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| Delaware - Office of the State Bank Commissioner |
Purpose
The Office of the State Bank Commissioner is responsible for regulating and examining State-chartered banks and trust companies and licensed financial services businesses, including mortgage loan brokers, licensed lenders, check sellers, money transmitters, check cashers, motor vehicle sales finance companies, money transporters, business and industrial development corporations and funeral contract providers. They resolve complaints against financial institutions and provide consumer education programs to Delaware residents. In addition, they collect and administer the bank franchise tax that covers all banks and trust companies operating in the State.
Use the following link to access Delaware’s states banking website.
http://www.state.de.us/bank/
General Information
The Office of the State Bank Commissioner was established in 1919. The State Bank Commissioner is appointed by the Governor and confirmed by the Delaware State Senate to serve a four-year term. The Commissioner is responsible for administering and enforcing all the provisions of the State Banking Code, Title 5 of the Delaware Code. The Office of the State Bank Commissioner is staffed by approximately 35 State employees who serve the public interest by:
- Maintaining a strong financial services industry;
- Chartering state banks and trust companies and regulating them to ensure their safety and soundness;
- Licensing non-depository institutions, including mortgage loan brokers, licensed lenders, check sellers, money transmitters, check cashers, motor vehicle sales finance companies, money transporters, business and industrial development corporations and funeral contract providers, and examining them for compliance with state and federal laws and regulations;
- Responding to consumer questions and complaints about regulated financial institutions;
- Administering the bank franchise tax, which covers all banking organizations and trust companies operating in the State, and providing revenue estimates to the Delaware Economic Financial Advisory Council ("DEFAC") for state budgetary purposes;
- Developing proposed laws and implementing effective and efficient regulations to keep Delaware's economic environment attractive to the financial services industry;
- Providing consumer education for all residents of Delaware to improve their understanding of financial services.
Location and Contact Information
Office of the State Bank Commissioner
555 E. Loockerman Street
Suite 210
Dover, DE 19901
tel: (302) 739-4235
(302) 577-6722
fax: (302) 739-3609
licensing/consumer complaints fax: (302) 739-2356
Entities Supervised
The following entities are supervised by the state Banking department…
- Consumer lenders
- Mortgage loan brokers
- Motor vehicle sales finance companies
- Check cashers
- Money transmitters
Consumer Complaints
Having a problem with a Delaware financial institution?
Anyone having an inquiry or concern involving a Delaware financial institution should contact the compliance area of the Office of the State Bank Commissioner. The compliance area is responsible for investigating consumer complaints and answering consumers' questions regarding state chartered financial institutions located in Delaware, as well as other financial services including mortgage and small loan companies, funeral contracts and cashing of checks activities.
Members of the compliance staff are well versed in state banking laws and state and federal banking regulations. The compliance staff is also available to answer questions regarding Delaware's financial institutions and to educate consumers about the laws and regulations that pertain to their personal financial business.
Regulations
The following link will take you to the states banking rules, regulations and policies that are in effect and that the banking department is responsible for enforcing.
http://www.state.de.us/bank/
This includes rules regulations on the following….
- State Bank Commissioner
- Funeral Contracts
- Corporation Law for State Banks and Trust Companies
- Acquisition of Interest in Banking Institutions; Bank Holding Companies
- Regulations Governing Business of Banks and Trust Companies
- Consumer Credit Banks [Repealed]
- Taxation
- Bank Ownership and Participation in Export Trading Company Act
- Banking Organizations Power to Close Offices on Holidays and During Emergencies
- Foreign Banks
- Credit Card Institutions
- Building and Loan Associations
- Taxation - Building and Loan Associations
- Powers and Conduct of Business
- Merger, Consolidation or Conversion
- Mortgage Loan Brokers
- Licensed Lenders
- Sale of Checks, Drafts and Money Orders
- Soliciting Deposits or Payments
- Cashing of Checks, Drafts or Money Orders
- Financing the Sale of Motor Vehicles
- Mortgage Banking
- Secondary Mortgage Loans
- Transportation of Money and Valuables
- Business and Industrial Development Corporations
- Funeral Contracts
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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