Delaware Administrative Code
Title 5 - Banking
2200 - Licensed Lenders
2204 - Required Amount of Licensed Lender's Surety Bond or Irrevocable Letter of Credit
Section 2204-3.0 - Bond for Mortgage Loan Originators
Universal Citation: 5 DE Admin Code 2204-3.0
Current through Register Vol. 28, No. 3, September 1, 2024
3.1 A licensee may use its surety bond under 5 Del.C. Ch. 22 to cover mortgage loan originators licensed under 5 5 Del.C. Ch. 22 and who are its employees or exclusive agents if the bond conforms to all requirements of 5 Del.C. § 2415 and § 12.0 of Regulation 2401.
3.2 A licensee's irrevocable letter of credit may not be used to cover mortgage loan originators.
3.3 A licensee shall notify the Commissioner in writing of the names of the mortgage loan originators who are covered by its surety bond and of any change in such coverage for those originators.
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