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Can you summarize 5 DEAC 1500?
Banking > Credit Card Institutions
Short Summary
The provided legal document content outlines the minimum books and records requirements for Credit Card Institutions operating in Delaware. The regulation applies to all Credit Card Institutions and is enforced by the State Bank Commissioner. Its purpose is to ensure that all records are easily accessible for supervisory examination purposes. However, records that are considered to be of a permanent nature are exempted from this requirement. The regulation also allows institutions to make copies of records, such as microfilm or photographs, at their discretion. These copies can be retained for the designated period of time. The specific categories of records that must be maintained include corporate records, capital-related records, accounting and auditing records, general ledger records, insurance records, investment records, loan records, compliance records, tax records, due from banks records, certificates of deposits and other time deposits records, and registered mail records.
Whom does it apply to?
Credit Card Institutions operating in Delaware
What does it govern?
Minimum books and records requirements for Credit Card Institutions operating in Delaware
What are exemptions?
Records that are considered to be of a permanent nature
What are the Penalties?
No penalties mentioned
Jurisdiction
Delaware