SENATE BILL NO. 81
AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE SALE OF CHECKS AND TRANSMISSION OF MONEY.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §2304 of Title 5 of the Delaware Code by deleting from subsection (a) thereof the words "to sell checks as aforesaid", and by adding a new subsection (c), as follows:
"(c) The Commissioner shall be authorized to exempt from any or all of the provisions of this chapter such persons or classes of persons, or checks or transmissions or classes of checks or transmissions, as the Commissioner shall find inappropriate to include within the coverage of this chapter in order to effectuate the purposes of this chapter. The Commissioner may by regulation establish procedures for application, fees and other requirements for an exemption pursuant to this subsection."
Section 2. Amend Section 2311 of Title 5 of the Delaware Code by deleting from the fifth sentence thereof the words "made deposits" and inserting in lieu thereof the words "filed an irrevocable letter of credit", by further deleting from the fifth sentence thereof the word "securities" and inserting in lieu thereof the words "letter of credit", by deleting from the last sentence thereof the word "licensee" and inserting in lieu thereof the word "person", and by further deleting from the last sentence thereof the words "paragraph (a) of".
Section 2. The provisions of this Act shall be effective upon its enactment into law.
Approved July 05, 2007