Short-Term Consumer Loan Database and Database-Related Services

Background

The State of Delaware, Office of the State Bank Commissioner (OSBC), oversees and regulates banks, credit unions, and financial services companies in Delaware. The OSBC is seeking professional services to provide and maintain a short-term consumer loan database as required by Section 2235B of Title 5 of the Delaware Code. This initiative aims to track short-term consumer loans made by licensed lenders and ensure compliance with state regulations.

Work Details

The vendor will be responsible for developing and implementing a comprehensive database that includes the following services: 1. Implement, customize, and maintain a real-time accessible database for Licensees and the Commissioner via the Internet. 2. Interface with Licensees’ point-of-sale systems. 3. Capture historical loan data from Licensees. 4. Accept initial files and periodic updates from the Commissioner’s system to populate the database with Licensee information. 5. Ensure confidentiality and security of data, including measures against identity theft. 6. Collect transaction data for short-term consumer loans, including borrower details, loan amounts, interest rates, payment dates, defaults, and eligibility status. 7. Operate a call center for borrower inquiries regarding eligibility and disputes. 8. Generate annual reports on loan activity for legislative review.

Period of Performance

The contract period is two years with two optional extensions of two years each at OSBC's discretion.

Place of Performance

The services will be performed in Delaware as specified by the OSBC.

Bidder Requirements

Vendors must possess necessary Delaware licenses or certifications to perform the required services. They must have at least one year of experience operating an internet-based database for a governmental entity and have been in business for a minimum of five years. Proof of insurance is required prior to contract execution.