Regulatory Alerts2009-12-01
Added · Updated
Final Order Adopting Amended Regulations 2101, 2201, and 2401 of the State Bank Commissioner
The State Bank Commissioner adopts amended Regulations 2101, 2201, and 2401, effective December 11, 2009, which implement new Chapter 24 of Title 5 of the Delaware Code governing mortgage loan originator licensing. Regulation 2401 establishes that supervisory assessments for licensed mortgage loan originators may not be credited against assessments due from their employers and requires license applicants to submit authorization for independent credit reports without mandating a minimum credit score. Regulation 2101 and 2201 update operating requirements for mortgage loan brokers and licensed lenders, including maintaining copies of applicable regulations and adhering to specific fee payment deadlines and penalty structures.
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