[collapse title=”What types of licenses are available?” active=”true”]
The non-depository licensing area issues the following types of licenses:
[collapse title=”How can I get the forms I need to apply for a license?”]
The easiest way is to print them from our web site: SERVICES -> Apply for a License. Just click on “Apply for a License” and then click on the type of license you need. This will give you a list of things you need to have including regulations, the application form and the surety bond form.
[collapse title=”Do I have to have a location inside Delaware?”]
No. If you will not have a licensed location within the State, you must provide the name and address of a resident agent. A resident agent is someone within Delaware who can accept legal service-of-process papers on your behalf if necessary. Often, a Delaware attorney or one of several companies specializing in this type of service is used as the resident agent. To obtain a list of resident agents, contact the Division of Corporations at (302) 739-3077.
[collapse title=”What information will I have to provide about the senior management of my company?”]
That depends upon the type of license you need. Requirements are detailed in each application. In some cases, a list of those in senior management and directors (for corporations) with certain information is sufficient. In other cases, such as Licensed Lender, you must submit a personal resume and personal financial statement for each member of senior management and each director. Just follow the directions in the application form.
[collapse title=”Who is considered to be a member of senior management?”]
Senior management would be those on the company’s executive management committee, or whoever is in charge of executive decisions, operations, finances and anyone with signing authority on a company-wide level (such as a corporate secretary).
[collapse title=”We are applying for a Licensed Lenders license and our parent company is widely held publicly. Are we exempt from providing personal information for our senior management?”]
No. The applicant company itself must be widely held publicly for that exemption to apply. See question 6(c) of the Licensed Lender Application.
[collapse title=”I have copies of business reference letters to send in with the application. Is this permissible?”]
No. Business references must arrive at our location directly from the reference source.
[collapse title=”We are a new company, and our business financial does not show a profit yet. Will this affect our ability to get a license?”]
Each application is analyzed separately and given individual attention. It is important to submit a financial statement with notes (audited if possible) and a complete business plan. Having this type of information will enable us to fairly analyze the financial statement of any business, including a newly established business. It will be necessary, however, to capitalize a start-up company.
[collapse title=”What does it cost to get a license?”]
Again, that depends upon the type of license you need. In most cases, you will be required to send an investigation fee with the completed application. If the application is approved, you will have to remit a licensing fee for each licensed location. Refer to the application form for specific amounts of these fees.
[collapse title=”I have the bond form. How do I get the bond?”]
Contact your insurance company and ask if they are authorized to write surety in Delaware. Surety bonds are issued by surety companies, which are part of the insurance industry. It is important that the company you use is authorized to write surety in Delaware. Provide them with the bond form to ensure that appropriate language is incorporated into their bond format.
[collapse title=”We have our license. When will we have to renew it?”]
All licenses issued by this office expire on each December 31st, regardless of what time of year they are issued. We send renewal forms and instructions in September of each year to all businesses licensed at that time. If a new license is issued after the renewal paperwork is mailed, a renewal form will accompany the new license with explanatory instructions. The completed renewal form must be returned to this office, postmarked no later than November 30th to allow our staff adequate processing time.
[collapse title=”What can I do to ensure my renewal can be processed promptly?”]
The most important thing to do at renewal is FOLLOW DIRECTIONS. If the application says to include something, include it. Be sure to apply corporate seals if appropriate. Provide a list of senior management if requested, even if there have been no changes. If you have more than one licensed location and are not renewing all of them, be sure to make note of which locations are NOT being renewed. File your renewal early.
[collapse title=”We are moving because we need a larger office. What do we do about our license?”]
Return the original license to this office with a letter of explanation containing the new address. We will issue a corrected license. Currently, there is no charge for this service.
[collapse title=”The name of our business is changing. What do we do about our license? “]
That depends upon the reason for the name change. If the name is changing because the business has been bought or is merging with another business, a new application for licensure may be required. However, if the name is changing simply for marketing purposes or some other reason that does not involve a change of ownership control, return the license(s) to this office just as you would for an address change.
[collapse title=”We would like to license another location. How do we do that?”]
If you have a license under Licensed Lender, Mortgage Loan Broker or Financing the Sale of Motor Vehicles you can complete an application for additional locations. These forms are available on our web site in the same locations as the regular applications, or call our office. Call us for advice if you have a license other than those listed above.
[collapse title=”We want to add a doing business as (dba) name to our licensed name. How do we do that?”]
A licensee may add a dba name, or more than one dba name, to their license. It is important to remember that if you have more than one licensed location, the dba name must appear on ALL licenses. Return the license(s) to this office with a letter of explanation that includes the dba name the way you want it to read on the license(s). This office will issue corrected licenses. Currently, there is no charge for this service.
[collapse title=”Are there any reports to be filed with your office during the year?”]
Yes, depending upon the type of license you have. The Report of Delaware Volume must be filed twice each year by all Licensed Lender, Mortgage Loan Broker, Financing the Sale of Motor Vehicles and Sale of Checks & Transmission of Money licensees. The Report of Delaware Assets must be filed once each year, no later than April 1st, by all Licensed Lender, Mortgage Loan Broker and Financing the Sale of Motor Vehicles licensees. Each of these reports is actually required by regulation and can be found on our web site in the same location as the application forms. Each has detailed instructions as part of the regulation. It is important to note that this office does not send these reports to licensees each year. Since they are regulations, each licensee is required to maintain them along with all the other regulations.
[collapse title=”It is July and we have received an invoice. Why?”]
Each year around July 15th all entities under the jurisdiction of this office are billed a Supervisory Assessment fee, in accordance with Section 127(b), Title 5 of the Delaware Code. This is a budgetary fee and has nothing to do with your volume of Delaware business, license renewal or on-site examination of records. The fee is based upon Delaware assets, with statutory minimums of $500 if records are maintained (and can be examined if necessary) inside the State of Delaware and $1000 if those records are maintained outside Delaware. The invoices for this fee are always mailed in mid-July and are always due by August 1st.
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