The Office of the State Bank Commissioner has temporarily relocated. Until further notice, please send all correspondence to our temporary address:
43 South DuPont Highway
Edgehill Shopping Center
Dover, Delaware 19901
The non-depository licensing area issues the following types of licenses:
Mortgage Loan Broker – Governed by Chapter 21, Title 5 of the Delaware Code, includes anyone who, with the expectation of compensation, offers to find lenders for borrowers, arranges terms, processes application packages (or arranges for such processing) and obtains commitments.
Licensed Lender – Governed by Chapter 22, Title 5 of the Delaware Code, includes all consumer lending by non-depository businesses participating in more than 5 transactions in any 12 month period. Types of lending covered include (consumer lending only) revolving credit whether unsecured or secured by real estate and closed-end lending such as unsecured personal loans, “payday” lending, “title” lending, loans secured by collateral other than real estate, and real estate secured loans (1stmortgages, refinances, 2nd mortgages, etc.).
Sale of Checks and Transmission of Money – Governed by Chapter 23, Title 5 of the Delaware Code, includes those who sell checks (such as travelers´ checks), drafts and/or money orders either directly or through agents, and those who receive money from consumers for transmission to a third party.
Cashers of Checks, Drafts and Money Orders – Governed by Chapter 27, Title 5 of the Delaware Code, includes anyone who cashes checks, drafts and/or money orders for consumers and charges more than ten cents per item for the service. Does not include “delayed presentment check cashing” which is lending and is governed by Chapter 22.
Financing the Sale of Motor Vehicles – Governed by Chapter 29, Title 5 of the Delaware Code, includes persons who either create and hold retail installment contracts, or finance and hold retail installment contracts received from sellers (such as dealers), that enable consumers to purchase motor vehicles over time with interest.
Transportation of Money and Valuables – Governed by Chapter 32, Title 5 of the Delaware Code, includes anyone who is in the business of transporting money and other valuable goods (as defined in the statute) within Delaware.
Preneed Funeral Contracts – Governed by Chapter 34, Title 5 of the Delaware Code, includes persons who sell funeral services and merchandise to consumers on a preneed basis through contracts, placing the money paid on such contracts in trust with insured financial institutions.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.