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Can you summarize 5 DEAC 100?
Banking > State Bank Commissioner
Short Summary
The provided legal document content consists of three regulations issued by the State Bank Commissioner of Delaware. The first regulation establishes procedures for the creation and existence of an Interim Bank, which can be formed for various purposes such as facilitating the establishment of a Bank Holding Company, acquisition of an Insured Delaware Bank, merger of Out-of-State Banks with Delaware Banks, or merger/reorganization of Insured Banks to result in a Delaware State Bank. The regulation outlines the required documents for the formation of an Interim Bank and specifies that the Commissioner decides whether to charter the Interim Bank within two weeks of the last publication of the Public Notice. It also states that an Interim Bank cannot engage in banking activities until it has merged with an Insured Bank. The Commissioner has the authority to revoke the certificate of public convenience and advantage of the Interim Bank if the merger is not completed within the authorized time or if the Interim Bank conducts banking business prior to the merger. The second regulation establishes retention requirements for financial institutions under the supervision of the Commissioner’s Office and federally chartered financial institutions in Delaware. It applies to state chartered financial institutions, federally chartered financial institutions, and state licensed financial businesses. The regulation mandates that financial institutions must maintain certain books and records in a form and manner consistent with reasonable business practices and any applicable federal law or regulation. It also specifies the availability, location, admissibility, and retention periods of records. The attached schedule provides specific retention periods for different categories of records. The third regulation sets forth the rules and procedures for responding to requests for Public Records under the Freedom of Information Act. It applies to the Office of the State Bank Commissioner and emphasizes that all requested Public Records shall be considered open and subject to disclosure, with exceptions only if a specific exception applies. The regulation defines key terms, outlines the filing process for requests, designates a FOIA Coordinator, and establishes the Agency’s responsibilities in assisting the Requesting Party and coordinating with other agencies. It also addresses the Agency’s response to requests, review of records, fees, confidentiality, and the effective date of the regulation.
Whom does it apply to?
Interim Banks, financial institutions subject to the supervision of the State Bank Commissioner's Office, federally chartered financial institutions in Delaware, state chartered financial institutions, federally chartered financial institutions, and state licensed financial businesses including Licensed Lenders, Licensed Mortgage Loan Brokers, Licensed Motor Vehicle Sales Finance Companies, and Licensed Cashers of Checks, Drafts, or Money Orders
What does it govern?
Procedures governing the creation and existence of an Interim Bank, retention requirements for financial institutions, and rules and procedures for responding to requests for Public Records under the Freedom of Information Act
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
The Commissioner may revoke the certificate of public convenience and advantage of the Interim Bank if the merger is not completed within the authorized time or if the Interim Bank conducts banking business prior to the merger. Various fees are applicable for the formation and merger of an Interim Bank.
Jurisdiction
Delaware