the provisions in the Qualified Thrift Lender Test, as provided in § 10(m) of the Home Owners’ Loan Act (12 U.S.C. § 1467a(m)), as in effect on January 1, 1997.

(2) The aggregate amount of secured or unsecured loans for commercial, corporate, business or agricultural purposes made by a savings bank may not exceed 20 percent of the total assets of the savings bank, and amounts in excess of 10 percent of such total assets may be used under this paragraph only for small business loans.

(b) (1) Any savings bank which engages in any activity authorized by § 1661(a)(14) of this title otherwise than through a subsidiary thereof shall engage in each such activity through a department or division which shall maintain financial records separate and distinct from other records of such bank or trust company; provided, that such division may be established and may engage in each such activity only in accordance with the provisions of Title 18.

(2) A savings bank which engages in any activity authorized by § 1661(a)(14) of this title, whether through a department, division or subsidiary, may make loans to and transact other business with such department, division or subsidiary; provided, that such loan or other transaction is made on terms and under circumstances substantially the same as for comparable transactions with or involving other customers or, in the absence of comparable transactions, upon terms and under circumstances that in good faith would be offered to or would apply to other customers.

(3) No department, division or subsidiary of a savings bank which engages in any activity authorized by § 1661(a)(14) of this title shall utilize, in any manner or for any purpose, the information contained in any insurance contract between a nonaffiliated insurer and the insured which such company has obtained from the insured in connection with any request for an extension of credit.

(4) No savings bank which engages in any activity authorized by § 1661(a)(14) of this title shall, in evaluating any request or application for the extension of credit, discriminate against an applicant on the basis that such applicant is a competitor of such savings bank in any such activity.

(5) The offer to sell or the sale of any insurance product authorized to be sold under this section or § 1661(a)(14) shall be made only by those individuals who are validly licensed as insurance agents or brokers in the State or other jurisdiction in which the sale of insurance is offered or consummated. The offer to sell insurance products shall include, but not be limited to, solicitation by mail, telephone, electronic or print media and by personal contact. Violation of this subsection shall subject the violator and the employer of the violator to the penalties prescribed in Title 18 for solicitation or sale of insurance and the receipt or payment of commissions to unauthorized persons, if the violation occurred in this State. The State Bank Commissioner and the Insurance Commissioner shall be charged to advise regulators in other states or jurisdictions when it is discovered that such violations have occurred in such other state or jurisdiction.
5 Del. C. § 109 — Delaware Code / Title 5 / Chapter 1 / Subchapter I / Section 109
§ Â
        109. Delaware Community Investment Venture Fund.
Status: in_force

(a) In this section, the following word has the meanings indicated: “Low- to moderate-income tract” means a census tract delineated by the United States Census Bureau in the most recent decennial census as published by the Federal Financial Institutions Examination Council that corresponds to low- to moderate-income level classifications as defined by the regulation of the Federal Reserve Board implementing the Federal Community Reinvestment Act, 12 C.F.R. § 228.12; provided, however, that the Commissioner may designate a successor index for the low- to moderate-income tract if the Federal Financial Institutions Examination Council tract income level data is no longer published.

(b) There is hereby created a special fund to be designated as the “Delaware Community Investment Venture Fund.”

(c) The purpose of the Delaware Community Investment Venture Fund is to develop opportunities for banking organizations, community-development financial institutions, and credit unions doing business in this State to better serve the needs of low- to moderate-income tracts in this State by:

(1) Investing in the development of financial product or financial product underwriting innovations that will enhance access to capital, funding, and other financial services for businesses in low- to moderate-income tracts in Delaware;

(2) Deploying, testing, and evaluating these innovations for providing capital and funding to businesses in low- to moderate-income tracts in Delaware; and

(3) Promoting and making these innovations available to a variety of banking organizations, community-development financial institutions, and credit unions for use in enhancing access to capital, funding, and other financial services for businesses in low- to moderate-income tracts in Delaware.

(d) The Commissioner may transfer the following amounts, in 1 or more transfers, from the State Bank Commissioner Regulatory Revolving Fund to the Delaware Community Investment Venture Fund:

(1) An initial amount up to $2,500,000.

(2) An additional amount up to $250,000 to cover the expenses associated with organizing the activities of the Delaware Community Investment Venture Fund, including accounting, advisory, third-party service provider, marketing, and other necessary expenses.

(3) Through June 30, 2028, an additional amount up to $500,000 each fiscal year.

(4) After June 30, 2028, the Commissioner may not transfer any amount from the State Bank Commissioner Regulatory Revolving Fund to the Delaware Community Investment Venture Fund.

(e) The Council on Banking, with the approval of the Commissioner, may:

(1) Authorize expenditures from the Delaware Community Investment Venture Fund to accomplish the purposes of this section.

(2) Adopt guidelines or regulations to carry out the purposes of this section.

(f) Expenditures from the Delaware Community Investment Venture Fund shall be exempt from Chapter 69 of Title 29.

(g) All amounts transferred to the Delaware Community Investment Venture Fund shall be invested by the State Treasurer consistent with the standards established by the Cash Management Policy Board. The State Treasurer shall credit interest to the fund on a monthly basis consistent with the rate established by the Cash Management Policy Board.
5 Del. C. § 5105 — Delaware Code / Title 5 / Chapter 51 / Section 5105
§ Â
        5105. Requirements for special deposit.
Status: in_force

A deposit is a special deposit if it is:

(1) A deposit of funds in a bank under an account agreement;

(2) For the benefit of at least 2 beneficiaries, 1 or more of which may be a depositor;

(3) Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;

(4) For a permissible purpose stated in the account agreement; and

(5) Subject to a contingency.
5 Del. C. § 2205 — Delaware Code / Title 5 / Chapter 22 / Subchapter I / Section 2205
§ Â
        2205. Changes in officers or directors of licensee.
Status: in_force

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 director and provide such other information as the Commissioner may require.
5 Del. C. § 1432 — Delaware Code / Title 5 / Chapter 14 / Subchapter III / Section 1432
§ Â
        1432. Authority for merger.
Status: in_force

An existing Delaware bank may merge with or into an out-of-state foreign bank, and an out-of-state foreign bank may merge with or into a Delaware bank, in substantially the same manner and under substantially the same terms and conditions as an existing Delaware bank may merge with or into an out-of-state bank, or an out-of-state bank may merge with or into a Delaware bank, pursuant to subchapter VII of Chapter 7 of this title.
5 Del. C. § 2234 — Delaware Code / Title 5 / Chapter 22 / Subchapter III / Section 2234
§ Â
        2234. Prepayment.
Status: in_force

(a) A borrower may prepay a loan in full at any time.

(b) If interest charged pursuant to § 2229 of this title in respect to a loan has been precomputed and taken in advance, then, in the event of prepayment of the entire indebtedness, the licensee shall refund to such borrower the unearned portion of the precomputed interest charge. This refund shall be in an amount not less than the amount which would be refunded if the unearned precomputed interest charge were calculated in accordance with the actuarial method, except that the borrower shall not be entitled to a refund which is less than $5. The unearned portion of the precomputed interest charge is, at the option of the licensee, either:

(1) That portion of the precomputed interest charge which is allocable to all originally scheduled or, if deferred, all deferred payment periods, or portions thereof, ending subsequent to the date of prepayment. The unearned precomputed interest charge is the total of that which would have been earned for each such period, or portion thereof, had the loan not been precomputed, by applying to unpaid balances of principal, according to the actuarial method, an annual percentage rate based on the precomputed interest charges, assuming that all payments were made as scheduled, or as deferred, if deferred. The licensee, at its option, may round this annual percentage rate to the nearest one quarter of 1 percent; or

(2) The total precomputed interest charge less the earned precomputed interest charge. The earned precomputed interest charge shall be determined by applying an annual percentage rate based on the total precomputed interest charge, under the actuarial method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.

(c) As used in subsection (b) of this section:

(1) “Actuarial method” means the method of allocating payments made on a loan between the outstanding balance of the loan and interest pursuant to which a payment is applied first to the accumulated interest and any remainder is subtracted from the outstanding balance of the loan.

(2) “Precomputed interest charge” means interest as computed by the add-on, discount or other similar method.

(3) “Payment period” means the time period within which periodic installment payments of a loan are due as provided in the agreement governing the loan.

(d) If a charge was made for premiums for insuring such borrower under an insurance policy pursuant to § 2233 of this title, then, in the event of prepayment, the licensee shall refund to such borrower the excess of the charge to such borrower therefor over the premiums paid or payable to the licensee, if such premiums were paid or payable to the licensee periodically, or the refund for such insurance premium received or receivable by the licensee, if such premium was paid or payable in a lump sum by the licensee, provided that no such refund shall be required if it amounts to less than $5.

(e) In connection with any prepayment of any loan by an individual borrower, the licensee may not impose any prepayment charge, except that in the case of a residential mortgage loan, the lender may charge and collect any prepayment penalty or charge specified in the agreement governing, or the bond, note or other evidence of, the loan.
5 Del. C. § 911 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 911
§ Â
        911. Ownership of real estate used for transaction of business.
Status: in_force

Section 762 of this title shall be applicable to all banks and trust companies of this State, except with respect to the investment or expenditure of money prior to July 1, 1933.
5 Del. C. § 930A — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 930A
§ Â
        930A. Mandatory disclosure in bank insurance policies.
Status: in_force

(a) Any bank or trust company issuing policies of insurance either directly or through a division or subsidiary, shall disclose or cause to be disclosed to all applicants for such policies and to all policyholders that such policies, if and when issued, are not direct liabilities of such bank or trust company, and that only the assets of the insurance division or subsidiary issuing such policy are applicable to the payment and satisfaction of such policies or claims made thereunder.

(b) The Commissioner shall by regulation provide for the adequate disclosure of the information set forth in subsection (a) of this section.
5 Del. C. § 937 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 937
§ Â
        937. Availability of funds.
Status: in_force

(a) Financial institutions that delay availability shall review their policies and consider reducing the delay periods to the extent possible, consistent with prudent business practices.

(b) Financial institutions shall disclose to depositors in an effective manner as to their delayed availability policies.

(c) Financial institutions shall refrain from imposing unnecessary delays on all checks, particularly on social security and other government checks, deposited into established accounts beyond the time required to receive credit for the checks.
5 Del. C. § 3351 — Delaware Code / Title 5 / Chapter 33 / Subchapter VI / Section 3351
§ Â
        3351. Investigations.
Status: in_force

(a) The Commissioner may make such investigations within or without the State as the Commissioner may consider necessary or appropriate for determining whether to approve an application filed with the Commissioner under this chapter or for determining whether a licensee or other person has violated or is about to violate this chapter, to aid in the enforcement of this chapter or to aid in issuing an order or promulgating a rule or regulation pursuant to this chapter.

(b) Any investigation under this section may be made by any person or persons designated by the Commissioner, and in such case all the powers vested in the Commissioner by this section shall be possessed by such person or persons so designated. When any such investigation is made without the presence of the Commissioner, the Commissioner shall give written authority to the person or persons conducting such investigation, which shall be exhibited to any person contacted in the course of such investigation.

(c) For purposes of an investigation under this section, the Commissioner may administer oaths and affirmations, subpoena witnesses, including but not limited to the officers, directors, trustees, partners, managers and employees of any entity being examined, compel the attendance of witnesses, take evidence and require the production of books, papers, correspondence, memoranda, agreement or other documents or records which the Commissioner considers relevant to such investigation.

(d) If any person fails to comply with a subpoena or subpoena duces tecum issued by the Commissioner under this section or fails to testify with respect to a matter concerning which the person may be lawfully questioned, the Court of Chancery, upon application of the Commissioner, may issue an order requiring the attendance of such person and the giving of testimony or production of evidence.
5 Del. C. § 5102 — Delaware Code / Title 5 / Chapter 51 / Section 5102
§ Â
        5102. Definitions.
Status: in_force

In this chapter:

(1) “Account agreement” means an agreement that:

a. Is in a record between a bank and 1 or more depositors;

b. May have 1 or more beneficiaries as additional parties; and

c. States the intention of the parties to establish a special deposit governed by this chapter.

(2) “Bank” means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. Each branch or separate office of a bank is a separate bank for the purpose of this chapter.

(3) “Beneficiary” means a person that:

a. Is identified as a beneficiary in an account agreement; or

b. If not identified as a beneficiary in an account agreement, may be entitled to payment from a special deposit:

1. Under the account agreement; or

2. On termination of the special deposit.

(4) “Contingency” means an event or circumstance stated in an account agreement that is not certain to occur but must occur before the bank is obligated to pay a beneficiary.

(5) “Creditor process” means attachment, garnishment, levy, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant.

(6) “Depositor” means a person that establishes or funds a special deposit.

(7) “Good faith” means honesty in fact and observance of reasonable commercial standards of fair dealing.

(8) “Knowledge” of a fact means:

a. With respect to a beneficiary, actual knowledge of the fact; or

b. With respect to a bank holding a special deposit:

1. If the bank:

A. Has established a reasonable routine for communicating material information to an individual to whom the bank has assigned responsibility for the special deposit; and

B. Maintains reasonable compliance with the routine, actual knowledge of the fact by that individual; or

2. If the bank has not established and maintained reasonable compliance with a routine described in paragraph (8)b.1. of this section or otherwise exercised due diligence, implied knowledge of the fact that would have come to the attention of an individual to whom the bank has assigned responsibility for the special deposit.

(9) a. “Obligated to pay a beneficiary” means a beneficiary is entitled under the account agreement to receive from the bank a payment when:

1. A contingency has occurred; and

2. The bank has knowledge the contingency has occurred.

b. “Obligation to pay a beneficiary” has a corresponding meaning.

(10) “Permissible purpose” means a governmental, regulatory, commercial, charitable, or testamentary objective of the parties stated in an account agreement. The term includes an objective to:

a. Hold funds:

1. In escrow, including for a purchase and sale, lease, buyback, or other transaction;

2. As a security deposit of a tenant;

3. That may be distributed to a person as remuneration, retirement or other benefit, or compensation under a judgment, consent decree, court order, or other decision of a tribunal; or

4. For distribution to a defined class of persons after identification of the class members and their interest in the funds;

b. Provide assurance with respect to an obligation created by contract, such as earnest money to ensure a transaction closes;

c. Settle an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure;

d. Provide assurance with respect to an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure; or

e. Hold margin, other cash collateral, or funds that support the orderly functioning of financial market infrastructure or the performance of an obligation with respect to the infrastructure.

(11) “Person” means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity. The term includes a protected series, however denominated, of an entity if the protected series is established under law that limits, or limits if conditions specified under law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series.

(12) “Record” means information:

a. Inscribed on a tangible medium; or

b. Stored in an electronic or other medium and retrievable in perceivable form.

(13) “Special deposit” means a deposit that satisfies § 5105 of this title.

(14) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. The term includes an agency or instrumentality of the state.
5 Del. C. § 3341 — Delaware Code / Title 5 / Chapter 33 / Subchapter V / Section 3341
§ Â
        3341. Form and maintenance of Bidco records; annual audited report.
Status: in_force

(a) A licensee shall make and keep books, accounts and other records in such form and manner as the Commissioner may require. Such records shall be kept at such place and shall be preserved for such length of time as the Commissioner may specify.

(b) Not more than 90 days after the close of each fiscal year of a licensee or a longer period if specified by the Commissioner, a licensee shall file with the Commissioner an audited report containing the following:

(1) Financial statements, including balance sheet, statement of income or loss, statement of changes in capital accounts and statement of changes in financial position;

(2) A report, certificate or opinion of the independent certified public accountant or independent public accountant who performs the audit, stating that the financial statements were prepared in accordance with generally accepted accounting principles; and

(3) Such other information as the Commissioner may require.
5 Del. C. § 2310 — Delaware Code / Title 5 / Chapter 23 / Section 2310
§ Â
        2310. Annual license fee.
Status: in_force

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 renewal application together with a statement listing the locations in the State of the offices of the applicant and the names and locations of the applicant’s agents. The licensee shall pay to the Commissioner with such list a license fee of $4.60 for each such location in excess of 1. The fee shall cover the remainder of the calendar year in which license is granted. Thereafter each licensee shall submit a current list together with a renewal application not less than 30 days prior to the expiration of such license and pay a license fee of $230 plus $4.60 for each location on the list submitted. The requirements of this section shall not apply to any agent of a licensee who is exempt from this chapter pursuant to § 2304(a) of this title. The Commissioner may mandate that applications for renewal shall be treated as new applications if said renewal applications are not on file with the office of the State Bank Commissioner at least 30 days prior to the expiration of such license or renewal thereof. Licensees which have not complied with supervisory letters may be refused license renewal.
5 Del. C. § 2319 — Delaware Code / Title 5 / Chapter 23 / Section 2319
§ Â
        2319. Multi-state automated licensing system.
Status: in_force

(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, the Commissioner may by regulation establish any of the following:

(1) Any additional requirements for a license under this chapter that the Commissioner determines are necessary for participation in the system.

(2) Any additional investigation fees, any fees paid directly to the administrator of the system, or any other fee required by the system to process an application or maintain a license, in such amount as the Commissioner determines is necessary to participate in the system.

(c) The administrator of any such system in which the Commissioner participates is authorized to act on behalf of the Commissioner to collect from the applicants and licensees subject to the system any payments due the Commissioner under this chapter, to collect information and maintain records in electronic or other format relating to those applicants and licensees, and to submit fingerprints and any other information required for a criminal history background check to the Federal Bureau of Investigation or other law-enforcement agency.

(d) Information maintained on any such system in which the Commissioner participates regarding the applicants and licensees subject to the system may be shared with any other state participating in that system for the purpose of licensing, regulating, or supervising that same applicant or licensee under a statute similar to this chapter, if that state could have obtained that same information directly from the applicant or licensee under its own law. The Commissioner shall ensure that the system maintains appropriate confidentiality, privacy, data security, and security breach notification policies that are in full compliance with Delaware law.
5 Del. C. § 969 — Delaware Code / Title 5 / Chapter 9 / Subchapter III / Section 969
§ Â
        969. Prepayment.
Status: in_force

(a) An individual borrower may prepay a loan in full at any time.

(b) If interest charged pursuant to § 963 of this title in respect to a loan to an individual borrower has been precomputed and taken in advance, then, in the event of prepayment of the entire indebtedness, the bank shall refund to such borrower the unearned portion of the precomputed interest charge. This refund shall be in an amount not less than the amount which would be refunded if the unearned precomputed interest charge were calculated in accordance with the actuarial method, except that the borrower shall not be entitled to a refund which is less than $5. The unearned portion of the precomputed interest charge is, at the option of the bank, either:

(1) That portion of the precomputed interest charge which is allocable to all originally scheduled or, if deferred, all deferred payment periods, or portions thereof, ending subsequent to the date of prepayment. The unearned precomputed interest charge is the total of that which would have been earned for each such period, or portion thereof, had the loan not been precomputed, by applying to unpaid balances of principal, according to the actuarial method, an annual percentage rate based on the precomputed interest charges, assuming that all payments were made as scheduled, or as deferred, if deferred. The bank, at its option, may round this annual percentage rate to the nearest one-quarter of 1 percent; or

(2) The total precomputed interest charge less the earned precomputed interest charge. The earned precomputed interest charge shall be determined by applying an annual percentage rate based on the total precomputed interest charge, under the actuarial method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.

(c) As used in subsection (b) of this section:

(1) “Actuarial method” means the method of allocating payments made on a loan between the outstanding balance of the loan and interest pursuant to which a payment is applied first to the accumulated interest and any remainder is subtracted from the outstanding balance of the loan.

(2) “Precomputed interest charge” means interest as computed by the add-on, discount or other similar method.

(3) “Payment period” means the time period within which periodic installment payments of a loan are due as provided in the agreement governing, or the bond, note or other evidence of, the loan.

(d) If a charge was made to an individual borrower for premiums for insuring such borrower under an insurance policy pursuant to § 967 of this title, then, in the event of prepayment, the bank shall refund to such borrower the excess of the charge to such borrower therefor over the premiums paid or payable to the bank, if such premiums were paid or payable by the bank periodically, or the refund for such insurance premium received or receivable by the bank, if such premium was paid or payable in a lump sum by the bank, provided that no such refund shall be required if it amounts to less than $5.

(e) In connection with any prepayment of any loan by an individual borrower, the bank may not impose any prepayment charge, except that in the case of a residential mortgage loan, the bank may charge and collect any prepayment penalty or charge specified in the agreement governing, or the bond, note or other evidence of, the loan.

(f) The terms of prepayment of any loan made to a borrower other than an individual borrower shall be as the bank and the borrower may agree.
5 Del. C. § 972 — Delaware Code / Title 5 / Chapter 9 / Subchapter III / Section 972
§ Â
        972. Loans to other than individual borrowers.
Status: in_force

This subchapter shall not be deemed to prohibit a bank, in connection with a loan to other than an individual borrower, from:

(1) Extending or deferring the scheduled payment of all or any portion of any installment or installments payable under such loan;

(2) Permitting prepayment or refinancing of such loan in whole or in part;

(3) Charging and collecting any charges in connection with the matters referred to in subdivisions (1) and (2) of this section; or

(4) Charging and collecting late or delinquency charges, attorneys’ fees or collection charges.
5 Del. C. § 787 — Delaware Code / Title 5 / Chapter 7 / Subchapter VI / Section 787
§ Â
        787. Use of old name.
Status: in_force

A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it deems it more convenient to do so.
5 Del. C. § 956 — Delaware Code / Title 5 / Chapter 9 / Subchapter II / Section 956
§ Â
        956. Governing law.
Status: in_force

A revolving credit plan between a bank and an individual borrower shall be governed by the laws of this State.
5 Del. C. § 862 — Delaware Code / Title 5 / Chapter 8 / Subchapter VI / Section 862
§ Â
        862. Becoming a Delaware savings and loan holding company.
Status: in_force

(a) Any corporation intending to become a Delaware savings and loan holding company shall file an application with the Commissioner for approval to acquire a Delaware savings bank. The application shall contain such information as the Commissioner may by regulation require, shall, if not a Delaware corporation, designate a resident of the State as the applicant’s agent for the service of any paper or notice of legal process on the applicant in connection with matters arising out of this subchapter and shall be accompanied by a filing fee in the amount of $5,750 for the use of the State and a nonrefundable investigation fee in such amount as the Commissioner shall from time to time fix by regulation, payable to and for the use of the office of the Bank Commissioner.

(b) In determining whether or not to approve such acquisition by a Delaware savings and loan holding company, the Commissioner shall consider:

(1) The financial and the managerial resources of the Delaware savings and loan holding company;

(2) The future prospects of the Delaware savings and loan holding company and the Delaware savings bank whose assets or shares it will acquire;

(3) The financial history of the Delaware savings and loan holding company;

(4) Whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition within this State; and

(5) The convenience and needs of the public of this State.
5 Del. C. § 132 — Delaware Code / Title 5 / Chapter 1 / Subchapter II / Section 132
§ Â
        132. Possession and operation of bank or trust company by Commissioner without receivership.
Status: in_force

If by reason of any circumstance or condition whatsoever, the Commissioner shall be satisfied that it is necessary for the protection of the depositors and the conservation of the assets of any state bank or trust company doing business in this State, the Commissioner may forthwith take possession of the place of business of the bank or trust company and take charge of its affairs and the conduct of its business for such time as the Commissioner deems necessary without first instituting or causing to be instituted any proceeding in the Court of Chancery, but every bank or trust company shall have the right to apply to the Court of Chancery for a rule on the Commissioner so taking possession of the bank or trust company to show cause why the Commissioner should continue in possession, and the Court may after a hearing upon such rule, direct the Commissioner to withdraw from the possession of the bank or trust company if the Court deems that the taking of such possession or the Commissioner’s continuance therein is unnecessary or inexpedient. The Commissioner may keep the bank or trust company open and continue it in the transaction of business during the Commissioner’s possession of it, and if the Commissioner deems it necessary, to prescribe restrictions as to the withdrawal of deposits, whether time or demand, and to prescribe the conditions upon which deposits, whether time or demand, may be withdrawn during the Commissioner’s possession of the bank or trust company.
5 Del. C. § 704 — Delaware Code / Title 5 / Chapter 7 / Subchapter I / Section 704
§ Â
        704. Reserved power of State to amend or repeal this chapter.
Status: repealed

This chapter may be amended or repealed, at the pleasure of the General Assembly, but such amendment or repeal shall not take away or repeal any remedy against any corporation established under this chapter, or its officers, for any liability which shall have been previously incurred.
5 Del. C. § 2743 — Delaware Code / Title 5 / Chapter 27 / Subchapter III / Section 2743
§ Â
        2743. Books, accounts and records of licensee.
Status: in_force

Each licensee under this chapter shall keep and use in the business such books, accounts, and records as the State Bank Commissioner requires to carry into effect this chapter and the rules and regulations made by the Commissioner under this chapter. Every licensee shall preserve such books, accounts and records for at least 2 years.
5 Del. C. § 3305 — Delaware Code / Title 5 / Chapter 33 / Subchapter I / Section 3305
§ Â
        3305. Corporate name.
Status: in_force

Each corporation licensed under this chapter shall use the word “Bidco” in its corporate name.
5 Del. C. § 747 — Delaware Code / Title 5 / Chapter 7 / Subchapter III / Section 747
§ Â
        747. Stockholdersâ liability.
Status: in_force

The private property of the stockholders shall not be subject to the payment of the corporate debts except as otherwise provided in the articles of association.
5 Del. C. § 2235C — Delaware Code / Title 5 / Chapter 22 / Subchapter III / Section 2235C
§ Â
        2235C. Report by Commissioner.
Status: in_force

(a) The Commissioner shall collect and submit the following information to the Banking Committee of the Senate and the Economic Development/Banking/Insurance/Commerce Committee of the House of Representatives on or before March 15 of each year:

(1) The total number and dollar amount of short-term consumer loan transactions;

(2) The total number of individual borrowers who entered into short-term consumer loan transactions along with their gross monthly income;

(3) The minimum, maximum, and average amount of short-term consumer loan transactions;

(4) The minimum, maximum, and average annual percentage rate of short-term consumer loans;

(5) The average number of days a short-term consumer loan is outstanding;

(6) The number of borrowers entering into each permissible number of short-term consumer loans, 1 transaction to 5 transactions;

(7) The default rate on short-term consumer loans;

(8) Any other information that the commissioner believes is relevant or useful; and

(9) Any other information requested by the banking committees at least 60 days before the Commissioner’s report is due.

(b) The Commissioner shall require the database operator and licensees to submit any and all information necessary for the Commissioner to prepare the report referenced in subsection (a) of this section.
5 Del. C. § 1705 — Delaware Code / Title 5 / Chapter 17 / Subchapter I / Section 1705
§ Â
        1705. Annual report to Commissioner.
Status: in_force

(a) Every building and loan association existing under this Code or any other law of this State or any other state, and doing business within the boundaries of this State, shall annually, at the end of its fiscal year, furnish to the State Bank Commissioner, a detailed statement of its condition at the close of its last fiscal year, giving a full detailed statement showing the gross amount of dues, interest, premiums, fines, repayments and other funds received and collected by the association for the last fiscal year, and the amount of its earnings, and its aggregate assets and liabilities at the close of the fiscal year and any other information that the Commissioner may request. The statement shall be verified by the oath or affirmation of the president and secretary, duly administered by some person authorized by the laws of the State to administer oaths. The Commissioner may, 1 time within every fiscal year of any building and loan association existing under the laws of this State or any other state, and doing business within the boundaries of this State, require any such association to issue, as a part of the annual statement of the association, a list by book number, of all accounts in arrears or in advance, or in the case of associations of the kind commonly designated and described as being organized under the permanent or Dayton plan, may require the confirmation of the accounts of all members. The confirmation shall set forth the credit balance of each of the members as the same is shown upon the books of the building and loan association upon a day selected by the Commissioner. The expense of issuing the list shall be paid entirely by each individual association.

(b) Every building and loan association doing business in this State, created by the laws or regulations of any other state or federal agency, shall furnish a statement which sets forth the amount of assets held by the association in this State, and the amount of liabilities due shareholders residing in this State and submit a copy of its annual report at the end of each fiscal year.
5 Del. C. § 5103 — Delaware Code / Title 5 / Chapter 51 / Section 5103
§ Â
        5103. Scope; choice of law; forum.
Status: in_force

(a) This chapter applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this chapter, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this State.

(b) The parties to an account agreement may choose a forum in this State for settling a dispute arising out of the special deposit, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this State.

(c) This chapter does not affect:

(1) A right or obligation relating to a deposit other than a special deposit under this chapter; or

(2) The voidability of a deposit or transfer that is fraudulent or voidable under other law.
5 Del. C. § 852 — Delaware Code / Title 5 / Chapter 8 / Subchapter V / Section 852
§ Â
        852. Becoming a bank holding company.
Status: in_force

(a) Except as provided in 12 U.S.C. § 1842, subchapters I, II, III and IV of this chapter, and Chapter 7 of this title, no bank holding company other than a Delaware bank holding company may control a Delaware institution.

(b) Any corporation intending to become a Delaware bank holding company shall file an application with the Commissioner for approval to acquire an institution. The application shall contain such information as the Commissioner may by regulation require, shall, if not a Delaware corporation, designate a resident of the State as the applicant’s agent for the service of any paper, notice of legal process on the applicant in connection with matters arising out of this subchapter and shall be accompanied by a filing fee in the amount of $5,750 for the use of the State and a nonrefundable processing fee in such amount as the Commissioner shall from time to time fix by regulation, payable to and for the use of the Office of the Bank Commissioner.

(c) In determining whether or not to approve such acquisition by a Delaware bank holding company, the Commissioner shall consider:

(1) The financial and the managerial resources of the Delaware bank holding company;

(2) The future prospects of the bank holding company and the bank whose assets or shares it will acquire;

(3) The financial history of the bank holding company;

(4) Whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition within this State; and

(5) The convenience and needs of the public of this State.
5 Del. C. § 2720 — Delaware Code / Title 5 / Chapter 27 / Subchapter II / Section 2720
§ Â
        2720. Term and renewal of licenses.
Status: in_force

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 §§ 2711-2715 of this title; except that no fee shall be charged by the State Bank Commissioner for investigating such application. 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 application to the Commissioner on forms to be provided by the Commissioner for a license renewal. The Commissioner may mandate that applications for renewal shall be treated as new applications if said renewal applications are not on file with the office of the State Bank Commissioner at least 30 days prior to the expiration of such license or renewal thereof. Licensees who have not complied with supervisory letters or who have not paid examination fees when due may be refused license renewal.
5 Del. C. § 1661 — Delaware Code / Title 5 / Chapter 16 / Subchapter IV / Section 1661
§ Â
        1661. General powers of corporations organized under this chapter.
Status: in_force

(a) A corporation established under and in compliance with this chapter shall have power to:

(1) Sue and be sued, complain and defend in any court of law or equity;

(2) Make and use a common seal and alter the same at pleasure;

(3) Hold, purchase, convey, mortgage or lease real and personal property;

(4) Borrow and lend money;

(5) Discount bills, promissory notes or other evidences of debt;

(6) Receive deposits of money either on time or demand;

(7) Buy and sell gold and silver bullion and foreign money and coin;

(8) Purchase securities for the investment of the funds under its control and sell the same;

(9) Take mortgages and obligations of all kinds for payment of money for the investment of funds under its control and sell the same;

(10) Receive for safekeeping securities and all types of choses in action and all kinds of personal property;

(11) Keep deposit boxes and rent them to customers or patrons;

(12) Engage in the sale, distribution and underwriting of, and deal in, stocks, bonds, debentures, notes or other securities;

(13) Exercise the powers and engage in the activities permissible for such corporations through 1 or more subsidiaries;

(14) Act as an insurer and transact the business of insurance in accordance with the provisions of Title 18; except that no corporation established under and in compliance with this chapter shall have power to act as a title insurer and transact the business of title insurance;

(15) Act as guarantor or surety for the debt or obligation of another, including, specifically but without limitation, the rediscounting with recourse of commercial paper and the issuance of letters of credit as defined in § 5-103(1)(a) of Title 6 and standby letters of credit. As used herein, the term “standby letter of credit” includes every letter of credit (or similar arrangement however named or designated) which represents an obligation to the beneficiary on the part of the issuer to repay money borrowed by or advanced to or for the account of the customer, or to make payment on account of any evidence of indebtedness undertaken by the customer, or to make payment on account of any default by the customer in performance of an obligation. The terms “beneficiary,” “issuer” and “customer,” as used herein, have the same meaning as in § 5-103(1) of Title 6;

(16) Authorize an affiliated insured depository institution (as those terms are defined in § 796 of this title) to engage in the authorized agency activities provided in § 796A of this title;

(17) Be appointed executor of a will, codicil or writing testamentary, administrator with the will annexed or administrator of the estate of any decedent, receiver, assignee, guardian, conservator or trustee by will or by any written instrument or other act of the parties, or by any court or official, under the same circumstances, in the same manner and subject to the same control by the court having jurisdiction of the same, as a legally qualified individual;

(18) Act as agent for the purpose of issuing, registering or countersigning the certificates of stock, bonds or other evidences of indebtedness of a corporation, association, municipal corporation, state or national government, on such terms as may be agreed upon, and also act as trustee for the bondholders of a corporation, and for such purpose may receive transfers of real and personal property upon such terms as may be agreed upon; and

(19) Generally, use, exercise and enjoy all of the powers, rights, privileges and franchises incident to a banking corporation or a trust company, and which are necessary or proper for the transaction of the business of the corporation.

(b) All powers conferred by this section are subject to and are to be construed as qualified by the limitations, restrictions and regulations prescribed by the Commissioner or in other sections of this chapter or by this Code or any other statute of this State providing regulations for banks and trust companies.
5 Del. C. § 705 — Delaware Code / Title 5 / Chapter 7 / Subchapter I / Section 705
§ Â
        705. Revocation for nonuse of charters granted prior to July 1, 1933.
Status: in_force

Every charter authorizing the establishment of a bank or trust company in this State and which was granted or passed by the General Assembly of this State prior to the 1st day of July, 1933, shall be deemed and held to be revoked for nonuse of corporate franchise unless the corporation created or authorized by such charter was actively engaged in business in this State on December 31, 1933.
5 Del. C. § 1643 — Delaware Code / Title 5 / Chapter 16 / Subchapter III / Section 1643
§ Â
        1643. Stockholdersâ meetings; time, place, adjournment and quorum.
Status: in_force

(a) Meetings of stockholders (except the meeting of incorporators referred to in § 1626 of this title) shall be held in this State. The bylaws shall fix the time of the annual meeting and may provide for special or called meetings of stockholders.

(b) Any meeting of the stockholders may be adjourned and at such adjourned meeting, any business may be transacted that could have been acted on at the meeting which was adjourned.

(c) The bylaws may prescribe what number of shares shall be represented at any stockholders’ meeting to constitute a quorum, but in the absence of such a provision, any number of shares represented at a stockholders’ meeting shall be sufficient for the transaction of business thereat.
5 Del. C. § 1543 — Delaware Code / Title 5 / Chapter 15 / Subchapter IV / Section 1543
§ Â
        1543. Revocation of authority to transact business.
Status: in_force

(a) Upon determining that any corporation organized under this chapter is engaging in any activity not permitted by § 1541 of this title or has more than 1 office that accepts deposits, the State Bank Commissioner may issue an order to such corporation requiring it to take such steps by a date certain as the Commissioner determines are necessary to cure such violation.

(b) Upon determining that any corporation organized under this chapter has failed to timely comply with any order issued under subsection (a) of this section, the State Bank Commissioner shall, by order effective no earlier than 10 nor later than 30 days after issuance, revoke such corporation’s authority to transact business in this State. Upon the effective date of such order, and so long as such order has not been suspended or set aside pursuant to subsection (c) of this section or withdrawn by the State Bank Commissioner, such corporation shall cease all business activity of any kind in this State, but shall maintain a registered office in this State for the purpose of accepting service of legal process.

(c) The Court of Chancery of the State shall have exclusive original jurisdiction of any judicial review of an order issued under subsection (b) of this section, any other provision of law notwithstanding. Such review may be sought by the corporation affected at any time within 1 year of the date of such order. Review of such order shall be de novo and such order will be specifically enforced by the Court of Chancery upon a final determination that at the time of its issuance the order was valid in all respects. The Court of Chancery may, in the exercise of its equitable jurisdiction in appropriate cases, suspend the operation of an order issued under subsection (b) of this section while judicial review of such order proceeds. An order issued under subsection (a) of this section shall not be subject to judicial review.
5 Del. C. § 2227 — Delaware Code / Title 5 / Chapter 22 / Subchapter III / Section 2227
§ Â
        2227. Definitions.
Status: in_force

As used in this subchapter:

(1) “Business day” means, with respect to recission under § 2235A of this title, all calendar days except Sundays and legal public holidays.

(2) “Closed end credit” means the extension of credit by a licensee to a borrower pursuant to an arrangement or agreement which is not a revolving credit plan as defined in subchapter II of this chapter.

(3) “Conspicuously displayed” means highlighted through the use of capitalization, bold print, underlining or some combination thereof.

(4) “Loan” means any single extension of closed end credit.

(5) “Right of recission” means, with respect to any short-term consumer loan, the right to return any amount borrowed, in full, on or before the close of business of the business day following the day on which such sum has been disbursed or advanced without the incursion of any fee or other charges.

(6) “Rollover” means, with respect to any short-term consumer loan, the extension of an outstanding and unpaid indebtedness beyond the stated repayment period solely on the basis of the payment of a fee without approval of a new loan application.

(7) “Short-term consumer loan” means a loan of $1,000 or less made to an individual borrower that charges interest and/or fees for which the stated repayment period is less than 60 days and is not secured by title to a motor vehicle.

(8) “Workout agreement” means an agreement between an individual borrower and a licensee for the repayment of an outstanding and unpaid indebtedness. The workout agreement must provide for payments in equal installments over a period of at least 90 days and the licensee may not assess any other fee, interest charge, or other charge on the borrower as a result of converting the loan into a workout agreement.
5 Del. C. § 1505 — Delaware Code / Title 5 / Chapter 15 / Subchapter I / Section 1505
§ Â
        1505. Corporate name.
Status: in_force

No corporation formed under this chapter shall use the words “savings” or “trust” in its title or name.
5 Del. C. § 1302 — Delaware Code / Title 5 / Chapter 13 / Section 1302
§ Â
        1302. Closing on legal holidays.
Status: in_force

Any banking organization may, at its option, either close or remain open on Saturdays, Sundays and the legal holidays designated in § 501 of Title 1 and holidays observed by the Federal Reserve Bank for the district which includes Delaware. As to any banking organization electing to remain open on any of such holidays, such day or days shall not constitute a holiday within the meaning of the laws of this State, and such banking organization shall incur no liability by reason of remaining open on such holiday. If any banking organization elects to close on any such holidays, any act authorized, required or permitted to be performed at or by such banking organization may be performed on the next succeeding banking day and no liability or loss of rights of any kind shall result from remaining closed, notwithstanding any law of this State to the contrary. This section shall not operate to invalidate or prohibit the doing of any act by any person or banking organization on any of such holidays, and nothing in any laws of this State, in any manner whatsoever, shall affect the validity or render void or voidable the payment, certification or acceptance of a check or any other negotiable instrument or any other transaction by any other person or banking organization, because done or performed during any of such holidays, notwithstanding any other law of this State to the contrary.
5 Del. C. § 1539 — Delaware Code / Title 5 / Chapter 15 / Subchapter III / Section 1539
§ Â
        1539. Same â Acquisition of assets and assumption of liabilities; Commissionerâs approval; title to property.
Status: in_force

(a) No corporation organized under this chapter shall merge or consolidate with any other such corporation and no one shall take over any substantial portion of the assets of and/or assume a substantial portion of the liabilities, in whole or in part, of any such corporation (whether such corporation is then doing business or has ceased to do business or has surrendered its charter or has dissolved) unless and until such action shall be approved by the State Bank Commissioner.

(b) The Commissioner may require that the Commissioner be furnished with such information as to the assets and liabilities and as to the condition of the credit card institutions concerned as the Commissioner deems necessary or proper to determine whether to give or withhold the Commissioner’s approval.

(c) The State Bank Commissioner shall refuse approval whenever in the Commissioner’s opinion the transaction will weaken any credit card institution concerned.

(d) No title to any property shall pass where the transaction is in violation of this section.
5 Del. C. § 3203 — Delaware Code / Title 5 / Chapter 32 / Section 3203
§ Â
        3203. License required.
Status: in_force

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. § 851 — Delaware Code / Title 5 / Chapter 8 / Subchapter V / Section 851
§ Â
        851. Definitions.
Status: in_force

As used in this subchapter:

(1) “Bank holding company” means a company, as defined by the federal Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), which is or becomes a bank holding company within the provisions of the federal act including, without limitation, its provisions for determining what constitutes control.

(2) “Institution” means a national bank whose principal place of business is located in Delaware or a Delaware-chartered bank or bank and trust company.

(3) “Delaware bank holding company” means a bank holding company with bank subsidiaries whose operations are principally conducted in Delaware. For the purposes of this subchapter, the operations of a bank holding company’s subsidiaries are principally located in this State if the total deposits of all such subsidiaries in this State are greater than in any other state.
5 Del. C. § 825 — Delaware Code / Title 5 / Chapter 8 / Subchapter II / Section 825
§ Â
        825. Required reports.
Status: in_force

An out-of-state bank holding company that directly or indirectly through any subsidiary acquires, retains and holds voting stock of a bank pursuant to this subchapter shall file with the Commissioner upon the Commissioner’s request either: (1) Copies of all regular and periodic reports which such bank holding company is required to file under § 13 or § 15(d) of the Securities Exchange Act of 1934, as amended [15 U.S.C. § 78m or § 78o(d)], but excluding any portions not available to the public; or (2) In the case of a bank holding company which is not required to file such reports, such periodic reports as the Commissioner may require by regulation.
5 Del. C. § 929 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 929
§ Â
        929. Tying arrangements prohibited.
Status: in_force

(a) No bank or trust company shall, either directly or indirectly through any subsidiary, division or 3rd person, in any manner extend credit, sell any product or furnish any service to any person, or fix or vary the consideration for any of the foregoing, on the condition or requirement that:

(1) The person shall obtain some additional credit, product or service from such bank or trust company or its affiliate other than a loan, discount, deposit or trust service; or

(2) The person provide some additional credit, product or service to such bank or trust company or its affiliate other than those related to and usually provided in connection with a loan, discount, deposit or trust services; or

(3) The person shall not obtain some other credit, product or service from a competitor of such bank or trust company or its affiliate, other than a condition or requirement that such bank or trust company shall reasonably impose in a credit transaction to assure the soundness of the credit.

(b) No bank or trust company which is first authorized to engage in any activity by § 761(a)(14) or § 1661(a)(14) of this title shall, while an application for a loan, credit or other services previously submitted to such bank or trust company by any person is pending, accept from such person, either directly or through any division or subsidiary, an application for a policy of insurance directly related to the applied-for loan, credit or other services, or thereafter accept such an insurance application until such person has received from such bank or trust company a commitment with respect to the applied-for loan, credit or other services.

(c) The Commissioner shall by regulation promulgated after consultation with the Insurance Commissioner provide for the adequate disclosure of the prohibitions set forth in subsections (a) and (b) of this section.

(d) For purposes of this section, the term “affiliates” shall mean a person that directly or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. “Control” means beneficial ownership, directly or indirectly through 1 or more intermediaries, of 25% or more of the voting securities or partnership interests in any person other than an individual.

(e) The prohibitions contained in this section shall be in addition to, and not in derogation of, those provided for under the laws of the United States, including 12 U.S.C. § 1971 et seq., the laws of this State, including § 2305 of Title 18, and all other applicable statutes, rules and regulations.

(f) The prohibitions of subsection (a) of this section shall not apply to conduct authorized by the Commissioner by regulation, if such conduct is permissible under 12 U.S.C. § 1972 or regulations or orders promulgated thereunder by the Board of Governors of the Federal Reserve System.
5 Del. C. § 2109 — Delaware Code / Title 5 / Chapter 21 / Section 2109
§ Â
        2109. Suspension, revocation or surrender of license.
Status: in_force

(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 and within the authority of this chapter or of any other law, rule or regulation of this State or the United States;

(2) Any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted a refusal to originally issue such license on the part of the Commissioner; or

(3) The licensee has engaged in business activities or practices inconsistent with its responsibilities as set forth in § 2114 of this title.

(b) The Commissioner may temporarily suspend any license pending the issuance of a final order as provided in Chapter 101 of Title 29.

(c) Except as provided in subsection (b) of this section, no license shall be revoked or suspended except after notice and an opportunity for the licensee to request a hearing in accordance with Chapter 101 of Title 29.

(d) Any licensee may surrender any license by delivering to the Commissioner such license together with written notice that it thereby surrenders such license, but such surrender shall not affect such licensee’s civil or criminal liability for acts committed prior to such surrender.

(e) No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any person.

(f) Every license issued hereunder shall remain in force and effect until the same shall have expired or shall have been surrendered, revoked or suspended in accordance with this chapter, but the Commissioner shall have the authority to reinstate a suspended license or to issue a new license to a licensee whose license shall have been revoked if no fact or condition then exists which would have warranted the Commissioner in refusing originally to issue such license under this chapter.

(g) Whenever the Commissioner shall revoke or suspend a license issued pursuant to this chapter, the Commissioner shall forthwith execute a written order to that effect. The Commissioner shall forthwith serve the written order upon the licensee. Any such order may be reviewed in the manner provided by Chapter 101 of Title 29.
5 Del. C. § 836 — Delaware Code / Title 5 / Chapter 8 / Subchapter III / Section 836
§ Â
        836. Powers of an acquired, savings bank.
Status: in_force

Nothing contained in this chapter shall be construed as abridging the rights, powers and authorities granted to any Delaware savings bank required under its charter, the provisions of this title, or any other current, former or future law of the State or the United States governing the formation, conversion, merger, corporate powers, branching, operation or dissolution of a Delaware savings bank.
5 Del. C. § 1113 — Delaware Code / Title 5 / Chapter 11 / Section 1113
§ Â
        1113. Secrecy of returns and information; penalty.
Status: in_force

(a) Except in accordance with proper judicial order or as otherwise provided by law, it shall be unlawful for the Commissioner or any person who is an officer or employee in the Office of the Commissioner, or for any other officer or employee of this State who has access to tax returns or information from tax returns under this chapter, to disclose or make known to any person in any manner the amount of income or any particulars set forth or disclosed in any report or return required under this chapter. Notwithstanding the foregoing, the Commissioner may permit the Commissioner of Internal Revenue of the United States, the proper officer of this or any other state, the District of Columbia, or any possession or territory of the United States that imposes a tax, or the authorized representative of any of such officers, to inspect the tax return of any taxpayer under this chapter, and the Commissioner may furnish to any such officer, or such officer’s authorized representative, an abstract of the tax return of any taxpayer under this chapter or supply such officer or such officer’s authorized representative with information contained in any such tax return or disclosed by the report of examination or investigation of the income or return of such taxpayer, but only for the purpose of, and only to the extent necessary in, the administration of the tax laws of such jurisdiction; provided, however, that no such permission shall be granted, and no such information shall be furnished, to any such officer or the officer’s representative unless the statutes of such jurisdiction grant substantially similar privileges to the Commissioner or the Commissioner’s legal representative.

(b) Nothing in this section shall be construed to prohibit the publication of statistics classified so as to avoid identification of specific taxpayers, or to prohibit the disclosure of the tax return or return information of any taxpayer to such person or persons as the taxpayer may designate in a written request or consent to such disclosure.

(c) For purposes of this section, the term “officer or employee” shall include present and former officers and employees, and any person or persons employed or retained by the State on an independent contractor basis.

(d) Any violation of this section shall be a misdemeanor, punishable upon conviction by a fine not to exceed $1,000, or imprisonment not to exceed 6 months, or both. The Superior Court shall have exclusive original jurisdiction over such misdemeanor.
5 Del. C. § 3354 — Delaware Code / Title 5 / Chapter 33 / Subchapter VI / Section 3354
§ Â
        3354. Receivership.
Status: in_force

(a) If the Commissioner finds that a licensee is insolvent, or such licensee is transacting business without authority or in violation of this chapter or any other law or it is contrary to the purposes of this chapter for such licensee to continue business, the Commissioner shall communicate the facts to the Attorney General of the State who shall file in the Court of Chancery, in any county where such licensee is doing business, a complaint setting forth the facts and applying for an order requiring such licensee to show cause why its business should not be closed.

(b) In a proper case made, the Court of Chancery shall have the power to appoint a receiver to take charge of, settle and wind up the affairs of a licensee under the direction of the Court, to enjoin such licensee from doing business or to make such other order or decree as the circumstances shall warrant and the Court shall deem proper.
5 Del. C. § 2001 — Delaware Code / Title 5 / Chapter 20 / Section 2001
§ Â
        2001. Merger, consolidation and conversion authorized.
Status: in_force

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 surviving association, or consolidated into a new association to be formed under this chapter.

One or more building and loan associations incorporated under the general corporation laws of this State and 1 or more federal savings and loan associations, operating under the laws of the United States, may, in the manner hereinafter provided and pursuant to the laws of the United States, be merged into an association, hereinafter designated as the surviving association, or into a federal savings and loan association, or consolidated into a new association to be formed under this chapter, or into a new federal savings and loan association, and an association may, in the manner hereinafter provided and pursuant to the laws of the United States, be converted into a federal savings and loan association, and any federal savings and loan association may, in the manner hereinafter provided and pursuant to the laws of the United States, be converted into an association hereinafter designated as the converted association. No conversion of an association into a federal savings and loan association, or merger or consolidation of 1 or more associations with 1 or more federal savings and loan associations to form a federal savings and loan association shall be effected pursuant to this chapter, unless at the time of such merger, consolidation or conversion, the laws of the United States shall authorize a federal savings and loan association to merge into, consolidate with, or convert into an association with all the property and rights of such federal savings and loan association, vesting in such association in the same manner as is prescribed by this chapter in the merger, consolidation or conversion of federal savings and loan associations into building and loan associations.
5 Del. C. § 1627 — Delaware Code / Title 5 / Chapter 16 / Subchapter II / Section 1627
§ Â
        1627. Articles of organization.
Status: in_force

The president and a majority of the directors elected at the organization meeting of the incorporators shall make, sign and make oath to a certificate (hereinafter called “articles of organization”) setting forth:

(1) A true copy of the articles of association;

(2) The names of the subscribers thereto;

(3) The name, residence and post-office address of each of the officers of the corporation; and

(4) The date of the first meeting and the successive adjournments thereof, if any.
5 Del. C. § 962 — Delaware Code / Title 5 / Chapter 9 / Subchapter III / Section 962
§ Â
        962. Extension of credit.
Status: in_force

Any bank may, subject to any limitations on lending authority contained in its charter or otherwise imposed by law and subject to the other provisions of this subchapter, offer and extend closed end credit to a borrower and in connection therewith, may charge and collect any periodic interest, interest charges and other charges permitted by this subchapter and may take such security as collateral in connection therewith as may be acceptable to the bank.
5 Del. C. § 2418 — Delaware Code / Title 5 / Chapter 24 / Section 2418
§ Â
        2418. Prohibited acts and practices.
Status: in_force

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 deceptive practice toward any person;

(3) Obtain property by fraud or misrepresentation;

(4) Solicit or enter into a contract with a borrower that provides in substance that the person subject to this chapter may earn a fee or commission through “best efforts” to obtain a loan even though no loan is actually obtained for the borrower;

(5) Solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;

(6) Conduct any business covered by this chapter without holding a valid license as required under this chapter, or assist or aid and abet any person in the conduct of business under this chapter without a valid license as required under this chapter;

(7) Fail to make disclosures as required by this chapter and any other applicable federal or state law including regulations thereunder;

(8) Fail to comply with this chapter or rules or regulations promulgated under this chapter, or fail to comply with any other federal or state law, including the rules and regulations thereunder, applicable to any business authorized or conducted under this chapter;

(9) Make, in any manner, any false or deceptive statement or representation, or engage in “bait and switch” advertising;

(10) Negligently make any false statement or knowingly and wilfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the Nationwide Mortgage Licensing System and Registry or in connection with any investigation or examination conducted by the Commissioner or another governmental agency;

(11) Make any payment, threat or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment threat or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property;

(12) Collect, charge, attempt to collect or charge or use or propose any agreement purporting to collect or charge any fee prohibited by this chapter;

(13) Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; or

(14) Fail to truthfully account for monies belonging to a party to a residential mortgage loan transaction.
5 Del. C. § 2239 — Delaware Code / Title 5 / Chapter 22 / Subchapter IV / Section 2239
§ Â
        2239. Penalty for failure to give copy of obligation to borrower.
Status: in_force

Every lender shall give to the borrower, on request, a correct copy of the obligation evidencing the loan, and on failure or refusal on such request to furnish the borrower with such copy shall be fined, for each offense, not less than $20 nor more than $100, or imprisoned for not more than 1 month, or both.
5 Del. C. § 2115 — Delaware Code / Title 5 / Chapter 21 / Section 2115
§ Â
        2115. Mortgage loan broker fees.
Status: in_force

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 by the licensee on behalf of the borrower, prior to obtaining a written commitment from a qualified lender (setting forth the terms and conditions upon which the lender is willing to make a mortgage loan to the borrower). The amount of fees that may be collected or received by a mortgage loan broker, whether constituting an application fee, a fee payable to a 3rd party, fee payable at the time of written commitment or upon consummation of a mortgage loan or otherwise, shall be subject to such limitations as may be provided by regulation of the Commissioner. A licensee shall be obligated to refund all fees collected by it from a borrower, other than those fees paid by the licensee to a 3rd party, if a written commitment for a mortgage loan from a qualified mortgage lender is not produced within the time specified by the mortgage loan broker and otherwise at the rate, terms and overall costs agreed upon by the borrower or the mortgage loan does not close; provided however, that a licensee shall not be required to refund fees when the failure to obtain a written commitment for a mortgage loan or the failure of a closing thereunder to occur is due to the substantial fault of the borrower. For purposes of this section, substantial fault of the borrower means that the borrower has:

(1) Failed to provide information or documentation required by the lender or mortgage loan broker in a timely manner;

(2) Provided information, in the application or subsequently, which upon verification proves to be significantly inaccurate, causing the need for review or further investigation by the lender or mortgage loan broker;

(3) Failed to produce, no later than the date specified by the lender, all documentation specified in its mortgage loan commitment or closing instructions as being required for closing; or

(4) Failed to be ready, willing or able to close the mortgage loan no later than the date specified by the lender.

The Commissioner, by regulation, may provide further definition of the circumstances constituting substantial fault of a borrower, including, without limitation, reasonable time periods for the provision by a borrower of information or documentation or when information will be considered significantly inaccurate.
5 Del. C. § 2116 — Delaware Code / Title 5 / Chapter 21 / Section 2116
§ Â
        2116. Penalty.
Status: in_force

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.
5 Del. C. § 123 — Delaware Code / Title 5 / Chapter 1 / Subchapter II / Section 123
§ Â
        123. False statements, entries or reports; penalty.
Status: in_force

Every director, officer, agent, clerk or employee of any institution affected by § 122 of this title, who wilfully and knowingly subscribes or makes any false statement of facts or false entries in the books of the institution, or knowingly subscribes or exhibits any false paper, with intent to deceive any person authorized to examine as to the condition of the institution, or wilfully or knowingly subscribes to or makes any false report, shall be fined or imprisoned, or both.
5 Del. C. § 3211 — Delaware Code / Title 5 / Chapter 32 / Section 3211
§ Â
        3211. Agents.
Status: in_force

A licensee may conduct the licensee’s business at one 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 order for an agent to be authorized to act for the licensee in this State, the licensee shall have on file with the Commissioner the name and address of the agent and the licensee shall notify the Commissioner within 30 days of the change of name and/or address of an agent or of the termination of any such agent. The requirements of this section shall not apply to any agent of a licensee who is exempt from this chapter pursuant to § 3204(a) of this title.
5 Del. C. § 902 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 902
§ Â
        902. Certificate required to transact business or open place of business.
Status: in_force

No bank or trust company not actively engaged in business in this State prior to January 1, 1933, shall transact any business in this State or open a place of business in this State without having first secured from the State Bank Commissioner a certificate authorizing it to begin the transaction of business and to open a place of business in this State.
5 Del. C. § 856 — Delaware Code / Title 5 / Chapter 8 / Subchapter V / Section 856
§ Â
        856. Nonexclusivity.
Status: in_force

Nothing in this subchapter or any law of this State shall be deemed to prohibit or limit a Delaware bank holding company from acquiring a bank or bank holding company located in any jurisdiction which acquisition is otherwise permitted by applicable law of the United States and any state.
5 Del. C. § 1430 — Delaware Code / Title 5 / Chapter 14 / Subchapter III / Section 1430
§ Â
        1430. Scope.
Status: in_force

This subchapter deals with the conditions under which Delaware banks may merge with or into foreign banks, and under which foreign banks may operate resulting branch offices in this State.
5 Del. C. § 106 — Delaware Code / Title 5 / Chapter 1 / Subchapter I / Section 106
§ Â
        106. Seal.
Status: in_force

The Commissioner shall use the official seal, a full description of which, with the impress thereof, has heretofore been filed in the office of the Secretary of State. Such seal shall continue to be the official seal of the Commissioner until changed by authority of law.
5 Del. C. § 3205 — Delaware Code / Title 5 / Chapter 32 / Section 3205
§ Â
        3205. Qualifications.
Status: in_force

To qualify for a license hereunder an applicant shall meet the following requirements:

(1) The applicant shall have a net worth of at least $50,000, computed according to generally accepted accounting principles.

(2) The financial responsibility, financial condition, and business experience, and character and general fitness of the applicant shall be such as reasonably to warrant the belief that applicant’s business will be conducted honestly, carefully and efficiently. To the extent deemed advisable by the Commissioner, the Commissioner may investigate and consider the qualifications of the applicant including officers and directors of an applicant in determining whether this qualification has been met.
5 Del. C. § 1633 — Delaware Code / Title 5 / Chapter 16 / Subchapter II / Section 1633
§ Â
        1633. Revocation of charter for failure to commence business within reasonable time.
Status: in_force

Every corporation created under this chapter shall, after the expiration of a reasonable time from the date of its incorporation, as determined by the State Bank Commissioner, be actively engaged in the business for which it was created or its certificate of incorporation and corporate franchise shall be deemed and held to be revoked. The Commissioner shall by regulations prescribe the criteria to be applied in determining what constitutes a reasonable period of time.
5 Del. C. § 2702 — Delaware Code / Title 5 / Chapter 27 / Subchapter I / Section 2702
§ Â
        2702. Application of chapter.
Status: in_force

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 business where not more than 10 cents is charged for cashing each check, draft or money order;

(3) To any national bank, federal reserve bank, federal savings bank, federal credit union or other person authorized by the laws of the United States to engage in the business of cashing checks, drafts or money orders in this State, or to any person doing business under or pursuant to the banking laws of this State, except a licensee under this chapter.
5 Del. C. § 2211 — Delaware Code / Title 5 / Chapter 22 / Subchapter I / Section 2211
§ Â
        2211. Maintenance of books and records by licensee.
Status: in_force

(a) Every licensee shall maintain such books, accounts and records relating to all transactions within this chapter as will enable the Commissioner to enforce full compliance with this chapter.

(b) Each licensee that engages in the business of making mortgage loans, as defined by § 2403(13) of this title, shall submit to the Nationwide Mortgage Licensing System and Registry developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require.
5 Del. C. § 2909 — Delaware Code / Title 5 / Chapter 29 / Section 2909
§ Â
        2909. Prepayment.
Status: in_force

(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 the event of prepayment of the entire indebtedness, the holder shall refund to the buyer the unearned portion of the precomputed finance charge. This refund shall be in an amount not less than the amount which would be refunded if the unearned precomputed finance charge were calculated in accordance with the actuarial method, provided that the buyer shall not be entitled to a refund which results in a net minimum finance charge of less than $25, and provided further that the holder shall not be required to refund the unearned portion of the finance charge if such amount is less than $1. The unearned portion of the precomputed finance charge is, at the option of the holder, either:

(1) That portion of the precomputed finance charge which is allocable to all originally scheduled or, if deferred, all deferred payment periods, or portions thereof, ending subsequent to the date of prepayment. The unearned precomputed finance charge is the total of that which would have been earned for each such period, or portion thereof, had the debt due under the contract not been precomputed, by applying to unpaid balances of principal, according to the actuarial method, an annual percentage rate based on the precomputed finance charge, assuming that all payments were made as scheduled, or as deferred, if deferred. The holder, at its option, may round this annual percentage rate to the nearest one-quarter of 1 percent; or

(2) The total precomputed finance charge less the earned precomputed finance charge. The earned precomputed finance charge shall be determined by applying an annual percentage rate based on the total precomputed finance charge, under the actuarial method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.

(c) As used in subsection (b) of this section:

(1) “Actuarial method” means the method of allocating payments made on a debt due under a retail installment contract between the outstanding balance of the indebtedness and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from the outstanding balance of the indebtedness.

(2) “Payment period” means the time period within which periodic installment payments of the indebtedness are due under the terms of a retail installment contract.

(d) If a charge was made to buyer for premiums for insurance in respect of a retail installment transaction, then, in the event of prepayment, the holder shall refund to such buyer the excess of the charge to such buyer therefor over the premiums paid or payable to the holder, if such premiums were paid or payable by the holder periodically, or the refund for such insurance premium received or receivable by the holder, if such premium was paid or payable in a lump sum by the holder, provided that no such refund shall be required if it amounts to less than $1.

(e) In connection with any prepayment of a debt due under a retail installment contract by a buyer, the holder may not impose any prepayment charge.
5 Del. C. § 3208 — Delaware Code / Title 5 / Chapter 32 / Section 3208
§ Â
        3208. Action by the Commissioner; conditional approval.
Status: in_force

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 the financial responsibility, financial condition, financial and business experience, character and general fitness of the applicant, and if the Commissioner finds these qualities are such as to warrant the belief that the applicant’s business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes of the intent of this chapter, and in the manner commanding the confidence and trust of the community, the Commissioner shall advise the applicant in writing of the Commissioner’s conditional approval of the application, and thereafter, upon compliance by the applicant with § 3209 of this title, shall issue to the applicant a license to engage in the business of a transporter. If the Commissioner determines on the basis of the Commissioner’s investigation that the applicant does not comply with the purposes of this chapter as set forth in the preceding sentence of this section, the Commissioner shall notify the applicant of the denial of the conditional approval of the license stating the reasons therefor in writing.
5 Del. C. § 749 — Delaware Code / Title 5 / Chapter 7 / Subchapter III / Section 749
§ Â
        749. Amendment of charter.
Status: in_force

(a) Banks and trust companies heretofore or hereafter created by or under this Code or any other special act or general law of this State, except as provided in Chapters 15 or 16 of this title, shall hereafter amend their charters, certificates of incorporation, certificates of formation or articles of association by and under this section.

(b) Any bank or trust company in this State whether created under this chapter or by special act of the General Assembly (but not under Chapters 15 or 16 of this title), may, from time to time, when and as desired, amend its charter, certificate of incorporation or articles of association relating to the regulation and governance of corporations established under Title 8, or, in the case of a trust company that is a limited liability company, its certificate of formation or articles of association relating to regulation and governance of limited liability companies formed under Title 6, in each case where the same are not inconsistent with the express provisions of this chapter, including, but not limited to, addition to its corporate powers and purposes, or diminution thereof, or both (provided such additional corporate power or purpose to be such as is authorized or contemplated under any of the provisions of this chapter); or by increasing or decreasing its authorized capital stock (provided that such increase or decrease be expressly approved by the State Bank Commissioner, and provided also that the capital stock shall not be reduced below the amount prescribed by § 745 of this title); by changing the number or par value of its shares of stock; or by changing its corporate title (provided that the word “savings” shall not be used in the amended title, and provided further that no corporation not authorized to do a trust company business shall use the word “trust” in its amended title); and by increasing or decreasing its number of directors (provided that in no case shall the whole number of directors be less than 5). Any or all such changes or alterations may be effected by 1 certificate of amendment. No amendment shall contain a provision which would not have been lawful and proper to insert in an original charter, certificate of incorporation, certificate of formation or articles of association adopted granted or issued under this chapter, but nothing contained in this section shall prohibit the increase in capital stock of a trust company organized prior to February 28, 1933 and authorized by a certificate issued by the State Bank Commissioner to transact the business of a trust company on January 1, 1997, to any amount which may be less than required in § 745 of this title. In the case of an increase of capital stock, the amendment may provide that the increased stock may in whole or in part be disposed of without being offered to the stockholders, but in no case shall any stock be issued except upon payment in full in cash.

(c) The procedure for amendment and the manner of making and effecting the same shall be as prescribed in Chapter 1 of Title 8 for the amendment of the certificate of incorporation of a corporation having a capital stock or, in the case of a trust company that is a limited liability company, as prescribed in Chapter 18 of Title 6 for the amendment of the certificate of formation or limited liability company agreement of a limited liability company. No certificate of amendment shall be received or filed by the Secretary of State or be deemed or held to be effective unless and until the proposed certificate of amendment shall have been submitted to the State Bank Commissioner and shall have been approved both in substance and in form by said Commissioner.
5 Del. C. § 1201 — Delaware Code / Title 5 / Chapter 12 / Section 1201
§ Â
        1201. Participation by banks located in State in export trading companies.
Status: in_force

Notwithstanding any other provision of this chapter, banks regulated hereunder may invest or otherwise participate in the capital and financing of, management, direction and advising of export trade companies as defined and to the extent permitted by federal law 15 U.S.C. § 4001 et seq. Whatever may be done by such banks hereunder may be done directly or indirectly by contractual arrangements or by subsidiary and affiliate companies owned or controlled alone or together with other persons to the extent permitted by law, and may be delegated to their officers, employees or other trustees or persons appointed to such effect.
5 Del. C. § 975 — Delaware Code / Title 5 / Chapter 9 / Subchapter III / Section 975
§ Â
        975. Materiality of terms.
Status: in_force

All terms, conditions and other provisions of and relating to any extension of closed end credit as contained in this subchapter or in the agreement governing, or the bond, note or other evidence of the loan (other than those which are interest under this subchapter), including, without limitation, provisions relating to the method of calculating interest, reasons for default and the right to cure any default, rights to accelerate, choice of law, rights to charge and collect attorney’s fees, court and collection costs, repayment schedule, balloon payments, loan term and the refunding of unearned interest or insurance charges, shall be and hereby are deemed to be material to the determination of interest under Delaware law, under the most favored lender doctrine, and under § 85 (12 U.S.C. § 85) of the National Bank Act or § 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (12 U.S.C. § 1831d).
5 Del. C. § 1916 — Delaware Code / Title 5 / Chapter 19 / Section 1916
§ Â
        1916. Fiscal agent.
Status: in_force

If and when an association is a member of a Federal Home Loan Bank, it shall have power to act as fiscal agent of the United States, and, when so designated by the Secretary of the Treasury, it shall perform, under such regulations as the Secretary may prescribe, all such reasonable duties as fiscal agent of the United States as the Secretary may require, and when authorized shall have power to act as fiscal agent for any instrumentality of the United States or of any instrumentality of this State.
5 Del. C. § 1408 — Delaware Code / Title 5 / Chapter 14 / Subchapter I / Section 1408
§ Â
        1408. Change of location, name or business; transfer or assignment of certificate of authority.
Status: in_force

(a) Any foreign bank holding a certificate of authority pursuant to this subchapter may make a written application to the Commissioner for leave to do 1 or more of the following:

(1) To change its place of business from the place designated in the certificate of authority to another place in this State. An application for such change shall be accompanied by a filing fee of $500.

(2) To change its corporate name or the duration of its corporate existence if such change has been effected under the laws under which it was organized.

(b) No certificate of authority issued by the Commissioner pursuant to this subchapter shall be transferable or assignable without approval by the Commissioner.
5 Del. C. § 938 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 938
§ Â
        938. Transfer of fiduciary accounts.
Status: in_force

(a) For purposes of this section, “fiduciary” shall mean a banking organization or trust company of a type referred to in this section acting as a trustee, personal representative, guardian or custodian under a Uniform Gifts to Minors Act or any comparable act.

(b) The term “interested person” means any living person who:

(1) Is an income beneficiary or vested remainderman of a trust;

(2) Has a vested interest in a decedent’s estate;

(3) Receives benefits as a ward from a guardianship account; or

(4) Is the minor with respect to an account established under a Uniform Gifts to Minors Act or a comparable act.

(c) With the prior written approval of, and in accordance with the terms and conditions of transfer prescribed by, the office of the State Bank Commissioner, and upon completion of the notice procedure of subsection (d) of this section, a banking organization, trust company or a bank holding company having its principal place of business in this State may transfer 1 or more of the fiduciary accounts administrated by such banking organization, trust company, or 1 or more of the banking organizations or trust companies controlled by such bank holding company to another banking organization or trust company controlled by such banking organization or bank holding company. With the prior written approval of, and in accordance with the terms and conditions of transfer prescribed by, the office of the State Bank Commissioner, and upon completion of the notice procedures of subsection (d) of this section, a banking organization or trust company organized under the laws of any jurisdiction (including federal law) that has a place of business in this State but not its principal place of business in this State may transfer 1 or more of the fiduciary accounts administered in this State by such banking organization or trust company, to another banking organization or trust company in this State controlled by such banking organization or trust company or by a bank holding company or a savings and loan holding company that controls such transferring banking organization or trust company.

(d) Prior to effecting a transfer of 1 or more fiduciary accounts under subsection (c) of this section, the fiduciary shall send written notice of such transfer to all interested persons or their legal or natural guardians. If the persons, or their legal or natural guardians in the case of minor children or incompetents, to whom such notice was sent do not make written objections to the fiduciary of the account within 30 days of the date such notice was mailed, then the fiduciary may complete the transfer of the account.

(e) If a fiduciary completes a transfer as described in the preceding subsections, the banking organization or trust company to which such fiduciary accounts have been transferred shall automatically be substituted as a fiduciary of all the accounts so transferred without further action and without any order or decree of any court or public officer, and such transferee banking organization or trust company shall have all the rights, duties, responsibilities, obligations and liabilities, financial or otherwise, of such transferring fiduciary with respect to such accounts. Likewise, a fiduciary which completes a transfer of 1 or more accounts as described in the preceding subsections shall be removed as fiduciary of all such accounts without an accounting and without any order or decree of any court or public officer, and prospectively such fiduciary shall have no continuing duties, responsibilities, obligations or liabilities, financial or otherwise, with respect to the accounts so transferred. Such transfer shall not relieve a fiduciary of any liability it may have incurred for its action or inaction prior to the transfer.
5 Del. C. § 3204 — Delaware Code / Title 5 / Chapter 32 / Section 3204
§ Â
        3204. Exempt from licensing.
Status: in_force

(a) No license as a transporter shall be required of any of the following:

(1) Banks, trust companies, building and loan associations, organized under the laws of this State or authorized to do business in this State while transporting their own property;

(2) Incorporated telegraph companies insofar as they receive money at any of their respective offices or agencies for immediate transmission by telegraph.

(b) Nothing contained in this section or in any other section of this chapter shall be construed to enlarge or limit the rights which any of the above-named organizations have under any existing law.
5 Del. C. § 1601 — Delaware Code / Title 5 / Chapter 16 / Subchapter I / Section 1601
§ Â
        1601. Establishment of savings banks; definition.
Status: in_force

Savings banks shall be established or created in this State under and in accordance with this chapter. The term “savings bank,” as used in this chapter, refers to a corporation organized under this chapter. The provisions of this chapter specifically relating to capital stock or stockholders of a savings bank shall not apply to a savings bank without capital stock.
5 Del. C. § 2721 — Delaware Code / Title 5 / Chapter 27 / Subchapter II / Section 2721
§ Â
        2721. Transferability of license.
Status: in_force

The license shall not be transferable or assignable.
5 Del. C. § 122 — Delaware Code / Title 5 / Chapter 1 / Subchapter II / Section 122
§ Â
        122. Examination of financial institutions.
Status: in_force

(a) The Commissioner shall visit and examine each financial institution as frequently as the Commissioner deems it necessary or expedient. On the occasion of every such visit and examination, the Commissioner shall, in company with 1 or more of the officers of the institution visited, be given free access to every part of the office or place of business visited and to the assets, securities, books, papers and records of the institution.

(b) Any examination may be made by a deputy or by any person designated by the Commissioner, and in such case all the powers vested in the Commissioner by this section shall be possessed by the deputy or other persons making the examination. When any examination is made without the presence of the Commissioner, the Commissioner shall give written authority to the person conducting the examination which shall be exhibited to the officers of the institution visited.

(c) The examination required by this section shall be a thorough examination into the affairs of the institution, its resources and liabilities, the investment of its funds, the mode of conducting its business, the safety and prudence of its management, the acts of its officers, directors, trustees or managers, its compliance or noncompliance with its charter and bylaws, its compliance or noncompliance with this Code or any regulations promulgated thereunder, and any other statutes or regulations of this State or the United States, and also, such other matters, as in the judgment of the Commissioner may have relation to the solvency or insolvency of the institution.

(d) In connection with such examination, the Commissioner shall have power to examine, under oath or affirmation, the officers, directors, trustees, managers and employees, of the institution being examined, relative to its affairs, and for this purpose the Commissioner may administer oaths or affirmations.

(e) The Commissioner or the Commissioner’s lawful designee shall examine banking organizations for compliance with the provisions of subchapter II of Chapter 11 of Title 12 and shall report the Commissioner’s findings, on a confidential basis, to the State Escheator.
5 Del. C. § 2232 — Delaware Code / Title 5 / Chapter 22 / Subchapter III / Section 2232
§ Â
        2232. Deferred installments.
Status: in_force

A licensee may at any time or from time to time permit a borrower to defer installment payments of a loan and may, in connection with such deferral, charge and collect deferral charges and may also require payment by such borrower of the additional cost to the licensee of premiums for continuing in force, until the end of such period of deferral, any insurance coverage provided in connection with the loan pursuant to § 2231 of this title.
5 Del. C. § 790 — Delaware Code / Title 5 / Chapter 7 / Subchapter VI / Section 790
§ Â
        790. Nonconforming assets or business.
Status: in_force

If a merging or converting bank has assets which do not conform to the requirements of state laws for the resulting state bank or carries on business activities which are not permitted for the resulting state bank, the State Bank Commissioner may permit a reasonable time to conform with state law.
5 Del. C. § 107 — Delaware Code / Title 5 / Chapter 1 / Subchapter I / Section 107
§ Â
        107. Annual report.
Status: in_force

The Commissioner shall make an annual report of all the Commissioner’s official acts to the Governor.
5 Del. C. § 2405 — Delaware Code / Title 5 / Chapter 24 / Section 2405
§ Â
        2405. License application.
Status: in_force

(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 the purposes of this chapter.

(b) In order to fulfill the purposes of this chapter, the Commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.

(c) For the purpose of participating in the Nationwide Mortgage Licensing System and Registry, the Commissioner is authorized to waive or modify, in whole or in part, by rule, regulation or order, any or all of the requirements of this chapter and to establish new requirements as reasonably necessary to participate in the Nationwide Mortgage Licensing System and Registry.

(d) In connection with an application for licensing as a mortgage loan originator, the applicant shall, at a minimum, furnish to the Nationwide Mortgage Licensing System and Registry information concerning the applicant’s identity, including:

(1) Fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a state, national and international criminal history background check; and

(2) Personal history and experience in a form prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the Commissioner to obtain:

a. An independent credit report obtained from a consumer reporting agency described in § 603(p) of the United States Fair Credit Reporting Act [15 U.S.C. § 1681a(p)]; and

b. Information related to any administrative, civil or criminal findings by any governmental jurisdiction.

(e) For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of paragraphs (d)(1) and (d)(2)b. of this section, the Commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting information from and distributing information to the United States Department of Justice or any governmental agency, notwithstanding the provisions of § 8527 of Title 11.

(f) For the purposes of this section and in order to reduce the points of contact which the Commissioner may have to maintain for purposes of paragraph (d)(2) of this section, the Commissioner may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the Commissioner, notwithstanding the provisions of § 8527 of Title 11.

(g) As part of an application, the applicant shall pay to the Commissioner as an investigation fee the sum of $250 which shall not be refundable. The applicant shall also pay a license fee of $250, which shall be payable annually thereafter, and that sum shall be allocated to and for the assistance of the Delaware Emergency Mortgage Assistance Program. No abatement in the amount of the license fee shall be made if the license is issued for less than 1 year or if the license is surrendered, suspended, canceled or revoked prior to the expiration of the period for which such license was issued.
5 Del. C. § 2416 — Delaware Code / Title 5 / Chapter 24 / Section 2416
§ Â
        2416. Confidentiality.
Status: in_force

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 state law regarding the privacy or confidentiality of any information or material obtained by or provided to the Nationwide Mortgage Licensing System and Registry pursuant to this chapter, and any privilege arising under federal or state law (including the rules of any federal or state court) with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. Such information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law.

(2) For these purposes, the Commissioner is authorized to enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators or other associations representing governmental agencies.

(3) Information or material that is subject to a privilege or confidentiality under paragraph (1) of this section shall not be subject to:

a. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

b. Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person, that privilege.

(4) Any state law relating to the disclosure or confidentiality of any information or material described in this section, including § 8527 of Title 11, that is inconsistent with this section shall be superseded.

(5) This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public.
5 Del. C. § 1415 — Delaware Code / Title 5 / Chapter 14 / Subchapter I / Section 1415
§ Â
        1415. Service of process, notice or demand on foreign bank; service on registered agent; service on Commissioner.
Status: in_force

(a) Service of process in any suit, action or proceeding or service of any notice or demand required or permitted by law to be served on a foreign corporation may be made on a foreign bank holding a certificate of authority pursuant to this subchapter by service thereof on the registered agent of such foreign bank. Whenever any foreign bank holding a certificate of authority fails to appoint or maintain a registered agent upon whom service of legal process or service of any such notice or demand may be had, or whenever such registered agent cannot with reasonable diligence be found at the registered office of such foreign bank, or whenever the certificate of authority of any such foreign bank is revoked, then in every such case the Commissioner shall be irrevocably authorized as the agent and representative of such foreign bank to accept service of any process or service of any notice or demand required or permitted by law to be served on such foreign bank. Service on the Commissioner of any such process, notice or demand against any such foreign bank shall be made by delivering to and leaving with the Commissioner, or with any official having charge of the banking department of the Commissioner’s office, duplicate copies of such process, notice or demand. If any process, notice or demand is served on the Commissioner, a copy thereof shall immediately be forwarded by registered mail addressed to such foreign bank at its principal office as the same appears on the Commissioner’s records.

(b) Nothing in this subchapter limits or affects the right to serve any process, notice or demand required or permitted by law to be served upon a foreign corporation in any other manner now or hereafter permitted by law.

(c) The Commissioner shall keep a record of all processes, notice and demands served pursuant to this section and shall record therein the time of such service and the action taken with reference thereto.
5 Del. C. § 2215 — Delaware Code / Title 5 / Chapter 22 / Subchapter II / Section 2215
§ Â
        2215. Extension of credit.
Status: in_force

Any licensee may offer and extend credit under a revolving credit plan to a borrower and in connection therewith may charge and collect the interest and other charges permitted by this subchapter and may take such security as collateral in connection therewith as may be acceptable to the licensee. Without limitation of the foregoing, credit may be extended under a revolving credit plan by a licensee’s acquisition of obligations arising out of the honoring by a merchant, a bank or other financial institution (whether chartered or organized under the laws of this or any other state, the District of Columbia, the United States or any district, territory or possession of the United States, or any foreign country) or a government or governmental subdivision or agency of a credit device made available to a borrower under a plan, whether directly or indirectly by means of telephone, point of sale terminal or other electronic or similar device or through the mail.
5 Del. C. § 2725 — Delaware Code / Title 5 / Chapter 27 / Subchapter II / Section 2725
§ Â
        2725. Suspension, revocation or surrender of license.
Status: in_force

(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 this chapter or of any other law, rule or regulation of this State or the United States;

(2) Any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the Commissioner in refusing originally to issue such license; or

(3) The licensee has engaged in business activities or practices, in connection with any business for which a license is required under this chapter, which could be deemed unfair or deceptive by nature of intent. Such activities and practices include, but are not limited to, the use of tactics which mislead the consumer, misrepresent the consumer transaction or any part thereof, or otherwise create false expectations on the part of the consumer.

(b) The Commissioner may temporarily suspend any license pending the issuance of a final order as provided in Chapter 101 of Title 29.

(c) Except as provided in subsection (b) of this section, no license shall be revoked or suspended except after notice and an opportunity for the licensee to request a hearing in accordance with Chapter 101 of Title 29.

(d) Any licensee may surrender any license by delivering to the Commissioner such license together with written notice that it thereby surrenders such license, but such surrender shall not affect such licensee’s civil or criminal liability for acts committed prior to such surrender.

(e) No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any person.

(f) Every license issued hereunder shall remain in force and effect until the same shall have expired or shall have been surrendered, revoked or suspended in accordance with this chapter, but the Commissioner shall have authority to reinstate a suspended license or to issue a new license to a licensee whose license shall have been revoked if no fact or condition then exists which would have warranted the Commissioner in refusing originally to issue such license under this chapter.

(g) Whenever the Commissioner shall revoke or suspend a license issued pursuant to this chapter, the Commissioner shall forthwith execute a written order to that effect. The Commissioner shall forthwith serve the written order upon the licensee. Any such order may be reviewed in the manner provided by Chapter 101 of Title 29.
5 Del. C. § 905 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 905
§ Â
        905. Reports by national banks, federal savings associations and out-of-state banks.
Status: in_force

National banks, out-of-state banks (as defined in § 795 of this title) having one or more branch offices in this State, and federal savings associations (as defined in the Home Owners’ Loan Act, as amended, 12 U.S.C. § 1461 et seq.) doing business in this State shall make and transmit to the State Bank Commissioner reports according to the form which may be prescribed by the Commissioner when the Commissioner calls upon such banks for the reports; the object and purpose of such reports being the public good and not the regulation of said banks. The Commissioner shall have power to call for special reports whenever in the Commissioner’s judgment the same are necessary.
5 Del. C. § 3213 — Delaware Code / Title 5 / Chapter 32 / Section 3213
§ Â
        3213. Suspension, revocation or surrender of license.
Status: in_force

(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 this chapter or of any other law, rule or regulation of this State or the United States;

(2) Any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the Commissioner in refusing originally to issue such license; or

(3) The licensee has engaged in business activities or practices inconsistent with its responsibilities under this chapter.

(b) The Commissioner may temporarily suspend any license pending the issuance of a final order as provided in Chapter 101 of Title 29.

(c) Except as provided in subsection (b) of this section, no license shall be revoked or suspended except after notice and an opportunity for the licensee to request a hearing in accordance with Chapter 101 of Title 29.

(d) Any licensee may surrender any license by delivering to the Commissioner such license together with written notice that it thereby surrenders such license, but such surrender shall not affect such licensee’s civil or criminal liability for acts committed prior to such surrender.

(e) No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any person.

(f) Every license issued hereunder shall remain in full force and effect until the same shall have expired or shall have been surrendered, revoked or suspended in accordance with this chapter, but the Commissioner shall have authority to reinstate a suspended license or issue a new license to a licensee whose license shall have been revoked if no fact or condition then exists which would have warranted the Commissioner in refusing originally to issue such license under this chapter.

(g) Whenever the Commissioner shall revoke or suspend a license issued pursuant to this chapter, the Commissioner shall forthwith execute a written order to that effect. The Commissioner shall forthwith serve the written order upon the licensee. Any such order may be reviewed in the manner provided by Chapter 101 of Title 29.
5 Del. C. § 912 — Delaware Code / Title 5 / Chapter 9 / Subchapter I / Section 912
§ Â
        912. Limitations upon loans on security of and purchase of own capital stock.
Status: in_force

No bank or trust company shall purchase shares of its own capital stock, nor make any loan on the faith or pledge of shares of its own capital stock; but nothing in this section shall inhibit such purchase or loan when necessary to prevent loss on debts created prior to March 31, 1921, nor shall it affect the holding of stock acquired by any bank or trust company prior to March 31, 1921. Notwithstanding the foregoing, the Commissioner may approve the purchase by a bank or trust company of the shares of its own capital stock, subject to such terms and conditions, if any, as the Commissioner may require.
5 Del. C. § 3221 — Delaware Code / Title 5 / Chapter 32 / Section 3221
§ Â
        3221. Cease and desist orders.
Status: in_force

(a) The Commissioner shall have the power and authority to issue and serve an order upon a person to cease and desist from any violation or practice if, in the opinion of the Commissioner, a transporter subject to this chapter is engaging in, or has engaged in, or, if the Commissioner has reasonable cause to believe that such institution or company is about to engage, in any of the following:

(1) A violation of a law, rule or regulation relating to the supervision of such transporter;

(2) A violation of any written agreement entered into with the Commissioner; or

(3) A violation of warranties, terms or conditions of the insurance contract(s) which may, in the judgment of the Commissioner, lead to an inability to recover.

(b) Such order may require the officers or directors of the institution or company to take affirmative action to correct any violation or practice.

(c) A cease and desist order issued pursuant to this section shall include a statement of the facts upon which the order is based, specific activities which the financial institution must cease, the affirmative acts required of the financial institution and the effective date of the order. A cease and desist order may be served by any member of the State Bank Commissioner’s Office who is designated by the Commissioner. Service may be effected by hand delivering the order to the transporter at its principal place of business during normal working hours.

(d) Except as provided in subsection (e) of this section, a cease and desist order shall not become effective in less than 10 days after the order is served. After an order is served, but before its effective date, upon petition of any interested party, the Commissioner shall conduct a hearing. At the conclusion of such hearing, the Commissioner may affirm the cease and desist order as originally issued, or the Commissioner may modify, amend or rescind such order.

(e) Whenever, in the opinion of the Commissioner, the violation or practice set forth in subsection (a) of this section represents an immediate danger or substantial harm to the interests of the public, the Commissioner may issue a cease and desist order pursuant to subsection (a) of this section, which shall become effective upon service thereof, without prior notice or hearing. Upon the application of an interested party, the Commissioner shall afford an opportunity for a hearing to consider rescission of any order issued pursuant to this subsection, and any action taken promptly thereafter.
5 Del. C. § 3212 — Delaware Code / Title 5 / Chapter 32 / Section 3212
§ Â
        3212. Liability of licensee.
Status: in_force

(a) Each licensee shall be absolutely liable for any loss, damage, destruction or impairment of the money or valuables placed in the licensee’s possession in addition to whatever additional liability shall be imposed upon the licensee by reason of contractual obligations or the laws of this State or any other applicable law.

(b) In any action to recover money or valuables delivered to a transporter, the burden of proving the delivery to and the receipt of such money or valuables by the person to whom it was directed to be paid or delivered shall be upon the transporter.
5 Del. C. § 5110 — Delaware Code / Title 5 / Chapter 51 / Section 5110
§ Â
        5110. Injunction or similar relief.
Status: in_force

A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit.
5 Del. C. § 1920 — Delaware Code / Title 5 / Chapter 19 / Section 1920
§ Â
        1920. Investments in trust.
Status: in_force

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 writing to the association, then, in the event of the death of the trustee, the investment or any part thereof, or the increase thereof, may be paid to the person for whose benefit the investment was made, or his or her legal representative, and the association shall be discharged of any further obligation whatsoever.
5 Del. C. § 2414 — Delaware Code / Title 5 / Chapter 24 / Section 2414
§ Â
        2414. Enforcement authorities, violations and penalties.
Status: in_force

(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 authority of this title; or any other law, rule or regulation of this State or the federal government, the Commissioner may:

(1) Order that person to cease and desist from that violation or failure, from conducting any business subject to this chapter, or from engaging in any harmful activities;

(2) Impose a civil money penalty on that person pursuant to subsection (b) of this section;

(3) Order restitution against that person for that violation or failure;

(4) Remove or ban that person from any employment by, or affiliation with, any financial institution; and

(5) Order such other affirmative action as the Commissioner deems necessary.

(b) (1) The maximum civil money penalty for each violation or failure to comply described in subsection (a) of this section shall be $25,000.

(2) Any civil money penalty under this section may be in addition to any other action or remedy available to the Commissioner or any order, judgment, penalty, fine or sentence imposed by a court or other governmental agency in any administrative, civil or criminal proceeding.

(3) Any civil money penalty under this section shall be paid to the State Treasurer for deposit in the General Fund.

(c) An order issued under this section shall include a statement of the facts upon which it is based; a specification of the activities prohibited, civil money penalty imposed, restitution to be paid, employment or affiliation prohibited, or other affirmative action required; and a notice that the person against whom the order was issued may request a hearing in accordance with Chapter 101 of Title 29.

(d) (1) Except as provided in paragraph (d)(2) of this section, an order issued under this section shall not become effective less than 10 days after issuance.

(2) The Commissioner may issue an order under this section which shall become effective immediately upon issuance whenever in the opinion of the Commissioner, the violation or failure to comply specified in subsection (a) of this section represents an immediate danger or substantial harm to the public.

(e) (1) Upon issuance of an order under this section, the Commissioner shall send a copy of the order to the person against whom it is issued at that person’s last known mailing address by certified mail, return receipt requested.

(2) If the person against whom the order was issued sends the Commissioner a written request for a hearing within 10 days of the order’s mailing date, the Commissioner shall then hold that hearing in accordance with Chapter 101 of Title 29, and except as provided in paragraph (d)(2) of this section, the order shall not become effective until the conclusion of the hearing.

(3) At the conclusion of the hearing, the Commissioner may affirm the order as originally issued, or modify, amend or rescind the order.

(f) The authority granted by this section shall be in addition to the authority granted by Part I of this title.
5 Del. C. § 2002 — Delaware Code / Title 5 / Chapter 20 / Section 2002
§ Â
        2002. Approval of joint plan of merger or consolidation, or plan of conversion.
Status: in_force

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 the members of each board, approve a joint plan of merger or consolidation or a plan of conversion, as the case may be, setting forth the terms and conditions of the merger, consolidation or conversion and the mode of carrying the same into effect, the manner and basis of converting the shares of each association or federal savings and loan association into shares or other securities or obligations of the surviving, new or converted association or federal savings and loan association, as the case may be, and such other details and provisions as are deemed necessary.

The board of directors of each association or federal savings and loan association, upon approving such plan of merger, consolidation or conversion in accordance with the provisions of this chapter, shall, by resolution, direct that the plan be submitted to a vote of the shareholders of such association or federal savings and loan association entitled to vote thereon, at annual or special meeting of the shareholders. Written notice shall, not less than 15 days before such annual or special meeting, be given respectively to each shareholder of record, unless the plan of merger or consolidation contemplates an increase in the authorized capital of the constituent associations, in which event 60 days’ notice of such meeting shall be given to each shareholder. The notice shall state the place, day, hour, and purpose of the meeting, and a copy or a summary of the plan or merger, consolidation or conversion, as the case may be, shall be included in or enclosed with such notice. However, in the case of the surviving association in a merger, if the articles or bylaws specifically so provide, the plan of merger shall not be required to be submitted to the shareholders for approval, but in such case written notice of such contemplated merger shall be given to all shareholders of the surviving association, prior to the date upon which the articles of merger are filed with the Secretary of State; in such event, upon request in writing to the secretary of the association, any shareholder of the surviving association shall be entitled to receive forthwith a copy of the proposed plan of merger.

The plan of merger, consolidation or conversion, to form a surviving, new or converted association, shall be ratified upon receiving the affirmative vote of the holders of at least a majority of the outstanding shares entitled to vote thereon of each of the merging or consolidating associations or federal savings and loan associations, except in the case of a surviving association, the articles or bylaws of which, pursuant to this chapter, provide that action by the shareholders shall not be required, in which case no ratification shall be necessary.

The plan of conversion of an association into a federal savings and loan association, or the plan of merger or consolidation of 1 or more associations with 1 or more federal savings and loan associations to form a federal savings and loan association, shall be ratified upon receiving the affirmative vote of the holders of at least a majority of the outstanding shares entitled to vote thereon of the association converting, or of each of the merging or consolidating associations.
5 Del. C. § 1908 — Delaware Code / Title 5 / Chapter 19 / Section 1908
§ Â
        1908. Investment of associationâs funds in corporate stock.
Status: in_force

The funds of a building and loan association, existing under this Code or any other law of this State, shall not be invested in any corporation stocks. Nothing herein contained shall prevent a building and loan association from purchasing and acquiring stock in the Federal Home Loan Bank under the provisions of the Act of Congress known as the Federal Home Loan Bank Act [12 U.S.C. § 1421 et seq.], or prevent a building and loan association from acquiring any corporation stock to secure itself against loss of money owing to it by any borrower. The stock so acquired under the last preceding clause shall be sold within 60 days after the State Bank Commissioner shall direct.
5 Del. C. § 2411 — Delaware Code / Title 5 / Chapter 24 / Section 2411
§ Â
        2411. Authority to require license.
Status: in_force

(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 carry out this requirement, the Commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. Notwithstanding any other statute to the contrary, the Commissioner may, for this purpose, establish by rule, regulation or order requirements as necessary, including but not limited to:

(1) Background checks for:

a. Criminal history through fingerprint or other databases;

b. Civil or administrative records;

c. Credit history; or

d. Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;

(2) The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;

(3) The setting or resetting as necessary of renewal or reporting dates; and

(4) Requirements for amending or surrendering a license or any other such activities as the Commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
5 Del. C. § 781 — Delaware Code / Title 5 / Chapter 7 / Subchapter VI / Section 781
§ Â
        781. Definitions.
Status: in_force

As used in this subchapter:

(1) “Bank” means a state or a national bank.

(2) “Continuing bank” means a merging bank, the charter of which becomes the charter of the resulting bank.

(3) “Converting bank” means a bank converted from a state to a national bank, or the reverse.

(4) “Merger” includes consolidation.

(5) “Merging bank” means a party to a merger.

(6) “National bank” means a national bank association located in this State.

(7) “Resulting bank” means the bank resulting from a merger or conversion.

(8) “State bank” means a bank or trust company chartered under the laws of this State.
5 Del. C. § 165 — Delaware Code / Title 5 / Chapter 1 / Subchapter III / Section 165
§ Â
        165. Civil actions and penalties.
Status: in_force

Any person who wilfully violates any provision of this subchapter, or any regulation or order issued by the Commissioner pursuant thereto, shall forfeit and pay the civil penalty of not more than $10,000 per day for each day during which such violation continues. The Commissioner shall have authority to assess such a civil penalty, after giving notice and an opportunity to the person to submit data, views and arguments, and after giving due consideration to the appropriateness, the penalty with respect to the size of the financial resources and good faith of the person charged, the gravity of the violation, and any data, views and arguments submitted. The Bank Commissioner may collect such civil penalty by agreement with the person or by bringing an action in the Court of Chancery, except that in any such action, the person against whom the penalty has been assessed shall have a right of trial de novo.