Take these to the bank: financial regulation reform measures become law

The laws that made Delaware famous in the corporate world are being retooled for the future – a future that in some ways is already here.

Governor Matt Meyer Monday signed three bills into law (Senate Bill 16, Senate Bill 18, Senate Bill 19) that were passed by the General Assembly to modernize the state’s financial sector, taking into account new technologies, methods of payment, and how citizens and businesses access financial services.

Former Governor Pete du Pont developed the original laws that helped to make The First State a leader in financial and banking services.

“Delaware didn’t become the financial capital of America by standing still,” Meyer said. “More than 40 years ago, our state set the national standard for banking innovation. Today, we’re doing it again by creating a modern framework that welcomes new financial technologies, protects consumers and ensures Delaware remains the premier place to innovate, invest, and succeed in financial services.”

Senator Spiros Mantzavinos, D-Elsmere, Representative Bill Bush, D-Dover and Delaware Bank Commissioner Lisa Collison collaborated on the legislation, with input from leaders in banking and fin-tech.

“Today is an important day for Delaware, as Governor Meyer signs three bills modernizing our financial sector here in the First State. Our financial ecosystem continues to evolve with new technologies, new payment systems, and new ways for consumers and businesses to access financial services. Delaware has always recognized that thoughtful, responsible updates to our laws help ensure we remain competitive while maintaining strong consumer protections,” Mantzavinos said. Mantzavinos chairs the Senate Banking, Business, Insurance & Technology Committee. “I’m proud to have worked with State Bank Commissioner Lisa Collison and her office, other members of Governor Meyer’s Administration, and banking and fintech leaders to develop this slate of legislation that not only modernizes Delaware’s banking laws but implements meaningful guardrails for consumers and companies alike in our ever-changing digital world.”