Cx3583 is provided pursuant to Del. Code Ann. tit. 5, § 2113 and 5 Del. Admin. Code §§ 2102-1.2.7, 2103-2.0 & 6.0, 2104, & 2203-6.0. Under Ibid. § 2104-2.11, a mortgage broker agreement must contain “a statement that the applicant may be entitled to the refund of certain funds paid to the licensee upon exercise of the right to rescind the transaction under the Federal Truth-In-Lending Act, as amended, and the regulations thereunder.”
The Banking Commission’s published version of this regulation contains this requirement, then lists the following citations (see http://regulations.delaware.gov/AdminCode/title5/2100/2104.shtml#TopOfPage):
3 DE Reg. 653 (11/01/99)
17 DE Reg. 994 (04/01/14)
18 DE Reg. 472 (12/01/14)
These citations reference the Delaware State Registers where Ibid. § 2104-2.0 has been implemented or amended. While these citations do not form a part of the regulatory requirements (see http://regulations.delaware.gov/register/february2014/proposed/17%20DE%20Reg%20832%2002-01-14.htm, where the above referenced Subsection 2104-2.11 was last amended – and does not contain these citations), we have received communication from the Banking Commission that they do require these citations to appear with the other disclosures required under Subsection 2104-2.11.
We are, therefore, adding these citations to Section 7 of Cx3583 to meet the Commission’s requirements.
This change will take effect immediately. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.