Senate Substitute 1 for Senate Bill 83
152nd General Assembly (Present)
Ready for Governor for action
AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE DELAWARE COMMUNITY INVESTMENT VENTURE FUND.
This Act creates the Delaware Community Investment Venture Fund to develop opportunities for banking organizations and credit unions doing business in Delaware to better serve the needs of low to moderate income tracts in Delaware. The source of funds will be transfers from the Delaware State Bank Commissioner Regulatory Revolving Fund (established in Section 105 of Title 5), which currently has an amount in excess of that needed to cover the operating expenses of the Office of the State Bank Commissioner. The initial transfer will be up to $2.5 million, plus another $250,000 for expenses. Thereafter, additional transfers of up to $500,000 each fiscal year are authorized. No further transfers are authorized after June 30, 2028, unless further legislation is approved by the General Assembly.
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Takes effect upon being signed into law