SENATE BILL NO. 421
AN ACT TO AMEND 'CHAPTER 10 OF TITLE 5, DELAWARE CODE, RELATING TO THE DEPOSIT TAKING AUTHORITY OF CONSUMER CREDIT BANK ACT BANKS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each House thereof concurring therein):
Section 1. Amend §1051(a)(3) of Chapter 10, Title 5, Delaware Code, by
adding the following phrase after the words not less than $100,000;":
"provided, however, that the above limitation on the acceptance of deposits shall not apply to deposits accepted in connection with a revolving credit plan, as defined in Subchapter II of Chapter 9 of this title, pursuant to which a consumer credit bank, as a means of securing such bank's extension of credit under the plan, takes a security interest in funds deposited by an individual borrower in an amount not to exceed the greater of the amount of credit extended or the amount of the credit line approved under the plan:"
Approved July 2, 1992.