Title 5 Banking
2300 Sale of Checks and Transmission of Money
2301 Operating Regulation
5 Del.C. Ch. 23
5 Del.C. §2318
Effective Date: June 11, 2013
1.0 Compliance with Applicable Laws
1.1 All licensees shall comply with 5 Del.C. Ch. 23, all regulations issued thereunder, and all other applicable State and federal statutes and regulations.
1.2 The manager and appropriate staff of each licensee shall familiarize themselves with all such statutes and regulations.
1.3 Each licensee shall maintain either by paper copy or through electronic access, 5 Del.C. Ch. 23 and the following regulations:
1.3.1 Regulation 101, Retention of Financial Institution Records;
1.3.2 Regulation 2301, Operating Regulation;
1.3.3 Regulation 2302, Exemptions; and
1.3.4 Regulation 2303, Report of Delaware Volume.
2.0 Minimum Required Records
2.1 Each licensee shall maintain any records necessary to verify the licensee’s compliance with 5 Del.C. Ch. 23, all regulations issued thereunder, and all other applicable State and federal statutes and regulations.
2.2 All such records shall be made available to the Commissioner’s staff when requested.
2.3 Records may be maintained at any suitable location but must be available within a reasonable period of time upon request.
2.4 All such records may be maintained by paper copy or in an electronic format.
2.5 All records shall be maintained in accordance with the time periods specified in Regulation 101, Retention of Financial Institution Records.
2.6 The Commissioner may grant written approval for variations from this section to accommodate specific record keeping systems. Requests for such approvals must be in writing and provide sufficient information concerning the system to ensure that the requirements of this section are satisfied and that the records will be readily available when requested.
3.0 Expired Identification
Licensees shall not accept from a customer any form of identification that has expired.
4.0 Advertising
A licensee shall not advertise in any way that is false, misleading, or deceptive.
5.0 Examination Fees and Supervisory Assessments
5.1 The Commissioner may examine licensees and their agents pursuant to 5 Del.C. §122. The costs of such examinations are assessed in accordance with 5 Del.C. §127(a). A licensee shall remit payment not later than 30 days after the date of the examination invoice.
5.2 The Commissioner shall assess each licensee a supervisory assessment that is due and payable on August 1 each year, in accordance with 5 Del.C. §127(b).
5.3 Failure to remit timely payment of any examination fee or supervisory assessment will result in a penalty of 0.05 percent of the amount unpaid for each day that such fee or assessment remains unpaid after the due date, in accordance with 5 Del.C. §§127(a) and 127(b).
6.0 Examination Responses
A licensee shall send the Commissioner a written response to every violation specified in a report of examination no later than 30 days after the date of the report.
16 DE Reg. 1286 (06/01/13)
