CHAPTER 6

FORMERLY

SENATE BILL NO. 20

AS AMENDED BY

SENATE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTERS 1, 7, 9, 11, 22, 23, 27, 29, AND 32 OF TITLE 5, DELAWARE CODE RELATING TO BANKS AND OTHER FINANCIAL INSTITUTIONS.

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 Chapter 1 of Title 5, Delaware Code, by adding a new section to read as follows:

"§144. Restrictions on use of words 'savings' or trust' in corporate name.

No financial institution established under this title shall have or use the word 'savings' in its title or name, nor shall any financial institution established, licensed or authorized to transact business under this title which is not a bank and trust company, a limited purpose trust company or a trust company have or use the word 'trust' in its title or name."

Section 2. Amend Chapter 7 of Title 5, Delaware Code, by deleting Section 721 in its entirety.

Section 3. Amend Section 906 of Title 5, Delaware Code, by deleting the words "; which penalty shall be sued for by the State Bank Commissioner in the name of the State unless he and inserting in lieu thereof "unless the Commissioner".

Section 4. Further amend Section 906 of Title 5, Delaware Code, by adding the following sentence to the end thereof: "Any penalty that may be imposed by the Commissioner hereunder shall be paid to the State Treasurer for deposit in the General Fund."

Section 5. Amend subsection (a) of Section 928 of Title 5, Delaware Code, by deleting the words not more than $200 or imprisoned not more than 1 year, or both." immediately following the words "shall be fined" as they appear therein and by inserting in lieu thereof "$1,000 per day in accordance with §143 of this title, except that subsection I43(c) shall not apply. In addition, any such person or agent or official of any such corporation, firm or association of individuals may be imprisoned not more than one year."

Section 6. Amend subsection (e) of Section 1101 of Title 5, Delaware Code, by deleting the words "subsection (a)" as they appear in the second sentence and by inserting in lieu thereof "subsection (a)(1)b.".

Section 7. Amend subsection (t) of Section 1101 of Title 5, Delaware Code, by deleting the words "subsection (a)" as they appear in the first sentence and by inserting in lieu thereof "subsection (a)(1)b.".

Section 8. Amend the title of Section 2206 of Title 5, Delaware Code, by deleting the period (.) at the end thereof and by adding the words "; acquisition" in lieu thereof.

Section 9. Further amend Section 2206 of Title 5, Delaware Code, by designating the entire existing section as "subsection (a)" and by adding a new subsection (b) to read as follows:

"(b) Upon written request, the Commissioner may in his discretion grant conditional approval for the acquired licensee to conduct its business under its existing license for a period not to exceed 60 days in cases where the control of the licensee changes and where a new application for licensure has been filed in accordance with §2203 of this chapter."

Section 10. Amend Section 2310 of Title 5, Delaware Code, by deleting the words "on or before January 1, applicant shall file with the Commissioner" as they appear in the first sentence and by inserting in lieu thereof the words at least 30 days prior to the expiration of such license, applicant shall file with the Commissioner a renewal application together with".

Section 11. Further amend Section 2310 of Title 5, Delaware Code, by deleting the words "on or before each January 1" as they appear in the fourth sentence and by inserting in lieu thereof the words "together with a renewal application not less than 30 days prior to the expiration of such license".

Section 12. Further amend Section 2310 of Title 5, Delaware Code, by adding the following sentences to the end thereof: The Commissioner may mandate that applications for renewal shall be treated as new applications if said renewal applications are not on file with the Office of the State Bank Commissioner by January 1 of each year. Licensees which have not complied with supervisory letters may be refused license renewal."

Section 13. Amend Section 2720 of Title 5, Delaware Code, by deleting the last sentence and by inserting in lieu thereof the following language:

"Every holder of a license or a renewal thereof, as provided for in this section, desiring to continue the transaction of business as provided for in this chapter, shall at least 30 days prior to the expiration of such license or renewal thereof make application to the Commissioner on forms to be provided by the Commissioner for a license renewal. The Commissioner may mandate that applications for renewal shall be treated as new applications if said renewal applications are not on file with the Office of the State Bank Commissioner by January I of each year. Licensees who have not complied with supervisory letters or who have not paid examination fees when due may be refused license renewal."

Section 14. Amend Chapter 29 of Title 5, Delaware Code, by adding a new Section 2903 and redesignating the existing Section 2903 as Section 2904 and renumbering all subsequent sections sequentially thereafter. The new Section 2903 shall read as follows:

"§2903. Renewal of license.

Every holder of a license or a renewal thereof, as provided for in this section, desiring to continue the transaction of business as provided for in this chapter, shall at least 30 days prior to the expiration of such license or renewal thereof make application to the Commissioner on forms to be provided by the Commissioner for a license renewal. The Commissioner may mandate that applications for renewal shall be treated as new applications if said renewal applications are not on file with the Office of the State Bank Commissioner by January I of each year. Licensees who have not complied with supervisory letters or who have not paid any supervisory assessment or examination fees when due may be refused license renewal."

Section 15. Amend Chapter 32 of Title 5, Delaware Code, by deleting the existing Section 3210 in its entirety and by adding a new Section 3210 to read as follows:

"§3210. Renewal of license; annual license fee.

Every holder of a license or a renewal thereof', as provided for in this section, desiring to continue the transaction of business as provided for in this chapter, shall at least 30 days prior to the expiration of such license or renewal thereof make application to the Commissioner on forms to be provided by the Commissioner for a license renewal. Each licensee shall pay to the Commissioner annually, together with its application for license renewal, a license fee of $200 for the ensuing calendar year. The Commissioner may mandate that applications for renewal shall be treated as new applications if said renewal applications are not on file with the Office of the State Bank Commissioner by January 1 of each year. Licensees who have not complied with supervisory letters or who have not paid examination fees when due may be refused license renewal."

Section 16. If any provision of this act or the application of any section or part thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or application of this act which can be given effect without the invalid provision or application.

Section 17. This act shall take effect immediately upon its adoption except that Sections 6 and 7 all become effective January 1, 1996.

Approved February 10, 1995