5 Del. Admin. Code § 705-1.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 705-1.0 - Branch Offices In the United States Outside the State of Delaware

1.1 Application

1.1.1 An application to open a branch office in the United States outside the State of Delaware pursuant to Section 771(a) of Title 5 of the Delaware Code shall be in writing and shall include the following:

1.1.1.1 Name of applying bank or trust company.

1.1.1.2 Location of proposed branch, including address.

1.1.1.3 The name, address and phone number of the person(s) to whom inquiries may be directed.

1.1.1.4 Explanation of the necessity for the opening of the branch.

1.2 Fee

1.2.1 The application shall be accompanied by a non-refundable investigation fee of two hundred and fifty dollars ($250.00). Checks shall be made payable to the Office of the State Bank Commissioner.

1.3 Notice

1.3.1 Upon notification by the Commissioner that the application to open a branch office in the United States outside the State of Delaware conforms to the requirements for applications pursuant to Section 771(a) of Title 5 of the Delaware Code and this regulation, the applicant shall cause a single notice of such application to be published in a newspaper of general circulation in the locality of the proposed branch. The notice shall provide a brief synopsis of the application, and state that interested persons may present their views in writing to the Office of the State Bank Commissioner, and shall be in a form to be approved by the Commissioner before publication.

1.4 Additional Information, Investigation and Hearing

1.4.1 In addition to the documents filed in accordance with this regulation, the Commissioner at his discretion may require additional information, conduct an investigation, or hold a public hearing in accordance with the Administrative Procedures Act, Chapter 101 of Title 29 of the Delaware Code.

1.5 Decision

1.5.1 No earlier than 20 days after publication of the Notice described in section I.C. of this regulation, the Commissioner shall issue a written Order approving or disapproving the application.

1.6 Certificate of Authority

1.6.1 A Certificate of Authority shall be issued by the Commissioner for each approved branch office in the United States outside the State of Delaware.

1.7 Time to Open Approved Branch Office In the United States Outside the State of Delaware

1.7.1 Branch offices in the United States outside the State of Delaware approved in accordance with Section 771(a) of Title 5 of the Delaware Code and this regulation shall open within one year of the date when the Commissioner issues the Certificate of Authority. The Commissioner may upon review of the application for such branch extend the initial opening date to a date greater than one year. Any Certificate of Authority issued by the Commissioner shall be void and of no effect at the expiration of the time prescribed for the opening of the branch unless the branch is actually opened for business.

5 Del. Admin. Code § 705-1.0