D.C. Code § 26-1016 — DC Code / Title 26 / Chapter 10 / § 26-1016
§ 26-1016. Authorized delegate contracts.
Status: in_force

A Licensee which purposes to conduct licensed activities through an authorized delegate shall authorize each delegate to operate pursuant to an express written contract appointing the person as its delegate with authority to engage in money transmission on behalf of the licensee.
D.C. Code § 26-831.16 — DC Code / Title 26 / Chapter 8A / § 26-831.16
§ 26-831.16. Lien on property or assets; voidable transfer.
Status: in_force

(a) Except as provided in subsection (c) of this section, the transfer of, or a lien on, the property or assets of the merchant bank shall be voidable by the receiver if the transfer or lien was:
  (1) Made or created within one year before the date the Commissioner takes possession of the merchant bank or the date the merchant bank is ordered into receivership if the receiving transferee or lien holder was at the time an affiliate, officer, director, employee, or principal shareholder of the merchant bank or an affiliate of the merchant bank;
  (2) Made or created within 90 days before the date the Commissioner takes possession of the merchant bank or the date the merchant bank is ordered into receivership, with the intent of giving to a creditor or depositor, or enabling a creditor or depositor to obtain, a greater percentage of the creditor’s or depositor’s debt than is given or obtained by another creditor or depositor of the same class;
  (3) Accepted after the date the Commissioner takes possession of the merchant bank or the date the merchant bank is ordered into receivership by a creditor or depositor having reasonable cause to believe that a preference, as described in subsection (b) of this section, will occur; or
  (4) Voidable by the merchant bank and the merchant bank may recover the property transferred, or its value, from the person to whom it was transferred or from a person who has received it, unless the transferee or recipient was a bona fide holder for value before the date the Commissioner takes possession of the merchant bank or the date the merchant bank is ordered into receivership or conservatorship.
(b) A preference in a transfer or grant of an interest in the property or assets of a merchant bank shall be deemed to occur when:
  (1) There is an intent to hinder, delay, or defraud an entity to which, on or after the date that the transfer or grant of interest was made, the merchant bank was or became indebted; or
  (2) Less than a reasonably equivalent value is obtained by the merchant bank in exchange for the transfer or grant of interest if the merchant bank was insolvent when the transfer or grant of interest was made or if the merchant bank became insolvent as a result of the transfer or grant of interest.
(c) Notwithstanding any other provision of this chapter, the Commissioner or the receiver shall not void an otherwise voidable transfer under this section if:
  (1) The transfer or lien does not exceed $1,000 in value;
  (2) The transfer or lien was received in good faith by a person who is not a [sic] described in subsection (a)(1) of this section and who gave value in exchange for the transfer or lien; or
  (3) The transfer or lien was intended by the merchant bank and the transferee or lien holder to be, and in fact substantially was, a contemporaneous exchange for new value given to the merchant bank.
(d) A person acting on behalf of the merchant bank who knowingly participated in making or implementing a voidable transfer or lien, and each person receiving property or assets, or the benefit of property or assets, of the merchant bank as a result of a voidable transfer or lien, shall be personally liable for the property, assets, or benefit received and shall account to the receiver for the benefit of the merchant bank.
D.C. Code § 26-131.01 — DC Code / Title 26 / Chapter 1A / § 26-131.01
§ 26-131.01. Short title.
Status: in_force

This chapter may be cited as the “Automated Teller Machine Act of 2000”.
D.C. Code § 26-1152.02 — DC Code / Title 26 / Chapter 11A / § 26-1152.02
§ 26-1152.02. Insufficient repayment ability.
Status: in_force

(a) A lender shall not make a covered loan if the borrower, at the time that the covered loan is closed, cannot reasonably be expected to make the scheduled payments. For purposes of making this determination:
  (1) The lender’s consideration shall include the ability to make any payments for mortgage insurance premiums, escrow deposits, or direct payment of real estate taxes and property insurance premiums (in addition to the payments of interest and principal) and the employment status of the borrower. The lender may consider the current and expected income, current obligations, and other financial resources of the borrower (other than the borrower’s equity in the dwelling which secures repayment of the loan).
  (2) The lender shall not consider the borrowers’ equity interest in the residential real property which secures repayment of the covered loan; provided, that the borrower’s equity interest in the residential real property which secures repayment of the covered loan may be considered by the lender in determining whether to approve the loan as part of the evaluation of the borrower’s likelihood of default.
  (3) In the case of a covered loan which includes payment terms under which the aggregate amount of the scheduled payments will not fully amortize the outstanding principal balance, the lender’s determination of the ability of the borrowers to make an expected balloon payment at the scheduled maturity date may include consideration of the borrowers’ equity interest in the residential real property and the borrowers’ ability, based on current market conditions, to refinance the covered loan without penalty, hardship, or material loss of equity.
  (4) A lender shall not include or add a borrower to the covered loan who did not own or reside in the residential real property securing the covered loan prior to the covered loan transaction for the purpose of increasing the income and ability of the borrowers owning or residing in the residential real property to make all the scheduled payments of interest, principal, and mortgage insurance premiums, and escrow deposits for, or direct payment of, real estate taxes and property insurance premiums, unless the included or added borrower separately confirms in writing to the lender that the borrower expects and commits to make or substantially contribute to:
    (A) The scheduled payments on the covered loan; and
    (B) Escrow deposits for or direct payment of real estate taxes and property insurance premiums.
(b) The requirements of subsection (a) of this section shall only apply to borrowers whose gross income, as reported on the loan application which the lender relied upon in making the credit decision, does not exceed 120% of median family income. For purposes of this subsection, the median family income shall be the most recent estimate made by the U.S. Department of Housing and Urban Development at the time the application is received. For purposes of determining gross income under this section, only the income of the borrower shall be considered.
(c) The current and expected income, current debts, current assets, and employment of the borrowers shall be verified by the lender in accordance with standard residential mortgage lending industry practices to underwrite a loan secured by a residential lien instrument. For the purposes of this subsection, the lender shall be deemed to have followed standard residential mortgage lending industry practices if the lender verified the borrowers’ current and expected income and current debts in accordance with the verification guidelines and practices of the Federal National Mortgage Association, Federal Home Loan Corporation, U.S. Department of Housing and Urban Development, or U.S. Department of Veterans Affairs. Nothing in this subsection shall preclude the utilization of other standard industry verification practices accepted by applicable regulatory authorities.
D.C. Code § 26-801 — DC Code / Title 26 / Chapter 8 / § 26-801
§ 26-801. Deposits or shares of stock in names of 2 or more persons; payments or deliveries; liability of bank.
Status: in_force

Except as provided in §§ 19-602.21 to 19-602.26 , when a deposit shall have been made in, or shall after May 15, 1928, be made in, or any collection item shall have been placed or shall after May 15, 1928, be placed with any bank, trust company, savings bank, building association, or other banking institution, including national banks, transacting business in the District of Columbia, or when any shares of stock shall have been issued or shall after May 15, 1928, be issued by any building association, transacting business in the District of Columbia, in the names of 2 or more persons, including spouses or domestic partners, payable to either, or payable to either or the survivor or survivors, such deposit, or in any part thereof, or any interest or dividend thereon, and such collection item or its proceeds, or any interest or dividend thereon, or such shares of stock issued by a building association or any interest or dividend thereon, may be paid or delivered to either of said persons whether the other or others be living or not; and the receipt or acquittance of the person to whom such payment or delivery is made shall be a valid, sufficient, and complete release and discharge of the bank, trust company, savings bank, building association, or other banking institution, including national banks, for any payment or delivery so made. For the purposes of this section, the term “domestic partner” shall have the same meaning as provided in § 32-701(3) .
D.C. Code § 26-131.03 — DC Code / Title 26 / Chapter 1A / § 26-131.03
§ 26-131.03. Establishment of an automated teller machine or point-of-sale terminal.
Status: in_force

(a) A District bank, federal bank, District credit union, or federal credit union may establish in the District, and operate on a transaction fee basis, an automated teller machine. A District bank or a District credit union may establish and operate outside of the District an automated teller machine.
(b) An out-of-state bank that maintains a branch in the District or an out-of-state credit union that maintains a subsidiary office in the District may establish and operate on a transaction fee basis an automated teller machine in the District.
(c) A District bank, federal bank, out-of-state bank, District credit union, federal credit union, out-of-state credit union, or other person may establish and operate a point-of-sale terminal in the District.
D.C. Code § 26-311.01 — DC Code / Title 26 / Chapter 3 / § 26-311.01
§ 26-311.01. Examinations.
Status: in_force

(a) The Commissioner, or his or her designated agent, shall examine the affairs, business, premises, and records of each licensee at least once in every 3-year period and at any other time that the Commissioner considers necessary or provides by regulation.
(b) Each licensee shall be assessed an examination fee of $100 per examination, plus $20 per hour for each hour or fraction of each hour in excess of 4 hours if an examination of a licensee exceeds 4 hours.
D.C. Code § 26-312 — DC Code / Title 26 / Chapter 3 / § 26-312
§ 26-312. Transferability of license.
Status: in_force

A license issued pursuant to this chapter shall not be transferable or assignable.
D.C. Code § 26-551.20 — DC Code / Title 26 / Chapter 5B / § 26-551.20
§ 26-551.20. Judicial review.
Status: in_force

(a) Within 10 days after service of a temporary cease and desist order, a financial institution or other party named in the temporary cease and desist order may apply to the Superior Court of the District of Columbia for an injunction to set aside, limit, or suspend the order.
(b) A final order or a final cease and desist order issued under this chapter shall be reviewable by the Superior Court of the District of Columbia. The review of the final order or the final cease and desist order shall be confined to the record of the hearing conducted under § 26-551.13 and to a determination of whether the Commissioner’s order was arbitrary or capricious.
(c) In addition to any temporary cease and desist order, final order. or final cease and desist order issued by the Commissioner pursuant to subsections (a) and (b) of this section, any final order of the Commissioner or final action of the Department shall be subject to review by the Superior Court of the District of Columbia, unless the final order or final agency action is appealable to the District of Columbia Court of Appeals pursuant to § 2-510 .
D.C. Code § 26-303 — DC Code / Title 26 / Chapter 3 / § 26-303
§ 26-303. Exemptions.
Status: in_force

The provisions of the chapter shall not apply to:
(1) Banks, credit unions, trust companies, building and loan associations, and savings and loan associations organized under the laws of the United States or of the District of Columbia or authorized to do business in the District of Columbia;
(2) The United States Postal Service; or
(3) Any person who cashes checks without consideration or a charge.
D.C. Code § 26-1401.02 — DC Code / Title 26 / Chapter 14 / § 26-1401.02
§ 26-1401.02. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Affiliate” shall have the same meaning as set forth in § 26-551.02(1) .
(2) “Appropriate federal financial institutions agency” shall have the same meaning as set forth in § 26-551.02(2) .
(3) “Bank holding company” shall have the same meaning as set forth in section 2(a) of the Bank Holding Company Act of 1956, approved May 9, 1956 (70 Stat. 133; 12 U.S.C. § 1841(a)).
(4) “Capital” shall have the same meaning as set forth in § 26-551.02(6) .
(5) “Capital accounts” means unimpaired capital stock, unimpaired surplus, and undivided profits or retained earnings of a financial institution.
(6) “Capital stock” means the aggregate of shares of nonwithdrawable capital stock issued.
(7) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7) .
(8) “Community Reinvestment Act” means the Community Reinvestment Act of 1977, approved October 12, 1977 (91 Stat. 1147; 12 U.S.C. § 2901 et seq. ).
(9) “Department” shall have the same meaning as set forth in § 26-551.02(9) .
(10) “Director” shall have the same meaning as set forth in § 26-551.02(10) .
(11) “District” means the District of Columbia.
(12) “District of Columbia Banking Code” shall have the same meaning as set forth in § 26-551.01(14) .
(13) “District savings institution” shall have the same meaning as set forth in § 26-551.02(15) .
(14) “Equity securities” means a security representing an ownership interest in a corporation.or independent agency head
(15) “Federal agency” shall have the same meaning as set forth in § 26-551.02(17) .
(16) “Federal financial institutions agency” means a federal government agency with regulatory authority over a financial institution.
(17) “Federally chartered savings institutions” means a financial institution chartered by the Office of Thrift Supervision, or a successor agency to the Office of Thrift Supervision.
(18) “Financial institution” shall have the same meaning as set forth in § 26-551.02(18) .
(19) “Investment securities” means commercial paper, banker’s acceptances, marketable securities in the form of bonds, notes, and debentures, and similar instruments that are regarded as investment securities.
(20) “Loan” includes a line of credit or other extension of credit.
(21) “Low-income” means an individual income that is less than 60% of the median individual income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development or a median family income that is less than 60% of the median family income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development.
(22) “Moderate-income” means an individual income that is at least 60%, and less than 80%, of the median individual income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development, or a median family income that is at least 60%, and less than 80%, of the median family income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development.
(23) “National bank” means a financial institution chartered and supervised by the Office of the Comptroller of the Currency, or a successor agency to the Office of the Comptroller of the Currency.
(24) “Person” shall have the same meaning as set forth in § 26-551.02(21) .
(25) “Savings institution” shall have the same meaning as set forth in § 26-551.02(23) .
(26) “State bank” means a bank chartered and supervised by a financial institutions agency of a state of the United States.
(27) “State financial institutions agency” means a government agency of a state of the United States authorized to charter and supervise financial institutions.
(28) “Subsidiary” shall have the same meaning as set forth in § 26-551.02(24) .
(29) “Superior Court” means the Superior Court of the District of Columbia.
(30) “Universal bank” means a financial institution which is authorized by its articles of incorporation or other organizational documents to act as a financial institution and is certified under this chapter as a universal bank.
D.C. Code § 26-1023 — DC Code / Title 26 / Chapter 10 / § 26-1023
§ 26-1023. Criminal penalties.
Status: in_force

(a) Any person who knowingly and willfully violates any provision of this chapter for which a penalty is not specifically provided shall be guilty of a misdemeanor and, on conviction thereof, shall be fined not more than $5,000, or imprisoned for more than 1 year, or both.
(b) Any person who knowingly and willfully makes a material, false statement in any document filed or required to be filed under this chapter with the intent to deceive the recipient of the document shall be guilty of a felony and, on conviction thereof, shall be fined not more than $10,000, or imprisoned for not more than 3 years, or both.
(c) Any person who engages in the business of money transmission without a license as provided herein shall be guilty of a felony and, on conviction thereof, shall be fined not more than $25,000, or imprisoned for not more than 5 years, or both.
D.C. Code § 26-639 — DC Code / Title 26 / Chapter 6A / § 26-639
§ 26-639. Financial certification; restrictions on investments, loans, and acceptances.
Status: in_force

(a) Before opening an office in the District of Columbia, and annually thereafter so long as a banking office is maintained in the District of Columbia, an international banking corporation licensed under this chapter shall certify to the Commissioner the amount of its paid-in capital, its surplus, and its undivided profits, each expressed in the currency of the country of its organization. The dollar equivalent of this amount, as determined by the Commissioner, shall be considered to be the amount of its capital, surplus, and undivided profits.
(b) (1) The Commissioner shall, by regulation, prescribe the limits of drafts or bills of exchange which an international agency or branch may accept relative to the capital account of the international banking corporation. The limits shall take into account all transactions which are included and excluded in computing the lending limit for acceptances of a federal international bank office.
  (2) Except to the extent they are inconsistent with this chapter, the provisions of the District of Columbia Banking Code shall apply to the loans and investments made by an international bank agency or international branch of the international banking corporation. With respect to an international banking corporation and its international bank agencies or international branches, a reference in those provisions to capital, capital account, or similar terms shall refer to the capital account of the international banking corporation, and, except when used with reference to the capital account, a reference in those provisions to the term “bank” shall refer to the international agencies and branches of the international banking corporation which are licensed in the District of Columbia.
  (3) Any limitation in this chapter based on the capital account of an international banking corporation shall refer, with respect to an international agency or international branch in the District of Columbia, to the dollar equivalent of the capital account of the international banking corporation, as determined by the Commissioner. If the international banking corporation has more than one international agency or international branch in the District of Columbia, the business transacted by all agencies or branches shall be aggregated in determining compliance with a limitation or restriction.
D.C. Code § 26-503.01 — DC Code / Title 26 / Chapter 5 / § 26-503.01
§ 26-503.01. General Powers.
Status: in_force

(a) A District credit union may:
  (1) Enter into contracts or other agreements, as necessary, to provide the services authorized by this subchapter ;
  (2) Sue and be sued;
  (3) Acquire, lease as lessor or lessee, hold, assign, pledge, mortgage, sell, or otherwise dispose of real or personal property or assets, either in whole or in part;
  (4) Borrow from any source; except, that a District credit union shall notify the Commissioner in writing of its intention to borrow in excess of 50% of the District credit union's net worth, shares, and deposits;
  (5) Purchase the assets of another credit union or sell all, or substantially all, of its assets to another credit union;
  (6) Offer related financial services, including electronic fund transfers, safe deposit boxes, negotiable instruments, leasing, and correspondent arrangements with or to other financial institutions and their members;
  (7) Hold membership in other District credit unions, federal credit unions, or foreign credit unions, and in credit union-related trade associations and organizations;
  (8) Engage in activities and programs as requested by a government unit;
  (9) Act as fiscal agent for, and receive payments on, share and deposit accounts from a government unit;
  (10) Make reasonable contributions to any nonprofit civic, charitable, or service organization;
  (11) Require the payment of an entrance fee, annual membership fee, or both, of any person admitted to membership pursuant to the District credit union's bylaws;
  (12) Receive deposits from its members in the form of shares and deposits and honor requests for withdrawals or transfers of all or any part of share and deposit accounts in any manner approved by the board of directors;
  (13) Lend funds to its members;
  (14) Discount and sell any obligations owed to the District credit union;
  (15) Invest surplus funds as provided in this subchapter ;
  (16) Invest in shares of other credit unions and make deposits in other financial institutions and trust companies;
  (17) Invest in credit union service organizations;
  (18) Issue certificates of indebtedness to members that are subordinated to all other claimants on the District credit union;
  (19) Assess fees and charges to members;
  (20) Declare dividends on shares, interest on deposit accounts, and pay interest refunds to borrowers;
  (21) Receive savings from non-members in the form of shares, if the District credit union serves predominantly low-income members;
  (22) Receive deposits from, or lend funds to, other District credit unions, federal credit unions, or foreign credit unions;
  (23) Sell insurance products, subject to applicable insurance laws;
  (24) Purchase and maintain insurance:
    (A) On behalf of:
      (i) A current or former director, officer, employee, or agent of the District credit union; or
      (ii) A person who is or was serving at the request of the District credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise; or
    (B) To protect against any liability asserted against a person identified in subparagraph (A) of this paragraph in any capacity arising out of that person's status related to the District credit union, regardless of the District credit union's power to indemnify that person against liability.
  (25) Offer services permitted for state-chartered banks and national banks, savings and loans, mutual savings banks, and their subsidiaries and affiliates, including electronic fund transfers, safe deposit boxes, trust services, the issuance of negotiable instruments, and leasing and correspondent arrangements with other financial institutions;
  (26) Receive payments on share, share draft, and share certificate accounts;
  (27) Enter into lease agreements, lease contracts, and lease-purchase agreements with members;
  (28) Indemnify or limit the personal liability of officials in accordance with the District credit union's articles of incorporation and bylaws;
  (29) Act as agent for any electric, electric distribution, gas, water, telephone, or other utility company operating within the District in receiving money due for utility services furnished by it;
  (30) Exercise the powers granted to corporations and nonprofit corporations; except, that, in the event of a conflict between laws governing corporations and nonprofit corporations and this subchapter , the provisions of this subchapter shall govern;
  (31) Offer debt cancellation and debt suspension contracts;
  (32) Receive supplemental capital from members and non-members; and
  (33) Exercise other powers that will not impair the safe and sound operation of the District credit union and that are approved by the Commissioner by rule.
D.C. Code § 26-1152.22 — DC Code / Title 26 / Chapter 11A / § 26-1152.22
§ 26-1152.22. Suspect settlement service providers.
Status: in_force

The Mayor may create and maintain a public list of lenders and other settlement service providers, including real estate agents and appraisers, who have been found by a court to have engaged in a systematic pattern or practice of fraud or in operations in violation of the requirements of District law.
D.C. Code § 26-1401.21 — DC Code / Title 26 / Chapter 14 / § 26-1401.21
§ 26-1401.21. Lien on property or assets; voidable transfer.
Status: in_force

(a) Except as provided in subsection (c) of this section, the transfer of, or a lien on, the property or assets of the universal bank shall be voidable by the receiver if the transfer or lien was:
  (1) Made or created within one year before the date the universal bank is ordered into receivership if the receiving transferee or lien holder was at the time an affiliate, officer, director, employee, or principal shareholder of the universal bank or an affiliate of the universal bank;
  (2) Made or created within 90 days before the date the universal bank is ordered into receivership, with the intent of giving to a creditor or depositor, or enabling a creditor or depositor to obtain, a greater percentage of the creditor’s or depositor’s debt than is given or obtained by another creditor or depositor of the same class;
  (3) Accepted after the universal bank is ordered into receivership by a creditor or depositor having reasonable cause to believe that a preference, as described in subsection (b) of this section, will occur; or
  (4) Voidable by the universal bank and the universal bank may recover the property transferred, or its value, from the person to whom it was transferred or from a person who has received it, unless the transferee or recipient was a bona fide holder for value before the date the Commissioner takes possession of the universal bank or the date the universal bank was ordered into receivership or conservatorship.
(b) A preference in a transfer or grant of an interest in the property or assets of a universal bank shall be deemed to occur when:
  (1) There is an intent to hinder, delay, or defraud an entity to which, on or after the date that the transfer or grant of interest was made, the universal bank was or became indebted; or
  (2) Less than a reasonably equivalent value is obtained by the universal bank in exchange for the transfer or grant of interest if the universal bank was insolvent when the transfer or grant of interest was made or if the universal bank became insolvent as a result of the transfer or grant of interest.
(c) Notwithstanding any other provision of this chapter, the receiver shall not void an otherwise voidable transfer under this section if:
  (1) The transfer or lien does not exceed $1,000 in value;
  (2) The transfer or lien was received in good faith by a person who is not a person described in subsection (a)(1) of this section and who gave value in exchange for the transfer or lien; or
  (3) The transfer or lien was intended by the universal bank and the transferee or lien holder to be, and in fact substantially was, a contemporaneous exchange for new value given to the universal bank.
(d) A person acting on behalf of the universal bank who knowingly participated in making or implementing a voidable transfer or lien, and each person receiving property or assets, or the benefit of property or assets, of the universal bank as a result of a voidable transfer or lien, shall be personally liable for the property, assets, or benefit received and shall account to the receiver for the benefit of the universal bank.
D.C. Code § 26-601 — DC Code / Title 26 / Chapter 6 / § 26-601
§ 26-601. Definitions.
Status: repealed

Repealed.
D.C. Code § 26-507.08 — DC Code / Title 26 / Chapter 5 / § 26-507.08
§ 26-507.08. Loans to officials.
Status: in_force

(a) A District credit union may make loans to its officers, directors, and members of its committees, provided that the loan complies with all requirements of this subchapter and is not on terms or conditions more favorable than those extended to other borrowers.
(b) A District credit union may permit officers, directors, and members of its committees to act as co-makers, cosigners, or guarantors of loans to other members, subject to the requirements of subsection (a) of this section.
D.C. Code § 26-734 — DC Code / Title 26 / Chapter 7 / § 26-734
§ 26-734. Interstate branching by de novo entry or acquisition into the District.
Status: in_force

(a) An out-of-state bank (“applicant”) that does not maintain a branch within the District may establish and maintain a de novo branch or may acquire a branch within the District provided the applicant meets the following requirements:
  (1) Submits to the Superintendent [Commissioner] a copy of the application it files with its home state supervisor or with the appropriate federal agency in order to establish such branch within the District;
  (2) Pays a branching fee to be determined by the Superintendent [Commissioner]; and
  (3) (A) In the case of a de novo branch to be established prior to June 1, 1997, the laws of the home state of the applicant permit District banks to establish and maintain de novo branches in that state under terms similar to those set forth in this subchapter; or
    (B) In the case of a branch to be established through acquisition of a branch prior to June 1, 1997, the laws of the home state of the applicant permit District banks to establish and maintain branches in that state through the acquisition of branches under terms similar to those set forth in this subchapter.
(b) An out-of-state state bank that establishes and maintains a branch in the District may exercise, at such branch, all rights and powers permitted to be exercised by District state banks unless the out-of-state state bank’s home state determines that the exercise of such rights or powers would threaten the safety and soundness of the out-of-state state bank.
D.C. Code § 26-214 — DC Code / Title 26 / Chapter 2 / § 26-214
§ 26-214. Foreclosure of advanced shareholder’s security.
Status: in_force

In case any advanced shareholder shall fail to pay all dues, interest, or premiums and shall be in arrears for any part of the same for the period of 2 months, the payment of the same and of the principal of the advance may be enforced by a foreclosure of the securities given for the same, and if upon a statement of account, as in case of a voluntary settlement of said advance, as hereinbefore authorized, there shall be any surplus of the proceeds of sale of the property given as security over the amount found due from such advanced shareholder, together with all costs incurred by the corporation, such surplus shall be paid to said defaulting shareholder, or his assigns, and his shares of stock so advanced upon shall be the property of the corporation.
D.C. Code § 26-1204 — DC Code / Title 26 / Chapter 12 / § 26-1204
§ 26-1204. Conditions for regional acquisitions and regional branches.
Status: in_force

(a) When not inconsistent with federal law, the Superintendent [Commissioner] shall require each association or savings and loan holding company seeking to make an acquisition under § 26-1202 or seeking to branch under § 26-1203 to file information applicable to the nature of the application, a general plan of business, a proposed plan for capital investment in the District, and a community development program. In determining whether and to what extent the submissions are appropriate, the Superintendent [Commissioner] shall consider the overall purposes and resources of the savings and loan industry. The community development program shall set forth the applicant’s plan to:
  (1) Assist in the development of economically-disadvantaged and underserved neighborhoods in the District;
  (2) Assist in meeting the credit and deposit service needs of low- and moderate-income and minority District residents;
  (3) Assist in expanding support for small, minority, or women-owned businesses; and
  (4) Market the community development program and publicize the community development program to the applicant’s employees and to individuals and businesses located in areas which the applicant will serve.
(b) To the extent considered appropriate by the Superintendent [Commissioner], the Superintendent [Commissioner] shall require that an applicant seeking to make an acquisition under § 26-1202 or seeking to branch under § 26-1203 provide the following:
  (1) A description of the local community, including low- and moderate-income neighborhoods where the applicant intends to provide credit and services and from which the applicant intends to draw deposits or customers;
  (2) A description of the business services which the applicant will offer to low- and moderate-income persons, and a description of the services which the applicant will offer, at a minimum cost, to these persons;
  (3) The applicant’s agreement to cash checks issued by the District and the United States governments at branch offices within target development areas upon verification, according to normal and prudent industry practices, that an individual who presents the check at the branch office is legally entitled to payment, even though the bearer of the check does not maintain an account at the branch office;
  (4) A description of the applicant’s intended dividend policies;
  (5) A description of the applicant’s intended underwriting policies;
  (6) A description of the applicant’s loan policy, including the loan rates and the percentage of the total loans which will be made in low- and moderate-income areas. For purposes of determining compliance with the requirements of this subsection, loans may include permanent mortgage financing for the purchase and rehabilitation of 1 to 4 unit owner-occupied buildings or multi-family residential buildings, home improvement loans for single-family homes, or interim loans for construction, rehabilitation, or projects qualifying for permanent financing;
  (7) A description of any technical assistance that the applicant will offer to individuals and businesses in low- and moderate-income areas;
  (8) A description of the applicant’s plans to use District-based minority firms to meet the applicant’s procurement needs, including goods and professional services;
  (9) A description of the applicant’s plans to cooperate with the District’s Department of Employment Services (“DOES”) to identify District residents as potential employees for the applicant’s District offices;
  (10) A description of the applicant’s plan to assure the retention of existing jobs held by District residents;
  (11) A description of the applicant’s plans to designate a senior lending officer to review specifically the needs of small, minority, or women-owned businesses and community development organizations;
  (12) A description of the applicant’s plans to use its best efforts to increase the number of minority and female representatives on the applicant’s board of directors and, if applicable, on the board of any of the applicant’s District-based association subsidiaries;
  (13) A description of the applicant’s plans to establish a training program for employees at all levels of the association’s, and, if applicable, the savings and loan holding company’s operations;
  (14) A description of the applicant’s plans for branching or operating new offices, and, where appropriate, a description of how those plans will aid the applicant in achieving the objectives of the community development program;
  (15) A description of the applicant’s plans to sell food coupons, pursuant to 7 U.S.C. § 2011 et seq. (“Food Stamp Act”), in branch offices located in the District;
  (16) The applicant’s agreement to submit an annual report to the Superintendent [Commissioner] updating any information submitted to the Superintendent [Commissioner] with regard to the community development program; and
  (17) Any other information that the Superintendent [Commissioner] considers appropriate.
(c) For purposes of determining compliance with the requirements of this section, loans may include:
  (1) Permanent mortgage financing for the purchase and rehabilitation of 1 to 4 unit owner-occupied buildings or multi-family residential buildings;
  (2) Home improvement loans for single-family homes, or interim loans for construction, rehabilitation, or projects qualifying for permanent financing;
  (3) Federal Housing Administration (“FHA”) insured and Veterans Administration (“VA”) guaranteed mortgage financing, including FHA title 1 home improvement loans;
  (4) Blanket and share loans for the purchase and rehabilitation of cooperatively-owned residential properties;
  (5) Loans made pursuant to programs established pursuant to § 47-848 , or a similar homesteading program established by the District;
  (6) Participation with nonprofit developers of housing;
  (7) Term loans for small, minority, or women-owned businesses for building construction, building improvement, inventory or fixed asset financing; or
  (8) Working capital.
(d) (1) If an applicant filing an application pursuant to § 26-1202 or § 26-1203 has made in connection with that application any express written commitments to the Superintendent [Commissioner] with respect to subjects set forth in subsections (a), (b), or (c) of this section, the Superintendent [Commissioner] may, at any time, review the activities of the applicant to determine whether the applicant has fulfilled the express written commitments. The Superintendent [Commissioner] may require an applicant to supply information and to submit any report the Superintendent [Commissioner] considers necessary to make a determination under this paragraph.
  (2) Upon the determination of the Superintendent [Commissioner] that an applicant filing an application pursuant to § 26-1202 or § 26-1203 has failed to fulfill express written commitments that the applicant made with respect to subjects set forth in subsections (a), (b), or (c) of this section, the Superintendent [Commissioner] may order the applicant to take steps to comply with all the commitments within a reasonable period of time.
  (3) If the Superintendent [Commissioner] believes, at any time, that an applicant, subject to an order issued under paragraph (2) of this subsection, has failed to comply with the order within the period specified in the order, the Superintendent [Commissioner] may conduct a hearing in accordance with § 2-509 , on the issue of whether the applicant has fulfilled any express written commitments that the applicant made with respect to subjects set forth in subsections (a), (b), or (c) of this section.
  (4) If, after a hearing as specified in paragraph (3) of this subsection, the Superintendent [Commissioner] determines that an applicant has failed to fulfill express written commitments made with respect to subjects set forth in subsections (a), (b), or (c) of this section, the Superintendent [Commissioner] may:
    (A) Order the applicant to divest itself of control of all District associations and District savings and loan holding companies and of all District branches of any other subsidiary association within a reasonable period of time if the applicant has acquired a District association or District savings and loan holding company pursuant to § 26-1202 . If the Superintendent [Commissioner] orders divestiture pursuant to this subparagraph, the divestiture shall be completed within 1 year after the date on which the Superintendent’s [Commissioner’s] order becomes final; or
    (B) Order the revocation of the certificate of authority and a cessation of operations under the certificate within a reasonable period of time if the applicant is branching pursuant to § 26-1203 ; if the Superintendent [Commissioner] orders the cessation of business being conducted under the certificate, the cessation of business shall be completed within 1 year after the date on which the Superintendent’s [Commissioner’s] order becomes final.
  (5) The Superintendent’s [Commissioner’s] decision in a case initiated under paragraph (3) of this subsection shall be subject to judicial review by the District of Columbia Court of Appeals in accordance with § 2-510 .
  (6) The Superintendent [Commissioner] shall initiate any case under paragraph (3) of this subsection of the issue of whether an association or savings and loan holding company has failed to fulfill express written commitments that the association or savings and loan holding company made with respect to subjects set forth in subsections (a), (b), or (c) of this section within 4 years of the date of the acquisition of the District association or District savings and loan holding company subject to the express written commitments.
(e) The Superintendent [Commissioner] shall rule on any application submitted under §§ 26-1202 and 26-1203 no later than 90 days following the date of submission of a complete application, but the ruling may be conditioned upon approval by federal regulatory authorities or contain other appropriate conditions. The Superintendent [Commissioner] may extend the 90-day period for up to 30 days. If the Superintendent [Commissioner] fails to rule on the application within the 90-day period, or any extension, the application shall be deemed approved.
(f) For purposes of § 26-1202(a)(1) through (3) and § 26-1202(c)(1) and (2), a District association shall be treated as if it were a District savings and loan holding company if the laws of the state where the acquiring association or savings and loan holding company has its principal place of business would permit the regional association or a regional savings and loan holding company to be acquired by a District savings and loan holding company, but not by a District association.
D.C. Code § 26-509.04 — DC Code / Title 26 / Chapter 5 / § 26-509.04
§ 26-509.04. Bank to credit union conversion.
Status: in_force

(a) A locally regulated or federally regulated bank may convert its charter to a District credit union charter under this subchapter , subject to applicable local and federal laws and regulations governing the bank.
(b) The Commissioner shall prescribe procedures by which a locally regulated or federally regulated bank may convert to a District credit union charter, and those procedures shall include the following:
  (1) The converting bank shall prepare and submit to the Commissioner a conversion plan that provides how the converting bank will:
    (A) Comply with the membership requirements under this subchapter , including the possible divestiture of customers who do not meet membership limitations;
    (B) Convert its board to a voluntary, non-paid structure if the District credit union does not provide for the compensation of its directors;
    (C) Divest its board of stock options;
    (D) Divest its capital stock;
    (E) Phase out all impermissible investments; and
    (F) Comply with District credit union business loan limitations.
  (2) A converting bank shall perform a complete policy review to address appraisal restrictions, lending restrictions, investment restrictions, corporate structure restrictions, and power structure to ensure compliance with this subchapter and the Commissioner's rules.
(c) The conversion plan shall be adopted by not less than a majority of the board of directors of the converting bank.
(d) Upon approval of a plan of conversion by the board of directors of a converting bank, the conversion plan and certified copy of the resolution of the board of directors approving the conversion plan shall be submitted to the Commissioner for approval.
(e) The Commissioner may authorize a District credit union resulting from a charter conversion under this subchapter to:
  (1) Windup any activities that the converting bank legally engaged in at the effective time of the charter conversion but that otherwise are not permitted for District credit unions; or
  (2) Retain, for a transitional period, any assets that the converting bank legally held at the effective time of the charter conversion that otherwise may not be held by District credit unions.
(f) The terms and conditions for the windup of activities under subsection (e)(1) of this section, and the retention of assets under subsection (e)(2) of this section shall be at the Commissioner's discretion; except, that the transitional period during which activities under subsection (e)(1) of this section may be carried out or assets retained under subsection (e)(2) of this section shall not exceed 10 years after the effective date of the charter conversion.
D.C. Code § 26-321 — DC Code / Title 26 / Chapter 3 / § 26-321
§ 26-321. Cease and desist orders.
Status: in_force

(a) The Superintendent [Commissioner] may institute an administrative cease and desist proceeding if the Superintendent [Commissioner] determines that a licensee or person required to have a license under this chapter has violated, is violating, or is about to violate any provision of this chapter or any rule, regulation, order, or condition imposed by the Mayor or Superintendent [Commissioner], or written agreement entered into with the Mayor or Superintendent [Commissioner], pursuant to this chapter.
(b) (1) A cease and desist proceeding shall be initiated by the issuance of a notice of charges which shall contain a statement of facts describing the alleged violation or violations.
  (2) The notice of charges shall set a date, time, and place at which a hearing will be held to determine whether a cease and desist order should be issued against a licensee or person required to have a license.  The hearing date shall be no earlier than 30 days and no later than 60 days after the date of service of the notice, unless otherwise prescribed by the Superintendent [Commissioner] or the hearing officer.
(c) A cease and desist order may require the person licensed, or required to be licensed, to cease and desist the violation or violations.
(d) The Superintendent [Commissioner] may issue and serve upon the licensee, or person required to be licensed, a final cease and desist order if:
  (1) The licensee or person agrees to settle the proceeding by consenting to the order as negotiated by the Superintendent [Commissioner], prior to the commencement of the hearing;
  (2) The licensee or person served with the notice of charges fails to appear at the hearing, in which case the licensee or person shall be deemed to have consented to the order as issued; or
  (3) Substantial evidence in the hearing record supports the determination of the Superintendent [Commissioner] that the violation or violations specified in the notice of charges has transpired.
(e) A final cease and desist order shall become effective 10 days after the service of the order in accordance with subsection (d) of this section, except that a final cease and desist order which has been issued upon consent shall become effective upon the date specified in the order.  In any case, a final cease and desist order shall remain in effect until it is stayed, modified, terminated, or set aside by the Superintendent [Commissioner] or a reviewing court.
(f) A hearing for purposes of this section shall be held in accordance with subchapter I of Chapter 5 of Title 2 .
D.C. Code § 26-510.10 — DC Code / Title 26 / Chapter 5 / § 26-510.10
§ 26-510.10. Conflicts of interest.
Status: in_force

(a) In addition to any general conflict of interest statute applicable to District employees, no employee of the Department shall be an officer, director, committee member, employee, or attorney for any credit union, or receive, directly or indirectly, any payment or gratuity from any credit union, or be indebted to any credit union, or engage in the negotiation of loans for others with any credit union.
(b) An employee of the Department may be a member of a credit union on the same terms as are available to other credit union members and may do business at another financial institution on the same terms as other customers.
D.C. Code § 26-1152.09 — DC Code / Title 26 / Chapter 11A / § 26-1152.09
§ 26-1152.09. No increase in interest rate upon default.
Status: in_force

A lender shall not make a covered loan that includes a provision that increases the covered loan’s interest rate upon a default. This section shall not apply to an interest rate increase in adjustable rate covered loans based on a recognized adjustable rate mortgage index and constant margin amount if an event of default or the acceleration of the maturity date of the covered loan does not cause or permit the increase in the interest rate.
D.C. Code § 26-1110 — DC Code / Title 26 / Chapter 11 / § 26-1110
§ 26-1110. Annual report.
Status: in_force

(a) Each mortgage lender or mortgage broker required to be licensed under this chapter shall annually, on or before March 31, file a written report with the Superintendent [Commissioner] containing such information as the Superintendent [Commissioner] may require concerning the licensee’s operations during the preceding calendar year as to each licensed place of business. Reports shall be accompanied by a sworn affidavit and in the form prescribed by the Superintendent [Commissioner] who shall make and publish annually an analysis and recapitulation of the reports.
(b) Annual reports shall include:
  (1) The number and total dollar amount of mortgage loans which were originated or purchased by the licensee in the District during each fiscal year for which a valid license is maintained by the licensee;
  (2) The number and dollar amount of all loans where the applicant filed notices of intent to foreclose in the last year, including the borrower’s:
    (A) Address;
    (B) Tract income level;
    (C) Racial characteristics; and
    (D) Census tract where the property is located; and
  (3) The number of loans brokered, originated, made, and serviced under Chapter 11A of this title .
(c) Any information relating to mortgage loans required to be maintained under subsection (b) of this section shall be itemized in order to disclose for each such item:
  (1) The number and dollar amount of mortgage loans made to mortgagors who did not, at the time of execution of the mortgage, intend to reside in the property securing the mortgage; and
  (2) The number and dollar amount of mortgage loans and completed application involving mortgagors or mortgage applicants grouped according to census tract, income level, racial characteristics and gender.
D.C. Code § 26-1212 — DC Code / Title 26 / Chapter 12 / § 26-1212
§ 26-1212. Insurance.
Status: in_force

Following an acquisition pursuant to this chapter, the deposits of any resulting association doing business in the District shall be insured by either the Federal Deposit Insurance Corporation pursuant to 12 U.S.C. § 1811   et seq., or the Federal Savings and Loan Insurance Corporation pursuant to 12 U.S.C. § 1724   et seq. [repealed].
D.C. Code § 26-1151.01 — DC Code / Title 26 / Chapter 11A / § 26-1151.01
§ 26-1151.01. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Annual percentage rate” means the annual percentage rate for the mortgage loan calculated according to the provisions of the Truth in Lending Act, the regulations promulgated thereunder by the Board of Governors of the Federal Reserve System, and the official staff commentary thereto.
(2) “Assessed value” means the full market value of real property for assessment and taxation purposes as determined by the Office of Tax and Revenue and in effect on the applicable date.
(3) “Bona fide loan discount points” means loan discount points which are knowingly paid by the borrower for the express purpose of reducing, and which reduce, the annual percentage rate.
(4) “Borrower” means each accommodation party, borrower, co-borrower, cosigner, co-maker, obligor, mortgagor, or guarantor obligated to repay a loan that is secured by a lien instrument.
(5) “Bridge loan” means a loan that has a term of less than one year and that only requires that payments of interest be made until the entire unpaid balance becomes due.
(6) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7) .
(7) (A) “Covered loan” means a mortgage loan, secured by property located in the District (including an open-end line of credit, but not including a mortgage loan insured or guaranteed by a state or local authority, the District of Columbia Housing Finance Agency, the Federal Housing Administration, or the Department of Veteran Affairs, or a reverse mortgage transaction), in which the terms of the mortgage loan exceed one or more of the following thresholds:
    (i) The loan is secured by a first mortgage on the borrower’s principal dwelling and the annual percentage rate at closing will exceed by more than 6 percentage points the yield on United States Treasury securities having comparable periods of maturity to the loan maturity measured as of the 15th day of the month immediately preceding the month in which the application for the residential mortgage loan is received by the creditor;
    (ii) The loan is secured by a junior mortgage on the borrower’s principal dwelling and the annual percentage rate at closing will exceed by more than 7 percentage points the yield on United States Treasury securities having comparable periods of maturity to the loan maturity measured as of the 15th day of the month immediately preceding the month in which the application for the residential mortgage loan is received by the creditor; or
    (iii) The origination/discount points and fees payable by the borrower at or before loan closing exceed 5% of the total loan amount.
  (B) Notwithstanding subparagraph (A) of this paragraph, in the case of a loan made or purchased by the Federal National Mortgage Association, Federal Home Loan Corporation, or a bank, trust company, savings and loan association, or savings bank that is regulated and supervised by a supervising federal agency, which entities shall include the finance and operating subsidiaries of such entities that are so regulated and supervised, the term “covered loan” shall have the same meaning as a mortgage in section 103(aa) of the Truth in Lending Act, and regulations adopted pursuant thereto by the Federal Reserve Board, including 12 C.F.R. § 226.32 (relating to requirements for certain closed-end home mortgages).
(8) “Department” shall have the same meaning as set forth in § 26-551.02(9) .
(9) “District” means the District of Columbia.
(10) “Gross income” means a borrower’s gross income as set forth in a mortgage loan application and by a borrower, the borrower’s financial statement, a credit report, financial information provided to the lender on behalf of the borrower, or as determined by any other reasonable means available to a lender, including a signed statement of the borrower; provided, that the borrower certifies the accuracy of the statement of his or her income and provides documentation that evidences such gross income.
(11) “Lender” means any person to whom the obligation is initially payable, either under the terms of the note or contract, or by agreement if there is no note or contract. The term “lender” shall include a mortgage broker, obligee, or mortgagee.
(12) “Lien instrument” means a deed of trust; mortgage; security agreement; trust deed; land installment contract; contract for a deed; assignment of lease, rent, or profit; or any other conveyance or retention of an interest in real property or personal property related to real property, including cooperative housing units and garage spaces, which secures the performance of a note or other obligation and creates a lien on real property or security interest in personal property. The term “lien instrument” shall include an amendment, modification, supplement, replacement, or restatement of a lien instrument.
(13) “Mortgage broker” shall have the same meaning as in § 26-1101(10) .
(14) (A) “Mortgage loan” means any loan or other extension of credit:
    (i) To a natural person primarily for personal, family, or household purposes;
    (ii) That is secured by a lien instrument secured, in whole or in part, by residential real property located within the District which there is located, or there is to be located, a structure, intended principally for occupancy of from one to 4 families, and which is, or will be, occupied by the borrower as the borrower’s principal dwelling; and
    (iii) For which the principal amount does not exceed the conforming loan size limit for a comparable dwelling as established and revised from time to time by the Federal National Mortgage Association or the Federal Home Loan Corporation.
  (B) A mortgage loan shall not include an extension of credit for the purpose of financing the acquisition or initial construction of a borrower’s residential real property.
(15) “Note” means a promissory note secured by a deed of trust, a promissory note or mortgage bond secured by a mortgage, or any other written evidence of indebtedness or obligation secured by a lien instrument.
(16) “Notice” means a written notice that describes with reasonable clarity the specific act, event, or default and the response that the notice sender is seeking from the addressee or other party obligated to the sender of the notice.
(17) “Origination/discount points and fees” means points and fees as defined in 12 C.F.R. § 226.32(b).
(18) “Person” means an individual, corporation, governmental subdivision or agency, business trust, estate, trustee for a trust, partnership, association, limited liability company, joint venture, government, or any other legal or commercial entity or agent.
(19) “Point” means, when referring to a fee, one percent applied to a portion of a loan amount.
(20) “Principal balance” means the principal amount of a note.
(21) “Real property” means real property in the District and interests in real property located in the District, including the stock of a cooperative housing corporation and associated residential lease of a cooperative housing unit or garage space.
(22) “Red Flag Warning Disclosure Notice” means the notice provided for by § 26-1152.11 .
(23) “Residential real property” means real property in the District improved by:
  (A) A one to 4 family dwelling, including a condominium or cooperative housing unit; or
  (B) A mixed-use building with an assessed value of $1 million or less containing one to 4 family dwelling units where:
    (i) The owner of the residential real property is one or more natural persons who occupy one of the dwelling units as the owner’s principal dwelling; or
    (ii) The borrower is one or more natural persons who intend, in good faith, to occupy one of the dwelling units as the borrower’s principal dwelling at the time of the loan closing.
(24) “Servicer” shall have the same meaning as in section 6(i)(2) of the Real Estate Settlement Procedures Act of 1974, approved November 28, 1990 (104 Stat. 4405; 12 U.S.C. § 2605(i)(2)).
(25) “Subsidiary”, with respect to a specified bank holding company, means a company:
  (A) Twenty-five percent or more of whose voting shares (excluding shares owned by the United States or by any company wholly owned by the United States) is directly or indirectly owned or controlled by the bank holding company, or is held by it with power to vote;
  (B) The election of a majority of whose directors is controlled in any manner by the bank holding company; or
  (C) With respect to the management or policies of which the bank holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Board of Governors of the Federal Reserve System, after notice and opportunity for hearing.
(26) “Supervising federal agency” means the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Reserve Board, or the Federal Deposit Insurance Corporation.
(27) “Truth in Lending Act” means the Truth in Lending Act, approved May 29, 1968 (82 Stat. 146; 15 U.S.C. § 1601 et seq.).
D.C. Code § 26-1114 — DC Code / Title 26 / Chapter 11 / § 26-1114
§ 26-1114. Prohibited practices.
Status: in_force

(a) No mortgage broker, mortgage lender, mortgage loan originator, or loan officer required to be licensed under this chapter, or person required to be licensed under this chapter, shall:
  (1) Obtain any agreement or instrument in which blanks are left to be filled in after execution;
  (2) Take an interest in collateral other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan;
  (3) Obtain any exclusive dealing or exclusive agency agreement from any borrower;
  (4) Delay closing of any mortgage loan for the purpose of increasing interest, costs, fees, or charges payable by the borrower;
  (5) Obtain any agreement or instrument executed by a borrower which contains an acceleration clause permitting the unpaid balance of a mortgage loan to be declared due for any reason other than failure to make timely payments of interest and principal or to perform other obligations undertaken in the agreement or instrument;
  (6) Make, directly or indirectly, any mortgage loan with the intent to foreclose on the borrower’s property. For purposes of this paragraph, any of the following factors may be considered in determining whether a mortgage loan was made with the intent to foreclose on the borrower’s property:
    (A) Lack of the probability of full repayment of the loan by the borrower; and
    (B) A significant proportion of similarly foreclosed loans by the lender;
  (7) If acting as a mortgage lender, fail to require the person closing the mortgage loan to provide to the borrower prior to the closing of the mortgage loan:
    (A) A settlement statement as required pursuant to the Real Estate Settlement Procedures Act, approved December 22, 1974 (88 Stat. 1724; 12 U.S.C. § 2601 et seq.), and any regulations promulgated thereunder; and
    (B) Any disclosure which is required by the Truth in Lending Act, approved May 29, 1968 (82 Stat. 146; 15 U.S.C. § 1601 et seq.), and Regulation Z (12 CFR Part 226);
  (8) Except for an application fee in an amount not to exceed 1% of the original principal amount of the mortgage loan applied for, and documented costs of credit reports and appraisals, receive compensation from a borrower until a written commitment to make a mortgage loan is given to the borrower by a mortgage lender which written commitment shall be given not less than 72 hours prior to the closing of the mortgage loan, unless this time period is waived by the borrower;
  (9) Make predatory loans or engage in predatory lending activities in violation of Chapter 11A of this title ;
  (10) Purchase loans from an unlicensed mortgage broker or lender, unless the unlicensed mortgage broker or lender is exempt under § 26-1102 ; or
  (11) Engage in the business as a mortgage loan originator, mortgage lender, loan officer, or mortgage broker, or hold himself out to the public to be a mortgage loan originator, loan officer, mortgage lender, or mortgage broker, without a license under § 26-1104 or without an exemption under § 26-1102 .
(b) No mortgage broker required to be licensed under this chapter shall:
  (1) Receive compensation from a mortgage lender of which he is a principal, partner, trustee, director, member, officer, or employee;
  (2) Receive compensation from a borrower in connection with any mortgage loan transaction in which he is the lender or a principal, partner, trustee, director, member, officer, or employee of the mortgage lender; or
  (3) (A) Receive compensation for negotiating, placing, or finding a mortgage loan where a mortgage broker, or any person affiliated with such mortgage broker, has otherwise acted as a real estate broker, agent, or salesperson in connection with the sale of the real estate which secures the mortgage loan and such mortgage broker or affiliated person has received or will receive any other compensation or thing of value from the lender, borrower, seller, or any other person, unless the borrower is given the following notice in writing at the time the mortgage broker’s services are first offered to the borrower:
    DISCLOSURE OF DUAL CAPACITY
    WE HAVE OFFERED TO ASSIST YOU IN OBTAINING A MORTGAGE LOAN. IF WE ARE SUCCESSFUL IN OBTAINING A LOAN FOR YOU, WE WILL CHARGE AND COLLECT FROM YOU A FEE NOT TO EXCEED  % OF THE LOAN AMOUNT. THIS FEE IS IN ADDITION TO ANY OTHER FEE WE MAY RECEIVE IN CONNECTION WITH THE SALE OR PURCHASE OF THE REAL ESTATE THAT WILL SECURE THE LOAN. WE DO NOT REPRESENT ALL OF THE LENDERS IN THE MARKET AND THE LENDERS WE DO REPRESENT MAY NOT OFFER THE LOWEST INTEREST RATES OR BEST TERMS AVAILABLE TO YOU. YOU ARE FREE TO SEEK A LOAN WITHOUT OUR ASSISTANCE, IN WHICH EVENT YOU WILL NOT BE REQUIRED TO PAY US A FEE FOR THAT SERVICE. THE BORROWER ACKNOWLEDGES HAVING READ AND UNDERSTOOD THIS DISCLOSURE OF DUAL CAPACITY AND HAVING RECEIVED A COPY HEREOF.
    _________________________
    BORROWER’S SIGNATURE  DATE
    _________________________
    BROKER’S SIGNATURE  DATE
    (B) The foregoing notice shall be at least 10-point type and the prospective borrower shall acknowledge receipt of the written notice.
    (C) The phrase “person affiliated with such mortgage broker” means any person which is a subsidiary, stockholder, partner, trustee, director, member, officer, or employee of a mortgage broker, and any corporation, 10% or more of the capital stock of which is owned by a mortgage broker or by any person which is a subsidiary, stockholder, partner, trustee, director, member, officer, or employee of a mortgage broker.
(c) Notwithstanding the provisions of subsection (b) of this section, no person shall act as a mortgage broker in connection with any real estate sales transaction entered into prior to September 9, 1996 in which such person, or any person affiliated with such person, has acted as a real estate broker, agent, or salesperson and has received or will receive compensation in connection with such transaction, unless such person was regularly engaged in acting as a mortgage broker in connection with such transaction as of September 9, 1996.
(d) A licensee or any person required to be licensed under this chapter shall not:
  (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person;
  (2) Engage in any unfair or deceptive practice toward any person;
  (3) Obtain property by fraud or misrepresentation;
  (4) Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through “best efforts” to obtain a loan even though no loan is actually obtained for the borrower;
  (5) Solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;
  (6) Assist or aid or abet any person in the conduct of business under this chapter without a valid license as required under this chapter;
  (7) Fail to make disclosures as required by this chapter and any other applicable federal or District law, including regulations thereunder;
  (8) Fail to comply with this chapter or rules promulgated under this chapter, or fail to comply with any other federal or District law, including the rules and regulations thereunder, applicable to any business authorized or conducted under this chapter;
  (9) Make, in any manner, any false or deceptive statement or representation, including with regard to the rates, points, or other financing terms or conditions for a residential mortgage loan, or engage in bait-and-switch advertising;
  (10) Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the NMLSR or in connection with any investigation conducted by the Commissioner or another governmental agency;
  (11) Make any payment, threat, or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property;
  (12) Collect, charge, attempt to collect or charge, or use or propose any agreement purporting to collect or charge any fee prohibited by this chapter;
  (13) Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; or
  (14) Fail to truthfully account for monies belonging to a party to a residential mortgage loan transaction.
D.C. Code § 26-641 — DC Code / Title 26 / Chapter 6A / § 26-641
§ 26-641. Examinations; enforcement powers; fees and assessments.
Status: in_force

(a) (1) The Commissioner may make such public or private investigations or examinations inside or outside the District of Columbia concerning an international banking corporation licensed to maintain an international branch, international agency, or international representative office in the District of Columbia, as the Commissioner considers necessary to carry out the duties of the Commissioner relating to the international branch, international agency, or international representative office.
  (2) For the purpose of an investigation, examination, or proceeding under this section, the Commissioner may administer oaths and affirmations, subpoena witnesses, compel attendance of witnesses, take evidence, require written statements, and require the production of records relating to the activities of the branch, agency, or representative office which the Commissioner considers relevant or material. The Commissioner may require that certified copies of any records be provided to the Commissioner at the Commissioner’s office.
  (3) The international banking corporation which is the subject of an investigation, examination, or proceeding shall:
    (A) Make its records relating to the activities of the branch, agency, or representative office available to the Commissioner in readable form;
    (B) Provide necessary personnel and equipment, including assistance in the analysis of computer-generated records;
    (C) Provide copies or computer printouts of records when requested;
    (D) Furnish unrestricted access to all areas of its principal place of business in the District of Columbia or wherever the applicable records may be located; and
    (E) Otherwise cooperate with the Commissioner.
  (4) Upon application of the Commissioner, a court of competent jurisdiction may issue to a person refusing to obey a subpoena issued under this section an order requiring that the person appear before the Commissioner, or any officer designated by the Commissioner, to produce the records ordered or to give evidence concerning the matter under investigation or in question. The failure to obey the order of the court may be punished by the court as a contempt of court.
  (5) An international banking corporation licensed to maintain an international branch, international agency, or international representative office in the District of Columbia shall pay the Commissioner the actual cost of any examination of the licensee, as such cost is determined by the Commissioner. Failure by the licensee to pay such cost within 30 days of receipt of demand from the Commissioner shall automatically suspend the license until the costs are paid.
  (6) For the purposes of this section, the term “records” include, books; papers; correspondence; memoranda; agreements; diaries; logs; notes; ledgers; journals; visual, audio, machine-readable, magnetic, or electronic recordings; computer printouts and software; and any other documents.
(b) (1) Upon a finding that an international banking corporation or its international agency, international branch, or international representative office subject to this chapter may be acting in an unsafe or unsound manner or in violation of a District of Columbia Banking Code law, rule, regulation, or written condition, or is otherwise engaging in conduct that may be grounds for the issuance of a cease and desist order under the District of Columbia Banking Code, the Commissioner may issue a cease and desist order or take any other action authorized under the District of Columbia Banking Code.
  (2) (A) The Commissioner may suspend or revoke a license issued to an international banking corporation under this chapter for any reason which would be sufficient grounds for the Commissioner to deny an application for the license. The Commissioner may also suspend or revoke a license if the Commissioner finds that the licensee or any director, officer, partner, controlling shareholder, trustee, employee, agent, or representative of the licensee has: (i) made any material misstatement in the application, or (ii) violated or failed to comply with any of the provisions of this chapter applicable to the licensee or any of the regulations or orders of the Commissioner under this chapter. The Commissioner may prescribe, by regulation, additional conditions or standards under which the license of an international agency, international branch, or international representative office may be suspended or revoked.
    (B) The Commissioner may, for good cause shown, suspend a license for a period not exceeding 30 days, pending investigation.
    (C) Except as provided in this section, no license shall be revoked or suspended except after notice and a hearing.
    (D) A licensee may surrender a license by delivering to the Commissioner written notice that it thereby surrenders the license, but the surrender shall not affect the licensee’s civil or criminal liability for acts committed before the surrender.
    (E) A license shall remain in force and effect until it shall have been surrendered, revoked, or suspended in accordance with the provisions of this chapter. The Commissioner may reinstate a suspended license or issue a new license to a licensee whose license shall have been revoked if an original application for the license could be approved.
    (F) If the Commissioner revokes or suspends a license issued under this chapter, a written order of revocation or suspension shall be immediately executed in duplicate. The Commissioner shall file one copy in his or her office and shall immediately serve the other copy upon the licensee.
    (G) If a license is surrendered by an international banking corporation or is suspended or revoked by the Commissioner, all rights and privileges of the international banking corporation under the license shall immediately cease. If the license is suspended or revoked, it shall be surrendered to the Commissioner within 24 hours after the written order has been mailed by the Commissioner to the registered office of the international banking corporation as it appears on the records of the Department, or has been personally delivered to an officer, director, employee, or agent of the international banking corporation who is physically present in the District of Columbia. The Commissioner shall prescribe, by regulation, procedures for the orderly cessation of business by an international banking corporation in a manner which is not harmful to the interests of its customers or of the public.
  (3) The Commissioner may, at his or her discretion, take possession of the business and property in the District of Columbia of an international banking corporation as provided in this chapter.
(c) The Commissioner may establish, by regulation, such fees as the Commissioner determines are appropriate for applications and documents filed with the Commissioner under this chapter. Upon written notice by the Commissioner of the total amount of such assessment, the licensee shall become liable for, and shall pay, the assessment to the Commissioner.
D.C. Code § 26-506.05 — DC Code / Title 26 / Chapter 5 / § 26-506.05
§ 26-506.05. Accounts for minors.
Status: in_force

Payments on share and deposit accounts may be received from a minor with consent from the minor's parent or guardian. The minor may withdraw funds from these accounts, including the dividends and interest thereon. If shares are issued in the name of a minor, the redemption of any part or all of the shares, or a withdrawal of funds by payment to the minor of the shares or funds, and any declared dividends or interest, releases the District credit union from all obligations to the minor as to the shares redeemed or funds withdrawn.
D.C. Code § 26-506.04 — DC Code / Title 26 / Chapter 5 / § 26-506.04
§ 26-506.04. Withdrawals.
Status: in_force

(a) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in the manner and in accordance with the procedures that are established by the board of directors, subject to any regulations the Commissioner prescribes.
(b) Share, membership share, and deposit accounts shall be subject to any withdrawal notice requirement imposed by the bylaws.
(c) A membership share may only be redeemed or withdrawn after termination of membership in the District credit union, and at a value proportionate to its current value.
D.C. Code § 26-1213 — DC Code / Title 26 / Chapter 12 / § 26-1213
§ 26-1213. Federal exclusion.
Status: in_force

This chapter shall not be construed to:
(1) Grant the Superintendent [Commissioner] or any other District agency jurisdiction over a federal association or any merger or consolidation of a federal association in which an association chartered by the District is not a party; or
(2) Subject any federal association to any law or rule of the District or its agencies to which it is not otherwise subject.
D.C. Code § 26-204 — DC Code / Title 26 / Chapter 2 / § 26-204
§ 26-204. Object; supervision by federal board; strict compliance with provisions required; exception; violations.
Status: in_force

(a) The object of such corporation shall be the accumulation of a capital in money to be derived from the savings and accumulations by the members thereof, to be paid into said corporation in such sums and at such times as may be designated by the bylaws of said corporation, from which the members thereof may obtain advances upon their shares of stock; provided, that the Federal Home Loan Bank Board is authorized, whenever such Board may deem it useful; to cause examination to be made into the condition of any building association incorporated under the provisions of this chapter, as well as any other building or loan association located or doing business in the District of Columbia. The expenses necessarily incurred in making any such examination shall be paid by such association to the Federal Home Loan Bank Board at the time of the making of such examination; and provided further, that every building or loan association located and doing business in the District of Columbia shall make to the Federal Home Loan Bank Board at least 1 report during each year, according to the form which may be prescribed by such Board, verified by the oath or affirmation of the president or secretary of such association and attested by the signature of at least 3 of the directors.
(b) The Federal Home Loan Bank Board shall also have power to take possession of any company or association whenever in the Board’s judgment any such company or association is insolvent or is knowingly violating the laws under which it is operated and to liquidate the same in the manner provided in rules and regulations which said Board is hereby authorized to adopt, and said Board may also provide in such rules and regulations a procedure for the voluntary liquidation of any such company or association; and if any such company or association which has not gone into liquidation and for which a receiver has not already been appointed for other lawful cause shall discontinue its operations for a period of 60 days, the Federal Home Loan Bank Board may, if such Board deems it advisable, appoint a receiver for such company or association; provided further, that from and after the 1st day of July, 1909, no person, company, association, copartnership, or corporation shall conduct or carry on in the District of Columbia the kind of business named in this section and § 26-206 , without strict compliance in all particulars with the provisions of this section and § 26-206 ; provided, that building associations organized and in actual operation before March 4, 1909, need not be incorporated. After April 11, 1986, the preceding language in this section shall not apply to entities formed under this chapter. Thereafter the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall supervise these entities.
(c) Any person, officer, or agent of any company, firm, or corporation who shall wilfully violate any of the provisions of this section shall be deemed guilty of a misdemeanor, and shall on conviction thereof be punished by a fine of not more than $1,000 or by imprisonment not longer than 2 years, or by both said punishments, in the discretion of the court. That any wilful false swearing in regard to any certificate, or report, or public notice required by the provisions of this section and § 26-206 shall be perjury, and shall be punished as such according to the laws of the District of Columbia. And any misappropriation of any of the money of any corporation or company, formed under or availing itself of the privileges of this section and § 26-206 , or of any building or loan association located or doing business in the District of Columbia, or any money, funds, or property intrusted to any such corporation, company, or association, shall be held to be theft and shall be punished as such under the laws of said District.
D.C. Code § 26-710 — DC Code / Title 26 / Chapter 7 / § 26-710
§ 26-710. Applicability.
Status: in_force

(a) Except as expressly provided, the following laws shall not apply to national banks organized pursuant to 12 U.S.C. §§ 21 to 95, members of Federal Home Loan Banks as defined in 12 U.S.C. §§ 1422 to 1424, and Federal Credit Unions as defined in 12 U.S.C. § 1752, but shall apply to all banks, savings companies, trust companies, related holding companies, or other banking institutions in the District of Columbia:
  (1) Sections 26-101, 26-102, 26-1301 through 26-1352, and 26-201 through 26-232;
  (2) Sections 26-901 through 26-912;
  (3) Section 26-103;
  (4) Sections 26-801 and 26-802;
  (5) Sections 26-104, 26-107, 26-108 [repealed], and 26-109;
  (6) Sections 26-105 and 26-106;
  (7) Sections 26-110, 26-803, and 26-804;
  (8) Chapter 4 of this title ;
  (9) Section 26-251; and
  (10) Sections 26-521 through 26-524.
(b) The Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] shall not have the power to regulate the authority or activities of a bank holding company or bank in a manner which, directly or indirectly, cause it to operate its national banking subsidiary in a manner which violates federal requirements.
D.C. Code § 26-1102 — DC Code / Title 26 / Chapter 11 / § 26-1102
§ 26-1102. Exemptions.
Status: in_force

The provisions of this chapter shall not apply to:
(1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws of the United States, any state or territory of the United States, or the District, and any other financial institution incorporated or chartered under the laws of the District or of the United States, that accepts deposits and is regulated under Title 26 of the District of Columbia Official Code.
(2) Any insurance company authorized to do business in the District;
(3) Any corporate instrumentality of the United States government including:
  (A) The Federal Home Loan Mortgage Corporation;
  (B) The Federal National Mortgage Association; and
  (C) The Government National Mortgage Association;
(4) Repealed.
(5) Any person who takes back a deferred purchase money mortgage in connection with the sale of:
  (A) Residential real property owned by, and titled in the name of, that person; or
  (B) A new residential dwelling that the person built.
(6) A person making a mortgage loan to a borrower who is the person’s spouse, child, child’s spouse, parent, sibling, grandparent, grandchild, or grandchild’s spouse;
(7) Nonprofit corporations making mortgage loans to promote home ownership or improvements for very low, lower, and moderate income households as defined in Chapter 25 of Title 14 of the District of Columbia Municipal Regulations;
(8) Agencies of the federal government, the District, or any state or municipal government, or any quasi-governmental agency making mortgage loans under the specific authority of the laws or regulations of any state, the District, or the United States, including, without limitation, the Housing Finance Agency of the District of Columbia with respect to its activities in offering, accepting, completing, and processing mortgage loan applications under its programs;
(9) Persons acting as fiduciaries with respect to any employee pension benefit plan qualified under the Internal Revenue Code who make mortgage loans solely to plan participants from plan assets;
(10) Persons licensed by the District of Columbia as attorneys, real estate brokers, or real estate salespersons, not actively and principally engaged in negotiating, placing, or finding mortgage loans, when rendering services as an attorney, real estate broker, or real estate salesperson; however, a real estate broker or a real estate salesperson who receives any fee, commission, kickback, rebate, or other payment for directly or indirectly negotiating, placing, or finding a mortgage loan for others shall not be exempt from the provisions of this chapter;
(11) Persons acting in a fiduciary capacity conferred by authority of any court; and.
(12) Persons acting as registered mortgage loan originators.
D.C. Code § 26-1153.03 — DC Code / Title 26 / Chapter 11A / § 26-1153.03
§ 26-1153.03. Administrative penalties.
Status: in_force

(a) If the Mayor determines that a person has violated this chapter, the Mayor may impose one or more of the following penalties:
  (1) A civil penalty imposed as follows:
    (A) $1,000 for the first violation;
    (B) For the second and each subsequent violation occurring within a 24-month period of a prior violation, twice the immediately preceding civil penalty imposed (or which could have been imposed).
  (2) Order a person to cease and desist from engaging in any violation of this chapter and to make restitution for actual damages to the borrower.
(b) If the Mayor determines that any person has a systematic pattern of violations of this chapter, the Mayor may impose one or more of the following penalties in addition to the penalties set forth in subsection (a) of this section:
  (1) Suspend, revoke, or refuse to renew any license issued by the Mayor;
  (2) Prohibit or suspend an individual responsible for a violation of this chapter from working in his or her present capacity or in any other capacity related to the activities regulated by the Mayor; or
  (3) Obtain an injunction or other process against any person to restrain and prevent the person from engaging in any activity violating this chapter.
D.C. Code § 26-1205 — DC Code / Title 26 / Chapter 12 / § 26-1205
§ 26-1205. Authorization of nonregional acquisitions.
Status: in_force

(a) Ninety days after October 12, 1988, a nonregional association or a nonregional savings and loan holding company may acquire, on the approval of the Superintendent [Commissioner]:
  (1) A District association that has been in existence on January 1, 1988, and continuously operating for at least 2 years prior to that date or a District savings and loan holding company, all of the District association subsidiaries of which were in existence on January 1, 1988, and continuously operating for at least 2 years prior to that date; or
  (2) A District association or District savings and loan holding company organized solely for the purpose of facilitating the acquisition of a District association that was in existence on January 1, 1988, and continuously operating for at least 2 years prior to that date or a District savings and loan holding company, all of the District association subsidiaries of which were in existence on January 1, 1988, and continuously operating for at least 2 years prior to that date.
(b) Before granting approval, the Superintendent [Commissioner] shall determine that:
  (1) The applicant will make loans and extend credit to a target economic development project in the District for an amount equal to or greater than .0625% of the applicant’s total assets within 3 years following the date of the acquisition of a District association or a District savings and loan holding company.
  (2) The applicant will establish at least 2 branch offices in target development areas, in addition to any acquired branch offices, within 3 years following the date of acquisition of a District association or savings and loan holding company.
  (3) The applicant will cash checks issued by the District and the United States governments at branch offices within target development areas upon verification, according to normal and prudent industry practices, that the individual who presents the check at the branch office is legally entitled to payment even though the bearer of the check does not maintain an account at the branch office.
  (4) The applicant will sell food coupons pursuant to 7 U.S.C. § 2011 et seq.
  (5) The applicant will employ District residents, according to a sliding scale based upon total assets to be developed by the Superintendent [Commissioner], in positions located in the District that were not located in the District prior to approval of the acquisition within 3 years following the date of acquisition of a District association or District savings and loan holding company.
(c) Once an area has been designated as a “target development area” or once a project has been determined to be a “target economic development project” and identified by an applicant in an application that is approved pursuant to this section, that designation or determination is final for the applicant and any future revision in the designation of target development areas or target economic development projects shall have no effect on the applicant.
(d) (1) Except as provided in paragraph (2) of this subsection, an applicant shall submit with its application an irrevocable and confirmed letter of credit from an acceptable bank or association, as determined by the Superintendent [Commissioner]. The letter of credit shall name the District as the beneficiary and provide that the District of Columbia Treasurer receive a sum set by the Superintendent [Commissioner] upon presentation to the issuer by the Superintendent [Commissioner] of a decision and final order reached pursuant to subsection (g) of this section. The letter of credit shall be established on the date when the applicant submits its application to the Superintendent [Commissioner].
  (2) In place of an irrevocable and confirmed letter of credit, the Superintendent [Commissioner] may authorize the use of any other financial instrument that would assure payment of fines assessed pursuant to subsection (g) of this section.
(e) The Superintendent [Commissioner] may reduce or extend the time within which an association or savings and loan holding company shall satisfy any commitment made in connection with an application filed pursuant to this section if the Superintendent [Commissioner] finds that the commitment was contingent upon certain action to be taken by the District that the District has not taken or the economic or financial conditions of the association or savings and loan holding company justify the action and the savings and loan holding company justifies the action.
(f) Any District association or District savings and loan holding company may elect not to be acquired pursuant to this section by passing a resolution to that effect by its board of directors and shareholders or board of directors and members. The resolution shall be forwarded to the Superintendent [Commissioner] within 60 days after its adoption. No acquisition of an association or savings and loan holding company, which has timely filed a resolution, shall be allowed by the Superintendent [Commissioner], unless notice is given to the Superintendent [Commissioner], at the time an application is filed, that the resolution has been withdrawn or reversed by vote of the board of directors and shareholders or board of directors and members.
(g) (1) The Superintendent [Commissioner] may, at any time, review the activities of a nonregional association or a nonregional savings and loan holding company making an acquisition under this section and its District association subsidiaries to determine whether the nonregional association or nonregional savings and loan holding company is fulfilling the commitments set forth in subsection (b) of this section. At the end of 3 years following the acquisition of a District association or a District savings and loan holding company by a nonregional association or a nonregional savings and loan holding company under this section, the Superintendent [Commissioner] shall review the activities of the nonregional association or the nonregional savings and loan holding company and its District association subsidiaries and shall determine whether the nonregional association or nonregional savings and loan holding company has fulfilled and is continuing to fulfill the commitments set forth in subsection (b) of this section. The Superintendent [Commissioner] shall complete the review and make the determination no later than 39 months after the acquisition of a District association or District savings and loan holding company by the nonregional association or nonregional savings and loan holding company. The Superintendent [Commissioner] may require a nonregional association or a nonregional savings and loan holding company making an acquisition under this section and its District association subsidiaries to supply information and to submit any report the Superintendent [Commissioner] considers necessary to make a determination under this subsection.
  (2) Upon the determination of the Superintendent [Commissioner] that an association or savings and loan holding company has failed to comply with any commitment made in connection with an application filed pursuant to this section, the Superintendent [Commissioner] shall order the association or savings and loan holding company to take steps to comply with the commitment within a specified reasonable period of time. The Superintendent [Commissioner] may extend this specified reasonable period of time.
  (3) If, 30 days after the date specified for compliance with an order issued pursuant to paragraph (2) of this subsection, including any extension, the Superintendent [Commissioner] determines that the association or savings and loan holding company has not complied with the order, the Superintendent [Commissioner] shall hold a hearing pursuant to § 2-509 to determine whether the association or savings and loan holding company has failed to comply with the order. The hearing shall be subject to judicial review by the District of Columbia Court of Appeals pursuant to § 2-510 .
  (4) If, after the hearing and final order issued upon the completion of all appeals, the Superintendent [Commissioner] concludes that the association or savings and loan holding company has not complied with the order issued by the Superintendent [Commissioner] pursuant to paragraph (2) of this subsection within the specified period of time, including any extension, the Superintendent [Commissioner] shall either:
    (A) Order the association or savings and loan holding company to divest itself of control of all District associations and all District branches of any other subsidiary association within a reasonable period of time. If the Superintendent [Commissioner] orders divestiture pursuant to this paragraph, the divestiture shall be completed within 1 year after the date on which the Superintendent’s [Commissioner’s] order became final; or
    (B) Fine the association or savings and loan holding company not more than $1,000 a day and present the decision, final order, and letter of credit or other financial assurance required in subsection (d) of this section to the insurer and call upon the issuer to honor the letter of credit or other financial assurance for payment equal to the amount of the fine assessed pursuant to this paragraph.
  (5) When determining whether to order divestiture or to impose a fine and the amount, the Superintendent [Commissioner] shall consider the efforts made by the association or savings and loan holding company to comply with the Superintendent’s [Commissioner’s] order and whether the association or savings and loan holding company has substantially completed its commitment pursuant to subsection (b) of this section.
  (6) The Superintendent [Commissioner] shall exercise his or her authority under paragraphs (3), (4), and (5) of this subsection within 4 years of the date of the acquisition of a District savings and loan holding company or District association, plus any extensions and any period during which a hearing and its appeals are pending pursuant to this subsection.
  (7) The Superintendent [Commissioner] shall submit a written report of any actions that the Superintendent [Commissioner] takes pursuant to this subsection to the Council and to the appropriate state or federal regulatory authority.
(h) Subject to the provisions of this section, a District association organized under the laws of the District may consolidate or merge with, transfer all or substantially all of its assets to, or effect a statutory merger with a nonregional association.
(i) The Superintendent [Commissioner] shall list applications for acquisitions pursuant to this section in the Superintendent’s [Commissioner’s] periodic bulletin published in the District of Columbia Register.
D.C. Code § 26-1329 — DC Code / Title 26 / Chapter 13 / § 26-1329
§ 26-1329. Directors or trustees personally liable when liabilities exceed assets.
Status: in_force

If the liabilities of any company shall at any time exceed the amount of the fair cash value of the assets, the directors or trustees of such company assenting thereto shall be personally and individually liable for such excess to the creditors of the company, after the additional liability of the stockholders has been enforced.
D.C. Code § 26-502.10 — DC Code / Title 26 / Chapter 5 / § 26-502.10
§ 26-502.10. Foreign credit unions.
Status: in_force

(a) The Commissioner shall allow a foreign credit union to conduct business as a credit union in the District if the following conditions are met:
  (1) The jurisdiction in which the foreign credit union is organized authorizes it to do business in the District;
  (2) District credit unions are permitted to do business in the jurisdiction in which the foreign credit union is organized;
  (3) The foreign credit union has substantially the same characteristics, and operates in a similar manner, as a District credit union; and
  (4) The foreign credit union submits any applicable fee.
(b) The Commissioner may, at any time, revoke a foreign credit union's authority to do business in the District if the Commissioner determines that a foreign credit union:
  (1) Is not established under laws similar to this subchapter ;
  (2) Is not financially solvent;
  (3) Does not insure its accounts to the same extent as District credit unions established under this subchapter ;
  (4) Is not examined and supervised by a regulatory agency of the jurisdiction in which it is organized;
  (5) Is in violation of its charter as determined by its chartering jurisdiction;
  (6) Does not charge interest in compliance with the provisions of § 26-507.02 when making loans in the District;
  (7) Does not comply with the consumer protection laws, regulations, and rules applicable to District credit unions established pursuant to this subchapter ;
  (8) Fails to provide the Commissioner with a copy of the report of examination of its regulatory agency or submit to an annual examination by the Commissioner;
  (9) Fails to designate or maintain an agent for the service of process in the District;
  (10) Fails to comply with District laws, regulations, and orders;
  (11) Engages in, or is likely to engage in, a pattern of unsafe or unsound practices;
  (12) Will likely have a substantially adverse impact on the financial, economic, or other interests of residents of the District; or
  (13) Is prohibited from operating in the jurisdiction in which it is organized.
(c) The Commissioner may cooperate with credit union regulators in other states or jurisdictions to implement this section and may share information received in administering this subchapter with those regulators.
(d) The Commissioner may enter into supervisory agreements or other agreements with foreign credit unions and their regulators to prescribe the applicable rules governing the powers of District branches and service facilities of foreign credit unions. An agreement made pursuant to this subsection may address items such as corporate governance, operations, and conflict of law and may prescribe the procedures to coordinate, among applicable regulators, the application, supervision, and examination processes with respect to foreign credit unions.
(e) The Commissioner may adopt rules for the periodic examination and investigation of the operations of a foreign credit union operating in the District. The cost of examination and supervision shall be assessed to the foreign credit union.
(f) (1) A foreign credit union from a jurisdiction that allows credit unions to exercise additional powers not allowed in the District may request permission from the Commissioner to exercise those additional powers in the District. The Commissioner may approve the exercise of those additional powers in the District if there are no demonstrable safety and soundness implications and the exercise of the additional power by the foreign credit union is in the best interest of the District.
  (2) Upon approval by the Commissioner, District credit unions established under this subchapter may exercise any additional powers approved for a foreign credit union to exercise pursuant to this section.
D.C. Code § 26-431.01 — DC Code / Title 26 / Chapter 4A / § 26-431.01
§ 26-431.01. Short title.
Status: in_force

This chapter may be cited as the “Community Development Act of 2000”.
D.C. Code § 26-551.14 — DC Code / Title 26 / Chapter 5B / § 26-551.14
§ 26-551.14. Notification of other government agencies.
Status: in_force

(a) If the Commissioner finds in the Commissioner’s final order that a violation of the District of Columbia Banking Code has occurred or is occurring, the Commissioner shall refer the matter to the Corporation Counsel or to the United States Attorney for appropriate action.
(b) If the Commissioner determines that a national bank, federally chartered savings and loan, federally chartered savings bank, or federally chartered credit union has acted in violation of the laws of the District or has engaged in an unsafe or unsound conduct, the Commission shall notify the appropriate federal financial institutions agency and the United States Attorney General.
D.C. Code § 26-1112 — DC Code / Title 26 / Chapter 11 / § 26-1112
§ 26-1112. Examinations and investigations.
Status: in_force

(a) The Superintendent [Commissioner], or his or her designated agent, shall examine the affairs, business, premises, and records of each licensee at least once in every 3 year period and at any other time the Superintendent [Commissioner] reasonably considers necessary.
(b) (1) Any person aggrieved by the conduct of a licensee under this subsection in connection with a mortgage loan may file a written complaint with the Superintendent [Commissioner] who shall investigate the complaint.
  (2) The Superintendent [Commissioner] may make any other examination or investigation of any person if the Superintendent [Commissioner] has reasonable cause to believe that the person has violated any provision of this chapter, any regulation adopted under this chapter, or any other law regulating mortgage loan lending in the District.
(c) In the course of any investigation or examination, the owners, member, officers, directors, partners, and any employees of such mortgage lender or mortgage broker being investigated or examined shall afford the Superintendent [Commissioner] full access to all premises, books, and records. For the foregoing purposes, the Superintendent [Commissioner], or his or her designated agent, shall have authority to administer oaths, examine under oath all the aforementioned persons, compel the production of papers and objects of all kinds, subpoena documents or other evidence, and summons and examine under oath any person whose testimony the Superintendent [Commissioner] requires.
(d) (1) If any person fails to comply with a subpoena or summons of the Superintendent [Commissioner] under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the Superintendent [Commissioner] may file a petition for enforcement with the Civil Actions Branch of the Superior Court of the District of Columbia.
  (2) On petition by the Superintendent [Commissioner], the court may order the person to attend and testify or produce evidence.
(e) When it becomes necessary to examine or investigate the books and records of a licensee required to be licensed under this chapter at a location outside the Washington, D.C. metropolitan region, the licensee shall be liable for, and shall pay to the Superintendent [Commissioner] within 30 days, the actual travel and reasonable living expenses incurred on account of its examination, supervision, and regulation, or shall pay a reasonable per diem rate approved by the Superintendent [Commissioner].
(f) To carry out the purposes of this section, the Commissioner may do any of the following:
  (1) Retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations;
  (2) Enter into agreements or relationships with other government officials or regulatory associations to improve efficiencies and reduce regulatory burdens by sharing resources, standardized or uniform methods or procedures, and documents, records, information, or evidence obtained under this section;
  (3) Use, hire, contract, or employ public or privately available analytical systems, methods, or software to examine or investigate the licensee or person subject to this chapter;
  (4) Accept and rely on examination or investigation reports made by other government officials within or without the District of Columbia;
  (5) Accept audit reports made by an independent certified public accountant for the licensee, or person subject to this chapter, in the course of an examination covering the same general subject matter as the audit and may incorporate the audit report in the report of the examination, report of investigation, or other writing of the Commissioner; or
  (6) Assess the licensee, or person subject to this chapter, the cost of the services in paragraph (1) of this subsection.
(g) This section shall remain in effect whether such licensee, or person subject to this chapter, acts or claims to act under any licensing or registration law of the District of Columbia, or claims to act without such authority.
(h) No licensee, or person subject to investigation or examination under this section, shall knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.
(i) All examination fees shall be prescribed by the Commissioner.
D.C. Code § 26-504.08 — DC Code / Title 26 / Chapter 5 / § 26-504.08
§ 26-504.08. Suspension of services.
Status: in_force

A District credit union may, for cause, as defined in § 26-504.07 , suspend certain services to a District credit union member under a policy adopted by the District credit union's board of directors. Members whose service is suspended may maintain a share account and continue to vote at annual and special meetings.
D.C. Code § 26-504.03 — DC Code / Title 26 / Chapter 5 / § 26-504.03
§ 26-504.03. Service to low-income consumers.
Status: in_force

(a) A District credit union, including a District credit union in the process of incorporating under this subchapter , may submit an application to the Commissioner to be designated as a low-income credit union.
(b) (1) The Commissioner may approve an application for designation as a low-income credit union if the Commissioner determined that 50% or more of the members to be served by the District credit union:
    (A) Reside within a recognizable geographic area primarily located in a low-income area; or
    (B) Are qualified to receive benefits from any program designed to revitalize the local economy or assist the economically disadvantaged.
  (2) For purposes of this subsection, the following shall be deemed to satisfy the requirements of this subsection:
    (A) Natural persons enrolled as full-time or part-time students in a college, university, high school, or vocational school; and
    (B) Members of the United States military on active duty and stationed overseas.
(c) The Commissioner shall develop the application specified in subsection (a) of this section by rule.
(d) The Commissioner shall approve or disapprove an application to be designated as a low-income credit union within 60 days of receiving a complete application; except, that where the application is submitted as part of the charter application, as described in § 26-502.02 , the application to be designated as a low-income credit union shall be approved or disapproved in the same time period and manner prescribed in § 26-502.02(a)(3) and (b) .
(e) In addition to the powers granted under this part , a low-income credit union may receive funds from non-members and supplemental capital from members and non-members.
(f) (1) The Commissioner shall regulate the offer and sale of supplemental capital. Regulations promulgated by the Commissioner shall address issues of safety and soundness, including the maturity of the supplemental capital, terms of sale, terms of capital, total amount of supplemental capital that may be outstanding at one time, redemption, and eligibility of the investors. In addition, supplemental capital:
    (A) Shall be established as an uninsured supplemental capital or other form of non-share account;
    (B) May not be insured by the National Credit Union Share Insurance Fund ("NCUSIF") or any other governmental or private entity; and
    (C) May not be pledged or provided by the accountholder as a security on a loan or other obligation with the low-income credit union or any other party.
  (2) A supplemental capital holder's claim against a low-income credit union shall be subordinate to all other claims against the low-income credit union, including those of shareholder's creditors, the NCUSIF, and an approved insurer.
(g) The supplemental capital authorized in this section shall not limit the authority of the Commissioner to approve other forms of equity capital.
D.C. Code § 26-1105 — DC Code / Title 26 / Chapter 11 / § 26-1105
§ 26-1105. Acquisition of control; application.
Status: in_force

(a) Except as provided in this section, no person shall acquire directly or indirectly 25% or more of the voting shares of a corporation or 25% of the ownership of any other entity licensed to conduct business under this chapter unless such person first:
  (1) Files an application with the Superintendent [Commissioner] in such form as the Superintendent [Commissioner] may prescribe from time to time;
  (2) Delivers such other information to the Superintendent [Commissioner] as the Superintendent [Commissioner] may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, officers, principals, and members, and of any proposed new directors, officers, principals, or members of the licensee; and
  (3) Pays such application fee as the Superintendent [Commissioner] may prescribe.
(b) Upon the filing and investigation of an application, the Superintendent [Commissioner] shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, officers, and principals and any proposed new directors, members, officers, and principals have the financial responsibility, character, reputation, experience and general fitness to warrant the belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law. The Superintendent [Commissioner] shall grant or deny the application within 60 days after the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Superintendent [Commissioner] reciting the reasons for the extension. If the application is denied, the Superintendent [Commissioner] shall notify the applicant of the denial and the reasons for the denial.
(c) The provisions of this section shall not apply to:
  (1) The acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation by or with a person licensed by this chapter or a person exempt from this chapter;
  (2) The acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation by or with a person affiliated through common ownership with the licensee; or
  (3) The acquisition of an interest in a licensee by a person by bequest, descent, survivorship, or operation of law.
(d) The person acquiring an interest in a licensee in a transaction which is exempt from filing an application pursuant to subsection (c) of this section shall send written notice to the Superintendent [Commissioner] of such acquisition within 10 days after the closing of such acquisition.
D.C. Code § 26-709 — DC Code / Title 26 / Chapter 7 / § 26-709
§ 26-709. Review of impact.
Status: in_force

(a) Three years after November 23, 1985, the committee of the Council which has oversight of banking regulations shall convene a public hearing to receive testimony that will aid the committee in determining whether passage of this subchapter:
  (1) Has led to the creation of an increased number of jobs for District residents;
  (2) Has increased the availability of commercial banking services for District residents and businesses, including minority and women-owned businesses;
  (3) Has increased, or otherwise altered, local lending and investment by District of Columbia banks that have been acquired by District of Columbia or regional bank holding companies;
  (4) Has led to a strengthening of the local commercial banking market; or
  (5) Has otherwise benefited the residents of the District of Columbia.
(b) The committee shall use the information acquired at the hearing required by subsection (a) of this section to determine whether the District should continue to participate in the regional reciprocal interstate banking arrangement provided for in this subchapter and if so, for what period and to what extent. The committee may also determine whether a limit should be imposed on the number of banks or on the percentage of District deposits controlled by a single company; whether specific capitalization, employment, and location requirements should be imposed on out-of-state bank holding companies wishing to acquire District banks or bank holding companies; and whether specific plans detailing how the acquiror and acquiree intend to serve deposit and credit needs of District residents should be required. As soon as practicable after conclusion of the hearing, but no later than 6 months after the hearing, the committee shall file with the Office of the Secretary a recommendation or recommendations for Council action to alter the provisions of this subchapter, if necessary.
D.C. Code § 26-1401.01 — DC Code / Title 26 / Chapter 14 / § 26-1401.01
§ 26-1401.01. Short title.
Status: in_force

This chapter may be cited as the “Universal Bank Certification Act of 2000”.
D.C. Code § 26-1152.14 — DC Code / Title 26 / Chapter 11A / § 26-1152.14
§ 26-1152.14. No call provision.
Status: in_force

A lender shall not make a covered loan that includes a call provision that permits the lender, in its sole discretion, to accelerate the indebtedness; provided, that this prohibition shall not apply when repayment of the covered loan has been accelerated by a bona fide default or pursuant to some other provision of the loan agreement unrelated to the payment schedule.
D.C. Code § 26-502.05 — DC Code / Title 26 / Chapter 5 / § 26-502.05
§ 26-502.05. Name of District credit union.
Status: in_force

(a) The name of a District credit union shall include the phrase "credit union". No District credit union may adopt a name identical to the name of any other federal or foreign credit union doing business in the District, or a name similar to the name of any federal or foreign credit union doing business in the District that will be misleading or cause confusion.
(b) No person, other than a District credit union, a federal credit union, a foreign credit union, an association of credit unions, or an organization or corporation whose membership or ownership is limited to credit unions or credit union organizations may:
  (1) Use a name or title containing the phrase "credit union" or any derivation thereof;
  (2) Represent itself as a credit union; or
  (3) Conduct business as a credit union.
D.C. Code § 26-633 — DC Code / Title 26 / Chapter 6A / § 26-633
§ 26-633. Application of the District of Columbia Banking Code.
Status: in_force

(a) An international banking corporation having an office in the District of Columbia shall be subject to all the provisions of the District of Columbia Banking Code as though the international banking corporation is a bank organized under the laws of the District of Columbia, except where it may appear, from the context or otherwise, that such provisions are clearly applicable only to banks or trust companies organized under the laws of the District of Columbia.
(b) An international banking corporation may conduct its banking business in the District of Columbia with the same, but no greater, rights and privileges as a District of Columbia bank, and except as otherwise provided in this chapter, subject to the same duties, restrictions, penalties, and liabilities now or hereafter imposed under the District of Columbia Banking Code upon a District of Columbia bank.
D.C. Code § 26-1026 — DC Code / Title 26 / Chapter 10 / § 26-1026
§ 26-1026. Multiple licenses.
Status: in_force

Any person licensed under this chapter shall not be required to obtain a separate license to engage in cashing of checks in the District of Columbia under Chapter 3 of this title .
D.C. Code § 26-1010 — DC Code / Title 26 / Chapter 10 / § 26-1010
§ 26-1010. Renewal of license and annual report.
Status: in_force

(a) The annual fee for renewal of a license shall be $500, plus $25 for each location in the District of Columbia, but not to exceed a maximum aggregate amount of $2,500. The renewal term of a license shall be one calendar year.
(b) The renewal fee shall be accompanied by a report, in a form prescribed by rule by the Superintendent [Commissioner], which form shall be sent by the Superintendent [Commissioner] to each licensee no later than 3 months immediately preceding December 31 of each year. The licensee must include in its annual renewal report:
  (1) A copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder’s equity and statement of changes in financial position, or, in the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee’s audited annual financial statement;
  (2) The number of payment instruments sold by the licensee in the District of Columbia, the dollar amount of those instruments, and the dollar amount of those instruments currently outstanding for the most recent quarter for which data is available prior to the date of the filing of the renewal application, but in no event more than 120 days prior to the renewal date;
  (3) Any material changes to any of the information submitted by the licensee on its original application which have not previously been reported to the Superintendent [Commissioner] on any other report required to be filed under this chapter;
  (4) A list of the licensee’s permissible investments; and
  (5) A list of the locations within the District of Columbia at which business regulated by this chapter is being conducted by either the licensee or its authorized delegate.
D.C. Code § 26-1152.12 — DC Code / Title 26 / Chapter 11A / § 26-1152.12
§ 26-1152.12. Prepayment premium, fee or charge.
Status: in_force

A lender shall not include in a covered loan or collect or attempt to collect any prepayment premium, fee, or charge in violation of Chapter 33 of Title 28 .
D.C. Code § 26-831.06 — DC Code / Title 26 / Chapter 8A / § 26-831.06
§ 26-831.06. Voluntary termination of certification of authority.
Status: in_force

An applicant that is chartered as a merchant bank under this chapter may elect to terminate its charter by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. An applicant shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a applicant’s termination under this section shall be void if the applicant fails to satisfy the condition to termination under this section.
D.C. Code § 26-1007 — DC Code / Title 26 / Chapter 10 / § 26-1007
§ 26-1007. Bond or other security device.
Status: in_force

(a) Each application must be accompanied by a surety bond, irrevocable letter of credit, or such other similar security device acceptable to the Superintendent [Commissioner] in the amount of $50,000. If the applicant proposes to engage in business at more than one location, through authorized delegates or otherwise, then the amount of the security device will be increased by $10,000 per location. The maximum amount of the security device required for all locations shall not exceed $250,000. The security device shall be in a form satisfactory to the Superintendent [Commissioner] and shall run to the District of Columbia for the benefit of any claimants against the licensee to secure the faithful performance of the obligations of the licensee in respect to the receipt, handling, transmission, or payment of money in connection with the sale and issuance of payment instruments or transmission of money. In the case of a bond, the aggregate liability of the surety shall not exceed the principal sum of the bond. Claimants against the licensee may themselves bring suit directly on the security device or the Superintendent [Commissioner] may, through the Office of the Corporation Counsel, bring suit on behalf of such claimants, either in one action or in successive actions.
(b) (1) In lieu of the security device, or of any portion of the principal thereof required by subsection (a) of this section, the licensee may deposit with the Superintendent [Commissioner], or with such banks in the District of Columbia as the licensee may designate and the Superintendent [Commissioner] may approve cash, interest-bearing stocks and bonds, notes, debentures or other obligations:
    (A) Of the United States;
    (B) Of any agency or instrumentality of the United States;
    (C) Guaranteed by the United States;
    (D) Of the District of Columbia; or
    (E) Guaranteed by the District of Columbia, in an aggregate amount, based upon the lower of principal amount or market value of not less than the amount of the security device or portion thereof.
  (2) The securities or cash referenced in paragraph (1) of this subsection shall be held and shall secure the obligations in the same manner as the security device, but the depositor shall be entitled to receive all interest and dividends thereon.
  (3) The licensee may, on the written order of the Superintendent [Commissioner], for good cause shown, substitute other securities for those deposited.
(c) The security device shall be held for 5 years after the licensee ceases money transmission operations in the District of Columbia. Notwithstanding this provision, the Superintendent [Commissioner] may permit the security device to be reduced or eliminated prior to that time to the extent that the amount of the licensee’s payment instruments outstanding in the District of Columbia are reduced. The Superintendent [Commissioner] may also permit a licensee to substitute a letter of credit or such other form of security device acceptable to the Superintendent [Commissioner] for the security device in place at the time the licensee ceases money transmission operations in the District of Columbia.
D.C. Code § 26-131.05 — DC Code / Title 26 / Chapter 1A / § 26-131.05
§ 26-131.05. Evaluation of automated teller machine safety.
Status: in_force

(a) An operator of, or person controlling, an automated teller machine shall adopt procedures for evaluating the safety of an automated teller machine. The procedures shall include a consideration of the following:
  (1) The extent to which the lighting for the automated teller machine complies, or will comply, with the standards required by this chapter;
  (2) The presence of obstructions, including landscaping and vegetation, in the area of the automated teller machine, the access area, and the defined parking area; and
  (3) The incidence of crimes of violence in the immediate neighborhood of the automated teller machine, as reflected in the records of the local law enforcement agency.
(b) This chapter shall not impose a duty to relocate or modify an automated teller machine upon the occurrence of a particular event or circumstance.
D.C. Code § 26-1401.14 — DC Code / Title 26 / Chapter 14 / § 26-1401.14
§ 26-1401.14. Exceptions to limitations on investment powers of universal banks.
Status: in_force

The percentage limitations in § 26-1401.13 shall not apply to, and a universal bank may invest without limitation in, any of the following:
(1) Stocks or obligations of a corporation organized for business development by the District, the United States, or a District or federal agency;
(2) Obligations of an urban renewal investment corporation organized under the laws of the District or of the United States;
(3) An equity interest in an insurance company or an insurance holding company organized to provide insurance for universal banks and for persons affiliated with universal banks to the extent that ownership of the equity interest is a prerequisite to obtaining directors’ and officers’ insurance or blanket bond insurance for the universal bank through the insurance company;
(4) Shares of stock, whether purchased or otherwise acquired, in a corporation acquiring, placing, and operating remote service units or bank communications terminals;
(5) Equity, debt securities, or debt instruments of a service corporation subsidiary of the universal bank;
(6) Advances of federal funds;
(7) Financial futures transactions, financial options transactions, forward commitments, or other financial products for the purpose of reducing, hedging, or otherwise managing the universal bank’s interest rate risk exposure; provided, that the prior written approval of the Commissioner shall be required to make the investments described in this paragraph;
(8) A subsidiary of the universal bank organized to exercise corporate fiduciary powers under this chapter;
(9) An agricultural credit corporation; provided, that the universal bank shall not own more than 80% of the stock of an agricultural credit corporation and shall not invest more than 20% of the universal bank’s capital in agricultural credit corporations;
(10) Deposit accounts or insured obligations of a financial institution, the accounts of which are insured by a deposit insurance corporation;
(11) Obligations of, or obligations that are fully guaranteed by, the United States;
(12) Stocks or obligations of any Federal Reserve Bank, Federal Home Loan Bank, the Student Loan Marketing Association, the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Federal Deposit Insurance Corporation; or
(13) Any other investment authorized by the Commissioner.
D.C. Code § 26-1207 — DC Code / Title 26 / Chapter 12 / § 26-1207
§ 26-1207. Prohibitions.
Status: in_force

(a) Except as otherwise expressly permitted by this chapter or other applicable District or federal law, an association or savings and loan holding company that is not a District association or District savings and loan holding company or is not a regional association or regional savings and loan holding company:
  (1) May not acquire a District association or savings and loan holding company; and
  (2) May not acquire a regional association or regional savings and loan holding company that controls a District association or District savings and loan holding company.
(b) (1) Except as provided under paragraph (2) of this subsection, if a District association or District savings and loan holding company or regional association or regional savings and loan holding company ceases to be a District association, District savings and loan holding company, regional association, or regional savings and loan holding company, the association or savings and loan holding company shall, within 2 years, divest itself of all District associations and District savings and loan holding companies and all District branches of any other subsidiary association.
  (2) A regional savings and loan holding company, regional association, District savings and loan holding company, or District association may not be required to divest its District associations, District savings and loan holding companies, or District branches if:
    (A) An institution in another state, not within the region, was or is acquired pursuant to an emergency supervisory acquisition under federal law;
    (B) An association having branches in a state other than within the region was or is acquired in the regular course of securing or collecting a debt previously contracted in good faith and the association or savings and loan holding company divests the association or branches acquired outside of the region within 2 years of the date of the acquisition;
    (C) An increase in deposits in branches or association subsidiaries, not within the region, is the result of an occurrence other than de novo branching or the acquisition of an association or savings and loan holding company; or
    (D) The change in status results from an acquisition authorized by this chapter.
D.C. Code § 26-323 — DC Code / Title 26 / Chapter 3 / § 26-323
§ 26-323. Penalties.
Status: in_force

(a) Any person who violates any provision of this chapter, any rule or regulation adopted pursuant to this chapter, or any order of the Superintendent [Commissioner] directed to that person, shall be liable for a penalty of not more than $1,000 for each violation.
(b) Any person who cashes any check in the District of Columbia without a license issued pursuant to this chapter shall, in addition to the penalty prescribed in subsection (a) of this section, be liable to the District government in an amount equal to all license fees that would have been paid had the person obtained such a license.
(c) The Corporation Counsel may bring proceedings to recover all amounts due to the District under this section.
D.C. Code § 26-506.02 — DC Code / Title 26 / Chapter 5 / § 26-506.02
§ 26-506.02. Dividends.
Status: in_force

(a) The board of directors may, after making provisions for required reserves, declare dividends to be paid on share accounts and membership shares, if any, from the net earnings or undivided earnings, as provided in the bylaws. The board may authorize the intervals and periods for dividend payments.
(b) Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice, and time requirements.
(c) Dividends need not be paid on membership shares, but if a dividend is paid, it may be added to the membership share held by each member.
(d) Dividends shall not be declared or paid at a time when the District credit union is insolvent, its net assets are less than its stated capital, or when the payment thereof would render the District credit union insolvent or reduce its net assets below its stated capital.
D.C. Code § 26-522 — DC Code / Title 26 / Chapter 5 / § 26-522
§ 26-522. Conversion of District credit unions into federal credit unions — Approval; effect thereof.
Status: in_force

The Administrator shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant credit union to the same extent as though the conversion had not taken place.
D.C. Code § 26-901 — DC Code / Title 26 / Chapter 9 / § 26-901
§ 26-901. Businesses required to procure license and pay tax; appointment of resident agent; service of process or notice.
Status: in_force

(a) It shall be unlawful and illegal to engage in the District of Columbia in the business of loaning money upon which a rate of interest greater than 6% per annum is charged on any security of any kind, direct or collateral, tangible or intangible, without procuring license; and all persons, firms, voluntary associations, joint-stock companies, incorporated societies, and corporations engaged in said business shall pay a license tax of $500 per annum to the District of Columbia. No license shall be granted to any person, firm, or voluntary association unless such person and the members of any such firm or voluntary association shall be bona fide residents of the District of Columbia, and no license shall be granted for a period longer than 1 year, and no license shall be granted to any joint-stock company, incorporated society, or corporation unless and until such company, society, or corporation shall, in writing and in due form, to be first approved by and filed with the Mayor of the District of Columbia, appoint an agent, resident in the District of Columbia, upon whom all judicial and other process or legal notice directed to such company, society, or corporation may be served. And in the case of death, removal from the District, or any legal disability or disqualification of any such agent, service of such process or notice may be made upon the Director of the Department of Licenses, Investigation and Inspections of the District of Columbia.
(b) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47 of the District of Columbia Official Code.
D.C. Code § 26-524 — DC Code / Title 26 / Chapter 5 / § 26-524
§ 26-524. Repeal of District of Columbia Credit Unions Act.
Status: in_force

Effective 30 days after August 1, 1964, the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, is repealed and all organization certificates issued thereunder and still in force are revoked.
D.C. Code § 26-1161.06 — DC Code / Title 26 / Chapter 11B / § 26-1161.06
§ 26-1161.06. Renewal.
Status: in_force

(a) A license or registration issued under this chapter shall expire on a date to be determined by the Commissioner. A license or registration may thereafter be renewed for one-year term extensions as provided by this section.
(b) Before a license expires, the applicant may renew the license or registration for additional one-year terms, if the applicant:
  (1) Demonstrates that the applicant continues to meet the standards for licensing or registration under this chapter and under all relevant provisions of the Banking Code;
  (2) Pays all applicable fees as prescribed by the Commissioner and all third-party fees; and
  (3) Submits to the Commissioner a renewal application on the form that the Commissioner requires.
D.C. Code § 26-502.08 — DC Code / Title 26 / Chapter 5 / § 26-502.08
§ 26-502.08. Application for share and deposit insurance.
Status: in_force

(a) Each District credit union shall apply for insurance on its shares and deposits, as provided by NCUA or comparable insurance approved by the Commissioner. Any District credit union insured by NCUA shall comply with all federal requirements that apply to credit unions insured by NCUA, notwithstanding any contrary provisions of this subchapter .
(b) (1) A District credit union that has lost its commitment for share and deposit insurance shall, within 30 days of having lost that commitment, begin to liquidate, merge with an insured credit union, or apply in writing to the Commissioner for additional time to obtain another insurance commitment.
  (2) The Commissioner may grant extensions of time to obtain a new insurance commitment upon satisfactory evidence that the District credit union is not operating in an unsafe or unsound manner and that the District credit union has made, or is making, a substantial effort to obtain a new insurance commitment, including substantial effort to achieve conditions necessary to obtain such a commitment.
(c) No person shall be granted a certificate of charter by the Commissioner to form a District credit union unless the person has obtained a commitment for insurance for its share and deposit accounts.
(d) The Commissioner may make reports of condition and examination findings available to, and may accept any report of examination made on behalf of, the appropriate insuring organization.
(e) A District credit union shall not be subject to this section if that District credit union's debt and equity capital consist primarily of funds from other credit unions and membership shares issued by another District credit union.
D.C. Code § 26-1152.05 — DC Code / Title 26 / Chapter 11A / § 26-1152.05
§ 26-1152.05. No encouragement of default.
Status: in_force

A lender shall not recommend or encourage the borrower to default on an existing loan or other debt prior to and in connection with the closing or planned closing of a covered loan that refinances all or any portion of the existing loan or other debt.
D.C. Code § 26-206 — DC Code / Title 26 / Chapter 2 / § 26-206
§ 26-206. Foreign associations.
Status: in_force

(a) No foreign association shall make loans of any kind or transact any building and loan business within the District of Columbia or maintain an office in the District of Columbia for the purpose of transacting such business until it procures from the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] a certificate of authority to do such business in said District, after complying with the following provisions:
  (1) It shall deposit with the District of Columbia Treasurer $50,000 in cash, or bonds of the United States, or bonds which the United States guarantees the payment of both principal and interest. A foreign association may collect and use the interest on securities deposited with the District of Columbia Treasurer, as hereinabove provided, so long as it fulfills its obligations and complies with the laws of the District of Columbia. It may also exchange them for other securities of the United States or for cash. The deposit made by a foreign association with the Office of the Treasurer shall be held as security for all claims of residents of the District of Columbia against such association, and be liable for all judgments or decrees thereon, and subjected to the payment thereof in the same manner as the property of other nonresidents. Should an association cease to do business in said District, the District of Columbia Treasurer, upon a certificate from the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], may release securities in his discretion, retaining sufficient to satisfy all outstanding liabilities.
  (2) It shall file with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] a certified copy of its charter, constitution, and bylaws, and other rules and regulations showing its manner of conducting business, together with a statement such as is required semiannually from all associations.
  (3) It shall file with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] a power of attorney appointing a citizen of the District of Columbia, resident within said District, the agent or attorney for such foreign association upon whom process of law can be served. There must also be filed a certified copy of the vote or resolution of the directors appointing such agent or attorney, which appointment shall continue until another agent or attorney is substituted, and said writing or power of attorney shall stipulate and agree on the part of such foreign association making the same that any lawful process against said association, which is served on such agent or attorney, shall be of the same legal force and validity as if served on such association within the District of Columbia; and, also, that in the case of the death or absence of the agent or attorney so appointed, service or process may be made upon the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], and such power of attorney cannot be revoked or modified (except that a new one may be substituted) so long as any liability remains outstanding against such foreign association in the District of Columbia. The term “process,” used above, shall be held and deemed to include any writ, summons, or order whereby any action, suit, or proceeding shall be commenced, or which shall be issued in or upon any action, suit, or proceeding by any court, officer, or magistrate.
  (4) It shall pay to the Collector of Taxes the following fees:
    (A) For filing an application for admission to do business in the District of Columbia, $500; and
    (B) For each certificate of authority and annual renewal thereof, $200.
(a-1) The Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall not issue a certificate of authority to any foreign association pursuant to this subsection after October 12, 1988. After October 12, 1988, the certificate of authority shall be issued pursuant to § 26-1204 . The Superintendent [Commissioner] may consider an application for a certificate of authority, which was filed pursuant to this subsection, prior to October 12, 1988 and may grant the application if the applicant meets the requirements imposed by § 26-1202(a)(3) and any other requirements imposed by the Superintendent [Commissioner]. The Superintendent [Commissioner] may enforce any commitments made by an applicant under this section in accordance with the procedures set forth in § 26-1202(a)(4) .
(b) When a foreign association has complied with the provisions of paragraph (3) of subsection (a) of this section, and the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] is satisfied that it is doing or will do its building and loan business in the District of Columbia in accordance with the laws of the District of Columbia, such Superintendent [Commissioner] may issue a Superintendent’s [Commissioner’s] certificate of authority to such foreign association to do a building and loan business in the District of Columbia. Annually thereafter, if the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] is satisfied as herein provided, the Superintendent [Commissioner] shall issue a renewal of such certificate.
(c) Should the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] find that such foreign association does not conduct its building and loan business in accordance with law, or that the affairs of such association are in unsafe condition, or if such foreign association refuses to permit examination to be made, the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] may revoke the certificate of authority granted, after 90-days notice, to such foreign association to do a building and loan business in the District of Columbia; provided, that upon revocation of such certificate of authority the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall mail a notice thereof to the home office of such foreign association and cause a similar notice to be published in at least 1 daily newspaper of general circulation in the District of Columbia. After so notifying said home office and after the publication of said notice, it shall be unlawful for any agent of such foreign association to receive any further payments from shareholders residing in the District of Columbia.
(d) Every foreign association doing a building and loan business in the District of Columbia shall be subject to the same examination as are domestic associations and such examination may include examination of all subsidiaries of such foreign associations and all business operations wherever apparent; provided, that the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] may accept reports of examination by other supervisory agents in lieu of making such examinations and provided that all the actual and necessary expenses of such examinations of such foreign associations shall be paid by the association examined.
(e) Whenever any taxes, fines, penalties, fees, licenses, or conditions precedent are imposed by the laws of any state upon building and loan associations organized or incorporated under the laws of the District of Columbia, and doing business in the said state, in excess of the taxes, fines, penalties, fees, licenses, or conditions precedent imposed by the laws of the District of Columbia upon foreign associations doing a building and loan business in the District of Columbia, the same taxes, fines, penalties, fees, licenses, or conditions precedent shall be imposed upon every association incorporated under the laws of such state doing, or applying to do, a building and loan business in the District of Columbia, so long as such excess taxes, fines, penalties, fees, licenses, or conditions precedent are imposed by such state; and upon the failure of any association incorporated under the laws of such state to comply therewith the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall revoke the certificate of authority of such association to do a building and loan business in the District of Columbia or shall refuse to grant such certificate of authority in the first instance.
(f) A foreign association which does a building and loan business in the District of Columbia without first complying with the provisions of this chapter, or which wilfully violates or fails to comply with the provisions of laws relating to foreign associations, shall forfeit and pay not less than $25 or more than $500, to be recovered by an action in the name of the District of Columbia and on collection paid into the Office of the Treasurer.
D.C. Code § 26-319 — DC Code / Title 26 / Chapter 3 / § 26-319
§ 26-319. Limitations on business.
Status: in_force

(a) No licensee under this chapter shall engage in the business of discounting of notes, bills of exchange, checks, or other evidences of indebtedness, nor shall such a discounting business be conducted on the same premises where the licensee is conducting business pursuant to this chapter.
(b) No licensee shall at any time cash or advance any monies on a post dated check.
(c) Repealed.
D.C. Code § 26-1027 — DC Code / Title 26 / Chapter 10 / § 26-1027
§ 26-1027. Receipts.
Status: in_force

(a) A licensee who receives money or equivalent value for a money transmission shall provide an itemized receipt to the customer that clearly states the amount of money or the equivalent value presented by the customer for the money transmission and the fees charged by the money transmission licensee.
(b) If the licensee fixes, when the money transmission is initiated, the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided by subsection (a) of this section shall disclose the rate of exchange for the transaction and any limit on the length of time that the payment will be made at that fixed rate of exchange.
(c) If a licensee does not fix the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided under subsection (a) of this section shall disclose that the rate of exchange for the money transmission will be set when the person designated by the customer to receive the money takes possession of the money.
(d) For the purposes of this section:
  (1) Money is deemed to have been transmitted when it is available to the person designated by the customer, whether or not the designated person has taken possession of the money.
  (2) The term “fees” shall not include revenue that a licensee or its authorized delegate generates, in connection with a money transmission, in converting the money of the government into the money of another government.
D.C. Code § 26-506.13 — DC Code / Title 26 / Chapter 5 / § 26-506.13
§ 26-506.13. Authority to withhold payment.
Status: in_force

(a) Nothing contained in this subchapter shall be deemed to require a District credit union to make any payment from an account to a depositor, shareholder, trust, or payable-on-death account beneficiary, or any other person claiming an interest in any funds in an account, if the District credit union has actual knowledge of the existence of a dispute between the depositors, shareholders, beneficiaries, or other persons concerning their respective rights of ownership to the funds contained in, proposed to be withdrawn from, previously withdrawn from, the account, or if the District credit union is otherwise uncertain as to who is entitled to the funds pursuant to the account agreement.
(b) The District credit union may, without liability, notify in writing, all depositors, shareholders, beneficiaries, or other persons claiming an interest in the account of the District credit union's uncertainty as to who is entitled to the funds or of the existence of a dispute and may, without liability, refuse to disburse any funds contained in the account to any depositor, shareholder, trust, payable on death account beneficiary of the account, or other persons claiming an interest in the account until:
  (1) Each of the depositors, shareholders, and beneficiaries has consented to the requested payment in writing; or
  (2) The payment is authorized or directed by a court of proper jurisdiction.
D.C. Code § 26-305 — DC Code / Title 26 / Chapter 3 / § 26-305
§ 26-305. Application and license fees.
Status: in_force

At the time of filing an application under this chapter, each applicant shall pay to the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] a non-refundable license fee of $300, except that an applicant for a license to maintain one or more limited stations shall pay the non-refundable limited station license application fee as provided in § 26-314 .
D.C. Code § 26-251 — DC Code / Title 26 / Chapter 2 / § 26-251
§ 26-251. Remaining powers, duties, and functions of Comptroller transferred to Superintendent of Banking and Financial Institutions.
Status: in_force

Any powers, duties, and functions of the Comptroller of the Currency with respect to building associations and building and loan associations operating in the District of Columbia which are not transferred to the Federal Home Loan Bank Board by the specific statutory amendments herein contained are also hereby transferred from the Comptroller of the Currency to the Federal Home Loan Bank Board. After April 11, 1986, the powers, duties, and functions referred to in this section shall reside in the Superintendent of Banking and Financial Institutions [now Commissioner of the Department of Insurance, Securities, and Banking].
D.C. Code § 26-511.02 — DC Code / Title 26 / Chapter 5 / § 26-511.02
§ 26-511.02. Compliance review documents.
Status: in_force

(a) Compliance review documents are privileged and confidential and are nondiscoverable and nonadmissible in a civil action; except, that a District credit union may provide access to compliance review documents to an affiliate, regulatory agency, or share insurer.  The delivery of compliance review documents to an affiliate, regulatory agency, or share insurer shall not constitute a waiver of the privilege granted in this section.
(b) This section shall not be construed to limit the discovery or admissibility in any civil action of any documents other than compliance review documents.
(c) For the purposes of this section, the term "compliance review documents" includes documents used to evaluate and seek to improve the District credit union's loan policies or underwriting standards, asset quality, or financial reporting to a government unit, or comply with federal or state statutory or regulatory requirements.
D.C. Code § 26-507.05 — DC Code / Title 26 / Chapter 5 / § 26-507.05
§ 26-507.05. Lines of credit.
Status: in_force

(a) A District credit union may approve lines of credit to members and loan advances may be granted to members within the limit of the approved lines of credit. The terms and conditions upon which a line of credit is extended to any member may be different from the terms and conditions established for another member. Where a line of credit has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit.
(b) Lines of credit shall be subject to periodic review by the District credit union, in accordance with the written policies adopted by the board of directors.
D.C. Code § 26-1401.15 — DC Code / Title 26 / Chapter 14 / § 26-1401.15
§ 26-1401.15. Limits on insurance and securities powers of universal banks.
Status: in_force

(a) (1) If a universal bank is permitted to engage in the business of insurance or securities under any authority granted by this chapter, the insurance and securities activities of the universal bank shall be subject to the regulation and supervision of the Department and appropriate federal agencies and shall be carried out under all laws, rules, and regulations applicable to insurance and securities; provided, that the Commissioner may exempt a universal bank from a provision of this chapter, or any rule or regulation promulgated under this chapter, which has been preempted by federal law, rule, or regulation.
  (2) The Department shall maintain functional regulatory authority over the insurance and securities activities of the insurance or securities subsidiary or holding company affiliate of a universal bank. The regulatory authority of the Department shall include reviewing and taking necessary actions, including approval and disapproval, on applications and other documents or reports concerning a proposed acquisition of, or a change or continuation of control of, an insurer domiciled in the District of Columbia.
(b) (1) A universal bank shall disclose, or cause to be disclosed, to purchasers of, prospective purchasers of, and persons solicited to purchase, an insurance policy of the universal bank that the insurance offered or sold is not a deposit, is not insured by the federal deposit insurance corporation, and is not guaranteed by the universal bank; provided, that this disclosure requirement shall not apply to the solicitation or sale of a credit unemployment insurance policy, group credit life insurance policy, group credit health insurance policy, group credit accident insurance policy, or group credit health and accident insurance policy, or a similar group credit insurance policy covering the person of the insured.
  (2) A person soliciting the purchase of, or selling, insurance on the premises of a universal bank shall disclose, or cause to be disclosed, to purchasers of, prospective purchasers of, and persons solicited to purchase, an insurance policy of the universal bank that the insurance offered or sold is not a deposit, is not insured by the federal deposit insurance corporation, and is not guaranteed by the universal bank; provided, that this disclosure requirement shall not apply to the solicitation or sale of a credit unemployment insurance policy, group credit life insurance policy, group credit health insurance policy, group credit accident insurance policy, or group credit health and accident insurance policy, or a similar group credit insurance policy covering the person of the insured.
  (3) A disclosure required under paragraph (1) or (2) of this subsection shall be made in writing and in clear and concise language.
(c) If a person obtains insurance and credit from a universal bank, the expense of the credit and insurance transactions shall be disclosed in separate contractual provisions, and the expense of insurance premiums shall not be included in the primary credit transactions without the express written consent of the person; provided, that this subsection shall not apply if the insurance policy being obtained is a flood insurance policy, a credit unemployment insurance policy, a group credit life insurance policy, a group credit health insurance policy, group credit accident insurance policy, or a group credit health and accident insurance policy, or a similar group credit insurance policy covering the person of the insured.
(d) (1) A universal banks shall not condition the making of a loan, including a loan under § 26-1401.09(a)(2) , the lease or sale of property of any kind, or the furnishing of any services to a customer on the requirement that the customer obtain insurance from the universal bank, an affiliate or subsidiary of the universal bank, or a particular insurer, agent, or broker. A universal bank shall not fix or vary the consideration charged to a customer for the making of a loan, including a loan under § 26-1401.09(a)(2) , the lease or sale of property of any kind, or the furnishing of any services based on whether the customer obtains insurance from the universal bank, an affiliate or subsidiary of the universal bank, or a particular insurer, agent, or broker.
  (2) The prohibitions under paragraph (1) of this subsection shall not prevent a universal bank from informing a person that insurance is required to obtain a loan or credit, that loan or credit approval is contingent upon the person’s procurement of acceptable insurance, or that insurance is available from the universal bank; provided, that the universal bank shall also inform the person in writing that his or her choice of insurance provider shall not affect the universal bank’s credit decision or credit terms; provided further, that the disclosure shall be given again before or at the time that the universal bank, or the person selling or soliciting the purchase of insurance on the premises of the universal bank, solicits the purchase of insurance from a customer who has applied for a loan or extension of credit.
(e) (1) A universal bank may engage in an activity under § 26-1401.09(a)(6) through (19) directly or indirectly through a subsidiary, unless the Commissioner determines that the activity shall be conducted through a subsidiary; provided that:
    (A) An underwriting or distribution of annuities under § 26-1401.09(a)(16) shall be conducted only through a non-depository financial institution affiliate of the universal bank unless federal law permits the underwriting and distribution to be conducted through a subsidiary of the financial institution;
    (B) An underwriting or distribution of life insurance, accident insurance, health insurance, property insurance, casualty insurance, or any other form of insurance under § 26-1401.09(a)(17) shall be conducted only through a non-depository financial institution affiliate of the universal bank unless federal law permits the underwriting and distribution to be conducted in a subsidiary of the financial institution;
    (C) An underwriting, dealing, or market-making in securities under § 26-1401.09(a)(18) shall be conducted only in a subsidiary of the universal bank; and
    (D) A distribution of shares in investment companies under § 26-1401.09(a)(19) shall only be conducted through a subsidiary of the universal bank.
  (2) The Commissioner may require that a subsidiary or affiliate of a universal bank engaged in an activity under § 26-1401.09(a)(6) through (19) implement and maintain appropriate safeguards to limit the risk exposure of the universal bank.
(f) The investment in a subsidiary that engages in an activity under § 26-1401.09(a)(6) through (19) shall not exceed 20% of the universal bank’s capital; provided, that the Commissioner may authorize a higher percentage, by written order, if the percentage is consistent with safe and sound practices and the safe and sound operation and condition of the universal bank.
(g) The aggregate investment in all subsidiaries that engage in an activity under § 26-1401.09(a)(6) through (19) shall not exceed 50% of the universal bank’s capital; provided, that the Commissioner may authorize a higher percentage, by written order, if the percentage is consistent with safe and sound practices and the safe and sound operation and condition of the universal bank.
(h) A subsidiary that engages in an activity under § 26-1401.09(a)(6) through (19) may be owned jointly with one or more persons, including universal banks.
D.C. Code § 26-831.11 — DC Code / Title 26 / Chapter 8A / § 26-831.11
§ 26-831.11. Liquidation of merchant banks in general.
Status: in_force

A merchant bank shall not be liquidated except as provided by this chapter or in accordance with the order of a court of competent jurisdiction.
D.C. Code § 26-1326 — DC Code / Title 26 / Chapter 13 / § 26-1326
§ 26-1326. Power to make bylaws; purposes thereof.
Status: in_force

The directors or trustees shall have power to make such bylaws as they deem proper for the management or disposal of the stock and business affairs of such company, not inconsistent with the provisions of this chapter, and prescribing the duties of officers and servants that may be employed, for the appointment of all officers, and for carrying on all kinds of business within the objects and purposes of such company.
D.C. Code § 26-310 — DC Code / Title 26 / Chapter 3 / § 26-310
§ 26-310. Display of license.
Status: in_force

A license issued pursuant to this chapter shall be conspicuously displayed in the place of business of the licensee or, in the case of a mobile unit, upon the mobile unit.
D.C. Code § 26-1020 — DC Code / Title 26 / Chapter 10 / § 26-1020
§ 26-1020. Hearings and procedures.
Status: in_force

The provisions of subchapter I of Chapter 5 of Title 2 shall apply to any hearing afforded pursuant to this chapter.
D.C. Code § 26-1311 — DC Code / Title 26 / Chapter 13 / § 26-1311
§ 26-1311. Oath as fiduciary.
Status: in_force

Whenever any corporation operating under this Code shall be appointed such trustee, personal representative, special administrator, receiver, assignee, guardian, or committee, as aforesaid, the president, vice-president, secretary, or treasurer of said company shall take the oath or affirmation required by law to be made by any trustee, personal representative, special administrator, receiver, assignee, guardian, or committee.
D.C. Code § 26-505.01 — DC Code / Title 26 / Chapter 5 / § 26-505.01
§ 26-505.01. Authority and duty of a board of directors.
Status: in_force

(a) The business and affairs of a District credit union shall be managed by the board of directors of the District credit union. The duties of the board of directors of a District credit union include the following duties:
  (1) The board of directors shall:
    (A) Set the par value of shares, if any, of the District credit union;
    (B) Set the minimum number of shares, if any, required for membership;
    (C) Designate those persons or positions authorized to execute or certify documents or records on behalf of the District credit union;
    (D) Authorize the purchase of adequate fidelity and insurance coverage for officers, directors, committee members, and employees, and for losses caused by persons outside the District credit union for which the District credit union may be liable;
    (E) Authorize the employment and compensation of the chief executive officer;
    (F) Approve an annual operating budget for the District credit union;
    (G) Authorize the conveyance or lease of real property;
    (H) Review and approve the annual audit;
    (I) Appoint any committees the board considers necessary;
    (J) Establish conditions under which a member may be removed for cause, as defined in § 26-504.07 ; and
    (K) Perform any other duties, or authorize any other actions, that are not inconsistent with this subchapter or the District credit union's bylaws.
  (2) The board of directors shall:
    (A) Establish policies under which the District credit union may borrow, lend, and invest money to carry on the functions of the District credit union;
    (B) Act upon applications for membership in the District credit union;
    (C) Establish the loan policies under which loans may be approved;
    (D) Determine the amount that may be loaned to a member together with the terms and conditions of the loan;
    (E) Declare dividends on shares and set the rate of interest on deposits; and
    (F) Approve the charge-off of District credit union losses.
(b) The duties listed in subsection (a)(1) of this section shall not be delegated by the District credit union's board of directors. The duties listed subsection (a)(2) of this section may be delegated to a committee, officer, or employee of the District credit union with appropriate reporting to the board.
D.C. Code § 26-1401.24 — DC Code / Title 26 / Chapter 14 / § 26-1401.24
§ 26-1401.24. Conservator; rights, powers, and privileges.
Status: in_force

(a) Subject to the supervision of the Commissioner, the conservator shall take possession of the books, records, and assets of the bank and shall take any action necessary to conserve the assets of the universal bank pending further disposition of the business of the universal bank as provided by law.
(b) Subject to Superior Court approval and under the supervision of the Commissioner, the conservator shall:
  (1) Take possession of the books, records, and assets of the universal bank and collect all debts, dues, and claims belonging to the universal bank;
  (2) Sue, defend, compromise, arbitrate, or otherwise settle claims involving the universal bank;
  (3) Sell real and personal property if necessary to conserve the assets of the bank;
  (4) Exercise all fiduciary functions of the universal bank;
  (5) Pay all administrative expenses of the conservatorship, which expenses shall be a first charge upon the assets of the universal bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;
  (6) Pay the debts of the universal bank if the conservator determines that payment of the debts is in the best interests of the universal bank;
  (7) Have all the powers of the directors, officers, and shareholders of the universal bank as necessary to support an action taken on behalf of the universal bank; and
  (8) Hold title to all the bank’s property, contracts, and rights of action.
(c) Subject to Superior Court approval and under the supervision of the Commissioner the conservator may:
  (1) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the conservator considers necessary or expedient to assist in the performance of the conservator’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or
  (2) Exercise any other power and duty authorized by the Superior Court.
(d) Unless otherwise provided by law, a conservator, other than a conservator who is an employee of the Department and acting in his or her official capacity, shall post a bond in an amount to be determined by the Superior Court.
(e) The conservator shall, on a regular basis, report to the Commissioner regarding all matters involving the conservatorship.
D.C. Code § 26-1312 — DC Code / Title 26 / Chapter 13 / § 26-1312
§ 26-1312. Stock, property, and liability to be security when fiduciary.
Status: in_force

When any court shall appoint the said company a trustee, receiver, personal representative, special administrator, or such guardian or committee, or shall order the deposit of money or other valuable with said company, or where any individual or corporation shall appoint any of said companies a trustee, executor, assignee, or such guardian, the capital stock of said company subscribed for or taken, and all property owned by said company, together with the liability of the stockholders and officers as herein provided, shall be taken and considered as the security required by law for the faithful performance of its duties, and shall be absolutely liable in case of any default whatever.
D.C. Code § 26-317 — DC Code / Title 26 / Chapter 3 / § 26-317
§ 26-317. Limitations on fees for cashing checks.
Status: in_force

(a) (1) Beginning January 1, 2011, no licensee under this chapter shall directly or indirectly charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of:
    (A) Two percent of the face amount of the payment instrument or $3, if the payment instrument is issued by the federal government or a state or local government;
    (B) Ten percent of the face amount of a payment instrument or $5, if the payment instrument is a personal check or money order; or
    (C) Four percent of the face amount of the payment instrument or $5, for any other type of payment instrument.
  (2) A licensee may charge a customer an additional one-time membership fee not to exceed $5.
(b) The fees for cashing a check shall be evidenced by a receipt. Such receipt shall be presented to the purchaser upon completion of the transaction.
D.C. Code § 26-831.18 — DC Code / Title 26 / Chapter 8A / § 26-831.18
§ 26-831.18. Conservator; appointment; bond and security; qualifications; expenses.
Status: in_force

(a) If any of the grounds under § 26-833.12 authorizing the request for the appointment of a receiver exist or if the Commissioner determines that it is necessary to conserve the assets of a merchant bank for the benefit of the depositors, investors, or other creditors of the bank or for the benefit of the general public, the Commissioner may petition the Superior Court to appoint a conservator for a merchant bank.
(b) The Department shall be reimbursed out of the assets of the conservatorship, for all sums expended by the Department in connection with the conservatorship.
(c) All expenses of a conservatorship shall be paid out of the assets of the merchant bank upon the approval of the Commissioner, shall be a first charge upon the assets of the merchant bank, and shall be paid in full before a final distribution or payment of dividends to creditors or shareholders of the merchant bank.
D.C. Code § 26-551.07 — DC Code / Title 26 / Chapter 5B / § 26-551.07
§ 26-551.07. Members of the Financial Institutions Advisory Board; compensation.
Status: in_force

(a) The Board shall be comprised of 15 members. The Mayor shall, with the advice and consent of the Council, appoint 13 members to the Board. The Mayor shall appoint to the Board a representative of a general banking industry association for the District; a representative of a general trade or commerce industry association; 2 certified public accountants; and 2 representatives of consumer interests. The Mayor shall appoint members who have a strong interest in the District’s financial institutions industry.
(b) The Commissioner of the Department shall be an ex-officio member of the Board.
(c) The Commissioner shall be the Chair of the Board.
(d) The term of an appointed member of the Board shall be 3 years; provided, that of the first members appointed to the Board, 4 members shall be appointed to an initial term to end one year after June 9, 2001, 4 members shall be appointed to an initial term to end 2 years after June 9, 2001, and 5 members shall be appointed to an initial term to end 3 years after June 9, 2001.
(e) At the end of the term of an appointed member, the appointed member may continue to serve until a successor is confirmed.
(f) An appointed member of the Board shall be eligible for reappointment.
(g) A person appointed to complete the term of a departing member of the Board shall serve for the unexpired term of the original appointment and until a successor is confirmed. A person appointed to complete the term of a departing member of the Board may be reappointed to one or more additional terms.
(h) A member of the Board, before assuming the duties of Board membership, shall take and subscribe an oath to perform the duties of the office faithfully, impartially, and justly to the best of the member’s ability. A record of the oath shall be filed in the office of the Special Assistant to the Mayor for Boards and Commissions.
(i) The Mayor may remove a member of the Board for failing to establish or maintain District residency or for misconduct, neglect of duty, or other cause. If a member of the Board is indicted for the commission of a felony, the member shall be automatically suspended from serving on the Board; provided, that upon (1) a final determination of guilt, or (2) a final determination of innocence or other termination of the proceeding without a determination of guilt, the term of the Board member shall be automatically terminated or reinstated, respectively.
(j) A member of the Board shall not receive compensation, but shall be entitled to reimbursement for travel and incidental expenses.
D.C. Code § 26-509.01 — DC Code / Title 26 / Chapter 5 / § 26-509.01
§ 26-509.01. Voluntary Liquidation.
Status: in_force

(a) A District credit union may, by a 2/3 vote of the board of directors and in the manner described in this section, elect to voluntarily dissolve and liquidate its affairs.
(b) The board shall notify the Commissioner of its vote to voluntarily dissolve and liquidate its affairs no later than 10 days after the vote. The notification shall be in writing and set forth the reasons for the proposed liquidation and a plan for liquidation, including any suspension of:
  (1) Payments on accounts;
  (2) Withdrawals of funds;
  (3) Transfers to loan accounts;
  (4) Investments;
  (5) New loans; or
  (6) Other similar financial transactions.
(c) Upon documentation that the District credit union has complied with this section, the Commissioner shall certify that the District credit union has complied with this section and shall forward a copy of the certification to the District credit union.
(d) The terms and conditions of a liquidation plan approved under this section shall go into effect immediately upon approval by the District credit union's members, pursuant to subsection (e) of this section.
(e) Voluntary liquidation requires approval by a vote of 2/3 of the members present, either in person, by mail ballot, or by electronic means, at a regular meeting that specifically included the liquidation issue on the notice or by a special meeting called specifically to vote on the liquidation issue with a minimum of 25% of the total membership voting. When authorization for liquidation is to be obtained at a meeting of the members, notice in writing shall be given to each member, by first-class mail, at least 10 days, but not more than 30 days, prior to the meeting.
(f) If liquidation is approved, the board of directors shall appoint a liquidating agent or committee for the purpose of conserving and collecting the assets, closing the affairs of the District credit union, and distributing the assets as required by this subchapter .
(g) A liquidating District credit union shall continue in existence for the purpose of discharging its debts, collecting on loans, distributing its assets, and doing all acts necessary to terminate operations. The liquidating District credit union may sue and be sued for the purpose of enforcing debts and obligations until the liquidating District credit union's affairs are fully concluded.
(h) The liquidating agent or committee shall distribute the assets of the District credit union or the proceeds of any disposition of the assets in the sequence described in § 26-510.05(b) .
(i) (1) The liquidating agent shall execute a certificate of dissolution when the liquidating agent or committee determines that all assets from which there is a reasonable expectancy of recovery have been liquidated and distributed as set forth in this section. The certificate of dissolution shall be executed on a form prescribed by the Commissioner and filed, together with all pertinent books and records of the liquidating District credit union, with the Commissioner.
  (2) The liquidating agent or committee shall, within 3 years after issuance of a certificate of dissolution, discharge the debts of the District credit union, collect and distribute its assets, and do all other acts required to windup its business.
(j) (1) The Commissioner may issue a cease and desist order against the liquidating agent or committee and appoint a new liquidating agent to complete the liquidation under the Commissioner's direction and control if the Commissioner determines that the liquidating agent or committee has failed to make reasonable progress toward liquidating the District credit union's affairs and distributing its assets, or has violated this subchapter .
  (2) The Commissioner shall fill any vacancy caused by the resignation, death, illness, removal, desertion, or incapacity to function of the Commissioner's appointed liquidating agent.
(k) Any funds that represent unclaimed dividends and shares in liquidation at the end of the liquidation shall remain in the hands of the board of directors, the liquidating agent, or committee, and shall be deposited by them, together with all the District credit union's books and papers, with the Commissioner. The Commissioner shall deposit the funds with the D.C. Treasurer.
D.C. Code § 26-212 — DC Code / Title 26 / Chapter 2 / § 26-212
§ 26-212. Repayment of advances.
Status: in_force

A shareholder who has been advanced may at any time repay his advance upon application to the corporation, whereupon, on settlement of his account, he shall be charged with the full amount of the advance and of the accrued installments of the premium, if that has been added to the advancement and made payable in instalments, together with all monthly dues, interest, and fines accrued and charged, and shall receive credit for all monthly dues paid on his shares and the profits thereon the same as are allowed under the bylaws on shares withdrawn not advanced upon, and, if the premium has been deducted in advance, with such proportion of the premium as the bylaws may direct, and the balance remaining due, over and above such credits, shall be received by said corporation in satisfaction and discharge of said advance; provided, that in case of the insolvency of the association, he shall not be entitled to credit for the full amount of dues paid by him, but shall only be entitled to a dividend upon said amount, in common with the nonadvanced shareholders.
D.C. Code § 26-642 — DC Code / Title 26 / Chapter 6A / § 26-642
§ 26-642. Voluntary dissolutions; involuntary dissolutions and liquidations.
Status: in_force

(a) An international banking corporation that proposes to terminate the operation in the District of Columbia of an international branch, an international agency, or an international representative office in the District of Columbia shall comply with all procedures as the Commissioner may prescribe, by regulation, to ensure an orderly cessation of activities in a manner that is not harmful to the public interest and shall surrender its license to the Commissioner or its right to maintain an office in the District of Columbia, as applicable.
(b) (1) If an international banking corporation licensed to maintain an international branch, an international agency, or an international representative office in the District of Columbia is dissolved or its authority or existence is otherwise terminated or canceled in the jurisdiction of its incorporation, the international banking corporation shall deliver, within 10 days thereafter, to the Commissioner a certificate of the official responsible for records of banking corporations of the jurisdiction of incorporation of the international banking corporation attesting to the occurrence of this event or a certified copy of an order or decree of a court of the jurisdiction directing the dissolution of the international banking corporation, the termination of its existence, or the cancellation of its authority. The filing of the certificate, order, or decree shall have the same effect as the revocation of the license of the international banking corporation as provided in this chapter. The Commissioner shall serve as agent of the international banking corporation upon whom process may be served in an action based upon a liability or obligation incurred by the international banking corporation within the District of Columbia before the filing of the certificate, order, or decree. The Commissioner shall promptly cause a copy of the process to be mailed by registered or certified mail, return receipt requested, to the international banking corporation at its office address as it appears on the records of the Department.
  (2) (A) The Commissioner may, at the Commissioner’s discretion, take possession of the business and property in the District of Columbia of a international banking corporation that has been licensed to operate in the District of Columbia upon finding that (i) the corporation’s international branch or agency operating in the District of Columbia has violated any law, (ii) has neglected or refused to comply with the terms of a duly issued order of the Commissioner, (iii) is insolvent, will imminently become insolvent, or is transacting business in an unsound, unsafe, or unauthorized manner such that the corporation is threatened with imminent insolvency, or (iv) the corporation is in liquidation at its domicile or elsewhere. Title to the business and property shall vest by operation of law in the Commissioner upon taking possession. Thereafter, the Commissioner shall liquidate or otherwise deal with such business and property in accordance with the provisions of this chapter and any other laws relating to the liquidation of banking corporations within the District of Columbia.
    (B) (i) Upon the Commissioner’s taking possession of the business and property in the District of Columbia of the banking office of an international banking corporation whose deposit liabilities in the District of Columbia are not insured by the Federal Deposit Insurance Corporation, the amounts deposited under this chapter shall become the property of the Commissioner, free and clear of any and all liens and other claims, and shall be held in trust for the depositors of such banking office. The Commissioner may, without regard to any priorities, preferences, or adverse claims and without obtaining the approval of a court, sell the property and, as soon as practicable, distribute the proceeds to the depositors on a pro rata basis; provided, that no depositor shall receive an amount in excess of his account balance.
      (ii) For purposes of this subparagraph, the term “depositor” shall not include any other office or branch of, or a wholly-owned (except for a nominal number of directors’ shares) subsidiary of, the international banking corporation, but shall include a person to whom such banking office is indebted by virtue of money or its equivalent received by the banking office for which it has:
        (I) Given credit, or is obligated to give credit, to a time or demand deposit or which is evidenced by a check or draft against a deposit account and certified by the banking office;
        (II) Issued a letter of credit for cash or a traveler’s check on which the banking office is primarily liable; or
        (III) Issued an outstanding draft (including advice or authorization to charge the banking office’s balance at another bank), cashier’s check or money order, or other officer’s check.
D.C. Code § 26-1117 — DC Code / Title 26 / Chapter 11 / § 26-1117
§ 26-1117. Evasive business tactics.
Status: in_force

(a) If the Commissioner finds that the conduct of any other business conceals a violation or evasion of this chapter, any rule or regulation adopted under this chapter, or any law regulating mortgage loan lending in the District, the Commissioner may issue a written order to a licensee or person required to be licensed under this chapter to:
  (1) Stop doing business at any place in which the other business is conducted or solicited; or
  (2) Stop doing business in association or conjunction with the other business.
(b) A licensee or person required to be licensed under this chapter who violates an order of the Commissioner issued under this section shall be subject to the penalties provided by § 26-1118 .
(c) The Commissioner may request the Attorney General of the District of Columbia to take appropriate action for the enforcement of an order issued under this section.
D.C. Code § 26-1161.05 — DC Code / Title 26 / Chapter 11B / § 26-1161.05
§ 26-1161.05. Confidential information.
Status: in_force

To assist in the performance of the Commissioner’s duties under this chapter, the Commissioner may:
(1) Share documents, materials, or other information, including confidential and privileged documents, materials, or information subject to this chapter, with state, federal, and international regulatory agencies and law enforcement authorities, and with the CSBS, SRR, and NMLS, or their affiliates or subsidiaries; provided, that the recipient agrees to maintain the confidentiality and privileged status of the documents, materials, or other information;
(2) Receive documents, materials, or information, including confidential and privileged documents, materials, or other information, from state, federal, and international regulatory agencies or law enforcement authorities or from the CSBS, SRR, and NMLS or their affiliates or subsidiaries, and shall maintain as confidential or privileged any documents, materials, or other information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the documents, materials, or other information;
(3) Enter into agreements for sharing and using confidential information consistent with this chapter;
(4) Authorize a national criminal background check and submission of fingerprints and other identifying information submitted through the NMLS and receive criminal history record information from the NMLS, the Metropolitan Police Department, and the Federal Bureau of Investigation for the purposes of facilitating determinations regarding eligibility for licensure or registration under the Banking Code; and
(5) Contract with a third party, including the SRR, or the CSBS, or their affiliates or subsidiaries, to perform any functions, including the collection of licensing, registration, and processing fees, collection of contact information and other identifying information, fingerprints, written consent to a criminal background check, personal history and experience, and conduct of examinations-related activities covered under the Banking Code, that the Commissioner may consider appropriate.
D.C. Code § 26-1308 — DC Code / Title 26 / Chapter 13 / § 26-1308
§ 26-1308. Reports to Superintendent of Banking and Financial Institutions.
Status: in_force

All companies organized under this chapter, or which shall, under the provisions of this chapter, become entitled to transact the business of a trust company, shall report to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] pursuant to subchapter I of Chapter 7 of this title .
D.C. Code § 26-551.08 — DC Code / Title 26 / Chapter 5B / § 26-551.08
§ 26-551.08. Organization and operation of the Board.
Status: in_force

(a) The Board shall be organized, shall operate, and may establish committees under such rules and bylaws as the Board establishes.
(b) The Board shall meet at least twice a year and at the call of the Commissioner.
D.C. Code § 26-1106 — DC Code / Title 26 / Chapter 11 / § 26-1106
§ 26-1106. Rejection of license application.
Status: in_force

(a) (1) If an applicant does not meet the requirements of § 26-1103 , the Superintendent [Commissioner] shall:
    (A) Immediately notify the applicant in writing of this fact;
    (B) Return the bond filed under § 26-1103 ; and
    (C) Refund the license fee.
  (2) The Superintendent [Commissioner] shall, subject to the appropriations process, keep the investigation fee and application fee.
(b) Within 30 days after the Superintendent [Commissioner] denies an application, the Superintendent [Commissioner] shall:
  (1) Issue a written decision containing the reasons upon which the denial was based;
  (2) Send a copy of the decision to the applicant; and
  (3) Advise the applicant of a right to a hearing which shall be held in accordance with subchapter I of Chapter 5 of Title 2 .
(c) (1) An applicant who seeks a hearing on a license application denial shall file a written request for a hearing within 45 days following receipt of the written decision for denial.
  (2) A hearing date established in response to the filing of a notice under this subsection may be postponed only once for a period of up to 30 days after the initial hearing date.
D.C. Code § 26-507.06 — DC Code / Title 26 / Chapter 5 / § 26-507.06
§ 26-507.06. Participation loans.
Status: in_force

(a) A District credit union may participate in loans to District credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors.
(b) If the aggregate amount of participation loans exceeds the District credit union's lending limitations, the District credit union may originate the participation loans only on a non-recourse basis. An interest in a participation loan may be negotiated to another credit union, credit union organization, or other approved organization.
(c) A member benefiting from the proceeds of a participation loan need not be a member of every credit union participating in the loan.
D.C. Code § 26-1332 — DC Code / Title 26 / Chapter 13 / § 26-1332
§ 26-1332. Copy of certificate as evidence.
Status: in_force

A copy of any certificate of incorporation filed in pursuance of this chapter, certified by the Recorder of Deeds to be a true copy and the whole of such certificate, shall be received in all courts and places as presumptive legal evidence of the facts therein stated.
D.C. Code § 26-737 — DC Code / Title 26 / Chapter 7 / § 26-737
§ 26-737. Interstate merger transactions by an out-of-state bank with a District bank; retention of branches by resulting bank.
Status: in_force

(a) A District bank may engage with an out-of-state bank (“applicant”) in an interstate merger transaction where the resulting bank is not a District state bank. The resulting bank from such an interstate merger transaction may maintain and operate the branches in the District of the merged District bank, provided the applicant meets the following requirements:
  (1) Submits to the Superintendent [Commissioner] a copy of the application it files with its home state regulator or with the federal banking agency in order to consummate such merger within the District;
  (2) Pays a merger fee to be determined by the Superintendent [Commissioner]. This fee may be waived by the Superintendent [Commissioner] if the Superintendent [Commissioner] determines that the fee paid by the applicant in its home state is sufficient;
  (3) Prior to consummation of such merger, obtains a certificate of authority to transact business in the District in accordance with § 29-101.99 . The applicant shall be entitled to do so notwithstanding the exclusion of the business of banking under the terms of § 29-101.99(a) ; and
  (4) In the case of an interstate merger transaction to be consummated prior to June 1, 1997, the laws of the home state of the applicant permit District banks to consummate interstate merger transactions in the home state under terms similar to those set forth in this subchapter.
(b) An out-of-state state bank that engages in an interstate merger transaction with a District bank and is the resulting bank may exercise at its branches in the District all rights and powers to be exercised by District state banks, unless the out-of-state state bank’s home state determines that the exercise of such rights or powers would threaten the safety and soundness of the out-of-state state bank.
D.C. Code § 26-531 — DC Code / Title 26 / Chapter 5A / § 26-531
§ 26-531. Definitions.
Status: in_force

For purposes of this chapter, the term:
(1) “Account” means a demand deposit account, checking or negotiable withdrawal order account, savings account, time deposit account, or money-market mutual fund account.
(2) “Financial institution” means the institution as defined in section 469A(d)(1) of the Social Security Act, approved August 22, 1996 (110 Stat. 2105; 42 U.S.C. § 669A(d)(1)).
(3) “IV-D agency” means the organizational unit of the District government, or any successor organizational unit, that is responsible for administering or supervising the administration of the District’s State Plan under title IV, part D of the Social Security Act, approved January 4, 1975 (88 Stat. 2351; 42 U.S.C. § 651 et seq.), pertaining to parent locator services, paternity establishment, and the establishment, modification, and enforcement of support orders.
D.C. Code § 26-1004 — DC Code / Title 26 / Chapter 10 / § 26-1004
§ 26-1004. License qualifications.
Status: in_force

(a) Each licensee under this chapter shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $50,000 per location or authorized delegate located in the District of Columbia, as applicable. The maximum net worth required for all locations shall not exceed $500,000.
(b) Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be registered or qualified to do business in the District of Columbia.