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LAWS
OF THE
STATE OF DELAWARE
ONE HUNDRED AND THIRTY- NINTH
GENERAL ASSEMBLY
FIRST SESSION COMMENCED AND HELD AT DOVER
On Tuesday, January 14, A. D.
1997
SECOND SESSION COMMENCED AND HELD AT DOVER
On Tuesday, January 13, A. D.
1998
VOLUME LXXI
Part I
Object Description
| Rating | |
| Title | Laws of the State of Delaware - Volume 71 - Part 1 |
| Description | Laws of the State of Delaware |
| Creator | Delaware |
| Creator2 | Delaware General Assembly |
| Publisher | Department of State |
| Type | Text |
| Format | |
| Full Text | 1 1 LAWS OF THE STATE OF DELAWARE ONE HUNDRED AND THIRTY-NINTH GENERAL ASSEMBLY FIRST SESSION COMMENCED AND HELD AT DOVER On Tuesday, January 14, A.D. 1997 SECOND SESSION COMMENCED AND HELD AT DOVER On Tuesday, January 13, A.D. 1998 VOLUME LXXI Part I Chapter 1 Vol. 71 CHAPTER 1 FORMERLY SENATE BILL NO. 12 AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE AND VOLUME 70, CHAPTER 425 OF THE DELAWARE LAWS RELATING TO THE SALARY OF THE GOVERNOR. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend § 2101, Title 29, Delaware Code to replace "$70,000" with "$107,000". Section 2. The salary provided for by Section 1 shall become effective upon the inauguration of a Governor on January 21, 1997 and shall supersede the salary for the Governor set forth in Section 10-, at Budget Unit (10-01-01), of 70 Delaware Laws, Chapter 425 (the "FY '97 Budget Act"). The Budget Director, with the concurrence of the Controller General, shall transfer sufficient funds as necessary from contingencies contained in (10-02-04) of the FY '97 Budget Act to fund said salary adjustment as contained in this Act for the remainder of the fiscal year ending June 30, 1997. Approved January 18, 1997 CHAPTER 2 FORMERLY HOUSE BILL NO. 41 AN ACT TO WAIVE THE STATUTORY PROVISIONS OF CHAPTER 66, TITLE 16, OF THE DEL AWARE CODE RELATING TO THE APPOINTMENT BY THE GOVERNOR OF THE IMMEDIATE PAST PRESIDENT OF THE STATE VOLUNTEER FIREFIGHTERS' ASSOCIATION TO THE STATE FIRE PREVENTION COMMISSION. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Governor Thomas R. Carper is hereby exempted from the provisions of 16 Del C. §6601(A) which state that the Governor shall appoint the immediate past President of the State Volunteer Firefighters'Association as the seventh member of the State Fire Prevention Commission; and Governor Thomas R. Carper is hereby authorized to appoint a prior past President of the State Volunteer Firefighters' Association other than the immediate past President as the seventh member of the State Fire Prevention Commission. Section 2. The authority herein granted to the Governor shall expire on September 16, 1 1997. Approved January 23, 1997 CHAPTER 3 FORMERLY SENATE BILL NO. 13 AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO LIMITATION ON AMOUNT OF BONDS THAT MAY BE ISSUED. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend §2I07, Title 14 of the Delaware Code by adding at the end of said section the following: "or in the case of Sussex County school districts, 10% of 50% of the full market value of real estate, in Kent County school districts, 10% of 60% of the full market value of real estate; and in New Castle County school districts, 10% of 100% of the full market value of real estate, whichever is greater. For purposes of this section, the full market value of real estate shall be determined by the Assessment to Sales Ratio Study conducted annually by the State Budget Office." Approved February 10, 1997 2 Chapter 3 Vol. 71 CHAPTER 4 FORMERLY SENATE BILL NO. 15 AS AMENDED BY SENATE AMENDMENT NO. 1 AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO STATE PROCUREMENT. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend Title 29, § 6902(1) by striking the words "but shall not include agencies" and substituting in lieu thereof the words "but shall not include any local government unit or agency". Section 2. Amend §6903(d), Title 29, Delaware Code by inserting after the words "contract and" and before the words "is paid" the words "in connection therewith". Section 3. Amend §6903(0, Title 29, Delaware Code by inserting after the words "to pay" and before the words "or is" the words "to an agency official, representative or employee." Section 4. Amend Title 29, § 6903(b) of the Delaware Code by striking said subsection in its entirety and redesignating § 6903(c) through (h) as § 6903(b) through (g) of Title 29. Section 5. Amend Title 29, § 6904(f) of the Delaware Code by striking the words "public works" as they appear therein. Section 6. Amend Title 29, § 6923(c)(3) of the Delaware Code by striking the words "a contract has been awarded" and substituting in lieu thereof the words "receipt of a fully executed contract". Section 7. Amend Title 29, § 6923(j)(4) of the Delaware Code by striking the words "contract award" as they appear in the first sentence therein and substituting in lieu thereof the words" receipt of a fully executed contract". Section 8. Amend Title 29, § 6924(j)(3) of the Delaware Code by striking the words "contract award" as they appear therein and substituting in lieu thereof the words "receipt of a fully executed contract". Section 9. Amend Title 29, § 6906(a) and Title 29, § 6906(b) of the Delaware Code by striking the words "§ 6903" as they appear therein and substituting in lieu thereof the words "the provisions". Section 10. Amend Title 29, § 6980 of the Delaware Code by striking the words "§ 6983(e)" as they appear therein and substituting in lieu thereof the words "§§ 6983, 6984, 6985 and 6986". Section 11. Amend §6980, Title 29, Delaware Code by striking the words "will be subject to the provisions of §6983(e) and §6985 of this title, but" as they appear therein. Section 12. This Act shall become effective upon enactment. Approved February 10, 1997 Chapter 4 3 Vol. 71 CHAPTER 5 FORMERLY SENATE BILL NO. 25 AN ACT TO AMEND TITLE 11 OF THE DELAWARE CODE RELATING TO THE DETENTION AND CONFINEMENT OF YOUTH. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section I. Amend § 2103A, Title 11, Delaware Code by deleting said section in its entirety and in inserting in lieu thereof the following: "When a child has reached his or her 16th birthday and has been found to be nonamenable to the rehabilitative processes of the Family Court or has been charged with an offense in Superior Court and thereafter made application for transfer of said charges to Family Court pursuant to § 1011 of Title 10 and is denied or fails to make application pursuant to § 1011 of Title 10 within the required time and therefore was held over for trial in Superior Court, there shall be a joint placement decision made by the Commissioner of the Department of Corrections ("the Commissioner") or his or her designee and the Secretary of the Department of Services for Children, Youth and Their Families ("the Secretary") or his or her designee to confine the child in the Young Criminal Offender Program within the Department of Corrections until the child reaches his or 18th birthday. The Commissioner and the Secretary shall have exclusive authority to determine such placement decisions. For any child who is currently confined in a juvenile correctional facility and who has reached their 16th birthday and has been found to be nonamenable to the rehabilitative processes of the Family Court or has been charged with an offense in Superior Court and thereafter has made application for transfer of said charges to Family Court pursuant to § 1011 of Title 10 and was denied or failed to make application pursuant to § 1011 of Title 10 within the required time and was therefore was held over for trial in Superior Court, the Commissioner of the Department of Corrections and the Secretary of the Department of Services for Children, Youth and Their Families shall transfer such children to the Young Criminal Offender Program within the Department of Corrections upon opening of such program unless they, based on their best judgment as to the level of security and the nature of the facility required for such a child, determine otherwise. No child subject to the joint placement process shall be entitled to appeal or otherwise challenge such placement decision." Section 2. Amend § 4204A(a), Title 11, Delaware Code by deleting said section in its entirety and replacing said section with the following: When a child, as defined under § 901(3) of Title 10, is sentenced in Superior Court as an adult, within 30 days there shall be a joint placement decision to be made by the Commissioner of the Department of Corrections ('The Commissioner') and the Secretary of the Department of Services for Children, Youth and Their Families (`The Secretary') to transfer the child to the Young Criminal Offender Program within the Department of Corrections until the child reaches the child's 18th birthday unless they, based on their best judgment as to the level of security and the nature of the facility required for such a child, determine otherwise. No child subject to the joint placement process shall be entitled to appeal or otherwise challenge such placement decision. The Commissioner and the Secretary shall have the exclusive authority to determine placement of such a child after sentencing in Superior Court." Section 3. Amend § 4204A(b), Title II, Delaware Code by deleting said subsection in its entirety and inserting in lieu thereof the following: Notwithstanding the subsection (a) of this section, no child who has not reached his or her 16th birthday shall be transferred to the Department of Corrections pursuant to this section. At any point during the course of confinement, an administrative review of the 77 4 Chapter 5 Vol. 71 Chapter 5 5 Vol. 71 placement may be requested by the Commissioner or the Secretary for further consideration and, if appropriate, transfer to or from either Department." Section 4. Amend § 4204A(c), Title 11, Delaware Code by deleting said section in its entirety and inserting in lieu thereof the following: "Nothing in this section shall be construed to give a child the right to challenge such placement decision." Section 5. This bill revises the Delaware Code as it currently exists. It is the intent of the General Assembly that adult adjudicated youth ages 16 and older will be housed in the Young Criminal Offenders Program within the Department of Corrections when such program is available. Section 6. Effective August 31, 1998, the General Assembly intends that, per its terms, the amendment to the Delaware Code made by 70 Del. Laws c. 597 (Section 1 and Section 2 of Senate Bill 437 of the 138th General Assembly), will become effective. Section 7. If any provision of this Act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the Act which can be given effect without the invalid provision or application, and to that end the provisions of this Act are declared to be severable. Section 8. This legislation will be effective upon enactment. Approved February 11, 1997 6 Chapter 6 Vol. 71 CHAPTER 6 FORMERLY HOUSE BILL NO. 42 AS AMENDED BY HOUSE AMENDMENT NOS. 2,3 AND 4 AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO SCHOOL PROPERTY. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend 14 DeL C. §1056(e) by deleting the first sentence thereof in its entirety and inserting in lieu thereof the following: "A school board shall permit the use of property under its jurisdiction free of charge, except, however, for the expense of custodial salaries, heating and lighting in excess of the school's normal operations, whenever the entity seeking to use the property is an educational, cultural, civic, political or recreational entity, organized or operating primarily within the boundaries of the district, provided there is no monetary gain to the individuals or organization using such property as a result of such use, except as provided for in subsection (d)(4) of this section." Section 2. Amend 14 Del, C. §1056(e) by deleting the phrase "determined by a school board, subject to the approval of the State Board of Education" and all text that follows through the end of Subsection (e), and by inserting in lieu thereof the following: "adopted by a school board in accordance with the applicable provisions of this title and Title 29. All such fees collected by a school board shall be retained by the school district to be used as local funds for any permissible educational purpose. Section 3. Amend 14 Del. C. §1057(b) by deleting Subsection (b) in its entirety, and by inserting in lieu thereof the following: "(b)(1) Notwithstanding any provision of §1056 of this title, when any real property or part thereof of any reorganized school district is not then deemed necessary for school purposes, temporarily or permanently, the board of education of the district may lease such property or part thereof to any person or organization. The leasing person or organization may be required to pay a rental or fee to be determined by the board and to assume sole responsibility for the complete maintenance and preservation of the property, including compliance with all applicable building and housing codes, so that there will be no cost or obligation to the school district for the continued ownership of such property. (2) Any funds raised from rent or charges collected by the school district on any lease for a period of ten years or less shall be retained by the school district to be used as local funds for any permissible educational purpose. Any funds raised from rent or charges collected by the school district on any lease for a period of more than ten years shall be applied to the costs of maintaining and operating the leased property, if any, with the balance to be turned over to the State Treasurer to be assigned to the State and the school district according to paragraph (15) of subsection (a) of this section. (B) Notwithstanding the provisions of paragraph (A) of this subsection, in the eN.,-.1t that there is any outstanding, unpaid, bonded indebtedness held by the State with respect to the building or grounds leased by a local district in accordance with the provisions of this section, or any identifiable portion thereof, a pro-rated portion of the lease proceeds in excess of the cost of custodial salaries and utilities associated with the lease shall be turned over to the State Treasurer during any period of the lease that the bonded indebtedness held by the State remains outstanding and unpaid. The amount of such excess lease revenues payable to the State shall be equal to the lesser of: 1) the Chapter 6 Vol. 71 7 actual debt service payable by the State during any period covered by the lease, or 2) the amount of the excess revenues generated by the lease during any period that the bonded indebtedness held by the State remains outstanding and unpaid multiplied by a fraction equal to the State share in the major capital project or projects for which the outstanding, unpaid, bonded indebtedness was originally issued. In the event that the outstanding, unpaid bonded indebtedness relates only to an identifiable portion of the leased facility, the amount payable to the State Treasurer shall be the amount calculated in accordance with the preceding sentence multiplied by a fraction, the numerator of which shall be the gross square footage of the identifiable portion of the leased facility which is included in the lease, and the denominator of which shall be the gross square footage of the entire identifiable portion of the leased facility to which the outstanding, unpaid bonded indebtedness relates. (3) Before leasing such property or part thereof to any person or organization for any period in excess of twelve (12) months, and before renewing any existing lease where the original term was for twelve {12) months or less but the original term(s) together with the proposed renewal period(s) will exceed twelve (12) months: The school district board of education shall first offer to lease the property to State agencies. If, as a result of the public hearing, sufficient objections to the use of the property by a State agency have been raised, then the school district board of education may refuse to lease to a State agency. If no agency of State government declares an intent to lease the property within 30 days of the offer, or if the lease by a requesting State agency is denied, the school district board of education shall offer to lease the property to the local government in whose jurisdiction the property is located. If, as a result of the public hearing, sufficient objections to the use of the property by the local government have been raised, then the school district board of education may refuse to lease to the local government. (C). If such local government dor:3 not declare an intent to lease the property within 30 days of the offer, or if the lease by a requesting local government is denied, the school district board of education may proceed either to offer to lease the property on the open market or enter into an agreement with a lessee, the terms of which are supported by an independent appraisal. If, as a result of the public hearing, sufficient objections to the use of the property by such third party lessee have been raised, then the school district board of education may refuse leasing to such third party lessee. (4) No lease of property pursuant to this subsection shall be negotiated until the school district board of education has complied with the procedures set forth in Paragraphs (1) through (5) of Subsection (a) of this section. (5) No lease of property pursuant to this subsection shall be entered into unless the proposed use of the property is compatible with the characteristics of the neighborhood in which the property is located. (5) Should a school district contract with any person or organization to lease a classroom building during the regular school year, and specifically during normal operating hours, the State of Delaware shall not be obligated to build or construct any additional space that may be needed by the school district as a result of entering into such lease." Approved February 11, 1997 8 Chapter 7 Vol. 71 CHAPTER 7 FORMERLY HOUSE BILL NO. 48 AN ACT TO AMEND TITLE 11 OF THE DELAWARE CODE RELATING TO THE BOOT CAMP INCARCERATION ACT. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend § 6703, Title II, Delaware Code, by deleting the words "burglary in the second degree." Section 2. Amend § 6705, Title II, Delaware Code by deleting it in its entirety and inserting in lieu thereof the following: "(a) Each participant in the boot camp program shall have first been convicted of a criminal offense. The selection of boot camp participants shall be made by the Bureau from those offenders not otherwise excluded under this section. However, satisfying the statutory or regulatory qualifications for admission to the boot camp program shall not mean that an offender shall automatically be permitted to participate in the program. (b) Notwithstanding the provisions of subsection (a), the following offenders shall not be classified or otherwise permitted to participate in the boot camp program: Any person declared to be an habitual offender under § 4214 of this title; Any person who is serving a sentence for a violent crime but may include persons serving a sentence for a violation of probation or parole; Any person designated by the sentencing court or the Attorney General pursuant to subsection (c) of this section as not being eligible for the boot camp program. (c) The sentencing court or the Attorney General shall have the authority to designate any person as bootcamp ineligible at the time of sentencing. Such designation shall be specifically and clearly set forth in the sentencing order." Section 3. Amend § 6706, Title II, Delaware Code by deleting 6706(a) and inserting in lieu thereof the following: "(a) Not subject to any of the exclusionary criteria under § 6705(b) or § 6705(c);" Section 4. Amend § 6709(d), Title 11, Delaware Code, by inserting at the end of said subsection the following: "Notwithstanding any provision of this Title to contrary, any boot camp participant who is otherwise appropriately classified to the boot camp program may participate in work squads pursuant to this section." Approved February 10, 1997 Chapter 8 Vol. 71 CHAPTER 8 FORMERLY HOUSE BILL NO. 1 AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO THE CREATION OF A SECRETARY OF EDUCATION AND THE POWERS AND DUTIES OF SUCH OFFICER. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section I. This Act may be referred to as the "Secretary of Education Act of 1997". Section 2. Amend § 107, Title 14, Delaware Code by deleting such section and substituting in lieu thereof the following: "§ 107. Secretary of Education; Acting Secretary; appointment. The administrator and head of the Department shall be the Secretary of Education, who shall be a graduate of a standard college and shall have not less than 5 years experience in teaching and administration, with experience in each such category. The Secretary shall be appointed by the Governor, with the advice and consent of the Senate, and shall serve at the pleasure of the Governor. He or she shall be paid a salary as determined by the General Assembly in the annual appropriations act. In the event of death, resignation, temporary incapacity or removal of the Secretary and prior to the appointment of his or her successor, the Governor may appoint the Deputy Secretary or an Associate Secretary of Education to serve as Acting Secretary. The Secretary may, during his absence from the State, appoint the Deputy Secretary or an Associate Secretary to serve as Acting Secretary during such absence. In either case, the Acting Secretary shall have all the powers and perform all the duties and functions of the Secretary during his or her absence or incapacity or until his or her successor is duly qualified and appointed." Section 3. Until further legislative action, the Secretary of Education shall exercise all duties and powers vested in the former position of Superintendent of Public Instruction, and the Deputy or Associate Superintendents of Public Instruction may be appointed as Acting Secretary pursuant to subsection (b) of § 107 of Title 14 as amended by Section 2 hereof. Approved February 11, 1997 9 CHAPTER 9 FORMERLY SENATE BILL NO. 27 AS AMENDED BY SENATE AMENDMENT NO. 1 AN ACT TO AMEND VOLUME 70, CHAPTER 473, LAWS OF DELAWARE, RELATING TO THE FISCAL YEAR 1997 BOND AND CAPITAL IMPROVEMENTS ACT, AND AMEND CERTAIN PERTINENT STATUTORY PROVISIONS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (three-fourths of all members elected to each house thereof concurring therein): Section 1, Amend Section 4 of Volume 70, Chapter 473, 1 aws of Delaware by striking the following language as it appears therein: "New Castle Vo-Tech and by substituting in lieu thereof the following language: "New Castle Vo-Tech Section 2, (a) Of the Fourteen Million Dollars ($14,000,000) appropriated to Farmland Preservation in Section 14 of Volume 70, Chapter 473, Laws of Delaware, up to Two Hundred Fifty Thousand Dollars ($250,000) may be used for the costs of mapping, legal services and other related costs required to create agricultural district agreements and shall be exempt from matching requirements of the program. (b) The Department of Agriculture is hereby relieved of the requirement to repay an $80,000 advance from the Budget Office. Approved February 14, 1997 DE Skills Ctr. Renov. (60/40) 200.000 133.300 333.30Q Subtotal $2 308.400 S1.329. 000 $3.637.400" DE Skills Ctr. Renov. (100%) 200.000 0 200 000 Subtotal $2.308.400 S3.195.700 $3.504 100" 10 Chapter 9 Vol. 71 Chapter 10 Vol. 71 11 CHAPTER 10 FORMERLY HOUSE BILL NO. 31 AS AMENDED BY HOUSE AMENDMENT NO. 1 AN ACT TO AMEND TITLE 31 OF THE DELAWARE CODE RELATING TO INFANT NUTRITION, AND PROVIDING FOR AN INFANT NUTRITION ACT. WHEREAS, the Surgeon General of the United States recommends that babies from birth to one year of age should be breast-fed, unless medically contraindicated, in order to achieve a healthy start on life; and WHEREAS, breast milk strengthens the immune system of babies, improves digestion and is of better nutritional value than regular milk; and WHEREAS, despite the Surgeon General's recommendation, statistics reveal a declining number of women are choosing to breasf-feed their children, and nearly half of all new mothers are now choosing formula over breast milk even before they leave the hospital; and WHEREAS, the social constraints of modem society impede a woman's choice to breast-feed due to embarrassment and the lack of public acceptance; and WHEREAS, in the best interest of the state to recognize breast-feeding in places of public accommodation as an important right which must be encouraged in order to promote child health. NOW THEREFORE: BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: SECTION 1. Amend Chapter 3, Title 31 of the Delaware Code by adding thereto a new section, designated as § 312, which new section shall read as follows: "§ 312 Breost-feeding, Notwithstanding any provisions of law to the contrary, a mother shall be entitled to breast-feed her child in any location of a place of public accommodation, wherein the mother is otherwise permitted." Approved April 7, 1997 Chapter 11 Vol. 71 CHAPTER 11 FORMERLY HOUSE BILL NO. 36 AN ACT TO AMEND CHAPTER 90, TITLE 11 OF THE DELAWARE CODE RELATING TO COMPENSATION FOR INNOCENT VICTIMS OF CRIME. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend Subsection (3), Section 9002, Chapter 90, Title 11 of the Delaware Code by striking the period (.) at the end of paragraph (d), and substituting "; or" in lieu thereof. Section 2. Amend Subsection (3), Section 9002, Chapter 90, Title 11 of the Delaware Code by adding thereto a new paragraph, designated as paragraph e., which new paragraph shall read as follows: "e. An act of terrorism, as defined in §2331 of Title 18, United States Code, committed outside the United States against a resident of this State." Approved April 7, 1997 CHAPTER 12 FORMERLY HOUSE BILL NO. 52 AS AMENDED BY HOUSE AMENDMENT NO. 1 AN ACT TO AMEND CHAPTER 227, VOLUME 69, LAWS OF DELAWARE, RELATING TO THE PHARMACY ACCESS ACT. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend Chapter 227, Volume 69 Laws of Delaware, by striking Section 4 In its entirety and substituting In lieu thereof the following: "Section 4. This Act shall sunset and automatically be repealed on June 30, 1998, unless reenacted prior to that date." Approved April 7, 1997 CHAPTER 13 FORMERLY HOUSE BILL NO. 67 AS AMENDED BY HOUSE AMENDMENT NO. 1 AND SENATE AMENDMENT NOS. 1 AND 2 AN ACT TO AMEND CHAPTERS 27 AND 41 OF TITLE 21 OF THE DELAWARE CODE PERTAINING TO TOLL EVASION. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (two-thirds of all members elected to each house thereof concurring therein): Section 1. Amend Section 2733(a), Title 21, of the Delaware Code, by creating a new subsection "(8)" thereof, to read as follows: "Has violated Section 4129 of this title based upon notification of such violation provided by the Department of Transportation to the Department. However, no suspension of driving privileges shall take place if the toll(s), administrative fee and civil penalty has been paid prior to the hearing required under subsection (b) of this Section." Section 2. Amend Chapter 41, Title 21, of the Delaware Code, by adding a new section, as follows: "Section 4129. Civil Penalty for Evasion of Tolls. In addition to the provisions of Section 4127 of this Chapter, any person who refuses to pay, evades or attempts to evade the payment of a toll in connection with the use of the Delaware Turnpike and the Korean War Veterans Memorial Highway and any other State toll road shall be liable for the payment of one toll, a $25.00 administrative fee, and for a civil penalty of $25 per violation payable to the Department of Transportation or its designee. Except as provided in subsection (d) hereof, an owner of a vehicle shall be jointly and severally liable for failure of an operator thereof to comply with the provisions of subsection (a). The owner of a vehicle shall be liable pursuant to this Section if such vehicle was used or operated with the permission of the owner, express or implied, in violation of the provisions of this Section, and such violation is evidenced by information obtained from visual observation, video surveillance device or other method of identifying the vehicle; provided, however, that no owner of a vehicle shall be liable where the operator of the vehicle has been identified and charged with a violation of this Section for the same incident. In the event of nonpayment of the proper toll, as evidenced by visual observation, a video surveillance device or other method of identifying the vehicle, the Department of Transportation or its designee may send an advisory and payment request to the owner of the vehicle by regular mail at the address of record with the Division of Motor Vehicles, or, if applicable, the licensing authority of another jurisdiction, providing the owner with the opportunity to resolve the matter prior to the issuance of a summons and complaint that charges a violation of this Section. The advisory and payment request shall contain sufficient information to inform the owner of the nature, date, time and location of the alleged violation. In addition to the payment of the proper toll, the Department of Transportation may require as part of the advisory and payment request that the owner pay a reasonable administrative fee of $25 to the entity processing the violation. If the owner fails to pay the required toll and fee, the owner shall be subject to liability on the 31st day following the date of the violation, for the violation of this Section by the vehicle owner or operator. Chapter 13 Vol. 71 13 14 Chapter 13 Vol. 71 (d) An owner of a vehicle who is a lessor of a vehicle operated in violation of this Section shall not be liable for such violation if the lessor submits a copy of the rental, lease, or other contract document covering that vehicle, on the date of the violation, with the name and address of the lessee clearly legible, to the Department of Transportation or its designee, within ten (10) days of the receipt of the notice of violation. Failure to provide such information in the timeframe required, shall render the lessor liable for the penalty prescribed by this Section, Where the lessor complies with the provisions of this subsection, the lessee of such vehicle shall be deemed the owner of the vehicle for the purposes of this Section and shall be subject to liability for the violation hereunder, as if the lessee were the owner and/or operator at the time of the violation." Section 3. Amend §4127(a), Title 21, Delaware Code by inserting between "Turnpike" and "except" the phrase ", the Korean War Veterans Memorial Highway or any other State toll road." Approved April 7, 1997 Chapter 14 Vol. 71 15 CHAPTER 14 FORMERLY SENATE BILL NO. 33 AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO DELAWARE TAXES. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section I. Amend § 563(a), Title 30 of the Delaware Code, by adding to the end of said subsection a new sentence, to read as follows: "Such authority shall include, without limitation, the authority to require the rounding, according to conventional rules, of cents to whole dollars with regard to any line or set of lines on any return issued under this Title or Title 4." . Section 2. If any provision of this Act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or application of the Act which can be given effect without the invalid provision or application, and to that end the provisions of this Act are severable. Section 3. This Act shall be effective for tax periods beginning after December 31, 1996. Approved April 7, 1997 CHAPTER 15 FORMERLY SENATE BILL NO. 56 AS AMENDED BY SENATE AMENDMENT NO. 2 AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO SCHOOL CALENDARS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend §1049(1), Title 14, Delaware Code by deleting "12" in the second sentence of such subsection, and substituting "11"; and adding the following after the second sentence of subsection (1) after the word "students" and before the word "In": "There shall be at least 172 days of regular school attendance for seniors, with the remaining eight days of pupil attendance for seniors used for end-of-school activities including examinations, graduation practices or exercises, and other activities designated by the school district. Graduation exercises shall be held no sooner than the end of the 175th school day." Section 2. Amend Title 14, §1049 of the Delaware Code by deleting the phrase "at least 180 days" as it appears and substituting in lieu thereof the phrase "not to exceed 180 days, except as provided under §2802 of this Title". Approved April 7, 1997 16 Chapter 16 Vol. 71 CHAPTER 16 FORMERLY SENATE BILL NO. 77 AN ACT TO AMEND AN ACT BEING CHAPTER 137, VOLUME 61, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF DELMAR" TO SUBSTITUTE GENDER NEUTRAL TERMS FOR "COUNCILMAN" and "COUNCILMEN" AND TO PROVIDE FOR FEMALE PRONOUNS IN REFERENCES TO THE MAYOR, COUNCIL MEMBERS, TOWN MANAGER, TOWN SOLICITOR, TOWN ALDERMAN, ASSISTANT ALDERMAN and TOWN AUDITOR BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein): Section 1. CHAPTER 137, VOLUME 61, Laws of Delaware, as amended, be and the same is further amended as follows by deleting all references to "Councilman" or "Councilmen" and by substituting in lieu thereof "Councilperson" and Councilpersons" respectively and by inserting "or she" after the pronoun "he", by inserting "or her" after the pronoun "his" and by inserting "or her" after the pronoun "him" in all references to the Mayor, Council Members, Town Manager, Town Solicitor, Town Alderman, Assistant Alderman and Town Auditor. Approved April 7, 1997 Chapter 17 Vol. 71 CHAPTER 17 FORMERLY HOUSE BILL NO. 78 AS AMENDED BY HOUSE AMENDMENT NO.! AN ACT AWARDING SPECIAL LINE OF DUTY BENEFITS TO WAYNE STEEN. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fourths of all members elected to each house thereof concurring therein): Section I. Wayne Steen is hereby awarded special line-of-duty disability benefits in the weekly amount of three hundred fifty seven dollars and nineteen cents ($357.19), said benefits commencing June 12, 1995. Section 2. Payments made pursuant to this Act shall be from the State Self-Insurance Fund as provided in Chapter 65 of Title 18. The General Assembly shall, when necessary, from time to time, provide for the adequate funding of this Act to the Self-Insurance Fund. Section 3. Payments made pursuant to this Act are exempt from any state, county or municipal tax and shall not be subject to execution or attachment or to any legal process whatsoever and shall be unassignable. Section 4. This Act is in lieu of line-of-duty disability benefits contemplated by Chapter 67 of Title 18 of the Delaware Code, and the passage of this Act shall make Wayne Steen ineligible for such benefits. Section 5. The benefits conferred by this Act shall not be reduced by the amount of any other payment or payments to which Wayne Steen may be entitled as a result of the same disability which gave rise to this Act, including, but not limited to, the payment of any state, federal, county or municipal funds or insurance proceeds. Section 6. All benefits authorized by this Act which remain unpaid on the date of death shall be paid directly to the surviving spouse of Wayne Steen or, in the absence of a surviving spouse, to his surviving issue, per capita, it being the intention of this Act that benefits payable hereunder be exempted from probate. Approved April 9, 1997 17 Chapter 18 Vol. 71 CHAPTER 18 FORMERLY HOUSE BILL NO. 68 AS AMENDED BY HOUSE AMENDMENT NO. 1 AN ACT TO AMEND CHAPTER 90, TITLE 11 OF THE DELAWARE CODE RELATING TO THE DENIAL OF CERTAIN VICTIM COMPENSATION CLAIMS. P IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF D',;LAWARE: Section 1. Amend Subsection (a), Section 9006, Chapter 90, Title 11 of the Delaware Code by striking the period (.) at the end of paragraph (7), and substituting a semi-colon (;) in lieu thereof. Section 2. Amend Subsection (a), Section 9006, Chapter 90, Title 11 of the Delaware Code by adding thereto a new paragraph, designated as paragraph (8), which new paragraph shall read as follows: "(8) Where the victim is delinquent in the payment of any penalty assessment levied pursuant to §9012 of this Title, or in the payment of an order of restitution payable to the Victim Compensation Fund; provided, however, that the Board may condition payment of a claim upon the satisfaction of such delinquencies. In addition, the Board may, for hardship or other good cause, waive the provisions of this paragraph in their entirety." Approved April 23, 1997 Chapter 19 19 Vol. 71 CHAPTER 19 FORMERLY SENATE BILL NO. 44 AN ACT TO AMEND TITLES 5 AND 30 OF THE DELAWARE CODE RELATING TO BANKS AND OTHER FINANCIAL INSTITUTIONS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein): Section 1. Amend subsection (c) of §105 of Title 5 of the Delaware Code by inserting the words and punctuation ", payment for costs and expenses in acting as a receiver, reimbursement for expenses incurred in the operation of the office" after the words "examination fees" and before the words "and any investigation fees" in the first sentence thereof. Section 2. Amend subsection (e) of §105 of Title 5 of the Delaware Code by deleting the words "approved by" and inserting in lieu thereof the words "submitted to" after the words "Commissioner and" and before the words "the Council". Section 3. Amend subsection (b) of §124 of Title 5 of the Delaware Code by deleting the word "to" and inserting in lieu thereof the words "with other regulatory authorities with respect to any institution subject to the Commissioner's supervision, which cooperative agreements may" after the words "cooperative agreements" and before the word "include", and by inserting the words "with respect to any institution subject to the Commissioner's supervision, which joint action, among other things, may be" after the words "regulatory authorities" and before the words "to assure". Section 4. Amend subsection (a) of §127 of Title 5 of the Delaware Code by adding at the end thereof the following sentences: "The examination fees provided by this subsection shall be due and payable when invoiced by the Commissioner. If any institution shall fail to pay the examination fee due under this section on or before 30 days after the invoice date, a penalty of 0.05 percent shall be assessed for each day that the examination fee shall remain unpaid after such date" Section 5. Amend subsection (b) of §127 of Title 5 of the Delaware Code by adding at the end thereof the following sentence: "If any institution shall fail to pay the supervisory assessment due under this section on or before the August 1 due date, a penalty of 0.05 percent shall be assessed for each day that the supervisory assessment shall remain unpaid after such date." Section 6. Amend subsection (d) of §127 of Title 5 of the Delaware Code by deleting the words "Secretary of Finance" and inserting in lieu thereof the words "Secretary of State" at both places at which such words appear in that subsection. Section 7. Amend subsection (d) of §136 of Title 5 of the Delaware Code by inserting in the third sentence thereof the words "in this State" after the words "principal place of business" and before the words "during normal working hours", and by inserting the words and punctuation "or, with respect to a financial institution that does not maintain a place of business in this State, by hand delivering the order to the registered agent in this State (or, if there is none, the Secretary of State, as provided in Title 8) and, within 7 days of such delivery, depositing in the United States mails, by registered mail, postage prepaid, a true and attested copy of the order, together with a statement that service is being made pursuant to this section, addressed to such financial institution at its address as the same appears on the records in the Commissioner's office" after the word "hours" and before the period. Section 8. Amend subsection (d) of §143 of Title 5 of the Delaware Code by inserting in the third sentence thereof the words "in this State" after the words "principal place of business" and before the words "during normal working hours", and by inserting the words and punctuation "or, with respect to a financial institution that does not maintain a place of business in this State, 20 Chapter 19 Vol. 71 by hand delivering the notice of civil penalty to the registered agent in this State (or, if there is none, the Secretary of State, as provided in Title 8) and, within 7 days of such delivery, depositing in the United States mails, by registered mail, postage prepaid, a true and attested copy of the notice, together with a statement that service is being made pursuant to this section, addressed to such financial institution at its address as the same appears on the records in the Commissioner's office" after the word "hours" and before the period. Section 9. Amend subsection (b) of §160 of Title 5 of the Delaware Code by inserting the words and punctuation ";provided, however, that no acquisition shall be authorized by this subsection (b) on or after January 1, 1997" after the word "acquired" and before the period. Section 10. Amend Chapter 3 of Title 5 of the Delaware Code by redesignating that chapter as Chapter 34 of Title 5 of the Delaware Code, and amend §§ 301, 302, 303, 304, 305, 306, 307, 308, 309 and 310 of Title 5 of the Delaware Code by redesignating those sections, respectively, as §§ 3401, 3402, 3403, 3404, 3405, 3406, 3407, 3408, 3409 and 3410 of Title 5 of the Delaware Code. Section 11. Amend subsection (2) of §3401 (formerly §301) of Title 5 of the Delaware Code by deleting the text of that subsection in its entirety and inserting in lieu thereof the words and punctuation "Insured institution' means an insured depository institution (as defined in the Federal Deposit Insurance Act at 12 U.S.C. §1813(c)(2)) or an insured credit union (as defined in the Federal Credit Union Act at 12 U.S.C. §1752(7)) authorized by law to do business in this State." Section 12. Amend subsection (b) of §3402 (formerly §302) of Title 5 of the Delaware Code by changing the reference to "§303" to "§3403", by changing the reference to "§304" to "§3404", and by deleting the words "financial institution" wherever such words appear in that subsection and inserting in lieu thereof the words "insured institution". Section 13. Amend subsection (c) of §3402 (formerly §302) of Title 5 of the Delaware Code by changing the reference to "§304" to "§3404", and by deleting the words "financial institution" wherever such words appear in that subsection and inserting in lieu thereof the words "insured institution". Section 14. Amend subsection (a) of §3403 (formerly §303) of Title 5 of the Delaware Code by changing the reference to "§304" to "§3404". Section 15. Amend subsection (b) of §3403 (formerly §303) of Title 5 of the Delaware Code by deleting the words "financial institution" wherever such words appear in that subsection and inserting in lieu thereof the words "insured institution". Section 16. Amend §3405 (formerly §305) of Title 5 of the Delaware Code by deleting the words "financial institution" from the second sentence of that section and inserting in lieu thereof the words "insured institution". Section 17. Amend subsection (a) of §3406 (formerly §306) of Title 5 of the Delaware Code by deleting the words "financial institutions" from the first sentence of that subsection and inserting in lieu thereof the words "insured institutions", and by changing the reference to "§301" to "§3401". Section 18. Amend §3407 (formerly §307) of Title 5 of the Delaware Code by deleting the words "financial institutions" from the first sentence of that section and inserting in lieu thereof the words "insured institutions". Section 19. Amend §701 of Title 5 of the Delaware Code by deleting from the first sentence thereof the number and words "Chapters 10 or" and inserting in lieu thereof the word "Chapter". Section 20. Amend §745 of Title 5 of the Delaware Code by deleting from the second sentence thereof the words "this chapter" and inserting in lieu thereof the words "the law of this State" after the words "organized under" and before the words "shall not", by inserting at the end of the second sentence thereof the words and punctuation ";provided, however, that this requirement shall not apply to trust companies organized under the laws of this State prior to Chapter 19 Vol. 71 21 February 28, 1933 and authorized by a certificate issued by the State Bank Commissioner to transact the business of a trust company on January 1, 1997" after the number "$500,000" and before the period, and by deleting from the third sentence thereof the words "corporation organized under this chapter" and inserting in lieu thereof the words "such bank, trust company or limited purpose trust company" after the word "every" and before the words "shall have". Section 21. Amend subsection (b) of §749 of Title 5 of the Delaware Code by deleting from the first sentence thereof the words "as capital stock for a corporation organized under this chapter" after the words and numbers "prescribed by §745 of this title" and before the closed parenthesis, and by inserting in the third sentence thereof the words and date "and authorized by a certificate issued by the State Bank Commissioner to transact the business of a trust company on January 1, 1997" after the date "February 28, 1933" and before the words "to any amount". Section 22. Amend §768 of Title 5 of the Delaware Code by deleting the number "10" after the word "Chapter" and inserting in lieu thereof the number "15". Section 23. Amend paragraph (1) of subsection (a) of §770 of Title 5 of the Delaware Code by deleting the fourth sentence thereof in its entirety, beginning with the words "No certificate" and ending with the words "to be established". Section 24. Amend subsection (a) of §772 of Title 5 of the Delaware Code by deleting the words and punctuation ", with prior approval of the Commissioner" and inserting in lieu thereof the words and punctuation "or resulting bank (as defined in §795 of this chapter)" after the word "bank" and before the words "may install", and by inserting the words and punctuation provided that such bank shall provide written notice thereof to the Commissioner within 30 days after such automated service branch is installed or operated" after the word "State" and before the period at the end of that subsection. Section 25. Amend subsection (b) of §772 of Title 5 of the Delaware Code by deleting in their entirety the first two sentences of that subsection. Section 26. Amend §772 of Title 5 of the Delaware Code by deleting subsection (d) thereof in its entirety. Section 27. Amend subsection (c) of §784 of Title 5 of the Delaware Code by inserting the words and punctuation "; provided, however, that before the expiration of such 30-day period or any extension thereof, the Commissioner in the Commissioner's sole discretion may by order extend such period for up to an additional 30 days in order to enable the Commissioner to fulfill the Commissioner's responsibilities with respect to the merger" after the word "approved" and before the period at the end of the first sentence thereof. Section 28. Amend §786 of Title 5 of the Delaware Code by inserting in the title thereof the words "banks and federal savings associations" after the word "national" and before the words "into state banks". Section 29. Amend subsection (a) of §786 of Title 5 of the Delaware Code by inserting the words "or federal savings association (as defined in the Home Owners' Loan Act, as amended, at 12 U.S.C. §1462)" after the words "national bank" and before the words "located in this State", and by deleting the remaining text of that subsection after the words "may be granted a state charter" and inserting in lieu thereof the words and punctuation "with the approval of the State Bank Commissioner; provided, however, that the conversion shall be deemed approved if no action is taken by the State Bank Commissioner within 30 days after receipt of the completed application in accordance with subsection (b) of this section. Notwithstanding any other provision of this title, a state bank resulting from the conversion of a national bank or federal savings association may retain and exercise all the powers and rights of the converting national bank or federal savings association, in addition to all the powers and rights available to a state bank under this Title." Section 30. Amend subsection (b) of §786 of Title 5 of the Delaware Code by inserting in the first paragraph thereof the words "or federal savings association" after the words "national bank" and before the words "may apply", and by inserting in subparagraph (1) thereof the words "bank or federal savings association" after the word "national" and before the words "to a state bank". 22 Chapter 19 Vol. 71 Section 31. Delete existing §793 of Title 5 of the Delaware Code; provided, however, that any consumer credit bank formed under Chapter 10 of Title 5 of the Delaware Code that converted to become a bank deemed as having been formed under Chapter 7 of Title 5 of the Delaware Code shall be unaffected by the deletion of that section. Section 32. Renumber existing §793A of Title 5 of the Delaware Code as new §793 of Title 5 of the Delaware Code. Section 33. Amend subsection (7) of §795 of Title 5 of the Delaware Code by deleting the words and numbers "has become a Delaware state bank pursuant to §793 of' after the words "consumer credit bank which" and before the words "this title", and inserting in lieu thereof the words "became a Delaware state bank pursuant to", and by deleting the reference to "§793A" and inserting in lieu thereof a reference to "§793". Section 34. Amend subsection (13) of §795 of Title 5 of the Delaware Code by deleting the words, numbers and punctuation "bank, as defined in the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841 et seq.), that is chartered under the laws of any of the United States other than this State." and inserting in lieu thereof the words, numbers and punctuation "State bank, as defined in the Federal Deposit Insurance Act, as amended, at 12 U.S.C. § 1813(a), that is not chartered under the laws of this State." Section 35. Amend §795N of Title 5 of the Delaware Code by inserting the words "and retain any branch office in this State or otherwise continue to conduct a banking business in this State" after the words "out-of-state bank" and before the period. Section 36. Amend subsection (a) of §803 of Title 5 of the Delaware Code by deleting from the first sentence thereof the words "and Chapter 10 of this title" after the words "as provided in this Chapter" and before the comma. Section 37. Amend subsection (a) of §852 of Title 5 of the Delaware Code by deleting the words "Chapters 7 and 10" and inserting in lieu thereof the words "Chapter 7" after the word "and" and before the words "of this title". Section 38. Delete §853 of Title 5 of the Delaware Code. Section 39. Amend §904 of Title 5 of the Delaware Code by deleting the word and punctuation "; publication" from the title thereof. Section 40. Amend subsection (a) of §904 of Title 5 of the Delaware Code by deleting the number "3" and inserting in lieu thereof the number "2" after the words "at least" and before the word "directors" in the first sentence thereof. Section 41. Amend subsection (a) of §909 of Title 5 of the Delaware Code by inserting the words and punctuation ", in the case of a bank (including a bank and trust company and a savings bank), the bank's Tier I and Tier 2 capital included in the bank's risk-based capital under the capital guidelines of the appropriate federal banking agency, plus the balance of the bank's allowance for loan and lease losses not included in the bank's Tier 2 capital for purposes of the calculation of risk-based capital by the appropriate federal banking agency, based on the bank's most recent consolidated report of condition filed under 12 U.S.C. §1817(a)(3), or, in the case of a trust company (other than a bank and trust company)" after the words "total capital, which for this purpose means" and before the words "the sum of the capital", and by deleting the words and punctuation "or, in the case of a mutual savings bank, the sum of the surplus, undivided profit and the valuation portion of the loan loss reserve accounts of the lender" after the words "accounts of the lender" and before the colon. Section 42. Delete §92I of Title 5 of the Delaware Code. Section 43. Delete §934 and §935 of Title 5 of the Delaware Code; provided, however, that this deletion shall not affect any right to indemnification otherwise provided by those sections. Section 44. Amend subsection (8) of §941 of Title 5 of the Delaware Code by adding at the end of that subsection the words and punctuation "Purchases and loans may be included in Chapter 19 23 Vol. 71 outstanding unpaid indebtedness as of such time as may be specified in the agreement governing the plan." Section 45. Amend §943 of Title 5 of the Delaware Code by deleting the second and third sentences of that section and inserting in lieu thereof the following: "Periodic interest may be calculated using an average daily balance, two-cycle average words 1944 of this title". section in its entirety and inserting in lieu thereof the following: in the second sentence thereof the words "§943 and" after the words "pursuant to" and before the thereof as subsection (c) and by adding a new subsection (b) as follows: the word "and" at the end of subparagraph (8) thereof, by changing the period at the end of subparagraph (9) to a semi-colon and by adding new subparagraphs (10) and (11) as follows: sentence thereof the words "the first day of the billing cycle that contains" after the words "on or after" and before the words the effective date. by a bank to a borrower under §943 or §944 of this title; the bank shall mail or deliver to the borrower, at least 15 days before the effective date of the amendment, a clear and amendment that does not increase the rate or rates of periodic interest charged by a bank the Truth in Lending Act (15 U.S.C. §§1601 et seq.), and the regulations promulgated thereunder, as in effect from time to time. may be amended pursuant to the provisions of this section regardless of whether the plan to a borrower under §943 or 044 of this title may become effective as determined by the bank, subject to compliance by the bank with any applicable notice requirements under effective as to a particular borrower, apply to all then outstanding unpaid indebtedness in the effective date of the amendment. An agreement governing a revolving credit plan is active or inactive or whether additional borrowings are available thereunder. Any the borrower's account under the plan, including any such indebtedness that arose prior to (i) a bank may at any time and from time to time amend the terms of such agreement in any respect and (ii) any amendment may, on and after the date upon which it becomes Section 50. Amend §952 of Title 5 of the Delaware Code by deleting the text of that revolving credit plan involving a borrower otherhhan an individual borrower shall be as the bank and the borrower may agree." Section 49. Amend subsection (a) of §950 of Title 5 of the Delaware Code by inserting prepayment penalty or charge specified in the agreement governing the plan in connection with the payoff and termination of a plan that is secured by a real estate mortgage. The terms of prepayment of the outstanding unpaid indebtedness relating to a not impose any prepayment charge in connection with the payment of outstanding unpaid indebtedness in full by an individual borrower. A bank may charge and collect any charged to the borrower's account under a plan in full at any time. Except for a charge imposed to terminate a plan if the agreement governing the plan so provides, a bank may charges as are set forth in the agreement governing the plan." Section 48. Amend §945 of Title 5 of the Delaware Code by redesignating subsection (b) Section 47. Amend subsection (a) of §945 of Title 5 of the Delaware Code by deleting Section 46. Amend §944 of Title 5 of the Delaware Code by inserting in the second specified in the agreement governing the plan." computation method provided for in the agreement governing the plan. Periodic billing cycles may be established in such manner and shall have such duration, as may be daily balance, adjusted balance or previous balance method or using any other balance (b) (1) If an amendment increases the rate or rates of periodic interest charged Unless the agreement governing a revolving credit plan otherwise provides, An individual borrower may pay the outstanding unpaid indebtedness (11) Subject to any limitations contained in this subchapter, such other fees and "(10) Prepayment charges authorized under subsection (b) of this section; and 24 Chapter 19 Vol. 71 conspicuous written notice that shall describe the amendment and shall also set forth the effective date thereof and any applicable information required to be disclosed pursuant to the following provisions of this section. Any amendment that increases the rate or rates of periodic interest charged by a bank to a borrower under §943 or §944 of this title may become effective as to a particular borrower if the borrower does not, within 15 days of the earlier of the mailing or delivery of the written notice of the amendment (or such longer period as may be established by the bank), furnish written notice to the bank that the borrower does not agree to accept such amendment. The notice from the bank shall set forth the address to which a borrower may send notice of the borrower's election not to accept the amendment and shall include a statement that, absent the furnishing of notice to the bank of non-acceptance within the referenced 15 day (or longer) time period, the amendment will become effective and apply to such borrower. As a condition to the effectiveness of any notice that a borrower does not accept such amendment, the bank may require the borrower to return to it all credit devices. If 15 days from the mailing or delivery by the bank of a notice of an amendment (or such longer period as may have been established by the bank as referenced above) a borrower uses a plan by making a purchase or obtaining a loan, notwithstanding that the borrower has prior to such use furnished the bank notice that the borrower does not accept an amendment, the amendment may be deemed by the bank to have been accepted and may become effective as to the borrower as of the date that such amendment would have become effective but for the furnishing of notice by the borrower (or as of any later date selected by the bank). Any amendment that increases the rate or rates of periodic interest charged by a bank to a borrower under §943 or §944 of this title may, in lieu of the procedure referenced in paragraph (2) of this subsection (b), become effective as to a particular borrower if the borrower uses the plan after a date specified in the written notice of the amendment that is at least 15 days after the mailing or delivery of the notice (but that need not be the date the amendment becomes effective) by making a purchase or obtaining a loan, provided that the notice from the bank includes a statement that the described usage after the referenced date will constitute the borrower's acceptance of the amendment. Any borrower who furnishes timely notice electing not to accept an amendment in accordance with the procedures referenced in paragraph (2) of this subsection (b) and who does not subsequently use the plan, or who fails to use such borrower's plan as referenced in paragraph (3) of this subsection (b), shall be permitted to pay the outstanding unpaid indebtedness in such borrower's account under the plan in accordance with the rate or rates of periodic interest charged by a bank to a borrower under §943 or §944 of this title without giving effect to the amendment; provided, however, that the bank may convert the borrower's account to a closed end credit account as governed by subchapter III of this chapter, on credit terms substantially similar to those set forth in the then-existing agreement governing the borrower's plan. Notwithstanding the other provisions of this subsection (b), no notice required by this subsection (b) of an amendment of an agreement governing a revolving credit plan shall be required, and any amendment may become effective as of any date agreed upon between a bank and a borrower, with respect to any amendment that is agreed upon between the bank and the borrower, either orally or in writing. (c) For purposes of this section, the following are examples of amendments that shall not be deemed to increase the rate or rates of periodic interest charged by a bank to a borrower under §943 or §944 of this title: A decrease or increase in the required number or amount of periodic installment payments; A change in the schedule or formula used under a variable rate plan under section 944 of this title provided that the initial interest rate resulting from such change is not an increase from the rate in effect on the date immediately preceding the effective date of the change; Chapter 19 Vol. 71 25 A change from a variable rate to a fixed rate or from a fixed rate to a variable rate if the resulting rate on the date of change is not an increase from the rate in effect immediately prior to the change; A change from a daily periodic rate to a periodic rate other than daily or from a periodic rate other than daily to a daily periodic rate; and A change in the method of determining the outstanding unpaid indebtedness upon which periodic interest is calculated (including, without limitation, a change with respect to the date by which or the time period within which a new balance or any portion thereof must be paid to avoid additional periodic interest). (d) The procedures for amendment by a bank of the terms of a plan to which a borrower other than an individual borrower is a party may, in lieu of the foregoing provisions of this section, be as the agreement governing the plan may otherwise provide." Section 51. Amend §965 of Title 5 of the Delaware Code by changing the period at the end of subsection (2) to a semicolon and adding new subsections (3), (4) and (5) as follows: "(3) Returned payment charges: Documentary evidence charges; and Subject to any limitations contained in this subchapter, such other fees and charges as are set forth in the agreement governing, or the bond, note or other evidence of, the loan." Section 52. Amend §968 of Title 5 of the Delaware Code by inserting in the second sentence thereof the words "§963 and" after the words "pursuant to" and before the words "§964 of this title". Section 53. Delete all the provisions of Chapter 10 of Title 5 of the Delaware Code; provided, however, that any bank originally formed pursuant to that chapter shall be unaffected by the deletion of that chapter. Section 54. Amend subsection (a) of §1101 of Title 5 of the Delaware Code by deleting from the first sentence thereof the words and punctuation "(which for the purposes of this chapter has the same meaning as in §795 of this title)", by deleting from the first sentence thereof the words and punctuation "(which for the purposes of this chapter has the same meaning as in §795 of this title, and in addition shall also mean the branch offices in this State of out-of-state banks)", and by inserting between the exititing first and second sentences thereof the following: "For the purposes of this chapter, "out-of-state bank" shall have the same meaning as in §795 of this title. Also for the purposes of this chapter, "resulting branch" shall have the same meaning as in §795 of this title and, in addition, shall also mean the branch offices in this State of out-of-state banks." Section 55. Further amend subsection (a) of *1101 of Title 5 of the Delaware Code by inserting the word "or" after the semicolon at the end of subparagraph (1)b.2., and by adding a new subparagraph (1)b.3., as follows: "3. Derived from business activities carried on outside the State, which subsidiary, foreign branch or other branch established outside of this State is subject to shares. tax under the laws of another state; provided, however, that in the case of any subsidiary engaged in the sale, distribution or underwriting of, or dealing in, securities, the amount of income excluded pursuant to this sub-subparagraph b.3. shall in no event exceed 50 percent of such subsidiary's net operating income before taxes;" Section 56. Amend §1102 of Title 5 of the Delaware Code by designating all of the existing text of that section as subsection (a) thereof, and by adding to that se.ction a new subsection (b), as follows: "(b) Every banking organization (or out-of-state bank that operates a resulting branch in this State), trust company, or federal savings bank not headquartered in this State but maintaining branches in this State failing to comply with subsection (a) of this section shall be subject to a penalty of $25 for each day that it continues in such failure; unless the Commissioner is satisfied that such failure was not vAllful. Any penalty that may be imposed by the Commissioner hereunder shall be paid to the State Treasurer for deposit in the General Fund." Section 57. Amend subsection (a) of §I104 of Title 5 of the Delaware Code by adding the following sentences at the end of that subsection: "Every banking organization (or out-of-state bank that operates a resulting branch in this State), trust company, or federal savings bank not headquartered in this State but maintaining branches in this State failing to file the tentative return covering estimated bank franchise tax liability required by this subsection shall be subject to a penalty of $25 for each day that it continues in such failure; unless the Commissioner is satisfied that such failure was not willful. Any penalty that may be imposed by the Commissioner hereunder shall be paid to the State Treasurer for deposit in the General Fund." Section 58. Amend subparagraph (1) of subsection (c) of §1104 of Title 5 of the Delaware Code by deleting the number, words and punctuation "1-1/2 percent per month, or fraction thereof" and inserting in lieu thereof the number and words "0.05 percent per day". Section 59. Amend subsection (e) of §1104 of Title 5 of the Delaware Code by deleting the number and words "1-1/2 percent shall be assessed for each month or fraction thereof and inserting in lieu thereof the number and words "0.05 percent shall be assessed for each day". Section 60. Amend subsection (a) of §1105 of Title 5 of the Delaware Code by deleting the words and punctuation "net income for years beginning before January 1, 1983, or taxable income for years beginning after December 31, 1982, as defined in this chapter" and inserting in lieu thereof the words "taxable income", and by deleting the words and punctuation "net income for years beginning before January 1, 1983, or taxable income for years beginning after December 31, 1982, as applicable" wherever such words and punctuation appear in that subsection and inserting in lieu thereof the words "taxable income". Section 61. Amend subsection (d) of §1537 of Title 5 of the Delaware Code by deleting the reference to "§793A" and inserting in lieu thereof a reference to "§793". Section 62. Amend §1544 of Title 5 of the Delaware Code by deleting the reference to "§793A" and inserting in lieu thereof a reference to "§793". Section 63. Amend subsection (5) of §2214 of Title 5 of the Delaware Code by adding at the end of that subsection the words and punctuation "Purchases and loans may be included in outstanding unpaid indebtedness as of such time as may be specified in the agreement governing the plan." Section 64. Amend §2216 of Title 5 of the Delaware Code by deleting the second and third sentences of that section and inserting in lieu thereof the following: "Periodic interest may be calculated using an average daily balance, two-cycle average daily balance, adjusted balance or previous balance method or using any other balance computation method provided for in the agreement governing the plan. Periodic billing cycles may be established in such manner and shall have such duration, as may be specified in the agreement governing the plan." Section 65. Amend §2217 of Title 5 of the Delaware Code by inserting in the second sentence thereof the words "the first day of the billing cycle that contains" after the words "on or after" and before the words "the effective date". Section 66. Amend subsection (a) of §2218 of Title 5 of the Delaware Code by deleting the word "and" at the end of subparagraph (4) thereof, by redesignating subparagraph (5) as subparagraph (6), and by adding a new subparagraph (5) as follows: 26 Chapter 19 Vol. 71 "(5) Prepayment charges authorized by subsection (b) of this section; and" Section 67. Amend §2218 of Title 5 of the Delaware Code by redesignating subsection (b) thereof as subsection (c) and by adding a new subsection (b) as follows: "(b) A borrower may pay the outstanding unpaid indebtedness charged to the borrower's account under a plan in full at any time. Except for a charge imposed to terminate a plan if the agreement governing the plan so provides, a licensee may not impose any prepayment charges in connection with the payment of outstanding unpaid indebtedness in full by a borrower. A licensee may charge and collect any prepayment penalty or other charge specified in the agreement governing the plan in connection with the payoff and termination of a plan that is secured by a real estate mortgage." Section 68. Amend subsection (a) of §2222 of Title 5 of the Delaware Code by inserting in the second sentence thereof the words "§2216 and" after the words "pursuant to" and before the words "§2217 of this title". Section 69. Amend §2224 of Title 5 of the Delaware Code by deleting the text of that section in its entirety and inserting in lieu thereof the following: "(a) Unless the agreement governing a revolving credit plan otherwise provides, (i) a licensee may at any time and from time to time amend the terms of such agreement in any respect and (ii) any amendment may, on and after the date upon which it becomes effective as to a particular borrower, apply to all then outstanding unpaid indebtedness in the borrower's account under the plan, including any such indebtedness that arose prior to the effective date of the amendment. An agreement governing a revolving credit plan may be amended pursuant to the provisions of this section regardless of whether the plan is active or inactive or whether additional borrowings are available thereunder. Any amendment that does not increase the rate or rates of periodic interest charged by a licensee to a borrower under §2216 or §2217 of this title shall become effective as determined by the licensee, subject to compliance by the licensee with any applicable notice requirements under the Truth in Lending Act (15 U.S.C. §§1601 et Eeq.), and the regulations promulgated thereunder, as in effect from time to time. (b) (1) If an amendment increases the rate or rates of periodic interest charged by a licensee to a borrower under §2216 or §2217 of this title, the licensee shall mail or deliver to the borrower, at least 15 days before the effective date of the amendment, a clear and conspicuous written notice that shall describe the amendment and shall also set forth the effective date thereof and any applicable information required to be disclosed pursuant to the following provisions of this section. (2) Any amendment that increases the rate or rates of periodic interest charged by a licensee to a borrower under §2216 or §2217 of this title shall become effective as to a particular borrower if the borrower does not, within 15 days of the earlier of the mailing or delivery of the written notice of the amendment (or such longer period as may be established by the licensee), furnish written notice to the licensee that the borrower does not agree to accept such amendment. The notice from the licensee shall set forth the address to which a borrower may send notice of the borrower's election not to accept the amendment and shall include a statement that, absent the furnishing of notice to the licensee of non-acceptance within the referenced 15 day (or longer) time period, the amendment will become effective and apply to such borrower. As a condition to the effectiveness of any notice that a borrower does not accept such amendment, the licensee may require the borrower to return to it all credit devices. If after 15 days from the mailing or delivery by the licensee of a notice of an amendment (or such longer period as may have been established by the lioensee as referenced above) a borrower uses a plan by making a purchase or obtaining a loan, notwithstanding that the borrower has prior to such use furnished the licensee notice that the borrower does not accept an amendment, the amendment may be deemed by the licensee to have been accepted and may become effective as to the borrower as of the date that such amendment would have become effective but for the furnishing of notice by the borrower (or as of any later date selected by the licensee). Chapter 19 27 Vol. 71 Any amendment that increases the rate or rates of periodic interest charged by a licensee to a borrower under §2216 or §2217 of this title may, in lieu of the procedure referenced in paragraph (2) of this subsection (b), become effective as to a particular borrower if the borrower uses the plan after a date specified in the written notice of the amendment that is at least 15 days after the mailing or delivery of the notice (but that need not be the date the amendment becomes effective) by making a purchase or obtaining a loan, provided that the notice from the licensee includes a statement that the described usage after the referenced date will constitute the borrower's acceptance of the amendment. Any borrower who furnishes timely notice electing not to accept an amendment in accordance with the procedures referenced in paragraph (2) of this subsection (b) and who does not subsequently use the plan, or who fails to use such borrower's plan as referenced in paragraph (3) of this subsection (b), shall be permitted to pay the outstanding unpaid indebtedness in such borrower's account under the plan in accordance with the rate or rates of periodic interest charged by a licensee to a borrower under §2216 or §2217 of this title without giving effect to the amendment; provided, however, that the licensee may convert the borrower's account to a closed end credit account as governed by subchapter III of this chapter, on credit terms substantially similar to those set forth in the then-existing agreement governing the borrower's plan. Notwithstanding the other provisions of this subsection (b), no notice required by this subsection (b) of an amendment of an agreement governing a revolving credit plan shall be required, and any amendment may become effective as of any date agreed upon between a licensee and a borrower, with respect to any amendment that is agreed upon between the licensee and the borrower, either orally or in writing. (c) For purposes of this section, the following are examples of amendments that shall not be deemed to increase the rate or rates of periodic interest charged by a licensee to a borrower under §2216 or §2217 of this title: A decrease or increase in the required number or amount of periodic installment payments; A change in the schedule or formula used under a variable rate plan under section 2217 of this title provided that the initial interest rate resulting from such change is not an increase from the rate in effect on the date immediately.preceding the effective date of the change; A change from a variable rate to a fixed rate or from a fixed rate to a variable rate if the resulting rate on the date of change is not an increase from the rate in effect immediately prior to the change; A change from a daily periodic rate to a periodic rate other than daily or from a periodic rate other than daily to a daily periodic rate; and A change in the method of determining the outstanding unpaid indebtedness upon which periodic interest is calculated (including, without limitation, a change with respect to the date by which or the time period within which a new balance or any portion thereof must be paid to avoid additional periodic interest)." Section 70. Amend the title of Chapter 23 of Title 5 of the Delaware Code by deleting the words and punctuation ",DRAFTS AND MONEY ORDERS" and inserting in lieu thereof the words "AND TRANSMISSION OF MONEY". Section 71. Amend P302 of Title 5 of the Delaware Code by inserting at the end of that section a new subsection (8), as follows: "(8) "Accelerated Mortgage Payment Provider" means any person who, in accordance with a written contract, receives funds from a mortgagor to transmit, on behalf of such mortgagor, to a lender or servicer, in order to exceed regularly scheduled minimum payment obligations under the terms of the indebtedness." 28 Chapter 19 Vol. 71 Chapter 19 Vol. 71 Section 72. Amend subsection (a) of §2304 of Title 5 of the Delaware Code by deleting the words, numbers and punctuation "any of the following: (1) Banks" and inserting in lieu thereof the word "banks", by deleting the semi-colon after the words "agent authorized to do business in this State" and inserting in lieu thereof a period, and by deleting existing subparagraph (2) thereof in its entirety. Section 73. Amend §2309 of Title 5 of the Delaware Code by deleting the title and text of that section in their entirety, and inserting in lieu thereof the following: 12309 Surety Bonds and Irrevocable Letters of Credit. (a) Surety Bonds. (1) Every licensee 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 of $25,000 and in an additional principal sum of $5,000 for each location, in excess of one, at which the applicant proposes to conduct a business licensed by this chapter, but in no event shall the bond be required to be in excess of $250,000. (2) No bond shall be accepted unless the following requirements are satisfied: The term of the bond shall be commensurate with the license period or continuous; The expiration date of the bond shall not be earlier than midnight of the date on which the license expires; and The bond shall run to the State, for the benefit of the Office of the State Bank Commissioner and for the benefit of all consumers injured by any wrongful act, omission, default, fraud or misrepresentation by a licensee in the course of its activity as a licensee. Compensation under the bond shall be for amounts which represent actual losses and shall not be payable for claims made by business creditors, third-party service providers, agents or persons otherwise in the employ of the licensee. Surety claims shall be paid to the Office of the State Bank Commissioner by the insurer not later than 90 days after receipt of a claim. Claims paid after 90 days shall be subject to daily interest at the legal rate. The aggregate liability of the surety on the bond, exclusive of any interest which accrues for payments made after 90 days, shall in no event exceed the amount of such bond. (3) If the licensee changes its surety companY or the bond is otherwise amended, the licensee shall immediately provide the Commissioner with the amended original copy of the surety bond. No cancellation of an existing bond by a surety shall be effective unless written notice of its intention to cancel is filed with the Commissioner at least thirty (30) days before the date upon which cancellation shall take effect. (4) The Commissioner may require potential claimants to provide such documentation and affirmations as the Commissioner shall determine to be necessary and appropriate. In the event the Commissioner determines that multiple consumers have been injured by a licensee, the Commissioner shall cause a notice to be published for the purpose of identifying all relevant claims. (5) When a surety company receives a claim against the bond of a licensee, it shall immediately notify the Commissioner and shall not pay any claim unless and until it receives notice to do so from the Commissioner. (6) The Commissioner shall have a period of two calendar years after the effective date of cancellation or termination of the surety bond by the insurer to submit claims to the insurer. (b) Irrevocable Letters of Credit. 29 30 Chapter 19 Vol. 71 In lieu of requiring the filing of a surety bond, the Commissioner may, at the Commissioner's discretion, accept from a licensee an irrevocable letter of credit. (1) Such irrevocable letter of credit shall be provided by an insured depository institution (as defined in the Federal Deposit Insurance Act at 12 U.S.C. §1813(c)) acceptable to the Commissioner, in a form satisfactory to the Commissioner in the principal sum of $25,000 and in an additional principal sum of $5,000 for each location, in excess of one, at which the applicant proposes to conduct a business licensed by this chapter, but in no event shall such irrevocable letter of credit be required to be in excess of $250,000. (2) No irrevocable letter of credit shall be accepted unless the following requirements are satisfied: The irrevocable letter of credit shall run to the State, for the benefit of the Office of the State Bank Commissioner and for the benefit of all consumers injured by the wrongful act, omission, default, fraud or misrepresentation by a licensee in the course of its activity as a licensee. Compensation under the irrevocable letter of credit shall be for amounts which represent actual losses and shall not be payable for claims made by business creditors, third-party service providers, agents or persons otherwise in the employ of the licensee. The aggregate liability of the insured depository institution issuing the irrevocable letter of credit shall in no event exceed the amount of such irrevocable letter of credit; and Draws upon such irrevocable letter of credit shall be available by sight drafts thereunder, in amounts determined by the Commissioner, up to the aggregate amount of the irrevocable letter of credit. Such drafts shall be paid in accordance with §5-112(1) of Title 6 of the Delaware Code. (3) The Commissioner may require potential claimants to provide such documentation and affirmations as the Commissioner shall determine to be necessary and appropriate. In the event the Commissioner determines that multiple consumers have been injured by a licensee, the Commissioner shall cause a notice to be published for the purpose of identifying all relevant claims. (4) The Commissioner may refuse release of an irrevocable letter of credit, following the surrender of a license, up to two (2) years alter the effective date of such termination of licensure." Section 74. Amend §2312 of Title 5 of the Delaware Code by designating all of the existing text of that section as subsection "(a)" thereof, and by inserting at the end of that section a new subsection "(b)", as follows: Each licensee engaged in the business of receiving money for transmission shall be liable for payment of all amounts received for transmission." Section 75. Amend §2313 of Title 5 of the Delaware Code by inserting at the end of that section a new subsection "(c)", as follows: In lieu of the provisions of subsection (b) of this section, every accelerated mortgage payment provider may furnish an annual statement to a mortgagor of the transmittals. Each such statement shall identify the dates money was received for transmission and the amounts thereof, the dates transmittals were made to the lender on behalf of the mortgagor and the amounts thereof, and the name and address of the lender or recipient of such transmittals." Section 76. Amend §2314 of Title 5 of the Delaware Code by deleting the words "In furtherance of the foregoing" from the beginning of the second sentence thereof and capitalizing the first letter of the word "the", which becomes the first word in that sentence. Section 77. Amend §2714 of Title 5 of the Delaware Code by deleting the title and text of that section in their entirety, and inserting in lieu thereof the following: Chapter 19 31 Vol. 71 "§2714 Surety Bonds and Irrevocable Letters of Credit. (a) Surety Bonds. (1) Every licensee 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 of $5,000. (2) No bond shall be accepted unless the following requirements are satisfied: The term of the bond shall be commensurate with the license period or continuous; The expiration date of the bond shall not be earlier than midnight of the date on which the license expires; and The bond shall run to the State, for the benefit of the Office of the State Bank Commissioner and for the benefit of all consumers injured by any wrongful act, omission, default, fraud or misrepresentation by a licensee in the course of its activity as a licensee. Compensation under the bond shall be for amounts which represent actual losses and shall not be payable for claims made by business creditors, third-party service providers, agents or persons otherwise in the employ of the licensee. Surety claims shall be paid to the Office of the State Bank Commissioner by the insurer not later than 90 days after receipt of a claim. Claims paid after 90 days shall be subject to daily interest at the legal rate. The aggregate liability of the surety on the bond, exclusive of any interest which accrues for payments made after 90 days, shall in no event exceed the amount of such bond. (3) If the licensee changes its surety company or the bond is otherwise amended, the licensee shall immediately provide the Commissioner with the amended original copy of the surety bond. No cancellation of an existing bond by a surety shall be effective unless written notice of its intention to cancel is filed with the Commissioner at least thirty (30) days before the date upon which cancellation shall take effect. (4) The Commissioner may require potential claimants to provide such documentation and affirmations as the Commissioner shall determine to be necessary and appropriate. In the event the Commissioner determines that multiple consumers have been injured by a licensee, the Commissioner shall cause a notice to be published for the purpose of identifying all relevant claims. (5) When a surety company receives a claim against the bond of a licensee, it shall immediately notify the Commissioner and shall not pay any claim unless and until it receives notice to do so from the Commissioner. (6) The Commissioner shall have a period of two calendar years after the effective date of cancellation or termination of the surety bond by the insurer to submit claims to the insurer. (b) Irrevocable Letters of Credit. In lieu of requiring the filing of a surety bond, the Commissioner may, at the Commissioner's discretion, accept from a licensee an irrevocable letter of credit., Such irrevocable letter of credit shall be provided by an insured depository institution (as defined in the Federal Deposit Insurance Act at 12 U.S.C. §1813(c)) acceptable to the Commissioner, in a form satisfactory to the Commissioner in the principal sum of $5,000. No irrevocable letter of credit shall be accepted unless the following requirements are satisfied: (i) The irrevocable letter of credit shall run to the State, for the benefit of the Office of the State Bank Commissioner and for the benefit of all consumers injured by the wrongful act, omission, default, fraud or misrepresentation by a licensee in the course of its activity as a licensee. Compensation under the irrevocable letter of credit shall be for amounts which represent actual losses and shall not be payable for claims made by business creditors, third-party service providers, agents or persons otherwise in the employ of the licensee. The aggregate liability of the insured depository institution issuing the irrevocable letter of credit shall in no event exceed the amount of such irrevocable letter of credit; and (ii) Draws upon such irrevocable letter of credit shall be available by sight drafts thereunder, in amounts determined by the Commissioner, up to the aggregate amount of the irrevocable letter of credit. Such drafts shall be paid in accordance with §5-112(1) of Title 6 of the Delaware Code. The Commissioner may require potential claimants to provide such documentation and affirmations as the Commissioner shall determine to be necessary and appropriate. In the event the Commissioner determines that multiple consumers have been injured by a licensee, the Commissioner shall cause a notice to be published for the purpose of identifying all relevant claims. The Commissioner may refuse release of an irrevocable letter of credit, following the surrender of a license, up to two (2) years after the effective date of such termination of licensure." Section 78. Amend subsection (e) of §2902 of Title 5 of the Delaware Code by inserting the words and punctuation "In case there is a change of name but no change in corporate structure, the Commissioner shall endorse such name change on the license without charge." between the existing first and second sentences thereof, and by inserting in the existing second sentence thereof the word "otherwise" after the words "Such license shall not be" and before the words "transferable or assignable". Section 79. Amend subsection (b) of §2909 of Title 5 of the Delaware Code by deleting from the first sentence thereof the reference to "2907" and inserting in lieu thereof a reference to "§2908". Section 80. Amend paragraph (7) of subsection (a) of §1903 of Title 30 of the Delaware Code by deleting the reference to "§1101(a)(3) and (4) of Title 5" and inserting in lieu thereof a reference to "§1101(a)(1)d. and §1101(a)(1)e. of Title 5". Section 81. If any provision of this Act or the application of any section or part thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Act that can be given effect without the invalid provision or application. Section 82. This Act shall take effect immediately upon its adoption. Approved April 23, 1997 32 Chapter 19 Vol. 71 Chapter 20 Vol. 71 33 CHAPTER 20 FORMERLY SENATE BILL NO. 30 AN ACT TO AMEND TITLE 21 OF THE DELAWARE CODE RELATING TO THE REGISTRATION OF MOTOR VEHICLES. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section 1. Amend §2121(b), Title 21 of the Delaware Code, by striking the first sentence appearing in the second paragraph and by inserting in lieu thereof the following: "Motor vehicles with a registered gross weight of 5,000 pounds or less may be assigned any type of number plate. Motor vehicles, except for recreational vehicles, with a registered weight rating above 5,000 pounds will be assigned commercial or farm truck license plates. The number plates for motorcycles and mopeds as defined by §101(19) and (53) of this title shall display thereon the letters MC for motorcycles and the letters MP for mopeds." Section 2. Amend §2156, Title 21 of the Delaware Code, by striking subsection (a) in its entirety and by inserting in lieu thereof the following: "(a) The registration fee for all convertible vehicles shall be ascertained upon the basis of the vehicle's gross load weight. It shall be determined which is the greater, the gross load weight as a carrier of persons or the gross load weight as the carrier of property, and the greater gross load weight shall be the basis for calculating the required registration fees. The fee for all station wagons or suburbans shall be the same as for vehicles used for pleasure as provided in §2151 of this Title." Approved April 29, 1997 34 CHAPTER 21 FORMERLY HOUSE BILL NO. 130 AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO THE ADJUSTMENT OF ELECTION AREAS FOR CAPE HENLOPEN SCHOOL DISTRICT BOARD MEMBERS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section I. Amend §1069, Title 14 of the Delaware Code by deleting subparagraphs (b) and (c) in their entirety, and substituting in lieu thereof the following: "(b) The Cape Henlopen School District is hereby divided into 4 areas as follows: (1) Area A: Beginning at a point on the shoreline of the Delaware Bay between Broadkill Beach and Roosevelt Inlet near where the Broadkill River runs in an east-westerly direction; thence following a westerly direction through the middle of the Broadkill River to the mid point of the confluence of Beaverdam Creek; thence in a southerly direction through the middle of Beaverdam Creek to the boundary line of Cape Henlopen School District; thence following the boundary of Cape Henlopen School District first in a westerly direction and extending to the shoreline of Delaware Bay in the vicinity of Fowlers Beach; thence in a southerly direction to the beginning point. Area B: Beginning at a point on the shoreline of the Delaware Bay intersected by perpendicular line running through and extended from the middle of Route 9 on Levi/es Beach; thence following a westerly direction through the middle of Route 9 until the intersection of Route 261; thence in a southerly direction through the middle of Route 261 until the intersection of Route 285; thence in a southerly direction through the middle of Route 285 to the intersection of Route 5; thence southerly through the middle of Route 5 until the intersection with the District's boundary: thence following the District's boundary first in a westerly then northerly direction until the boundary connects to the same point where Area A's boundary intersects with Route 259 and Beaverdam Creek; thence following the same boundary for Area A to the Delaware Bay; thence in a southerly direction along the shoreline of Delaware Bay to the beginning point. Area C: Beginning at the same point on the shoreline of Delaware Bay as Area B and following the same boundary of Area B in a westerly and then southerly direction until the line meets the District boundary; thence in an easterly direction along the District boundary to a point on the boundary which is directly grid south of the tip of Bald Eagle Point; thence in a northwesterly direction, off-shore of land, through the center of Love Creek to the intersection of Route 24; thence in a northeasterly direction through the center of Route 24 until the intersection of Route 1; thence for a short distance in a southerly direction through the center of Route 1 until the intersection of Route 270; thence in a northeasterly direction through the center of Route 270 until the termination of Route 270 near the sewage treatment plant; thence in a grid easterly direction to the shoreline of the Atlantic Ocean; thence in a northerly direction along the shoreline of the Atlantic Ocean and then in a westerly direction along the shoreline of the Delaware Bay to the beginning point. Area D: Beginning at a point where the Indian River Inlet and the Atlantic Ocean converge; thence in a westerly and then northerly direction until the line meets the point of intersection for Area C and the District boundary; thence following the same boundary for Area C in a northerly and then easterly direction until the line meets the shoreline of the Atlantic Ocean; thence in a southerly direction to the beginning point. (c) School board members shall be elected in the following manner: Chapter 21 Vol. 71 At the regular school election in 1997 the qualified electors in the school district shall choose 1 member who is a resident of Area D. The member shall serve a term of one year. At the regular school election in 1998 the qualified electors in the school district shall choose 1 member who is a resident of Area A. One member shall be elected from Area D and shall serve a term of four years. At the regular school election in 1999 the qualified electors in the school district shall choose 1 member who is a resident of Area C and 1 member who is a resident of the district at large. At the regular school election in 2000 the qualified electors in the school district shall choose 1 member who is a resident of area B and 1 member who is a resident of the district at large. At the regular school election in 2001 the qualified electors in the school district shall choose 1 member who is a residence of the district at large. Alt subsequent school board elections shall follow a schedule with a 5 year sequence as herein listed and thereafter: 2002 -- Elect 1 member who is a resident of Area D 2003 -- Elect 1 member who is a resident of Area A 2004 -- Elect 1 member who is a resident of Area C and one member who is a resident of the district at large. 2005 -- Elect 1 member who is a resident of Area B and one member who is a resident of the district at large. 2006 -- Elect one member who is a resident of the district at large. Except for the shortened term of Area D for one year from 1997 to 1998 and Area D for four years from 1998 to 2002, thereafter, each school board member shall be elected to a term of 5 years. An exception shall be when such election is to fill an unexpired term as provided in this chapter, until a successor has been elected and duly qualified, said term of such elected school board member to commence on the 1st day of July following his election. Nominations for each candidate qualified to be a school board member shall provide a declaration of intention as to whether the candidate is to serve at large, if elected, or if the candidate is to serve from his legal place of residence whether it be Area A, B, C, or D, depending upon board members to be elected in a given year. Nominations in either case shall be by residents of the school district as provided elsewhere in this chapter. At the election, whether by voting machine or ballot, the names of all persons properly nominated shall be listed alphabetically in appropriate groupings by area and/or "at large." If in a given year when nominations may be made for members living in a specific area and no nominations are so made, and if during that given year a nomination may also be made for a member to serve "at large", the member "at large" living in the given area receiving the highest number of votes shall be declared duly elected to the position of school board member; if the same candidate should also have received the highest number of votes of all candidates nominated to serve "at large" then the person receiving the second highest number of votes shall be declared duly elected to the position "at large" in the school district. Chapter 21 35 Vol. 71 36 Chapter 21 Vol. 71 In all school board elections nominations may be made and board members chosen at the election by qualified electors of the entire school district thereof. Each school board member so elected shall have those qualifications prescribed by this chapter and shall meet any other requirements provided in this section." Approved April 29, 1997 Chapter 22 37 Vol. 71 CHAPTER 22 FORMERLY HOUSE BILL NO. 5 AS AMENDED BY HOUSE AMENDMENT NO. 1 AN ACT TO AMEND SECTION 114, CHAPTER 1 OF TITLE 26 OF THE DELAWARE CODE RELATING TO THE FEES TO BE CHARGED BY THE PUBLIC SERVICE COMMISSION AND TO SET A NEW, INCREASED SCHEDULE FOR SUCH FEES AND CHARGES. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (three-fifths of all members elected to each house thereof concurring therein): Section 1. Amend Subchapter I, § 114(a), Title 26, Delaware Code, by striking said subsection (a) in its entirety and substituting in lieu thereof a new subsection (a) to read as follows:. "(a) The Commission may impose charges and fees for filing and for other services rendered by it in accordance with the following schedule of fees: SCHEDULE OF FEES 1. For filing the annual financial statement of any public utility $25.00 2. Certificates of Public Convenience and Necessity: For filing each original application for a certificate of public convenience and necessity (except for telecommunications local exchange service or application for approval of a transfer of such certificate) 750.00 --- For filing each extension to a certificate of public convenience and necessity (except for telecommunications local exchange service) 300.00 For filing each application for a certificate of public convenience and necessity (for original or for extension) to provide telecommunications local exchange service, or application for approval of a transfer of such certificate 3000.00 3. For filing each application for approval or authority to discontinue or abandon all or any part of any public utility operation or service... 150.00 4. (a) For each filing of rate or tariff schedules, or any 38 Chapter 22 Vol. 71 amendment thereto or notice of changes therein. 50.00 (b) For each filing of petition or application to increase rates 100.00 For filing each petition or application ur,der § 215(a)(1) of this title 100.00 For filing each petition or application under § 215(a)(2) of this title in accordance with the following schedule based upon the aggregate amount of the stocks (by par value or by stated value if no par), notes, bonds, other evidence of indebtedness. The fee so established is to be used to evaluate such petition or application in lieu of any other assessment AGGREGATE AMOUNT Under $1,000,001 150.00 $1,000,001 - $10,000,000 250.00 $10,000,001 and above 350.00 For preparing and certifying to the Superior Court any record in appeal 400.00 For certifying a copy of each paper, order, record, transcript or any other official document other than to the Superior Court 10.00 Upon request therefor by either a consumer or a utility for testing each water meter having an outlet not exceeding one inch 10.00 Upon request therefor by either a consumer or a utility for testing each water meter having an outlet of more than one inch but not exceeding two inches 15.00 Upon request therefor by either a consumer or a utility for testing each electric meter 10.00 The charge or fee for any services rendered by the Commission in filing papers, documents, Chapter 22 Vol. 71 39 records or other items not expressly provided for in this subsection shall be a reasonable charge or fee in relation to the service rendered, not to exceed the highest fee or charge permitted on this schedule of fees fixed by the Commission from time to time." Section 2, A copy of the "Schedule of Fees" set forth in Section 1 above, accompanied with a citation to this Act shall be maintained and available for public inspection at the offices of the Public Service Commission. The fees and charges set forth in such schedule shall apply to all documents filed and to all services rendered after the date of enactment. Section 3. The fees and charges imposed under the "Schedule of Fees" set forth in section 1 above shall be in addition to any fees, charges, or assessments imposed under the provisions of §§ 114(b),(c) and 115 of this title. All monies collected pursuant to such schedule shall be deposited in accord with § 116 of this title. Approved April 29, 1997 40 Chapter 23 Vol. 71 CHAPTER 23 FORMERLY HOUSE BILL NO. 79 AN ACT AUTHORIZING THE CHRISTINA REORGANIZED SCHOOL DISTRICT AND/OR STATE BOARD OF EDUCATION TO EXCHANGE CERTAIN SCHOOL REAL PROPERTY FOR THE PROPERTY OF ANOTHER PERSON, WHEREAS, the Christina Reorganized School District desires to exchange a parcel of school real property having approximately 0.58 acres (25,481 square feet) and being a portion of the Christiana-Salem Elementary School property, located on West Main Street, in White Clay Creek Hundred, for a parcel of land consisting of 0.76 acres (33,120 square feet), adjoining the school site and owned by Allied Properties, Inc.; and WHEREAS, the said school parcel of land is located on the east side of Browns Lane at the Southwest corner of the school site, and is no longer needed for school purposes; and WHEREAS, the exchange will be beneficial to the school district as the Allied Properties' parcel of land is located on West Main Street and, if acquired by the school district, will increase the school site's frontage on West Main Street from 447 feet, more or less, to 544 feet, more or less, an increase of approximately 107 feet. NOW, THEREFORE: BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE: Section I. Notwithstanding the provisions of subsections (a), (c) or (d) of 1057, Title 14, Delaware Code, or any other laws of this State, the Christina Reorganized School District and/or State Board of Education, as the case may be, are authorized and empowered to exchange the parcel of school and, consisting of 0.58 acres, more or less, and more particularly described and identified as Parcel A on Plan of Thorpe Property, dated October 13, 1991 and prepared by Engineering Consulting Incorporation, for the parcel of land, consisting of 0.76 acres, more or less, and more particularly described and identified as Parcel B on said Plan, said Parcel B being owned by Allied Properties, Inc. Section 2. The Christina Reorganized School District and/or State Board of Education, as the case may be, are authorized and empowered to execute and deliver to Allied Properties, Inc. a good and sufficient deed and such affidavits as are required by law, granting and conveying the aforementioned Parcel A to Allied Properties, Inc. on the condition that Allied Properties, Inc.: Prepare at its own expense the deeds to be executed by the parties, each deed to recite the sum of one dollar ($1.00) as consideration; and Execute and deliver to the Christina Reorganized School District a good and sufficient deed granting and conveying the aforementioned Parcel B to the Christina Reorganized School District; and Pay the cost of recording the deeds executed by the parties; and Prepare at its expense such affidavits and other documents as are required by law to transfer legal title to land. Section 3. The Christina Reorganized School District and/or State Board of Education, as the case may be, may convey the aforementioned Parcel A to Allied Properties, Inc., subject to the provisions of Section 2 hereof, without complying with the provisions of subsections (a), (c) or (d) of Section 1057, Title 14, Delaware Code. Approved May 7, 1997 Chapter 24 41 Vol. 71 CHAPTER 24 FORMERLY HOUSE BILL NO. 11 AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO RE-INCORPORATE THE CITY OF HARRINGTON" BEING CHAPTER 115, VOLUME 69, LAWS OF DELAWARE, AS AMENDED, RELATING TO THE CITY TREASURER. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein): Section I. Amend Chapter 115, Volume 69, Laws of Delaware, as amended, by striking section 7.2.3 in its entirety and substituting in lieu thereof the following: "7.2.3. Treasurer. The City Council shall appoint the City Manager as the City Treasurer who shall be custodian of all City funds and shall authorize deposit into federally-insured banking institutions located in the city as necessary. The Treasurer shall pay no money except upon warrant or check countersigned by the Mayor, or in the Mayor's absence, by the Vice-Mayor. The Mayor or Vice Mayor and City Treasurer shall sign no warrant or check on the city Treasury unless authorized by City Council pursuant to appropriation made by Council. The Treasurer shall be responsible for seeing that a true and detailed account of all monies received by the City is maintained on a current basis. The books and accounts of the City shall at all times be open to inspection by the Council or Mayor. The City Treasurer shall make such reports and at such times as the Council may direct. The City Treasurer shall be required to give bond in such amount and in such form with such surety as the Council shall determine and approve, the cost of said bond to be paid by the City." Approved May 7, 1997 CHAPTER 25 FORMERLY SENATE BILL NO. 67 AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO BANKS AND OTHER FINANCIAL INSTITUTIONS BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein): BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein): Section 1. This Act may be referred to as the "Banking Industry and Financial Services Act of 1997". Section 2. Amend subsection (a) of §121 of Title 5 of the Delaware Code by inserting in subparagraph (1) thereof the word and number "or §1661(a)(14)" after the number "*761(a)(14)" and before the words "of this title". Section 3. Amend subsection (a) of §124 of Title 5 of the Delaware Code by inserting in the first sentence thereof the word and number "or §1662(b)" after the number 1767" and the before the words "of this title". Section 4. ' Amend §144 of Title 5 of the Delaware Code by adding the words and punctuation "except for a savings bank established under Chapter 16 of this title" after the word and punctuation "name" and before the words "nor shall". Section 5. Amend subsection (2) of §167 of Title 5 of the Delaware Code by inserting the words "or Delaware savings and loan holding company" after the words "holding company" and before the period. Section 6. Amend §168 of Title 5 of the Delaware Code by inserting the words "or savings and loan holding companies" after the words "bank holding companies" at both places at which those words appear in that section. Section 7. Amend §701 of Title 5 of the Delaware Code by inserting in the first sentence thereof the words "or Chapter 16" after the words "Chapter 15" and before the words "of this title". Section 8. Amend §722 of Title 5 of the Delaware Code by deleting the words "Fifteen or more persons being citizens of this State and" and inserting in lieu thereof "Three or more persons, at least two of whom must be citizens and residents of this State", and by deleting the words and punctuation beginning with "; provided, however" and ending with "of this State" from the end of the sentence and before the period. Section 9. Amend subsection (a) of §749 of Title 5 of the Delaware Code by inserting the words and punctuation ", except as provided in Chapters 15 or 16 of this title" after the words "of this State" and before the words "shall hereafter amend". Section 10. Amend subsection (b) of §749 of Title 5 of the Delaware Code by inserting in the first sentence thereof the words and punctuation "(but not under Chapters 15 or 16 of this title)" after the words "General Assembly" and before the comma. Section H. Amend subsection (a) of §770 of Title 5 of the Delaware Code by deleting both sentences of subparagraph (2) and inserting in lieu thereof the words and punctuation "The applicant shall pay to the Commissioner an investigation fee of $250 which shall not be refundable and shall be submitted with the application." 42 Chapter 25 Vol. 71 Section 12. Amend subsection (c) of §771 of Title 5 of the Delaware Code by deleting the text of that subsection and inserting in lieu thereof the words and punctuation The applicant shall pay to the Commissioner an investigation fee of $250, which shall not be refundable and shall be submitted with the application for the issuance of a certificate under subsections (a) or (e) of this section. Section 13. Amend subsection (e) of §771 of Title 5 of the Delaware Code by inserting the words "or Chapter 16 of this title after the word 'chapter and before the words "or by act", by inserting the word and number "or §1661(a)(14)" after the number "§761(a)(14)" and before the words "of this title", and by deleting the words "for which he shall collect and receive a fee of $500" after the word "Commissioner" and before the comma. Section 14. Amend subsection (a) of §782 of Title 5 of the Delaware Code by inserting in the first sentence thereof the words "or Chapter 16 of this title" after the word "chapter" and before the words "or under any special act". Section 15. Amend subsection (a) of §784 of Title 5 of the Delaware Code by inserting in subparagraph (2)(iv) thereof the words and punctuation ", or a statement that the resulting bank will be a nonstock corporation" after the words "par value of each share" and before the semicolon. Section 16. Amend subsection (b) of §786 of Title 5 of the Delaware Code by inserting in subparagraph (2) thereof the words "or members" after the word "stockholders". Section 17. Amend §792 of Title 5 of the Delaware Code by deleting the words and punctuation "a fee of $5,750 for use of the State upon approval of a merger, consolidation or conversion. In addition, the resulting bank shall pay" after the word "Commissioner" and before the words "an investigation fee". Section 18. Amend subsection (c) of §793 (formerly §793A) of Title 5 of the Delaware Code by deleting the words and punctuation "resulting bank shall pay to the Commissioner a fee of $5,750 for use of the State upon approval of the conversion. In addition, the" after the word "The" and before the words "resulting bank". Section 19. Amend §795 of Title 5 of the Delaware Code by adding a new subsection (16) at the end thereof, as follows: "(16) 'Savings and loan holding company' has the meaning specified in the Home Owners' Loan Act, as amended, at 12 U.S.C. §1467a." Section 20. Amend subsection (b) of §795J of Title 5 of the Delaware Code by inserting the words "or savings and loan holding company" after the words "bank holding company" and before the words "that controls". Section 21. Amend §831 of Title 5 of the Delaware Code by deleting from subsection (5) the words "an existing" and inserting in lieu thereof the word "a", by deleting existing subsection (8) in its entirety, and by redesignating existing subsections (9) through (15) as new subsections (8) through (14) thereof. Section 22. Amend subsection (a) of §832 of Title 5 of the Delaware Code by deleting the words and punctuation "an existing Delaware savings bank, a Delaware savings and loan holding company that owns or controls an existing Delaware savings bank or an our-of-state savings and loan holding company that owns or controls an existing Delaware savings bank" and inserting in lieu thereof the words "a Delaware savings bank or a Delaware savings and loan holding company", and by deleting the word "existing" after the words "and the" and before the words "Delaware savings bank that it acquires specifically". Section 23. Amend subsection (b) of §832 of Title 5 of the Delaware Code by deleting the words and punctuation "an existing Delaware savings bank, a Delaware savings and loan holding company that owns or controls an existing Delaware savings bank or an our-of-state savings and loan holding company that owns or controls an existing Delaware savings bank" and inserting in Chapter 25 43 Vol. 71 lieu thereof the words "a Delaware savings bank or a Delaware savings and loan holding company". Section 24. Amend subsection (c) of §832 of Title 5 of the Delaware Code by deleting the comma and inserting in lieu thereof the word "or" after the words "Delaware savings bank" and before the words "a Delaware savings and loan holding company", and by deleting the words "that owns or controls a Delaware savings bank or an out-of-state savings and loan holding company that owns or controls a Delaware savings bank" before the period. Section 25. Amend subsection (a) of §833 of Title 5 of the Delaware Code by deleting the words "an existing" and inserting in lieu thereof the word "a" after the word "acquire" and before the words "Delaware savings bank". Section 26. Amend subsection (b) of §833 of Title 5 of the Delaware Code by deleting from the first sentence thereof the words "an existing" and inserting in lieu thereof the word "a" after the words "acquire or control" and before the words "Delaware savings bank", and by deleting from subparagraphs (1), (2) and (3) thereof the word "existing" at each place at which that word appears therein. Section 27. Amend subsection (c) of §833 of Title 5 of the Delaware Code by deleting the word "existing" after the word "the" and before the words "Delaware savings bank". Section 28. Amend subsection (3) of §834 of Title 5 of the Delaware Code by deleting the words "an existing" and inserting in lieu thereof the word "a" after the word "acquires" and before the words "Delaware savings bank" at both places at which those words appear in that subsection. Section 29. Amend subsection (4) of §834 of Title 5 of the Delaware Code by deleting the word "existing" after the word "any" and before the words "Delaware savings bank" at both places at which those words appear in that subsection, and by deleting the words "an existing" and inserting in lieu thereof the word "a" after the word "acquires" and before the words "Delaware savings bank" at both places at which those words appear in that subsection. Section 30. Amend the first sentence of §835 of Title 5 of the Delaware Code by deleting the words "an existing" and inserting in lieu thereof the word "a" after the word "operating" and before the words "Delaware savings bank", and by deleting the word "existing" after the word "any" and before the words "Delaware savings bank". Section 31. Amend §836 of Title 5 of the Delaware Code by deleting the word and punctuation ", existing" from the title, and by deleting the word "existing" from the text thereof. Section 32. Amend Chapter 8 of Title 5 of the Delaware Code by adding a new Subchapter VI thereto, as follows: "Subchapter VI. Regulation of Delaware .11avings and Loan Holding Companies § 861. Definitions. As used in this subchapter: 'Delaware savings and loan holding company' means a savings and loan holding company (as defined in the Home Owners' Loan Act, as amended, at 12 U.S.C. §1467a) located in Delaware that owns or controls a Delaware savings bank. 'Delaware savings bank' means a savings bank organized and existing under the laws of this State that is not a bank as defined in §2(c) of the Bank Holding Company Act of 1956, as amended, 12 U.S.C. §1841(c). 'Located' has the meaning specified in §831 of this title. § 862. Becoming a Delaware savings and loan holding company. 44 Chapter 25 Vol. 71 Any corporation intending to become a Delaware savings and loan holding company shall file an application with the Commissioner for approval to acquire a Delaware savings bank. The application shall contain such information as the Commissioner may by regulation require, shall, if not a Delaware corporation, designate a resident of the State as the applicant's agent for the service of any paper or notice of legal process on the applicant in connection with matters arising out of this subchapter, and shall be accompanied by a filing fee in the amount of $5,750 for the use of the State and a nonrefundable investigation fee in such amount as the Commissioner shall from time to time fix by regulation, payable to and for the use of the Office of the Bank Commissioner. In determining whether or not to approve such acquisition by a Delaware savings and loan holding company, the Commissioner shall consider: (I) The financial and the managerial resources of the Delaware savings and loan holding company; The future prospects of the Delaware savings and loan holding company and the Delaware savings bank whose assets or shares it will acquire; The financial history of the Delaware savings and loan holding company; Whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition within this State; and The convenience and needs of the public of this State. Reports. A Delaware savings and loan holding company shall file with the Commissioner upon the Commissioner's request copies of all regular and periodic reports which a savings and loan holding company is required to file under the Home Owners' Loan Act, as amended [12 U.S.C. §146I et seq.] or under § 13 or § I5(d) of the Securities and Exchange Act of 1934, as amended [15 U.S.C. § 78m or § 78o(d)J, but excluding any portions not available to the public. Supervision and examination. The Commissioner shall have supervision over all Delaware savings and loan holding companies and shall have the right to examine all such companies, including their nonbank subsidiaries. The costs of the examination shall be assessed against and paid by the company in an amount to be set by regulation of the Commissioner. The examination authorized by this section may be conducted jointly, concurrently or in lieu of examinations made by a federal bank regulatory agency. The Commissioner may use, to the extent deemed feasible, filings and reports made by the company to federal or other State bank regulatory authority pursuant to a written agreement providing for the exchange of reports of examination between the Commissioner and the federal or other State bank regulatory authority. Non exclusivity. Nothing in this subchapter or any law of this State shall be deemed to prohibit or limit a Delaware savings and loan holding company from making an acquisition that is otherwise permitted by applicable law of the United States and any state. Bank Commissioner cooperative agreements. The Commissioner may enter into cooperative agreements or joint actions with other regulatory authorities to carry out his responsibilities under this subchapter and to assure Chapter 25 45 Vol. 71 46 Chapter 25 Vol. 71 the safety and soundness of any Delaware savings bank and to assure compliance with applicable Delaware banking laws." Section 33. Amend §908A of Title 5 of the Delaware Code by inserting the word and number "or §1662(b)(1)" after the number "§767(a)" at both places at which that number appears in that section. Section 34. Amend §§ 909(e), 910(3), 910(4), 929(b), 930(a), 1101(0, 1101(g) and 1109 of Title 5 of the Delaware Code by inserting the word and number "or §1661(a)(14)" after the number "§761(a)(14)" at each place at which that number appears in those sections. Section 35. Amend Title 5 of the Delaware Code by adding at the end of Part II ("Banks and Trust Companies") thereof a new Chapter 16, as follows: "Chapter 16 CORPORATION LAW FOR STATE SAVINGS BANKS Subchapter I. General Provisions § 1601. Establishment of savings banks; definition. § 1602. Applicability of other laws. § 1603. Taxation. § 1604. Reserved power of State to amend or repeal this chapter. Subchapter II. Formation of Savings Bank § 1621. Incorporators; number and qualifications. § 1622. Articles of association; contents and execution. § 1623. Notice of intention to incorporate; publication. § 1624. Application for a certificate of public convenience and advantage. § 1625. Determination of public convenience. § 1626. Organization meeting of incorporators; notice; proceedings. § 1627. Articles of organization. § 1628. Approval of articles of organization. § 1629. Filing of articles of organization. § 1630. Certificate of incorporation; issuance, form, recording and evidence. § 1631. Commencement of corporate existence. § 1632. Commencement of business; certificate authorizing. § 1633. Revocation of charter for failure to commence business within reasonable time. § 1634. Fees of Secretary of State and Commissioner. Subchapter III. Conduct of Internal Corporate Affairs § 1641. Bylaws, adoption, amendment and repeal. § 1642. Directors; number, quorum, term, vacancies and oath. § 1643. Stockholders' meetings; time, place, adjournment and quorum. § 1644. Voting rights of stockholders. § 1645. Capital stock; minimum required. § 1646. Par value of stock; payment for and issuance; increase and reduction. § 1647. Stockholders' liability. § 1648. Dividends. § 1649. Meetings of members of nonstock corporations; voting rights; time, place, adjournment and quorum. § 1650. Amendment of charter. Subchapter IV. Powers and Prohibitions § 1661. General powers of corporations organized under this chapter. § 1662. Limitations on powers and activities of savings banks. § 1663. Loans on security of and purchase of its own capital stock. § 1664. Conversion of a nonstock savings bank to a stock savings bank. § 1665. Reorganization as a mutual holding company. Subchapter I. General Provisions § 1601. Establishment of savings banks; definition. Savings banks shall be established or created in this State under and in accordance with this chapter. The term 'savings bank' as used in this chapter refers to a corporation organized under this chapter. The provisions of this chapter specifically relating to capital stock or stockholders of a savings bank shall not apply to a savings bank without capital stock. § 1602. App |
| Date Digital | 2010 |
| CONTENTdm file name | 3105.cpd |
Description
| Title | Laws of the State of Delaware - Volume 71 - Part 1 - Page 1 |
| Creator2 | Delaware General Assembly |
| Type | Text |
| Full Text | 1 1 LAWS OF THE STATE OF DELAWARE ONE HUNDRED AND THIRTY- NINTH GENERAL ASSEMBLY FIRST SESSION COMMENCED AND HELD AT DOVER On Tuesday, January 14, A. D. 1997 SECOND SESSION COMMENCED AND HELD AT DOVER On Tuesday, January 13, A. D. 1998 VOLUME LXXI Part I |
| CONTENTdm file name | 83897.pdfpage |
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