§ 5003. Regulatory authority not created.
§ 5003. Regulatory authority not created. This chapter shall not subject a payment network not otherwise regulated by the State Bank Commissioner to any regulation by the State Bank Commissioner. 75 Del. Laws, c. 233, § 1;
§ 3403. Revocable trust accounts; refund to persons making payments.
§ 3403. Revocable trust accounts; refund to persons making payments. (a) Except as provided in § 3404 of this title, upon the giving of 15 days’ written notice, any person, partnership or corporation who has paid funds for a preneed funeral service may demand a refund of the entire amount actually paid, together with all […]
§ 3404. Irrevocable trust accounts.
§ 3404. Irrevocable trust accounts. (a) Any person, partnership or corporation who enters into a preneed funeral contract has the option, at any time, to establish an irrevocable trust for all funds or any portion of payments made or to be made under the agreement, contract or plan. At no time shall such funds exceed […]
§ 3405. Trust funds; how kept and deposited.
§ 3405. Trust funds; how kept and deposited. All trust funds mentioned in this chapter shall be deposited in the name of the trustee, as trustee, within 30 days after receipt thereof, with an insured institution and shall be held together with the interest, dividends or accretions thereon in trust subject to this chapter. The […]
§ 3406. License to accept preneed contract required; fees.
§ 3406. License to accept preneed contract required; fees. (a) No person, firm, partnership, association or corporation may, without first securing from the Commissioner a license, accept or hold payments made on preneed burial contracts, except insured institutions as defined in § 3401 of this title. Application for a license shall be in writing, signed […]
§ 3407. Records of licensee; requirements; inspection.
§ 3407. Records of licensee; requirements; inspection. The licensee shall keep accurate accounts, books and records in this State of all transactions, copies of all agreements, dates and amounts of payments made and accepted thereon, the names and addresses of the contracting parties, the persons for whose benefit funds are accepted, and the names of […]
§ 3408. Periodic report requirements.
§ 3408. Periodic report requirements. A licensee shall file with the Commissioner such reports at such time as the Commissioner may require. Any reports required by the Commissioner under this section shall be in such form and shall contain such information as the Commissioner may specify. 68 Del. Laws, c. 303, § 10; 71 Del. […]
§ 3409. State Bank Commissioner to enforce law and establish rules and regulations.
§ 3409. State Bank Commissioner to enforce law and establish rules and regulations. The Commissioner shall enforce this chapter and has the power to make investigations, subpoena witnesses, require audits and reports and conduct hearings as to violations of any provision, and to establish such rules and regulations as are necessary to carry out this […]
§ 3410. Penalty.
§ 3410. Penalty. Any person wilfully violating this chapter shall be fined not less than $500 nor more than $1,000. 24 Del. C. 1953, § 3126; 58 Del. Laws, c. 415, § 2; 63 Del. Laws, c. 145, § 1; 68 Del. Laws, c. 303, § 10; 68 Del. Laws, c. 389, § 5; 71 […]
§ 3411. Surety bonds and irrevocable letters of credit.
§ 3411. Surety bonds and irrevocable letters of credit. (a) Surety bonds. — (1) Every person licensed under this chapter shall file with the Commissioner, in a form satisfactory to the Commissioner, an original corporate surety bond with surety provided by a corporation authorized to transact business in this State, in the principal sum to […]