Delaware Administrative Code
Title 5 - Banking
2200 - Licensed Lenders
2207 - Exemption of Licensed Lenders
Section 2207-3.0 - Applicability
Universal Citation: 5 DE Admin Code 2207-3.0
Current through Register Vol. 28, No. 3, September 1, 2024
3.1 This regulation and the Statute apply only to persons engaged in consumer credit transactions, including but not limited to mortgage lending secured by one to four family residential, owner occupied property located in Delaware and intended for personal, family or household purposes.
3.2 This regulation and the Statute's licensing requirements do not apply to:
3.2.1 Any person who makes 5 or less loans within any 12 month period;
3.2.2 Any banking organization, as defined by 5 Del.C.
§
101;
3.2.3 Any federal credit union;
3.2.4 Any insurance company;
3.2.5 Any person if and to the extent that such person is lending money in accordance with, and as authorized by, any other applicable law of the State of Delaware; and
3.2.6 Any person if and to the extent that such person is lending money in accordance with, and as authorized by, any applicable law of the United States of America.
3.3 A person shall not be deemed to be transacting the business of lending money within the meaning of 5 Del.C. § 2202 and shall not be subject to this regulation or the licensing requirements of the Statute solely because the person is a participating merchant as the term is used in the Statute.
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