CHAPTER 236 - GENERAL PROVISIONS RESPECTING THE POLICE

REGISTRATION AND EXAMINATION OF SMALL LOAN COMPANIES

AN ACT TO AMEND CHAPTER 100 OF THE REVISED CODE OF DELAWARE, 1935, CONCERNING THE REGULATION OF SMALL LOANS; PROVIDING FOR THE ISSUANCE OF CERTIFICATES OF REGISTRATION; ANNUAL LICENSE FEES; AND PROVIDING FOR THE EXAMINATION THEREOF BY THE STATE BANK COMMISSIONER.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 100 of the Revised Code of Delaware, 1935, be and the same is hereby amended by striking out and repealing all of 4045. Sec. 150. of Article 32 of said chapter and by inserting in lieu thereof the following new section to be known as 4045. Sec. 150:

4045. Sec. 150. Certificates of Registration; Fees; Applications; Form and Contents; Refusal to Grant; Revocation; Examination:--Every person, association, firm, partnership, corporation, trustee, trustee system or combination of persons whatsoever desiring to transact the business of making small loans or loaning money as hereinafter provided shall apply to the State Bank Commissioner for a certificate of registration. Every application for such certificate of registration shall be in writing on such form and containing such information as the State Bank Commissioner shall provide. Every applicant for such certificate of registration shall have in the State of Delaware a definite and fixed office and place of business. Each applicant for such certificate of registration shall pay to the State Bank Commissioner a registration fee of Twenty-five Dollars ($25), which fee shall accompany the application. For any just cause the State Bank Commissioner may refuse to issue such certificate of registration. Every certificate of registration issued by the State Bank Commissioner shall state the place of business of the applicant as contained in the application for the same and shall authorize the transaction of such business for the period of one year from the date of such certificate at such office or place of business as shall be set forth in the application, and at no other place or location. Every holder of a certificate of registration or of a renewal certificate hereinafter provided for, desiring to continue the transaction of the business of making small loans or loaning money as hereinafter provided, shall at least thirty days prior to the expiration of such certificate of registration or renewal thereof make application to the State Bank Commissioner on forms to be provided by the State Bank Commissioner for a renewal certificate and shall pay to the State Bank Commissioner for the use of the State an annual license fee of Twenty-five Dollars ($25). For any just cause the State Bank Commissioner may refuse to issue such renewal certificate.

In the event of any holder of a certificate of registration or of a renewal certificate violating any of the provisions of the statutes of the State of Delaware, the State Bank Commissioner may cancel and revoke any such certificate of registration or renewal certificate.

Every person, association, firm, partnership, corporation, trustee, trustee system or combination of persons whatsoever transacting the business of making small loans or loaning money as hereinafter provided in the State shall be subject to the supervision and examination of the State Bank Commissioner and shall be examined by said Commissioner at least once in eighteen months and oftener if the Commissioner shall deem it necessary.

On the occasion of every such examination, the said Commissioner shall be given access to every part of the office or place of business visited and to the assets, securities, books and papers of said business.

The examination made by the Commissioner as aforesaid shall be a thorough examination into the affairs of the small loan business visited, the resources and liabilities, the investment of the funds, the mode of conducting the business and the compliance or non-compliance of such small loan business with the statutes of the State of Delaware; and in connection with such examination the said Commissioner shall have power to examine, under oath or affirmation, any and all persons connected with or associated with said small loan business, and for this purpose he is hereby authorized to administer oaths and affirmations; provided that the said Commissioner, his deputy or clerk, before proceeding with any such examination shall, if requested so to do, exhibit satisfactory evidence of his authority to make such examination.

Any examination under the provisions hereof may be made by the State Bank Commissioner in person or by his deputy, or his clerk or clerks, or by special persons designated by him, when so authorized by the Commissioner and acting under his orders.

Approved April 9, 1945.