Delaware Administrative Code
Title 5 - Banking
3300 - Business and Industrial Development Corporations
3301 - Procedures Governing Applications to Form and Conduct Business as a Business and Industrial Development Corporation (BIDCO)
Section 3301-5.0
Universal Citation: 5 DE Admin Code 3301-5.0
Current through Register Vol. 28, No. 3, September 1, 2024
5.1 If on the basis of the information submitted or obtained through the investigation process, the State Bank Commissioner proposes to disapprove an application properly made under this regulation, he shall, pursuant to §10131(c) of Title 29 of the Delaware Code, give written notice to the applicant of the intended action and the reasons therefor. Such notice shall:
5.1.1 Describe the subject matter of the proceeding and the statutory authority therefor;
5.1.2 Inform the applicant of the proposed action and the reasons therefor;
5.1.3 Inform the applicant that it has a right to demand a hearing on the application at which hearing (a) the applicant would have the right to present relevant evidence, (b) to be represented by counsel, and (c) to appear personally or by other representative; and that the Commissioner is obligated to reach his decision based upon the evidence received; and
5.1.4 Inform the applicant of the period, not less than ten (10) days from the date of such notice, during which it may request a hearing on such application.
5.2 Should the applicant request a hearing under this section, the Commissioner shall fix a date for such hearing and shall provide at least twenty (20) days advance notice of such hearing date to applicant.
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