Delaware Code Title 5 Sec. 2210 – Supervision and examination of business by Commissioner
(a) Every person or combination of persons licensed to transact business as provided in this chapter in the State shall be subject to the supervision and examination of the State Bank Commissioner and shall be examined by the Commissioner or the Commissioner’s authorized representative annually or at such intervals as the Commissioner deems necessary.
Terms Used In Delaware Code Title 5 Sec. 2210
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2201
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means an individual, corporation, partnership or any other business entity or group or combination of individuals however organized. See Delaware Code Title 5 Sec. 2201
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
(b) On the occasion of every examination, the Commissioner or the Commissioner’s authorized representative shall be given access to every part of the office or place of business visited and to the assets, securities, books and papers of the business.
(c) The examination made by the Commissioner or the Commissioner’s authorized representative shall be a thorough examination into the affairs of the business visited, the resources and liabilities, the investment of the funds, the mode of conducting the business and the compliance or noncompliance with this Code or any regulations promulgated thereunder, and any other statutes or regulations of this State or the United States; and in connection with such examination the Commissioner or the Commissioner’s authorized representative may examine, under oath or affirmation, any and all persons connected with or associated with the licensee.
(d) If, in the Commissioner’s opinion, it is necessary for a thorough examination of a licensee, the Commissioner may retain 1 or more accountants, attorneys, appraisers or other third parties to assist the Commissioner in such examination. Within 10 days after receipt of a statement from the Commissioner, such licensee shall pay or reimburse the fees, costs and expenses of any third parties retained by the Commissioner under this subsection.
(e) The Commissioner may prescribe regulations to carry out the purposes of this chapter.
66 Del. Laws, c. 22, § ?1; 68 Del. Laws, c. 303, § ?38; 70 Del. Laws, c. 186, § ?1; 77 Del. Laws, c. 126, § ?4; 84 Del. Laws, c. 42, § 71;