Title 5 Banking
3300 Business and Industrial Development Corporations
3308 Bidco Procedure for Approval of Additional Incidental Activities
5 Del.C. §3322(d)
Formerly Regulation No.: 5.3322(d).0008
Effective Date: January 11, 1993
This regulation establishes procedures for the form and content of requests of approval of additional incidental activities not set forth in Regulation No. 3304 (formerly 5.3322(d).0004), pursuant to §3322(d) of Title 5 of the Delaware Code.
1.0 The request for approval to conduct additional incidental activities shall be in writing to the State Bank Commissioner and shall contain, at a minimum:
1.1 The name of the Bidco and an authorized signature of a representative designated to make the request on behalf of the Bidco;
1.2 A complete explanation of the activity(s) in which the Bidco desires to engage;
1.3 An explanation as to why such activity(s) is necessary or convenient to carry on the business of, or that is reasonably related to the business of, providing financing assistance and management assistance to business firms of the Bidco;
1.4 An explanation as to what experience or expertise will be brought to bear in this area;
1.5 Such other information the applicant may provide to support the request;
1.6 Such other information the Commissioner may require or deem appropriate to the request.
2.0 If, on the basis of the information submitted, the State Bank Commissioner concludes that the request should be approved, he shall issue a written approval for such activity(s), such approvals may be conditional in nature.
3.0 If on the basis of the information submitted or obtained through the investigation process, the State Bank Commissioner proposes to disapprove an application properly made under this regulation, he shall, pursuant to §10131(c) of Title 29 of the Delaware Code, give written notice to the applicant of the intended action and the reasons therefor. Such notice shall:
3.1 Describe the subject matter of the proceeding and the statutory authority therefor;
3.2 Inform the applicant of the proposed action and the reasons therefor;
3.3 Inform the applicant that it has a right to demand a hearing on the application at which hearing (a) the applicant would have the right to present relevant evidence, (b) to be represented by counsel, and (c) to appear personally or by other representative; and that the Commissioner is obligated to reach his decision based upon the evidence received; and
3.4 Inform the applicant of the period, not less than ten (10) days from the date of such notice, during which it may request a hearing on such application.
3.5 Should the applicant request a hearing under this section, the Commissioner shall fix a date for such hearing and shall provide at least twenty (20) days advance notice of such hearing date to applicant.