DEPARTMENT OF STATE
Office of the State Bank Commissioner
2401 Mortgage Loan Originator Licensing
The State Bank Commissioner proposes to adopt new Regulation 2401 ("Mortgage Loan Originator Licensing"). This proposed regulation implements a new Chapter 24 of Title 5 of the Delaware Code dealing with the licensing of mortgage loan originators. It establishes criteria and procedures relating to license applications, exemptions, denials, suspensions, revocations, inactive status, surrender, expiration, record keeping and reporting. It also specifies applicable fees and the duties of originating entities that employ mortgage loan originators. The State Bank Commissioner would adopt the proposed new Regulation 2401 on or after November 6, 2008. Other regulations issued by the State Bank Commissioner are not affected by this proposal. The State Bank Commissioner is issuing this regulation in accordance with Title 5 of the Delaware Code.
A copy of the proposed new regulation is published in the Delaware Register of Regulations. A copy is also on file in the Office of the State Bank Commissioner, 555 E. Loockerman Street, Suite 210, Dover, DE 19901 and is available for inspection during regular office hours. Copies are available upon request.
Interested parties are invited to comment or submit written suggestions, data, briefs or other materials to the Office of the State Bank Commissioner as to whether this proposed new regulation should be adopted, rejected or modified. Written materials submitted will be available for inspection at the above address. Comments must be received at or before the public hearing scheduled for 10:00 a.m. Thursday, November 6, 2008.
A public hearing on the proposed regulation will be held in the Office of the State Bank Commissioner, 555 E. Loockerman Street, Suite 210, Dover, DE 19901 on Thursday, November 6, 2008, commencing at 10:00 a.m. This notice is issued pursuant to the requirements of Subchapter III of Chapter 11 and Chapter 101 of Title 29 of the Delaware Code.