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SA1TOSS1FORSB16 • 2025

This Amendment clarifies what is required of an out-of-state state bank or out-of-state state trust company in order to apply for a charter with the Commissioner in a conversion.

This Amendment clarifies what is required of an out-of-state state bank or out-of-state state trust company in order to apply for a charter with the Commissioner in a conversion.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Mantzavinos
Last action
2026-04-23
Official status
Passed 4/23/26
Effective date
Not listed

Plain English Breakdown

The official source material does not provide specifics on what documents need to be filed or additional clarity beyond the requirement of applying for a charter in a conversion.

Clarifying Requirements for Out-of-State Banks and Trust Companies

This amendment clarifies what an out-of-state bank or trust company needs to do when applying for a charter with the Commissioner during a conversion.

What This Bill Does

  • Explains what is needed from out-of-state banks and trust companies when they want to get a new charter in Delaware.

Who It Names or Affects

  • Out-of-state banks and trust companies looking to get a new charter in Delaware.
  • The Commissioner who reviews these applications.

Terms To Know

charter
A document that gives permission for an organization, like a bank or trust company, to operate legally within a state.
conversion
The process of changing from one type of legal structure to another, such as when a bank changes its charter.

Limits and Unknowns

  • Does not specify what exact documents need to be filed.
  • Only applies to out-of-state banks and trust companies applying for a new charter in Delaware.

Bill History

  1. 2026-04-23 Delaware General Assembly

    Introduced and Placed With Bill

  2. 2026-04-23 Delaware General Assembly

    Passed By Senate. Votes: 18 YES 3 ABSENT

Official Summary Text

This Amendment clarifies what is required of an out-of-state state bank or out-of-state state trust company in order to apply for a charter with the Commissioner in a conversion.

Current Bill Text

Read the full stored bill text 
Legislation Document

SPONSOR:

Sen. Mantzavinos

DELAWARE STATE SENATE

153rd GENERAL ASSEMBLY

SENATE AMENDMENT NO. 1

TO

SENATE SUBSTITUTE NO. 1

FOR

SENATE BILL NO. 16

AMEND Senate Substitute No. 1 for Senate Bill No. 16 by deleting lines 164 through 165 in their entirety and inserting in lieu thereof the following:

“

(e) The out-of-state state bank or out-of-state state trust company may apply for such charter pursuant to subsection (d) of this section by filing all of the following with the State Bank Commissioner:

”.

SYNOPSIS

This Amendment clarifies what is required of an out-of-state state bank or out-of-state state trust company in order to apply for a charter with the Commissioner in a conversion.

Author: Senator Mantzavinos