5 Del. Admin. Code § 2204-2.0
Current through Register Vol. 28, No. 5, November 1, 2024
Section 2204-2.0 - Amount of Bond or Irrevocable Letter of Credit2.1 Each licensee shall obtain a surety bond or irrevocable letter of credit in an amount that correlates with the licensee's volume of Delaware lending for the year ending December 31 that precedes the effective year of the license under 5 Del.C. Ch. 22. A licensee who obtains a surety bond that is effective for more than one year or an irrevocable letter of credit shall annually review the amount of the surety bond or irrevocable letter of credit as of December 31 of each year to ensure that the minimum required amount is maintained. The minimum required amount of the surety bond or irrevocable letter of credit shall be maintained according to the following table: | Annual Volume of Delaware Loans | Minimum Required Amount of Surety Bond or Irrevocable Letter of Credit |
| not more than $23,000,000 | $50,000 |
| $23,000,001 - $35,000,000 | $75,000 |
| $35,000,001 - $47,000,000 | $100,000 |
| $47,000,001 - $59,000,000 | $125,000 |
| $59,000,001 - $71,000,000 | $150,000 |
| $71,000,001 - $83,000,000 | $175,000 |
| $83,000,001 and over | $200,000 |
2.2 The Commissioner may require a licensee to obtain a larger surety bond or irrevocable letter of credit based upon the licensee's individual circumstances.5 Del. Admin. Code § 2204-2.0
17 DE Reg. 994 (4/1/2014) (Final)