Delaware Updates Lender and Broker Licensing Requirements
Effective as of May 09, 2016, Delaware amended and repealed in part Title 5 Section 122 of the Delaware Code relating to financial institutions.
I. The Commissioner’s Powers
Due to recent amendments, the Commissioner’s powers have been expanded. Firstly, the Commissioner or the Commissioner’s lawful designee may examine the performance of financial institution services on behalf of any other person. This amendment was instituted to allow for multi-state third party servicer assessments. Secondly, a value demarcating restriction on supervisory assessments for out of state banks conducted by the Commissioner or at the direction of the Commissioner has been repealed.
II. License Requirements
In order to streamline and update license requirements, antiquated procedures have been either amended or repealed. First and foremost, licenses do not need to be prominently displayed within the designated place of business anymore. This is due to a move towards e-docs rather than paper documents.
In order to eliminate further paperwork, should the place of business change during the term of the license, the Commissioner will issue without charge an amended license to reflect the change. However, there must be a license per office or other place of business from which its licensed business is conducted. This is applicable to sole businesses, acquired businesses with the aforementioned license and sales finance companies.
Lastly, license requirements no longer require that the attainment of such a license be taken under oath.
III. License to Cash Checks
This section (House Bill 286, §2718) has been repealed in its entirety.
For the text in its entirety please follow the provided link: http://legis.delaware.gov/LIS/lis148.nsf/vwLegislation/HB+286/$file/legis.html?open
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