Delaware General Assembly

Out of Committee 6/6/18

The General Assembly has ended, the current status is the final status.

5/10/18

Townsend

Rep. B. Short

Sen. Bonini, Bushweller, Hansen, Henry, Pettyjohn, Sokola
Rep. Paradee

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE CREATION AND REGULATION OF BUSINESS DEVELOPMENT BANKS.

This Act authorizes the creation and regulation of a new type of limited-purpose bank, the "Business Development Bank." Modeled on Delaware's successful credit card bank laws, this Act would allow Business Development Banks, or "BDBs," to concentrate their resources in the commercial lending space, leverage technology and expertise, and partner with existing banks to serve a broader spectrum of small to medium-sized businesses. This Act would limit the permissible activities of the BDBs to ensure that they cannot compete with existing banks for consumer customers or to provide several other forms of bank or trust services.

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Takes effect upon being signed into law

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