D.C. Code § 26-635 — DC Code / Title 26 / Chapter 6A / § 26-635
§ 26-635. Scope of license; permissible activities of international banking corporations.
Status: in_force

(a) (1) An international banking corporation licensed by the Commissioner may engage in the business authorized by this chapter only at the office specified in the license. A license issued under this chapter shall not be transferable or assignable; provided, that the location of an international banking corporation office may be changed after notification of the Commissioner as required by regulation. The license shall at all times be conspicuously displayed in the place of business specified in the license.
  (2) An international banking corporation licensed under this chapter shall, whenever its articles of incorporation are amended, immediately file with the Commissioner a copy of the amendment duly authenticated by the proper officer of the country under which the international banking corporation was organized. The filing of the amendment shall not:
    (A) Enlarge or alter the purpose for which the international banking corporation is authorized to transact banking business or representational activities in the District of Columbia;
    (B) Authorize the international banking corporation to transact banking business or representational activities in the District of Columbia in any other name than the name set forth in its license; or
    (C) Extend the duration of its corporate existence.
  (3) An international banking corporation licensed under this chapter shall apply to the Commissioner to secure an amended license if it changes its corporate name, changes the duration of its corporate existence, or desires to pursue a different or additional purpose which is not set forth in its prior application for a license. The requirements with respect to the form and contents of the application, the manner of its execution, the filing of duplicate originals of the application with the Commissioner, the issuance and effect of an amended license, and the recording of the amended license shall be the same as in the case of an original application for a license.
  (4) An international banking corporation desiring to convert an existing international banking corporation office to an international banking corporation office of a different type shall submit to the Commissioner an application on a form that the Commissioner shall prescribe, which application shall be accompanied by all of the information and documents that are required for the license sought.
  (5) Nothing in the laws of the District of Columbia shall restrict the right of a District of Columbia-licensed international agency, international branch, or international financing corporation to convert to a federal license or charter upon compliance with the laws of the United States. Upon completion of any such conversion, the District of Columbia license shall be surrendered to the Commissioner.
  (6) An international banking corporation desiring to convert a federal international bank office or corporation organized under section 25A of the Edge Act into an international banking corporation office operating under the provisions of this chapter shall meet the minimum criteria of the District of Columbia-chartered form into which it is converting.
(b) (1) (A) An international banking corporation that meets the requirements of § 26-634 may, with the approval of the Commissioner, establish one or more international branches in the District of Columbia. An international branch shall have the same rights and privileges as a bank organized under the District of Columbia Banking Code, including the right to receive deposits and exercise fiduciary powers. The operations of an international branch shall be conducted under regulations determined by the Commissioner as necessary to ensure compliance with the provisions of the District of Columbia Banking Code. The regulations shall include requirements for the maintenance of accounts and records separate from those of the international banking corporation of which it is a branch. An application to establish an international branch shall be made under § 26-636 .
    (B) An international banking corporation may operate more than one international branch in the District of Columbia, each at a different place of business; provided, that each branch office shall be separately licensed to transact a banking business, or any part of a banking business, under this chapter.
  (2) (A) An international agency licensed under this chapter may make any loan, extension of credit, or investment which it could make if chartered and operating as a bank organized under the laws of the District of Columbia.
    (B) An international agency shall not receive deposits in the District of Columbia other than:
      (i) Deposits of a foreign nation, an agency or instrumentality of a foreign nation, or a person who resides in, is domiciled in, and maintains its, or his or her, principal place of business in, a foreign nation. For purposes of this subparagraph, the term “person” means an individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, or any other organization (or any branch or division thereof);
      (ii) Interbank deposits, interbank borrowing, or similar interbank obligations; or
      (iii) International banking facility time deposits as defined in § 47-1801.04(31) .
    (C) An international agency may maintain in the District of Columbia, for the account of others, credit balances necessarily incidental to, or arising out of, the exercise of its authority.
    (D) Upon approval of an application by the Commissioner under § 26-636 , an international agency may act as a fiduciary and exercise trust powers subject to the same requirements, and in the same manner, as the trust business of a District of Columbia trust company or a District of Columbia bank with trust powers.
    (E) An international banking corporation may operate more than one international agency in the District of Columbia, each at a different place of business; provided, that each agency office shall be separately licensed to transact a banking business or any part of a banking business, under this chapter.
(c) Subject to the provisions of this chapter, an international representative office may act in the District of Columbia in a liaison capacity with existing and potential customers of an international banking corporation and its subsidiaries and affiliates. It may, through its employees or agents, solicit loans; assemble credit information; make proprietary inspections and appraisals; assist in completing loan applications and other preliminary paperwork in preparation for making a loan; administer personnel and operations; engage in data processing or recordkeeping activities; provide information to customers concerning their accounts; answer questions; receive applications for extensions of credit and other banking services; transmit documents on behalf of customers; make arrangements for customers to transact business on their accounts; service loans or extensions of credit and investments; solicit, but not accept, deposits; and engage in such other activities as the Commissioner may approve by order or regulation. An international representative office may not conduct any banking business, or part of a banking business, in the District of Columbia.
(d) An international banking corporation may, with the approval of the Commissioner under the District of Columbia Banking Code, acquire control over or organize a bank organized under the laws of the District of Columbia. For the purposes of this section, the term “bank” shall have the same meaning as set forth in section 2(c) of the Bank Holding Company Act of 1956, approved May 9, 1956 (70 Stat. 133; 12 U.S.C. § 1841(c)).
(e) A bank established by an international banking corporation and chartered outside the District of Columbia may establish a branch in the District of Columbia; provided, that the branch shall be subject to the same laws, rules, regulations, and oversight as a bank branch of a domestic financial institution chartered outside the District of Columbia.
(f) An international banking corporation that has established a branch, agency, or representative office outside the District of Columbia may establish and operate, directly or indirectly, an international branch, an international agency, or an international representative office in the District of Columbia in accordance with applicable District of Columbia law.
(g) An international financing corporation established under this chapter shall directly engage only in those activities permissible for corporations organized under the Edge Act. Subject to the prior approval of the Commissioner and to such limitations as the Commissioner shall prescribe by regulation, the fact that an international financing corporation invests in shares of, and owns or controls, an Edge Act corporation, an international banking corporation, or a company engaged in financial activities outside the United States, or establishes and operates branches, representative offices, and similar banking facilities in foreign countries, shall not prohibit their operation in the District of Columbia.
(h) This chapter shall not be construed to prohibit an international banking corporation which does not maintain an office in the District of Columbia from transacting the following business:
  (1) (A) Making loans in the District of Columbia secured by mortgages on real property; or
    (B) Contracting in the District of Columbia with a banking institution engaged in the business of banking under the laws of the District of Columbia to acquire from or through such banking institution a part or the entire interest in:
      (i) A loan or evidence of debt which such banking institution has made, purchased, or acquired, or will make, purchase, or acquire, for its own account or otherwise; and
      (ii) A like interest in any security and any security instrument proposed to be given, or previously or subsequently given, to secure or evidence such loan or evidence of debt;
  (2) Enforcing in the District of Columbia obligations previously or subsequently acquired by it in the transaction of business outside the District of Columbia or in the transaction of business authorized by this section; or
  (3) Acquiring, holding, leasing, mortgaging, contracting with respect to, or otherwise protecting or conveying property in the District of Columbia previously or subsequently assigned, transferred, mortgaged, or conveyed to it as security for, or in whole or part satisfaction of, a loan made by it or an obligation acquired by it in the transaction of business outside the District of Columbia or in the transaction of business authorized by this section.
D.C. Code § 26-904 — DC Code / Title 26 / Chapter 9 / § 26-904
§ 26-904. Register to be kept; contents; inspection; annual statements.
Status: in_force

Every person, firm, voluntary association, joint-stock company, incorporated society, or corporation conducting such business shall keep a register, approved by said Mayor, showing in English, the amount of money loaned, the date when loaned and when due, the person to whom loaned, the property or thing named as security for the loan, where the same is located and in whose possession, the amount of interest, all fees, commissions, charges, and renewals charged, under whatever name. Such register shall be open for inspection to the said Mayor, his officers and agents, on every day, except Sundays and legal holidays, between the hours of 9:00 in the forenoon and 5:00 in the afternoon. Every such person, firm, voluntary association, joint-stock company, incorporated society, or corporation conducting such business shall, on or before the 20th day of January of each year, make to the said Mayor an annual statement in the form of a trial balance of its books on the 31st day of December in each year, specifying the different kinds of its liabilities and the different kinds of its assets, stating the amount of each, together with such other information as may be called for.
D.C. Code § 26-1202 — DC Code / Title 26 / Chapter 12 / § 26-1202
§ 26-1202. Authorization of regional acquisitions.
Status: in_force

(a) A regional association, regional savings and loan holding company, District association, or District savings and loan holding company may acquire a District association or District savings and loan holding company on the approval of the Superintendent [Commissioner], if and only if, each of the following requirements is met:
  (1) The laws of the state in which the regional association or regional savings and loan holding company making the acquisition has its principal place of business permit the regional association or regional savings and loan holding company to be acquired by the District association or District savings and loan holding company sought to be acquired;
  (2) Either the District association sought to be acquired has been in existence and continuously operating for more than 2 years or all of the District association subsidiaries of the District savings and loan holding company sought to be acquired have been in existence and continuously operating for more than 2 years, if the acquisition is by a regional association or regional savings and loan holding company. A regional association or regional savings and loan holding company may acquire an association or savings and loan holding company organized solely for the purpose of facilitating the acquisition of a District association that has been in existence and continuously operating for more than 2 years or a District savings and loan holding company, all of the District association subsidiaries of which have been in existence and continuously operating for more than 2 years;
  (3) The acquisition complies with conditions, restrictions, requirements, or other limitations that would apply to the acquisition by a District association or District savings and loan holding company of an association or savings and loan holding company located in the state in which the regional association or regional savings and loan holding company making the acquisition has its principal place of business, but that would not apply to the acquisition by an association or savings and loan holding company, all of whose branches or association subsidiaries are located in that state, if the acquisition is by a regional association or regional savings and loan holding company; and
  (4) The acquisition, when the acquisition results in a regional association, will not be prejudicial to the interests of the depositors, members, or shareholders of an acquired District association or the general public upon consideration of, at least, the following factors:
    (A) The character, experience, and financial responsibility of the association or savings and loan holding company seeking to make the acquisition, its directors and officers, if applicable, and any proposed new directors and officers to control and operate a District association or District savings and loan holding company; and
    (B) The future prospects and stability of the association or savings and loan holding company sought to be acquired.
(b) Subject to the provisions of this section, a District association organized under the laws of the District may apply to the Superintendent [Commissioner] to consolidate or merge with, transfer all or substantially all of its assets to, or effect a statutory merger with a regional association.
(c) (1) A regional association or a regional savings and loan holding company having a District association subsidiary, a District saving and loan holding company subsidiary, or branches in the District, acquired other than pursuant to an emergency supervisory acquisition under federal law or resulting from the regular course of securing or collecting a debt previously contracted in good faith, may apply to the Superintendent [Commissioner] to acquire another District association or a District savings and loan holding company on the approval of the Superintendent [Commissioner] and appropriate federal authorities.
  (2) The approval of the Superintendent [Commissioner] shall be subject to any laws and regulations applicable to the acquisition of District associations and District savings and loan holding companies by an association or savings and loan holding company whose branches, association subsidiaries, or association subsidiary branches are located in the District.
D.C. Code § 26-1319 — DC Code / Title 26 / Chapter 13 / § 26-1319
§ 26-1319. Annual reports — Liability of directors or trustees.
Status: in_force

If any company fails to comply with the provisions of § 26-1318 , all the directors or trustees of such company shall be jointly and severally liable for the debts of the company then existing and for all that shall be contracted before such report shall be made; provided, that in case of failure of the company in any year to comply with the provisions of § 26-1318 , and any of the directors shall, on or before January 15th of such year, file his written request for such compliance with the secretary of the company, the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], and the Recorder of Deeds of the District of Columbia, such director shall be exempt from the liability prescribed in this section.
D.C. Code § 26-107 — DC Code / Title 26 / Chapter 1 / § 26-107
§ 26-107. Restriction on use of words “bank” and “trust company”; violations.
Status: in_force

(a) No corporation, association, partnership, or individual shall carry on any business in the District of Columbia under any name or title containing the word “bank” or the words “trust company” unless:
  (1) The business is being carried on under the name or title on March 4, 1933;
  (2) The business is carried on under the supervision of the Comptroller of the Currency and the name or title is approved by the Comptroller of the Currency; or
  (3) The business is carried on under the supervision of the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] and the name or title is approved by the Superintendent of Banking and Financial Institutions [Commissioner].
(b) Any individual who, or corporation, association, or partnership which, violates any of the provisions of this section, and any officer of any such corporation or association and any officer or member of any such partnership, who assents to any such violation, shall, upon conviction thereof, be fined not more than $5,000.
D.C. Code § 26-104 — DC Code / Title 26 / Chapter 1 / § 26-104
§ 26-104. Liability of shareholders — Individual responsibility; applicable federal provisions.
Status: in_force

(a) The shareholders, on March 4, 1933, of every savings bank or savings company other than building associations organized under authority of any act of Congress to do business in the District of Columbia, and of every banking institution organized by virtue of the laws of any of the states of this Union to do or doing a banking business in the District of Columbia, shall be held individually responsible, equally and ratably, and not one for another for all contracts, debts, and engagements of such savings bank, savings company, or banking institution, entered into or incurred subsequent to March 4, 1933, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares. The words “entered into or incurred” as used in this section, shall be held to include any extension or renewal of any contracts, debt, and engagement renewed or extended after March 4, 1933.
(b) The provisions of §§ 55, 62, 65 [repealed], 67, 191 to 194, 197, and 198 to 200 of Title 12, United States Code, are extended to apply to any bank, savings bank, or trust company organized, hereafter organized, or doing a banking business in the District of Columbia and to the shareholders of such institutions, except as limited by the provisions of subsection (a) of this section; provided, however, that the provisions of § 26-101 shall not be construed to be repealed by this section but shall have application to the banks, savings banks, savings companies, other than building associations, and trust companies embraced within this section; provided, further, that the District of Columbia Regional Interstate Banking Act of 1985 [ D.C. Law 6-107 ] Amendments Act of 1985 shall apply to banks which are not national banks.
(c) That portion of § 1348 of Title 28, United States Code, as amended, applying to suits against national banking associations shall be extended and shall apply to all actions arising under the provisions of this section.
D.C. Code § 26-505.06 — DC Code / Title 26 / Chapter 5 / § 26-505.06
§ 26-505.06. Limited liability of directors and officers.
Status: in_force

(a) No director or officer of a District credit union shall be liable, and no cause of action may be brought against a director or officer of a District credit union, for damages resulting from:
  (1) The exercise of judgment or discretion in connection with the duties or responsibilities of the director or officer unless the act or omission involved willful or wanton conduct; or
  (2) An act or omission in rendering official service unless the act or omission involved willful or wanton conduct.
(b) For the purposes of this section, the term "willful or wanton conduct" means a course of action that shows an actual or deliberate intention to cause harm or violate a statute, or, if not intentional, shows an utter indifference to, or conscious disregard for, the safety of others or their property.
(c) Nothing in this section is intended to bar any cause of action against a District credit union or to change the liability of a District credit union arising out of an act or omission of any director, officer, or person exempt from liability for negligence under this section.
(d) In discharging his or her duties, a director may rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:
  (1) One or more officers or employees of the District credit union whom the director reasonably believes to be reliable and competent in the matters presented;
  (2) Legal counsel, public accountants, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or
  (3) A committee of the board of directors of which the director is not a member if the director reasonably believes the committee merits confidence.
(e) A director may not rely on information, opinions, reports, or statements described in subsection (d) of this section if the director has knowledge concerning the matter in question that makes reliance on the information, opinion, report, or statement unwarranted.
(f) A director is not liable for any action taken as a director or for any failure to take any action if the director performed the duties of the director's office in compliance with this section.
D.C. Code § 26-1309 — DC Code / Title 26 / Chapter 13 / § 26-1309
§ 26-1309. Powers of companies; liability as trustee.
Status: in_force

All companies organized under this chapter are hereby declared to be corporations possessed of the powers and functions of corporations generally, and shall have power:
(1) To make contracts;
(2) To sue and be sued, plead and be impleaded, in any court as fully as natural persons;
(3) To make and use a common seal and alter the same at pleasure;
(4) To loan money; and
(5) When organized under clause (1) of § 26-1301 , to accept and execute trusts of any and every description which may be committed or transferred to them, and to accept the office and perform the duties of receiver, assignee, personal representative, special administrator, guardian of the estate of minors with the consent of the guardian of the person of such minor, and committee of the estates of people with mental illness or intellectual disabilities whenever any trusteeship or any such office or appointment is committed or transferred to them, with their consent, by any person, body politic or corporate, or by any court in the District of Columbia; and all such companies organized under clause (1) of § 26-1301 are further authorized to accept deposits of money for the purposes designated herein, upon such terms as may be agreed upon from time to time with depositors, and to act as agent for the purpose of issuing or countersigning the bonds or obligations of any corporation, association, municipality, or state, or other public authority, and to receive and manage any sinking fund on any such terms as may be agreed upon, and shall have power to issue its debenture bonds upon deeds of trust or mortgages of real estate to a sum not exceeding the face value of said deeds of trust or mortgages, and which shall not exceed 50 percent of the fair cash value of the real estate covered by said deeds or mortgages, to be ascertained by the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]; but no debenture bonds shall be issued until the securities on which the same are based have been placed in the actual possession of the trustee named in the debenture bonds, who shall hold said securities until all of said bonds are paid; and when organized under clause (2) of § 26-1301 said company is authorized to insure titles to real estate and to transact generally the business mentioned in said clause; and when organized under clause (3) of § 26-1301 said company is hereby authorized, in addition to the loan and mortgage business therein mentioned, to secure, guarantee, and insure individuals, bodies politic, associations, and corporations against loss by or through trustees, agents, servants, or employees, and to guarantee the faithful performance of contracts and obligations of whatever kind entered into by or on the part of any person or persons, association, corporation, or corporations, and against loss of every kind; provided, that any corporations formed under the provisions of this chapter when acting as trustee shall be liable to account for the amounts actually earned by the moneys held by it in trust in addition to the principal so held; but such corporation may be allowed a reasonable compensation for services performed in the care of the trust estate.
D.C. Code § 26-1153.05 — DC Code / Title 26 / Chapter 11A / § 26-1153.05
§ 26-1153.05. Assignee liability.
Status: in_force

(a) Any person who purchases or is otherwise assigned a covered loan shall be subject to all claims and defenses with respect to the covered loan that the borrower could assert against the originator of the covered loan, unless the purchaser or assignee demonstrates, by a preponderance of the evidence, that a reasonable person exercising ordinary due diligence could not determine that the loan was a covered loan for the purposes of this chapter, based on:
  (1) The documentation required by § 26-1151.02 or subchapter II of this chapter ;
  (2) The itemization of the amount financed; and
  (3) Other disclosure of disbursements.
(b) Nothing in subsection (a) of this section shall affect the rights of a borrower under any other provision of this chapter.
(c) Notwithstanding any other provision of law, the relief provided under this section shall not exceed:
  (1) With respect to actions based upon a violation of this chapter, the amount of actual damages; and
  (2) With respect to all other causes of action, the sum of:
    (A) The amount of all remaining indebtedness; and
    (B) The total amount paid by the consumer in connection with the transaction, reduced by the amount of any damages awarded under paragraph (1) of this subsection.
(d) Any person who sells or otherwise assigns a covered loan shall include a prominent notice, in the form as provided by the Mayor pursuant to rules of the potential liability under this section.
D.C. Code § 26-1161.01 — DC Code / Title 26 / Chapter 11B / § 26-1161.01
§ 26-1161.01. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Applicant” means a person filing an initial or renewal application for licensure or registration under the Banking Code.
(2) “Application” means an initial or renewal application for licensure or registration under the Banking Code processed through the Department or its designee, such as the NMLS or any other person or third party prescribed by the Commissioner.
(3) “Banking Code” means the statutory provisions concerning banking and financial institutions that are codified in Title 26, laws administered by the Commissioner, and rules and regulations promulgated pursuant to those statutory provisions.
(4) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking.
(5) “Conference of State Bank Supervisors” or “CSBS” means the professional association of state officials responsible for chartering, regulating, and supervising state- chartered commercial and savings banks and state-licensed branches and agencies of foreign banks.
(6) “Department” means the Department of Insurance, Securities, and Banking.
(7) “Nationwide Mortgage Licensing System and Registry” or “NMLS” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, or their successors, for the licensing and registration of persons engaged in state-regulated financial service industries.
(8) “State Regulatory Registry, LLC” or “SRR” means the entity that owns and operates the NMLS, or its successor.
(9) “Unique identifier” means a number or other identifier assigned through protocols established by the NMLS.
D.C. Code § 26-1113 — DC Code / Title 26 / Chapter 11 / § 26-1113
§ 26-1113. Required loan disclosures.
Status: in_force

(a) (1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage or deed of trust on a single to 4-family home shall provide the borrower with a financing agreement executed by the lender.
  (2) The financing agreement shall provide:
    (A) The term and principal amount of the loan;
    (B) An explanation of the type of mortgage loan being offered;
    (C) The rate of interest that will apply to the loan and, if the rate is subject to change, or is a variable rate, or is subject to final determination at a future date based on some objective standard, a specific statement of those facts;
    (D) The points and all fees, if any, to be paid by the borrower or the seller, or both; and
    (E) The term during which the financing agreement remains in effect.
  (3) If all the provisions of the financing agreement are not subject to future determination, change, or alteration, the financing agreement shall constitute a final binding agreement between the parties as to the items covered by the financing agreement.
(a-1) (1) Within 3 business days of an application for a non-conventional mortgage loan, the licensee shall provide to the borrower the written disclosures executed by the lender that are required under this section.
  (2) No non-conventional mortgage loan shall be consummated unless the borrower has signed the disclosures required under this section and returned the disclosures to the mortgage lender.
  (3) The written disclosures required under this section shall be printed on a single page, front and back, and include the following:
  “Mortgage Disclosure Form
  “(A) Borrower(s) ..........
  “(B) Property Address ..........
  “(C) Lender ..........
  “(D) Lender Address ..........
  “(E) Lender Phone Number ..........
  “(F) Your loan is for $ ..........       , for a term of ..........       years. The final maturity date is ..........
  “Your beginning interest rate is ___       %. This rate is good for ___       months/years [circle one]. This rate and your payment can increase, starting on [date]       , and may continue to increase, depending on the terms of your mortgage.
  “(G) Beginning on ..........       , you will be charged at the fully-indexed rate, which is your margin (..........       %) plus an index value, which for you is ..........       . Estimating based on the current rate of the index, which is ..........       %, your monthly payment at the fully-indexed rate would be $ ..........       . While the index rate does vary, your mortgage provides that the fully-indexed rate will not rise above ..........       %. At that rate, your monthly payment would be $..........
  “(H) YOU HAVE INDICATED THAT YOUR GROSS MONTHLY INCOME IS $ ..........
  “(I) WARNING: Industry standards suggest that a homeowner should spend no more than 28% of his or her gross monthly income on mortgage costs (including taxes and insurance).
  “(J) $ ..........       /month = Your principal + initial interest + taxes and insurance.
  “(K) $ ..........       /month = Your principal + adjusted interest + taxes and insurance.
  “(L) $ ..........       /month = Your principal + maximum interest + taxes and insurance.
  “(M) $ ..........       /month = 28% of your current gross monthly income (the recommended limit).
  “(N) Your gross monthly income may rise or fall over time, but if either of the first 3 amounts exceeds the fourth, you may want to reconsider the suitability of this loan for your needs. You may cancel your mortgage application within 5 business days of receiving this form.
  “(O) Your mortgage carries a balloon payment. This means that on ......       , you will have to fully pay the remaining balance on the loan.
  “(P) Your loan has a prepayment penalty. This means that if you pay off your mortgage in the first ..........       years, you will have to pay a penalty of $ ..........       . If you refinance your mortgage in that period, you will be required to pay this amount.
  “(Q) See definitions of underlined terms on reverse side. DO NOT SIGN THIS IF YOU DO NOT UNDERSTAND IT!
  “....................
  “Lender’s Authorized Representative and date
  “....................
  “Borrower(s) and date.”
  (4) The disclosures required under this section shall be in the following form:
  (5) The Commissioner may prescribe, by rule, a different form for the written disclosures. The proposed rules shall be transmitted to the Council for a 60-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules by resolution within the 60-day review period, the proposed rules shall be deemed approved.
  (6) Certain definitions and explanations arising from the written disclosures required under this section shall be printed on a single page, front and back, and include the following:
  “Beginning interest rate: means the interest rate the borrower pays at the beginning of the loan. In many types of loans, this rate is good for only a few years and may increase significantly.
  “Fully indexed rate: is an indicator of what will happen to the interest rate on the loan and the monthly payments. It is today’s estimate of how high the interest rate on an adjustable rate mortgage will go. It is calculated by taking a defined index rate and adding a certain number of percentage points, called the margin. Since the index rate can go up or down, the borrower cannot be sure what the future adjustable interest rate will be. Borrowers must make sure they can afford the fully indexed interest rate and not just the initial interest rate.
  “Maximum possible interest rate: means the highest your interest rate can go. Most loans with adjustable rates have a defined maximum rate or lifetime cap. Borrowers need to think about how likely it may be that the interest rate can go this high.
  “Gross monthly income: means the borrower’s gross, pre-tax income per month. Borrowers should make sure the monthly household income amount shown on the form is correct.
  “Monthly mortgage payment including taxes and insurance: means the amount the borrower must pay every month for interest, repayment of loan principal, home insurance premiums, and property taxes owed to the District of Columbia. Over time, in addition to any possible increases in the loan’s interest rate, the insurance premiums and property taxes are likely to increase.
  “Prepayment penalty: means any additional fee imposed by the mortgage lender on the borrower if the borrower pays off the loan early. Borrowers must make sure they know whether their loan has a prepayment penalty fee and how it works.
  “Balloon payment: means that a large repayment of loan principal is due at the end of the loan. This almost always means that the borrower has to get a new loan to make the balloon payment.
  “Payment option loan: means a mortgage loan that allows the borrower to pay less than the interest being charged on the loan. The unpaid interest is added to the loan, so the loan amount grows larger. Borrowers must make sure they know whether their loan is a payment option loan and how it works.
  “Points: means the fee, expressed as a percentage of the loan, a borrower pays to the mortgage lender at closing, usually in exchange for a lower interest rate.
  “Default: means a borrower has failed to make the payments due on the mortgage loan. Once a borrower is in default on the loan, the mortgage lender can seek to foreclose on the property.
  “Foreclosure: means the legal process in which the mortgage lender can seize the borrower’s property if the borrower continually fails to make the payments due on the mortgage loan.
  “Property tax: means the taxes owed to the District of Columbia as a result of the borrower owning the property.
  “Insurance: means property insurance that covers private homes and residences. It is required by mortgage loans in order to protect the mortgage lender if the home is destroyed.
  “Monthly condominium/co-operative/homeowner association fees: means the monthly fees that must be paid by the borrower if the borrower’s property is a condominium, co-operative, or subject to a homeowner association. These fees usually are collected on a monthly basis. Failure to pay these fees can result in a lawsuit against the borrower by the condominium, co-operative, or homeowner association. As with property taxes and homeowners’ insurance, these fees are likely to increase over time.“
  (7) The Commissioner may prescribe, by rule, additional terms, definitions, and explanations. The proposed rules shall be transmitted to the Council for a 60-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules by resolution within the 60-day review period, the proposed rules shall be deemed approved.
  (8) The information pursuant to this section shall be given to the borrower in a prominent form, separate from other disclosures, in either electronic or physical form and:
    (A) In a 12-point font;
    (B) In plain English or in the language of the mortgage lender’s presentation to the borrower; and
    (C) If given to the borrower on a physical piece of paper, shall be printed on a red piece of paper measuring 8.5 inches by 11 inches.
  (9) Within 5 business days of receiving the information pursuant to this section, the borrower may cancel the application for a mortgage loan with no loss of any security deposit or any other funds applied to guarantee an interest rate, not including reasonable fees incurred to process the application. The borrower shall be notified of this right to cancel at the time the information pursuant to this section is provided.
(b) (1) The financing agreement executed by the lender shall be delivered to the borrower at least 72 hours before the time of settlement agreed to by the parties and shall include:
    (A) The effective fixed interest rate or initial interest rate that will be applied to the loan; and
    (B) A restatement of all the remaining unchanged provisions of the financing agreement.
  (2) Prior to execution of the financing agreement, the borrower may waive in writing the 72-hour advance presentation requirement and accept the commitment at settlement only if compliance with the 72-hour requirement is shown by the lender to be infeasible.
  (3) A borrower aggrieved by any violation of this section shall be entitled to bring a civil suit for damages, including reasonable attorney’s fees, against the lender.
D.C. Code § 26-1401.18 — DC Code / Title 26 / Chapter 14 / § 26-1401.18
§ 26-1401.18. Resumption of business by a universal bank.
Status: in_force

A universal bank of which the Commissioner takes possession or which is operating under restrictions imposed by the Commissioner may be permitted by the Commissioner to resume business in accordance with the provisions of this chapter and subject to such conditions as may be imposed by the Commissioner.
D.C. Code § 26-131.07 — DC Code / Title 26 / Chapter 1A / § 26-131.07
§ 26-131.07. Automated teller machine surcharge disclosure.
Status: in_force

(a) An operator of an automated teller machine in the District shall not impose a surcharge upon a customer for the use of an automated teller machine, including a use where there is a sale of a good or service, unless the surcharge is clearly disclosed to the customer electronically on the automated teller machine. After the disclosure is made, the person using the automated teller machine shall be provided an opportunity to cancel the use of the automated teller machine without incurring a surcharge.
(b) If person using an automated teller machine uses an access device issued by a person other than the operator of the automated teller machine, the operator of the automated teller machine shall disclose to the person using the automated teller machine that, in addition to any surcharge charged by the operator, a fee may be charged by the person’s financial institution for the use of the automated teller machine.
D.C. Code § 26-510.08 — DC Code / Title 26 / Chapter 5 / § 26-510.08
§ 26-510.08. Records.
Status: in_force

(a) A District credit union shall maintain all books, records, accounting systems, and procedures that accurately reflect its operations and which enable the Commissioner to readily ascertain the true financial condition of the District credit union and whether it is complying with this subchapter . These books, records, accounting systems, and procedures shall be maintained at the District credit union's principal place of business in accordance with the District credit union's record retention policy.
(b) The Commissioner shall prescribe the minimum retention requirements for District credit union records by rule.
D.C. Code § 26-739 — DC Code / Title 26 / Chapter 7 / § 26-739
§ 26-739. Establishment of agency agreements between affiliated depository institutions.
Status: in_force

A District state bank that is a subsidiary of a bank holding company may agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, and perform such other services as the Superintendent [Commissioner] may determine are appropriate, as an agent for a depository institution affiliate.
D.C. Code § 26-1153.02 — DC Code / Title 26 / Chapter 11A / § 26-1153.02
§ 26-1153.02. Enforcement.
Status: in_force

The Mayor may conduct examinations and investigations, and issue orders to enforce the provisions of this chapter, with respect to lenders over which it otherwise has jurisdiction. The Mayor may examine any relevant instrument, document, account, book, record, or file of a lender over which the Mayor has jurisdiction. The Mayor may recover the reasonable cost of the examinations and investigations from the lender. A lender shall maintain records which allow the Mayor to determine compliance with this chapter and any regulations promulgated hereunder.
D.C. Code § 26-1115 — DC Code / Title 26 / Chapter 11 / § 26-1115
§ 26-1115. Escrow accounts.
Status: in_force

(a) All moneys required by a mortgage lender to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the mortgage lender, and shall not be commingled with other funds of the mortgage lender.
(b) No licensed mortgage lender shall require any borrower who, on the date of execution of the loan or financial transaction, has made a down payment equaling 20% or more of the total purchase price of the property or who has an equity interest in the property equal to, or greater than, 20% of the fair market value of the property, to make advance payments of the real estate taxes or casualty insurance premiums to enable the mortgage lender to have funds on hand for disbursement for payment of such taxes or insurance premiums. Licensed mortgage lenders shall provide such borrowers with a separate statement, in writing, which clearly and conspicuously sets forth the right to pay such taxes and insurance premiums directly. Nothing contained in this subsection shall be construed to prohibit a licensed mortgage lender from obtaining, during any period during which the loan is in default and in consideration for the lender not exercising some or all of the remedies to which it is entitled, a written agreement from the borrower to make such advance payments to enable the mortgage lender to have funds on hand for disbursement from payment of such taxes or insurance premiums.
(c) No licensed mortgage lender shall require any borrower to pay any money in escrow to defray future taxes and insurance premiums, or for any other purposes, in connection with a subordinate mortgage loan, except where escrows for such purposes are not being maintained in connection with the mortgage loan superior to such subordinate mortgage loans.
D.C. Code § 26-1013 — DC Code / Title 26 / Chapter 10 / § 26-1013
§ 26-1013. Examinations.
Status: in_force

(a) The Superintendent [Commissioner] may in his discretion conduct an on-site examination of a licensee upon 45 days written notice to the licensee. The licensee shall pay all reasonably incurred costs of the examination. The on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of another state. The Superintendent [Commissioner], in lieu of an on-site examination, may accept the examination report of an agency of another state; or a report prepared by an independent accounting firm; and reports so accepted shall be considered for all purposes as an official report of the Superintendent [Commissioner].
(b) The Superintendent [Commissioner] may (1) request financial data from a licensee in addition to that required under § 26-1010 or (2) conduct an on-site examination of a licensee, authorized delegate or location of a licensee within the District of Columbia without prior notice to the authorized delegate or licensee if the Superintendent [Commissioner] has a reasonable basis to believe that the licensee or authorized delegate is not in compliance with this chapter. When the Superintendent [Commissioner] examines an authorized delegate’s operations, the authorized delegate shall pay all reasonably incurred costs of the examination. When the Superintendent [Commissioner] examines a licensee’s location within the District of Columbia, the licensee shall pay all reasonably incurred costs of the examination.
D.C. Code § 26-1121 — DC Code / Title 26 / Chapter 11 / § 26-1121
§ 26-1121. Authority of Commissioner to issue rules and regulations.
Status: in_force

The Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] is hereby authorized to promulgate such rules and regulations as deemed necessary and appropriate to implement the provisions of this chapter in accordance with subchapter I of Chapter 5 of Title 2 .
D.C. Code § 26-504.06 — DC Code / Title 26 / Chapter 5 / § 26-504.06
§ 26-504.06. Liability of members.
Status: in_force

The members of a District credit union shall not be personally or individually liable for the payment of the District credit union's debts solely by virtue of their membership in the District credit union.
D.C. Code § 26-1328 — DC Code / Title 26 / Chapter 13 / § 26-1328
§ 26-1328. Liability of directors or trustees on declaration of dividends — Exemption.
Status: in_force

If any of the directors or trustees shall object to declaring such dividends or the payment of the same, and shall at any time before the time fixed for the payment thereof file a certificate of their objection in writing with the secretary of the company and with the Recorder of Deeds of the District, they shall be exempt from the liability prescribed in § 26-1327 .
D.C. Code § 26-431.03 — DC Code / Title 26 / Chapter 4A / § 26-431.03
§ 26-431.03. Community needs obligation.
Status: in_force

A financial institution shall have a continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income area, consistent with the safe and sound operation of the financial institution.
D.C. Code § 26-510.05 — DC Code / Title 26 / Chapter 5 / § 26-510.05
§ 26-510.05. Involuntary liquidation.
Status: in_force

(a) (1) If the Commissioner determines that a District credit union is bankrupt or insolvent, the Commissioner may issue a notice of involuntary liquidation, revoke the District credit union's charter, and appoint a liquidating agent.
  (2) The District credit union may request the appropriate court to stay execution of the action authorized by this subsection.
(b) In the event of liquidation, the assets of the District credit union or the proceeds from any disposition of assets shall be applied and distributed in the following priority:
  (1) Secured creditors up to the value of their collateral;
  (2) Costs and expenses of liquidation;
  (3) Wages due the employees of the District credit union;
  (4) Taxes owed to any government unit;
  (5) Debts, other than taxes, owed to the United States;
  (6) General creditors, and secured creditors to the extent their claims exceed the value of their collateral;
  (7) Costs and expenses incurred by creditors in successfully opposing the release of the District credit union from certain debts as allowed by the Commissioner;
  (8) Shareholders or depositors, to the extent of uninsured share or deposit accounts; and
  (9) Members, to the extent of membership shares.
D.C. Code § 26-505.05 — DC Code / Title 26 / Chapter 5 / § 26-505.05
§ 26-505.05. Compensation of officials.
Status: in_force

(a) (1) A District credit union may compensate an officer, director, or committee member for the member's services to the District credit union.
  (2) Life, health, accident, and similar insurance protection provided by a District credit union to an officer, director, or committee member shall not be considered compensation.
(b) A District credit union may reimburse directors, officers, and committee members for necessary expenses incidental to the performance of the official business of the District credit union.
D.C. Code § 26-1203 — DC Code / Title 26 / Chapter 12 / § 26-1203
§ 26-1203. Authorization of regional branches.
Status: in_force

(a) Ninety days after October 12, 1988, a regional association or a regional savings and loan holding company may obtain a certificate of authority to establish, maintain, and acquire branches in the District on approval of the Superintendent [Commissioner].
(b) Before granting approval, the Superintendent [Commissioner] shall determine that each of the following requirements is met:
  (1) The laws of the state in which the branching regional association or regional savings and loan holding company has its principal place of business authorize District associations or District savings and loan holding companies to establish or maintain branches in that state on terms and conditions reasonably equivalent to those applicable to the establishment or maintenance of branches in the District by District associations and District savings and loan holding companies and on terms and conditions reasonably equivalent to those applicable to the establishment or maintenance of branches in that state by an association or savings and loan holding company located in that state;
  (2) The establishment or maintenance of a branch complies with conditions, restrictions, requirements, or other limitations that would apply to the branching of a District association or District savings and loan holding company in the state in which the regional association or regional savings and loan holding company has its principal place of business, but that would not apply to the branching of an association or savings and loan holding company, all of whose branches or association subsidiaries are located in that state; and
  (3) The establishment or maintenance of a branch will not be prejudicial to the interests of the general public; among the factors to be considered by the Superintendent [Commissioner] in making a determination under this paragraph are the character, experience, and financial responsibility of the association or savings and loan holding company seeking to establish a branch and its directors and officers.
D.C. Code § 26-131.09 — DC Code / Title 26 / Chapter 1A / § 26-131.09
§ 26-131.09. Complaints against an operator of an automated teller machine.
Status: in_force

(a) An operator of an automated teller machine shall clearly and conspicuously disclose on a label or sign posted on the automated teller machine, or in clear view of a person viewing the automated teller machine, the name, address, and telephone number of the Department and the operator. The label or sign shall also state that a person may send comments or complaints regarding the automated teller machine to the Department and shall state that the Department is an agency of the District.
(b) The Commissioner may investigate a complaint, in whatever form received, regarding an automated teller machine. The investigation of the Commissioner under this subsection may include an examination of the automated teller machine. The operator of the automated teller machine shall pay to the Commissioner the reasonable costs and expenses incurred by the Commissioner for the examination or investigation.
D.C. Code § 26-831.22 — DC Code / Title 26 / Chapter 8A / § 26-831.22
§ 26-831.22. Rules.
Status: in_force

The Commissioner may prescribe rules governing the activities of merchant banks and implementing this chapter pursuant to subchapter I of Chapter 5 of Title 2 . The rules shall take into account the objective of merchant banks to provide needed capital to businesses and the nondepository nature of merchant banks.
D.C. Code § 26-502.03 — DC Code / Title 26 / Chapter 5 / § 26-502.03
§ 26-502.03. Form of charter statement and bylaws.
Status: in_force

(a) The bylaws shall include the following provisions:
  (1) The name of the District credit union;
  (2) The field of membership of the District credit union;
  (3) Qualifications for membership in the District credit union, including the minimum number of shares, the payment of an entrance or membership fee, if any, required for membership, and the policies for expelling a member;
  (4) The number of directors, the length of terms a director may serve, and the permissible term length of any interim director;
  (5) The qualifications for eligibility to serve on the District credit union's board;
  (6) The number of District credit union employees that may serve on the board, if any;
  (7) The frequency of regular meetings of the board and the manner in which members of the board are to be notified of those meetings;
  (8) The powers and duties of board officers;
  (9) The timing of the annual membership meeting;
  (10) The manner in which vacancies shall be filled, which shall be either until a successor is elected at the next membership meeting or for the remainder of the unexpired term;
  (11) The manner in which members may call a special membership meeting;
  (12) The manner in which members are to be notified of membership meetings;
  (13) The number of members constituting a quorum at a membership meeting and at a meeting of the board of directors;
  (14) Provisions, if any, for the indemnification of directors, officers, employees, and others by the District credit union, if not included in the articles of incorporation; and
  (15) Any other provision required by the Commissioner by rule.
(b) The Commissioner may provide a model District credit union charter statement and model District credit union bylaws consistent with this subchapter , which may be used by District credit union organizers in preparing a District credit union charter application.
D.C. Code § 26-1306 — DC Code / Title 26 / Chapter 13 / § 26-1306
§ 26-1306. Charter of incorporation — Notice of application.
Status: in_force

Previous to the presentation of the said certificate to the said Council of the District of Columbia, notice of the intention to apply for such charter shall be inserted in 2 newspapers of general circulation, printed in the District of Columbia, at least 4 times a week for 3 weeks, setting forth briefly the name of the proposed company, its character and object, the names of the proposed corporators, and the intention to make application for a charter on a specified day; and the proof of such publication shall be presented with said certificate when presentation thereof is made to said Council.
D.C. Code § 26-735 — DC Code / Title 26 / Chapter 7 / § 26-735
§ 26-735. Additional authority of Superintendent.
Status: in_force

(a) The Superintendent [Commissioner] may conduct examinations of any branch of an out-of-state state bank established or maintained within the District pursuant to § 26-734 to ensure that such branch is operating in a safe and sound manner and to ensure that such branch is in compliance with the laws of the District.
(b) The Superintendent [Commissioner] may require periodic reports from any out-of-state bank that establishes or maintains a branch in the District pursuant to § 26-734 , including reports regarding any agency agreements entered into between a branch and a depository institution affiliate as authorized and established by § 26-739 , provided that the reports:
  (1) Are similar to reports required from District banks by the Superintendent; and
  (2) Are not preempted by federal law.
(c) The Superintendent [Commissioner] may enter into cooperative agreements with any other state bank regulators for any legal purpose, including agreements for sharing of examination fees and other regulatory fees, in order to prevent duplication of regulatory functions and for the convenience and needs of the public.
(d) An out-of-state bank that has established and maintained a branch in the District may establish and maintain additional branches in the District to the same extent as a District state bank or to the extent otherwise permitted by federal law.
D.C. Code § 26-510.04 — DC Code / Title 26 / Chapter 5 / § 26-510.04
§ 26-510.04. Involuntary merger of credit union.
Status: in_force

(a) Notwithstanding any other provision of law, if the Commissioner determines that an emergency requiring expeditious action exists with respect to a District credit union, other alternatives are not reasonably available, and the public interest, including the interests of the members of the District credit union, would best be served by taking the following action, the Commissioner may:
  (1) Initiate the involuntary merger of a District credit union that is insolvent or is in danger of insolvency with any other District credit union;
  (2) If authorized under, and to the extent consistent with, applicable federal or state law:
    (A) Initiate actions designed to result in the involuntary merger of a District credit union that is insolvent or is in danger of insolvency with any federal or foreign credit union; or
    (B) Authorize a District credit union, federal credit union, or foreign credit union to purchase any of the assets of, or assume any of the liabilities of, a District credit union that is insolvent or in danger of insolvency; or
  (3) Authorize a financial institution whose deposits or accounts are insured to purchase any of the assets of, or to assume any of the liabilities of, a District credit union that is insolvent or in danger of insolvency; except, that before exercising this authority, the Commissioner shall attempt to effect a merger with, or purchase and assumption, by another District credit union, federal credit union, or foreign credit union as provided in paragraphs (1) and (2) of this subsection.
(b) For purposes of the authority contained in this section, insured share and deposit accounts of the District credit union undergoing an involuntary merger may, upon consummation of the purchase and assumption, be converted to insured deposits or other comparable accounts in the acquiring institution.
D.C. Code § 26-502.09 — DC Code / Title 26 / Chapter 5 / § 26-502.09
§ 26-502.09. Conducting business outside the District of Columbia.
Status: in_force

(a) A District credit union may conduct business outside of the District upon approval from the Commissioner. The Commissioner shall approve a District credit union's request to conduct business outside of the District if:
  (1) The non-District jurisdiction permits the District credit union to conduct business in that jurisdiction; and
  (2) The Commissioner does not identify any safety or soundness implications with the expanding operations.
(b) (1) If the laws or regulations governing credit unions in a non-District jurisdiction permit a District credit union operating in that jurisdiction to exercise additional powers not expressly permitted under this subchapter , a District credit union conducting business in that non-District jurisdiction may request permission from the Commissioner to exercise those additional powers in the District. The Commissioner shall approve the exercise of additional power unless there are demonstrable safety and soundness implications.
  (2) The District credit union may exercise the additional power referenced in this subsection in the District if the Commissioner approves the District credit union's request to exercise additional power within 60 days after receiving a completed request. The request shall be deemed disapproved if the Commissioner does not act within 60 days after receiving a completed request.
(c) The Commissioner may enter into supervisory agreements or other agreements with credit union regulators in other states or jurisdictions to prescribe the applicable rules governing the powers and authorities of foreign branches and other facilities of District credit unions.
D.C. Code § 26-1401.28 — DC Code / Title 26 / Chapter 14 / § 26-1401.28
§ 26-1401.28. Articles of incorporation and bylaws.
Status: in_force

A universal bank may operate under the articles of incorporation and bylaws which were in effect before the universal bank’s certification as a universal bank or under subsequently amended articles of incorporation and bylaws which are consistent with the provisions and purposes of this chapter.
D.C. Code § 26-1333 — DC Code / Title 26 / Chapter 13 / § 26-1333
§ 26-1333. Security required for performance of fiduciary duties; liability thereon.
Status: in_force

No bond or other collateral security, except as hereinafter stated, shall be required from any trust company incorporated under this chapter for and in respect to any trust, nor when appointed trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with a mental illness or an intellectual disability, or other fiduciary appointment; but the capital stock subscribed for or taken, and all property owned by said company and the amount for which said stockholders shall be liable in excess of their stock, 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; and in case of the insolvency or dissolution of said company, the debts due from the said company as trustee, guardian, receiver, personal representative, special administrator, or committee of the estate of a person with mental illness or an intellectual disability or any other fiduciary appointment shall have a preference.
D.C. Code § 26-506.09 — DC Code / Title 26 / Chapter 5 / § 26-506.09
§ 26-506.09. Trust services.
Status: in_force

A District credit union may accept and execute trusts pursuant to the laws of the District.
D.C. Code § 26-602 — DC Code / Title 26 / Chapter 6 / § 26-602
§ 26-602. Establishment of special account.
Status: repealed

Repealed.
D.C. Code § 26-1315 — DC Code / Title 26 / Chapter 13 / § 26-1315
§ 26-1315. Duration of charter.
Status: in_force

The charters for incorporations named in this chapter and granted before April 11, 1986, may be made perpetual, or may be limited in time by their provisions, subject to the approval of Congress.
D.C. Code § 26-1152.03 — DC Code / Title 26 / Chapter 11A / § 26-1152.03
§ 26-1152.03. Restrictions on the financing of single-premium credit insurance.
Status: in_force

A lender shall not sell any individual or group credit life, accident, health, or unemployment insurance product on a prepaid single premium basis in conjunction with a covered loan. Credit insurance sold by a lender on a basis other than a prepaid single premium shall be accompanied by a clear and conspicuous disclosure, provided at least 3 days before closing, stating that the credit insurance shall not be a condition to the extension of mortgage credit and that the borrower may elect not to purchase the insurance. Insurance premiums or debt cancellation or suspension fees calculated and paid on a monthly or bi-weekly basis shall not be considered financed by the lender; provided, that the disclosure required by this section shall be provided to the borrower for any insurance, debt cancellation, or suspension services purchased by the borrower.
D.C. Code § 26-1001 — DC Code / Title 26 / Chapter 10 / § 26-1001
§ 26-1001. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Applicant” means a person filing an application for a license under this chapter.
(2) “Authorized delegate” means an entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a license.
(3) “Control” means ownership of, or the power to vote, 25% or more of the outstanding voting securities of a licensee or controlling person. For purposes of determining the percentage of a licensee controlled by any person, there shall be aggregated with the person’s interest the interest of any other person controlled by such person or by any spouse, parent, or child of such person.
(4) “Controlling person” means any person in control of a licensee.
(5) “Electronic Instrument” means a card or other tangible object for the transmission or payment of money (A) which contains a microprocessor chip, magnetic stripe, or other means for the storage of information; (B) that is prefunded; and (C) for which the value is decremented upon each use. It does not include a card or other tangible object that is redeemable by the issuer in the issuer’s goods or services.
(6) “Executive Officer” means the licensee’s president, chairman of the executive committee, senior officer responsible for the licensee’s business, chief financial officer, or any other persons who perform similar functions.
(7) “Key shareholder” means any person, or group of persons acting in concert, who owns 25% or more of any voting class of an applicant’s stock.
(8) “Licensee” means a person licensed under this chapter.
(9) “Material litigation” means any litigation that, according to generally accepted accounting principles, is deemed significant to an applicant’s or licensee’s financial health and would be required to be referenced in that entity’s annual audited financial statements, report to shareholders, or similar document.
(10) “Money transmission” means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States, or to locations abroad, by any and all means, including but not limited to payment instrument, wire, facsimile, or electronic transfer.
(11) “Outstanding payment instrument” means any payment instrument issued by the licensee which:
  (A) Has been sold in the United States directly by the licensee, sold by an authorized delegate of the licensee in the United States, or which has been reported to the licensee as having been sold; and
  (B) Has not yet been paid for by the licensee.
(12) “Payment instrument” means any written or electronic check, draft, money order, travelers check, or other electronic or written instrument or order for the transmission or payment of money which is sold or issued to one or more persons, whether or not such instrument is negotiable. The term “payment instrument” does not include any credit card voucher, any letter of credit, or any instrument which is redeemable by the issuer in goods or services.
(13) “Permissible investments” means:
  (A) Cash;
  (B) Certificates of deposit or other debt obligations of a financial institution, either domestic or foreign;
  (C) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers’ acceptances, which are eligible for purchase by member banks of the Federal Reserve system;
  (D) Any investment bearing a rating of one of the 3 highest grades, as defined by a nationally recognized organization that rates such securities;
  (E) Investment securities that are obligations of the United States, its agencies, or instrumentalities; or obligations that are guaranteed fully as to principal and interest of the United States; or any obligations of any state, municipality, or any political subdivision thereof;
  (F) Shares in a money market mutual fund; interest-bearing bills, notes or bonds; debentures or stock traded on any national securities exchange or on a national over-the-counter market; mutual funds primarily composed of such securities; a mutual fund composed of one or more permissible investments as set forth herein;
  (G) Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange;
  (H) Receivables which are due to a licensee from its authorized delegates pursuant to a contract described in § 26-1016 which are not past due or doubtful of collection; or
  (I) any other investments or security device approved by the Superintendent [Commissioner].
(14) “Remit” means either to:
  (A) Make direct payment of the funds to the licensee or its representatives authorized to receive these funds; or
  (B) Deposit the funds in a bank, credit union, savings and loan association, or other similar financial institution in an account specified by the licensee.
(15) “Superintendent” means the Superintendent of the Office of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
D.C. Code § 26-551.12 — DC Code / Title 26 / Chapter 5B / § 26-551.12
§ 26-551.12. Initiation of formal investigation of a financial institution.
Status: in_force

(a) If the Commissioner determines that a financial institution is engaging, has engaged, or may engage in an unsafe or unsound practice in the operation of the financial institution (“unsafe or unsound practice”), or that the financial institutions is engaging, has engaged, or may engage in a violation of a law, regulation, rule, condition, order, or request of the Commissioner, or any written agreement entered into with the Commissioner (“violation”), the Commissioner may conduct an investigation of the financial institution and issue and serve upon the institution a notice of charges.
(b) The Commissioner may request that an investigation, or portion of an investigation, be conducted by a District, state, or federal law enforcement agency.
D.C. Code § 26-831.05 — DC Code / Title 26 / Chapter 8A / § 26-831.05
§ 26-831.05. Revocation or subsequent limitation of certificate of authority.
Status: in_force

If a merchant bank fails to maintain the standards and requirements of this chapter, the Commissioner shall, by order, revoke or limit the exercise of the powers of the merchant bank’s authority.
D.C. Code § 26-103 — DC Code / Title 26 / Chapter 1 / § 26-103
§ 26-103. Banking businesses to be organized under local or federal provisions; approval of Commissioner of the Department of Insurance, Securities, and Banking required; liquidation of solvent institutions; discontinuance of operation; violations; establishment of international banking facility.
Status: in_force

(a) No banking business shall be done in the District of Columbia except by corporations organized in accordance with the provisions of this Code, as amended, or by national banking associations organized in accordance with the laws of the United States or by banks organized in accordance with the laws of another state, except that this subsection shall not apply to:
  (1) Corporations engaged in and doing a banking business on March 4, 1933;
  (2) Individuals, partnerships, associations, or corporations primarily engaged as brokers in buying, selling, exchanging, and/or otherwise dealing in stocks, bonds, and/or other securities, for the account of others, and incidentally thereto conducts banking transactions; and
  (3) Individuals, partnerships, associations, or corporations not doing a bank-of-deposit business.
(b) No corporation shall engage in or do the business of a bank of deposit or a fiduciary business in the District of Columbia nor shall any branch be established to carry on any phase of such banking or fiduciary business in the District of Columbia until the approval and consent of the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] is secured. The term “branch” as used in this section shall be held to include any branch bank, branch office, branch agency, additional office, or any place of business located in the District of Columbia, at which deposits are received, or checks paid, or money lent, or at which the public is served or any phase of business conducted by the parent institution or unless the branch is otherwise permitted by applicable law of the District of Columbia or by federal law.
(c) No building association, incorporated or unincorporated, shall do a building association business or maintain any office in the District of Columbia until it shall have secured the approval and consent of the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]; and the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall not give consent or approval to any building association to maintain any office or place of business in the District of Columbia, other than a foreign association which qualifies for a certificate of authority under § 26-206 , where such association is not incorporated under the laws of the District of Columbia in accordance with Chapter 2 of this title , except that this subsection shall not apply to associations, incorporated or unincorporated, engaged in and doing a building-association business on March 4, 1933.
(d) Except as provided in the District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985 [ D.C. Law 6-107 ], any solvent financial institution in the District of Columbia under the supervision of the Comptroller of the Currency may go into liquidation and discontinue business by the vote of its shareholders owning two-thirds of its stock. Whenever a vote is taken to go into liquidation it shall be the duty of the board of directors to cause notice of this fact to be certified, under the seal of the institution, by its president, secretary, or cashier to the Comptroller of the Currency, and publication thereof to be made for a period of 2 weeks in a newspaper published in the District of Columbia, that the institution has discontinued business and is winding up its affairs, and notifying its creditors to present claims against the institution for payment. The shareholders shall at the time of going into liquidation elect a committee or liquidating agent who shall liquidate the institution. No institution which has gone into voluntary liquidation shall be permitted to resume business but until its liquidation is complete shall remain a legal corporation or association for the purpose of suing or being sued. The liquidating agent shall give satisfactory surety bond to the board of directors of the institution and shall annually, on request of the Comptroller of the Currency, render such reports to the Comptroller as he shall require. Any such institution in liquidation may be examined by the Comptroller of the Currency who, if he finds such institution insolvent, may appoint a receiver and wind up its affairs in the same manner as provided by law for national banking associations.
(e) If any financial institution under the supervision of the Comptroller of the Currency, 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 Comptroller of the Currency may, if he deems it advisable, appoint a receiver for such institution.
(f) Any financial institution over which the Comptroller of the Currency has or had supervision which prior to March 4, 1933, had in any manner ceased to do a banking business shall not resume such banking business and shall advise the Comptroller of the Currency when its business has been fully liquidated, whereupon by operation of this section its charter is terminated. Such financial institution may in the discretion of the Comptroller of the Currency be subject to all provisions of subsection (d) of this section.
(g) Any person, or corporation or any director, officer, employee, agent, or other person who participates in the conduct of affairs of the person or corporation that violates any of the provisions of this section shall be punished by:
  (1) A fine not less than $1,000;
  (2) Imprisonment not exceeding 1 year; or
  (3) Both a fine not less than $1,000 and imprisonment not exceeding 1 year.
(h) No international banking facility shall be established in the District of Columbia until approval and consent of the Comptroller of the Currency is secured. For the purposes of this subsection the term “international banking facility” shall have the same meaning as defined in § 204.8(a)(1) of Regulation D of the Board of Governors of the Federal Reserve System, effective December 3, 1981 (12 CFR 204.8(a)(1)).
D.C. Code § 26-318 — DC Code / Title 26 / Chapter 3 / § 26-318
§ 26-318. Books, accounts, and other records of licensee.
Status: in_force

Each licensee under this chapter shall keep and use such books, accounts, and other records as the Superintendent [Commissioner] shall require to carry into effect the provisions of this chapter and any rules and regulations issued by the Superintendent [Commissioner] under this chapter.  Every licensee shall preserve such books, accounts, and records for at least 3 years.
D.C. Code § 26-533 — DC Code / Title 26 / Chapter 5A / § 26-533
§ 26-533. Liability of IV-D agency.
Status: in_force

The IV-D agency shall disclose a person’s financial records obtained from a financial institution only for the purpose of, and to the extent necessary in, establishing, modifying, or enforcing a support obligation of that person. Unauthorized disclosure may result in the awarding of civil damages pursuant to section 469A(c) of the Social Security Act, approved August 22, 1996 (110 Stat. 2105; 42 U.S.C. § 659A(c)  ).
D.C. Code § 26-131.08 — DC Code / Title 26 / Chapter 1A / § 26-131.08
§ 26-131.08. Point-of-sale terminal surcharge disclosure.
Status: in_force

(a) An operator of a point-of-sale terminal in the District shall not impose a surcharge upon a person for the use of the point-of-sale terminal unless the surcharge is clearly disclosed to the person before the surcharge is incurred and before the customer is obligated to pay for a good or service.
(b) A disclosure under subsection (a) of this section shall be made as follows:
  (1) If the point-of-sale device is purchased before June 9, 2001, or does not have an electronic display, the fee disclosure shall be on a label meeting federal standards or such other standards as may be promulgated by the Commissioner consistent with the purposes of this chapter.
  (2) If the point-of-sale device is purchased on or after June 9, 2001, and has an electronic display, the fee disclosure shall be on a label meeting federal standards or such other standards as may be promulgated by the Commissioner consistent with the purposes of this chapter and shall be displayed on the electronic display before the surcharge is incurred and before the person using the point-of-sale terminal is obligated to pay for the good or service being purchased.
D.C. Code § 26-1321 — DC Code / Title 26 / Chapter 13 / § 26-1321
§ 26-1321. Stock deemed personal estate; transfer; contents of certificates.
Status: in_force

The stock of such company shall be deemed personal estate, and shall be transferable only on the books of such company in such manner as shall be prescribed by the bylaws of the company; but no shares shall be transferable until all previous calls thereon shall have been fully paid. All certificates of the stock of any company organized under this chapter shall show upon their face the par value of each share and the amount paid thereon.
D.C. Code § 26-802 — DC Code / Title 26 / Chapter 8 / § 26-802
§ 26-802. Property in boxes, vaults or held for safekeeping for 2 or more persons; right of access or delivery; liability of bank.
Status: in_force

When a safety deposit box or vault shall have been hired from any bank, trust company, savings bank, building association, or other banking institution, including national banks, or any other corporation, transacting business in the District of Columbia, in the names of 2 or more persons, including spouses or domestic partners, with the right of access being given to either, or with access to either or the survivor or survivors of said persons, or property is held for safekeeping by any such bank, trust company, savings bank, building association, or other corporation or banking institution, including national banks, for 2 or more persons, including spouses or domestic partners, with the right of delivery being given to either, or with the right of delivery to either or the survivor or survivors of said persons, any one or more of such persons, whether the other or others be living or not, shall have the right of access to such safety deposit box or vault and to remove the contents thereof, or any part of such contents, or to have delivered to him or them, the property so held for safekeeping, or any part thereof, and in case of such removal or delivery the said bank, trust company, savings bank, building association, or other corporation or banking institution, including national banks, shall be exempt from any liability for permitting such access or removal or for the delivery to such person or persons. For the purposes of this section, the term “domestic partner” shall have the same meaning as provided in § 32-701(3) .
D.C. Code § 26-741 — DC Code / Title 26 / Chapter 7 / § 26-741
§ 26-741. Rules.
Status: in_force

(a) The Superintendent [Commissioner], pursuant to subchapter I of Chapter 5 of Title 2 , shall issue rules to implement the provisions of this subchapter.
(b) The proposed rules shall be submitted to the Council for a 45-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution within this 45-day review period, the proposed rules shall be deemed approved.
D.C. Code § 26-1401.11 — DC Code / Title 26 / Chapter 14 / § 26-1401.11
§ 26-1401.11. Reasonably related and incidental activities.
Status: in_force

(a) Subject to any applicable District or federal licensing or regulatory requirements, a universal bank may engage, directly or through a subsidiary, in activities that are reasonably related or incident to the lawful and authorized purposes, activities, operations, or business of the universal bank.
(b) The following activities shall be considered reasonably related or incident to the lawful and authorized purposes, activities, operations, or business of a universal bank:
  (1) An activity that a statute or regulation authorizes a universal bank to engage in;
  (2) An activity permitted under the Bank Holding Company Act;
  (3) Business services;
  (4) Data processing;
  (5) E-commerce services, including web hosting, Internet service provider services, and e-commerce logistics and support;
  (6) Courier and messenger services;
  (7) Credit related activities;
  (8) Consumer services;
  (9) Real estate-related services, including real estate brokerage services;
  (10) Insurance and related services (other than insurance underwriting);
  (11) Securities brokerage;
  (12) Investment advice;
  (13) Securities and bond underwriting;
  (14) Mutual fund activities;
  (15) Management consulting;
  (16) Tax planning and preparation;
  (17) Community development and charitable activities; and
  (18) Debt cancellation contracts.
(c) The Commissioner may, by rule, prescribe additional activities that shall be considered reasonably related or incident to the purposes, activities, operations, or business of a universal bank.
(d) (1) If the activity is not described in subsection (a) or (b) of this section, a universal bank shall provide written notice to the Commissioner of the universal bank’s intent to engage in an activity under this section at least 60 days before the universal bank intends to engage in the activity.
  (2) The Commissioner may deny or revoke the authority of a universal bank to engage in an activity for which notice was provided under paragraph (1) of this subsection if the Commissioner determines that:
    (A) The activity is not an activity reasonably related or incident to the purposes, activities, operations, or business of a universal bank;
    (B) The universal bank is not well-capitalized;
    (C) The universal bank is the subject of an enforcement action; or
    (D) The universal bank does not have satisfactory management expertise to engage in the activity for which notice was provided.
(e) The Commissioner shall take the following factors into account when determining whether an activity is reasonably related or incidental to the purposes, activities, operations, or business of a universal bank:
  (1) Domestic and international competition for banking and other financial services;
  (2) The convergence of financial institutions and financial products;
  (3) Changes, or reasonably expected changes, in the marketplace in which financial institutions compete;
  (4) Changes, or reasonably expected changes, in the technology for delivering banking or related financial services;
  (5) Whether such activity is necessary or appropriate to allow universal banks to:
    (A) Compete effectively with a company seeking to provide banking or related financial services in the United States;
    (B) Use an available or emerging technology in providing financial services, including an application necessary to protect the security or efficacy of systems for the transmission of data related to financial transactions; and
    (C) Offer customers an available or emerging technology for using banking or related financial services; and
  (6) Whether the activity may pose risks to the continued safety and soundness of a universal bank.
(f) The Commissioner may impose conditions upon a universal bank’s engagement in an activity that is reasonably related or incidental to the purposes, activities, operations, or business of a universal bank.
D.C. Code § 26-510.03 — DC Code / Title 26 / Chapter 5 / § 26-510.03
§ 26-510.03. Powers of Commissioner.
Status: in_force

(a) The Commissioner may prescribe rules to implement any provision of this subchapter , including defining any term not defined in this subchapter .
(b) The Commissioner may restrict withdrawals from share or deposit accounts, or both, of any District credit union, if the Commissioner determines that circumstances exist making a restriction necessary for the proper protection of shareholders or depositors.
(c) The Commissioner may issue a cease and desist order if the Commissioner has reasonable cause to believe that a District credit union or a foreign credit union operating in the District is engaged in, or is about to engage in, an unsafe or unsound practice or is violating, or has violated, a material provision of any law, rule, or condition imposed in writing by the Commissioner or written agreement made with the Commissioner.
(d) The Commissioner may suspend from office, or prohibit from participation in the conduct of the affairs of a District credit union, a District credit union director, committee member, or officer, if the Commissioner determines that:
  (1) The District credit union director, committee member, or officer has:
    (A) Committed any violation of a law, regulation, or a cease and desist order;
    (B) Engaged or participated in any unsafe or unsound practice in connection with the District credit union; or
    (C) Committed or engaged in any act, omission, or practice that constitutes a breach of that person's fiduciary duty as a director, officer, or committee member; and
  (2) The conduct described in paragraph (1) of this subsection has resulted in, or will result in, substantial financial loss or other damage that seriously prejudices the interests of the District credit union's members.
(e) The Commissioner may prohibit a foreign credit union director, committee member, or officer from participation in the operation of a foreign credit union in the District, if the Commissioner determines that:
  (1) The foreign credit union director, committee member, or officer has:
    (A) Committed any violation of a law, regulation, or a cease and desist order;
    (B) Engaged or participated in any unsafe or unsound practice in connection with the foreign credit union; or
    (C) Committed or engaged in any act, omission, or practice that constitutes a breach of that person's fiduciary duty as a director, officer, or committee member; and
  (2) The conduct described in paragraph (1) of this subsection has resulted in, or will result in, substantial financial loss or other damage that seriously prejudices the interests of the foreign credit union's members.
(f) The Commissioner shall have the power to subpoena witnesses and compel their attendance, to require the production of evidence, to administer oaths, and to examine any person under oath in connection with any hearing conducted by the Commissioner.
(g) The Commissioner may suspend the operations of a District credit union or foreign credit union operating in the District, appoint a conservator to take possession or control of the business and assets of a District credit union, and may involuntarily merge or involuntarily liquidate a District credit union, in accordance with this subchapter .
(h) The Commissioner may suspend the declaration of dividends and the payment of interest if the Commissioner has reasonable cause to believe that the District credit union or foreign credit union operating in the District is insolvent.
(i) The Commissioner shall not hold liable under this subchapter any District credit union, foreign credit union operating in the District, or other person for acts or omissions made in reliance on any rule, interpretation, or opinion issued by the Commissioner.
(j) The Commissioner may exercise all rights, authorities, and duties set forth in this subchapter .
D.C. Code § 26-551.25 — DC Code / Title 26 / Chapter 5B / § 26-551.25
§ 26-551.25. Validity of prior law.
Status: in_force

A decision, order, interpretation, agreement, policy statement, opinion, regulation or rule (“decision”) issued and in effect under a law repealed by this chapter or section 124 of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 ( D.C. Law 13-308 ; 48 DCR 3244  ), shall continue to be valid until the Commissioner amends or withdraws the decision.
D.C. Code § 26-707.01 — DC Code / Title 26 / Chapter 7 / § 26-707.01
§ 26-707.01. Insurance.
Status: in_force

(a) Any bank or trust company established or created pursuant to this subchapter shall be required to be insured with the Federal Deposit Insurance Corporation pursuant to 12 U.S.C. § 1811 et seq.
(b) Any savings and loan association established or created pursuant to this subchapter shall be required to be insured with the Federal Savings and Loan Insurance Corporation pursuant to 12 U.S.C. § 1724 et seq. [repealed].
D.C. Code § 26-551.21 — DC Code / Title 26 / Chapter 5B / § 26-551.21
§ 26-551.21. Penalty for violation of final order.
Status: in_force

A person who violates an outstanding and effective final order shall be guilty of a misdemeanor and, upon conviction, shall be fined not more than $5,000, imprisoned not more than one year, or both.
D.C. Code § 26-431.02 — DC Code / Title 26 / Chapter 4A / § 26-431.02
§ 26-431.02. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “CFO” means the Chief Financial Officer of the District of Columbia, established by § 1-204.24a .
(1A) “Community development” means:
  (A) Affordable housing (including single-family and multi-family rental housing and homeownership) for low-income or moderate-income individuals and families and related retail and community facilities development;
  (B) Community services targeted to low-income or moderate-income individuals and families;
  (C) Activities that promote economic development by financing businesses that meet the size eligibility standards of the Small Business Administration Certified Development Company Program or the Small Business Administration Small Business Investment Company Program or have gross annual revenues of $1 million or less;
  (D) Activities that revitalize or stabilize low-income or moderate-income areas; or
  (E) Activities that seek to prevent defaults or foreclosures on loans made for the purposes described in subparagraphs (A) and (C) of this paragraph.
(1B) “Community development loan” means a loan that:
  (A) Has as its primary purpose community development; and
  (B) Except in the case of a wholesale or limited purpose bank, and unless a multifamily dwelling loan, has not been reported or collected by the bank or an affiliate for consideration in the bank’s assessment as a:
    (i) Home mortgage;
    (ii) Small business loan;
    (iii) Small farm loan; or
    (iv) Consumer loan; and
  (C) Benefits the bank’s assessment area or a broader District-wide or regional area that includes the bank’s assessment area.
(2) “Community Reinvestment Act” shall mean the Community Reinvestment Act of 1977, approved October 12, 1977 (91 Stat. 1147; 12 U.S.C. § 2901 et seq.).
(3) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7) .
(4) “Department” shall have the same meaning as set forth in § 26-551.02(9) .
(4A) “Deposit-receiving institution” means a federal, state, or District chartered bank, savings institution, or credit union that receives after March 11, 2015, District contracts pursuant to §§ 47-351.02(c) and 47-351.03 , including any chartered bank, savings institution, or credit union that has applied to be or is regulated, supervised, examined, or licensed by the Department or a District chartered bank that is engaged in activity covered by §§ 47-351.02(c) and 47- 351.03; except, that the provision of services provided for and deposits made with regard to District debt transactions does not create a deposit-receiving institution, notwithstanding that deposit receiving institutions may provide those services or receive those deposits.
(5) “Designated development areas” means any of the following located in the District:
  (A) A low-income or moderate-income area;
  (B) An area designated as underserved or economically disadvantaged by the Commissioner; or
  (C) A commercial, industrial, residential, or other economic development project which the Commissioner determines will benefit the District.
(5A) “Elderly resident” means a District resident 55 years of age or older.
(6) “Federal financial supervisory agency” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and any successor to any of the foregoing agencies, as applicable to the specific type of bank.
(7) “Financial institution” shall have the same meaning as in § 26-551.02(18) .
(8) “Low-income” shall have the same meaning as set forth in § 26-1401.02(21) .
(9) “Low-income area” means a census tract or block numbering area in which the median individual or family income does not exceed 65% of the median income of the Washington, D.C., metropolitan area as determined by the statistics of the United States Department of Housing and Urban Development.
(10) “Moderate-income” shall have the same meaning as set forth in § 26-1401.02(22) .
(11) “Moderate-income area” means a census tract or block numbering area in which the median individual or family income does not exceed 80% of the median income for the Washington, D.C. metropolitan area as determined by the statistics of the United States Department of Housing and Urban Development.
(12) “Minority group” means African-Americans, Hispanic-Americans, Latinos, Asian-Americans, Pacific Islander-Americans, American Indians, Native Americans, or Alaskan-Natives.
(13) “Minority-owned business” means a business in which:
  (A) At least 51% ownership and control is held by individuals who are members of a minority group;
  (B) At least 51% of the individuals that make policy decisions and actively manage day-to-day operations are members of a minority group; and
  (C) More than 50% of the net profit or loss accrues to owners who are members of a minority group.
(14) “Mortgage loan” means a loan that is secured by residential real property.
(14A) “Qualified investments” means a lawful investment, deposit, membership share, or grant that has as its primary purpose community development.
(15) “Small business loan” means a small business loan as defined in Federal Reserve System Regulation BB, 12 C.F.R. Part 228.
(16) “Women-owned business” means a business in which:
  (A) At least 51% of the ownership and control is held by a woman or women;
  (B) A woman or women constitute at least 51% of the individuals that make policy decisions and actively manage day-to-day operations; and
  (C) More than 50% of the net profit or loss accrues to a woman owner or women owners.
D.C. Code § 26-551.10 — DC Code / Title 26 / Chapter 5B / § 26-551.10
§ 26-551.10. Examinations of financial institutions.
Status: in_force

(a) The Commissioner shall hire and commission examiners who shall have the authority to examine any financial institution doing business in the District.
(b) In cooperation with the appropriate federal financial institutions agency, if any, the Commissioner shall examine, or cause to be examined, each financial institution doing business in the District at least once every 18 months. The examination shall analyze and determine whether the financial institution is in a safe and sound condition and operating in a safe and sound manner and shall monitor and determine the financial institution’s compliance with District and federal laws, regulations, and rules.
(c) The Commissioner may initiate a special examination of a financial institution whenever the Commissioner considers it necessary to ensure that the financial institution is being operated in a safe and sound manner and in compliance with District and federal laws, regulations, and rules.
(d) The Commissioner shall assess a fee, to be paid by the financial institution, for the expense of the examination under this section. The fee shall be determined as a percentage of the assets of the examined financial institution.
D.C. Code § 26-603 — DC Code / Title 26 / Chapter 6 / § 26-603
§ 26-603. Fees credited to the special account.
Status: repealed

Repealed.
D.C. Code § 26-1215 — DC Code / Title 26 / Chapter 12 / § 26-1215
§ 26-1215. Remedies.
Status: in_force

(a) The Superintendent [Commissioner] shall report violations of any provision of this chapter to the Corporation Counsel. The Corporation Counsel may institute a civil action on behalf of the District for equitable or any other appropriate relief, including the imposition of civil fines provided in this section, unless different procedures or means of obtaining relief are specified in this chapter for the violation.
(b) Any person violating any provision of this chapter or any rule issued pursuant to this chapter shall be subject to a civil fine of not more than $1,000 per day for each day the violation continues, up to a maximum of $30,000 for a single violation, unless a different penalty is specified in § 26-1204(d)(4)(A) , § 26-1204(d)(4)(B) or § 26-1205(g)(4)(B) for the violation, in which case the specified penalty shall apply.
(c) Any person who wilfully violates this chapter or any rule issued pursuant to this chapter shall be subject to a civil fine of not more than $5,000 a day for each day the violation continues, up to a maximum of $150,000, unless a different penalty is specified in § 26-1204(d)(4)(A) , § 26-1204(d)(4)(B) or § 26-1205(g)(4)(B) for the violation, in which case the specified penalty shall apply.
D.C. Code § 26-1322 — DC Code / Title 26 / Chapter 13 / § 26-1322
§ 26-1322. Liability of stockholders.
Status: in_force

All stockholders of every company incorporated under this chapter, or availing itself of its provisions under § 26-1313 shall be severally and individually liable to the creditors of such company to an amount equal to and in addition to the amount of stock held by them respectively for all debts and contracts made by such company.
D.C. Code § 26-1154.01 — DC Code / Title 26 / Chapter 11A / § 26-1154.01
§ 26-1154.01. Rulemaking authority.
Status: in_force

The Mayor shall promulgate rules in accordance with Chapter 5 of Title 2 , to carry out the purposes of this chapter. The rules shall be promulgated within 90 days of May 7, 2002.
D.C. Code § 26-1334 — DC Code / Title 26 / Chapter 13 / § 26-1334
§ 26-1334. Powers of probate court.
Status: in_force

The court having probate jurisdiction, or any judge thereof, shall have power to make orders respecting such company whenever it shall have been appointed trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with mental illness or an intellectual disability or any other fiduciary, and require the said company to render all accounts which might lawfully be made or required by any court or any judge thereof if such trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with mental illness or an intellectual disability or fiduciary were a natural person. And said court, or any judge thereof, at any time, on application of any person interested, may appoint some suitable person to examine into the affairs and standing of such companies, who shall make a full report thereof to the court, and said court, or any judge thereof, may at any time, in its discretion, require of said company a bond with sureties or other security for the faithful performance of its obligations, and such sureties or other security shall be liable to the same extent and in the same manner as if given or pledged by a natural person.
D.C. Code § 26-804 — DC Code / Title 26 / Chapter 8 / § 26-804
§ 26-804. Payment of trust accounts on death of trustee.
Status: in_force

Whenever a deposit, savings account, or share account, which is in form in trust for another, shall be made or held by any person in any bank, trust company, savings and loan association, building association, building and loan association, or federal savings and loan association, doing business in the District of Columbia, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to such bank, trust company, or other association, such deposit, savings account, or share account, or any part thereof, together with the dividends, or interest thereon, may, in the event of the death of the trustee, be paid to the person for whom such deposit, savings account, or share account was made or held, or to his legal representative.
D.C. Code § 26-551.16 — DC Code / Title 26 / Chapter 5B / § 26-551.16
§ 26-551.16. Cease and desist order.
Status: in_force

(a) The Commissioner may issue and serve upon the financial institution or its affiliate or subsidiary a final cease and desist order if:
  (1) The party served with the notice of charges fails to appear at the hearing called under § 26-551.13 ; or
  (2) The record of the hearing held under § 26-551.13 supports a finding that the violation or unsafe and unsound practice specified in the notice of charges has occurred or reasonably likely to occur.
(b) A final cease and desist order may require that a financial institution or a director, officer, trustee, employee, agent, affiliate, or subsidiary of the financial institution:
  (1) Cease and desist from the violation or unsafe or unsound practice or from any activity that will or may result in a violation or unsafe or unsound practice;
  (2) Take affirmative action to correct the violation, unsafe or unsound practice, or condition resulting from the violation or unsafe or unsound practice or to avoid a violation or unsafe or unsound practice; or
  (3) Provide indemnification, reimbursement, restitution, or any other relief that the Commissioner determines is appropriate.
(c) A final cease and desist order shall become effective 30 days after the service of the order upon the financial institution or its affiliate or subsidiary; provided, that a final cease and desist order which has been issued upon the consent of the Commissioner and a financial institution or other parties shall become effective upon the date specified in the consent order.
(d) A final cease and desist order shall remain in effect until it is stayed, modified, terminated, or set aside by the Commissioner or a court.
(e) In addition to, or instead of, issuing a final cease and desist order, the Commissioner may enter into an informal enforcement action, such as a supervisory agreement or memorandum of understanding, with the financial institution.
D.C. Code § 26-505.10 — DC Code / Title 26 / Chapter 5 / § 26-505.10
§ 26-505.10. Audits.
Status: in_force

(a) Unless the District credit union has been audited by a licensed public accountant or other qualified person or firm, the audit committee shall make, or cause to be made, a comprehensive annual audit of the books and affairs of the District credit union. The audit committee shall submit a report of each annual audit to the board of directors and a summary of that report to the members of the District credit union at the next annual meeting of the District credit union.
(b) The audit committee shall make, or cause to be made, any supplementary audits, examinations, and verifications of members' accounts that it considers necessary or that are required by the Commissioner or the board of directors of the District credit union. The audit committee shall submit reports of these supplementary audits to the board of directors.
D.C. Code § 26-1024 — DC Code / Title 26 / Chapter 10 / § 26-1024
§ 26-1024. Promulgation of rules.
Status: in_force

The Superintendent [Commissioner] is authorized to promulgate rules and regulations to implement this chapter.
D.C. Code § 26-1401.05 — DC Code / Title 26 / Chapter 14 / § 26-1401.05
§ 26-1401.05. Revocation or subsequent limitation of certificate of authority.
Status: in_force

If a universal bank fails to maintain the standards and requirements of § 26-1401.03(c) , the Commissioner shall, by order, revoke or limit the exercise of the powers of the universal bank.
D.C. Code § 26-211 — DC Code / Title 26 / Chapter 2 / § 26-211
§ 26-211. Withdrawal by shareholder.
Status: in_force

A shareholder shall be entitled to withdraw at any time, by giving such notice as the bylaws may require, where no advance has been made on his shares, in which case he shall be entitled to receive the amount of dues paid in by him on each of his shares, together with such proportion of the profits accrued or such rate of interest as said bylaws may determine, less all fines due and a proportionate part of all losses and other charges incurred; provided, that not more than one-half of the funds in the treasury at any time shall be applicable to the demands of the withdrawing shareholders without the consent of the board of trustees.
D.C. Code § 26-1316 — DC Code / Title 26 / Chapter 13 / § 26-1316
§ 26-1316. Capital stock — Amount; payment; deposit with Superintendent of Banking and Financial Institutions.
Status: in_force

The capital stock of every such company shall be at least $1,000,000, and at least 50 percent thereof must have been paid in, in cash or by the transfer of assets as hereinafter provided in § 26-1323 , before any such company shall be entitled to transact business as a corporation, except with its own members, and before any company organized hereunder shall be entitled to transact the business of a trust company, or to become and act as a personal representative, guardian of the estate of a minor, or undertake any other kindred fiduciary duty, it shall deposit, either in money or in bonds, mortgages, deeds of trust, or other securities equal in actual value to one-fourth of the capital stock paid in, with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], to be kept by him upon the trust and for the purposes hereinafter provided; and the said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] may from time to time require an additional deposit from any such company, to be held upon and for the same trust and purposes, not exceeding, however, in value one-half the paid-in capital stock; and the said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall not issue to any corporation the certificate heretofore provided for until said deposit with him of securities required by this section. Within 1 year after the organization of any corporation under the provisions of this chapter, or after any corporation existing prior to January 1, 1902, shall have availed itself of the powers and rights given by this chapter in the manner herein provided for, its entire capital stock shall have been paid in.
D.C. Code § 26-509.03 — DC Code / Title 26 / Chapter 5 / § 26-509.03
§ 26-509.03. Credit union conversion.
Status: in_force

(a) A District credit union may be converted to a federal credit union or a foreign credit union, subject to rules issued by the Commissioner and applicable laws governing the prospective chartering jurisdiction.
(b) A federal credit union or a foreign credit union may convert to a District credit union incorporated under this subchapter if the converting federal or foreign credit union complies with all requirements of its current chartering jurisdiction and the requirements of the Commissioner and files proof of such compliance with the Commissioner.
D.C. Code § 26-306 — DC Code / Title 26 / Chapter 3 / § 26-306
§ 26-306. Bond to accompany application for license.
Status: in_force

(a) At the time of filing an application under this chapter, each applicant shall file with the Superintendent [Commissioner of Insurance, Securities, and Banking] a bond in the sum of $5,000 for each location and mobile unit from which the applicant proposes in the application to conduct business. The bond shall be issued by a person authorized to issue such bonds in the District and shall be in a form satisfactory to the Superintendent [Commissioner].  To satisfy the requirements of this section, the bond shall be effective on the date the license is issued by the Superintendent [Commissioner] and run to the Superintendent [Commissioner] for the use of the District.  The applicant shall be the obligor of the bond.  The bond must be conditioned upon the observance by the applicant of all the provisions of this chapter and of all rules and regulations lawfully made by the Superintendent [Commissioner] hereunder, and must be for the benefit of the District concerning any and all monies that become due or owing to the District from the applicant under this chapter as well as for the benefit of any private claimants against the applicant with respect to the cashing of checks in the District.  The surety on the bond shall have the right to cancel such bond upon giving 30 days written notice to the Superintendent [Commissioner] and thereafter shall be relieved of liability for any breach of condition occurring after the effective date of the cancellation.  Any license issued pursuant to this chapter shall be revoked, and void, by operation of law during any period when the bond required by this section is not in full force and effect.
(b) If the Superintendent [Commissioner], at any time, reasonably determines that the bond is insecure, deficient in amount, or exhausted in whole or in part, or if the surety on the bond has notified the Superintendent [Commissioner] of its intention to cancel the bond, the Superintendent [Commissioner] may, by written order, require the filing of a new or supplemental bond in order to secure compliance with this chapter.  The licensee shall comply with the order within 20 days following service of the order upon the licensee.
D.C. Code § 26-1214 — DC Code / Title 26 / Chapter 12 / § 26-1214
§ 26-1214. Cooperative agreements and examinations.
Status: in_force

(a) The Superintendent [Commissioner] shall examine all nonfederal District associations controlled by an association or savings and loan holding company and all District branches controlled by an association or savings and loan holding company.
(b) The Superintendent [Commissioner] may enter into cooperative agreements with any other savings and loan regulatory agency to facilitate the regulation and examination of any savings and loan association or savings and loan holding company doing business in the District.
(c) The Superintendent [Commissioner] may accept a report of an examination or other records from any other regulatory unit instead of conducting its own examinations of interstate associations or associations controlled by savings and loan holding companies located in other jurisdictions.
(d) The Superintendent [Commissioner] may take any action jointly with any other regulatory agency having concurrent jurisdiction over savings and loan associations and savings and loan holding companies in the District or may take action independently to carry out the responsibilities of the Superintendent [Commissioner].
D.C. Code § 26-431.06 — DC Code / Title 26 / Chapter 4A / § 26-431.06
§ 26-431.06. Rating system for community development performance.
Status: in_force

(a) The Commissioner shall establish, by regulation, a system to rate the community development performance of a financial institution. The system shall include the following rating categories:
  (1) Outstanding record of performance in meeting the credit needs of its local communities;
  (2) Highly satisfactory record of performance in meeting the credit needs of its local communities;
  (3) Satisfactory record of performance in meeting the credit needs of its local communities;
  (4) Needs to improve record of performance in meeting the credit needs of its local communities; and
  (5) Substantial noncompliance in meeting the credit needs of its local communities.
(b) The Commissioner shall consider the compliance of the financial institution with the community development plan submitted under § 26-431.03 in assessing and rating the community development performance of the financial institution.
(c) The CFO, when evaluating the community development plan of a deposit-receiving institution shall review the rating category or score assigned to the deposit-receiving institution’s plan by the applicable financial supervisory agency and shall publish the final review on its website.
(d) The CFO shall receive public comments during a 30-day public comment period when reviewing and evaluating the community development plan of a deposit-receiving institution.
(e) The CFO shall consider in the evaluation done pursuant to subsection (c) of this section whether a deposit-receiving institution is engaged in discriminatory, unfair, or deceptive lending practices as determined by federal agencies under the Equal Credit Opportunity Act, approved October 28, 1974 (88 Stat. 1521; 15 U.S.C. § 1691 et seq.), and the Fair Housing Act, approved September 13, 1988 (82 Stat. 81; 42 U.S.C. §§ 3601 et seq.), and their implementing regulations, or under Chapter 11A of this title [ § 26-1151.01et seq.], or Chapter 39 of Title 28 [ § 28-3901 et seq.], and their implementing regulations.
(f) To apply for a deposit services contract with the District government, a financial institution must receive at least a “satisfactory” rating on its most recent CRA exam.
D.C. Code § 26-202 — DC Code / Title 26 / Chapter 2 / § 26-202
§ 26-202. Powers as to stock.
Status: in_force

Such corporation shall have power, in its certificate of incorporation or in its bylaws, to provide that its shares of stock may be issued in series; to limit the number of shares which each stockholder may be allowed to hold; to prescribe the entrance fee to be paid by each stockholder at the time of subscribing; and to regulate the instalments to be paid on each share and the times at which they shall be payable. It shall also have power to enforce the payment of all installments and other dues by such fines and forfeitures as its bylaws may from time to time provide.
D.C. Code § 26-1161.09 — DC Code / Title 26 / Chapter 11B / § 26-1161.09
§ 26-1161.09. NMLS information challenge process.
Status: in_force

The Commissioner shall establish by rule a process whereby applicants, licensees, and registrants may challenge information entered into the NMLS by the Commissioner.
D.C. Code § 26-431.05 — DC Code / Title 26 / Chapter 4A / § 26-431.05
§ 26-431.05. Monitoring compliance with the community development plan.
Status: in_force

(a) The Commissioner shall monitor whether a financial institution is satisfying its continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income areas, consistent with safe and sound operation of the financial institution.
(b) The Commissioner shall issue an annual report to the Mayor and the Council on each financial institution’s compliance with its community development plan. In the annual report, the Commissioner shall include an assessment of the community reinvestment performance of each financial institution using the applicable methodology set forth in the Community Reinvestment Act and shall include the rating for each financial institution under the system developed under § 26-431.06 .
(c) The CFO shall issue an annual report to the Mayor and the Council on which deposit-receiving institutions received contracts for deposits of District funds, excluding funds associated with District debt financings, with a summary of the terms of the contract and the amounts deposited.
D.C. Code § 26-551.03 — DC Code / Title 26 / Chapter 5B / § 26-551.03
§ 26-551.03. Administration of the District of Columbia Banking Code.
Status: in_force

(a) Repealed.
(b) The Department shall administer the provisions of the District of Columbia Banking Code on behalf of the Mayor.
(c) The Department of Banking and Financial Institutions and the position of the Commissioner of the Department of Banking and Financial Institutions are abolished.
(d) Repealed.
(e) Repealed.
(f) Repealed.
(g) References in any statute, regulation, or rule of the District to the Superintendent of the Office of Banking and Financial Institutions or the Office of Banking and Financial Institutions shall mean the Commissioner [of the Department of Insurance, Securities, and Banking] and the Department [of Insurance, Securities, and Banking], respectively.
(h) Repealed.
D.C. Code § 26-401 — DC Code / Title 26 / Chapter 4 / § 26-401
§ 26-401. Establishment.
Status: in_force

Any bank or trust company qualified to act as fiduciary in the District of Columbia may, subject to such rules and regulations as may be promulgated from time to time by the Board of Governors of the Federal Reserve System under the provisions of § 92a of Title 12, United States Code  , as amended, pertaining to the collective investment of trust funds by national banks, establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries; and may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the written consent of its cofiduciaries to such investment.
D.C. Code § 26-1351 — DC Code / Title 26 / Chapter 13 / § 26-1351
§ 26-1351. Existing title insurance companies may become perpetual.
Status: in_force

Any company formed prior to January 1, 1902, agreeably to law, for the purpose of insuring titles to real estate may become perpetual by filing, in the Office of the Recorder of Deeds, a certificate to that effect, in like manner as is provided by law for the filing of the original certificate of incorporation.
D.C. Code § 26-523 — DC Code / Title 26 / Chapter 5 / § 26-523
§ 26-523. Conversion of District credit unions into federal credit unions — Applicability of federal provisions; fees; liquidation of existing loans; bylaws.
Status: in_force

Any District of Columbia credit union converting into a federal credit union in accordance with this chapter shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act (§ 1751 et seq. of Title 12, United States Code) upon credit unions organized thereunder, except that:
(1) No fee shall be imposed upon a credit union converting pursuant to this chapter as an incident to its conversion;
(2) Any loan or investment made by a credit union converting pursuant to this chapter in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time; and
(3) A credit union converting pursuant to this chapter shall submit proposed bylaws to the Administrator for his approval after its conversion, but not later than 30 days following its next annual meeting or 6 months after August 1, 1964, whichever is later; provided, that any existing bylaw inconsistent with any other requirements of the Federal Credit Union Act shall be deemed null and void.
D.C. Code § 26-631 — DC Code / Title 26 / Chapter 6A / § 26-631
§ 26-631. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Banking business” means activities and transactions involving banking, including receiving deposits, paying checks, lending money, and any activity which is determined by the Commissioner to be incidental to the business of banking.
(2) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7) .
(3) “Department” shall have the same meaning as set forth in § 26-551.02(9) .
(4) “District of Columbia Banking Code” means the statutory provisions concerning banking and financial institutions which are codified in Title 26 of the District of Columbia Official Code, any law administered by the Commissioner, and rules and regulations promulgated under those statutory provisions and laws.
(5) “Edge Act” means the Federal Reserve Act, approved December 23, 1913 (38 Stat. 351; 12 U.S.C. § 221  et seq.).
(6) “Federal agency” means an agency of an international banking corporation established and operating under the Federal International Act.
(7) “Federal branch” means a branch of an international banking corporation established and operating under the Federal International Act.
(8) “Federal International Act” means the International Banking Act of 1978, approved September 17, 1978 (92 Stat. 607; 12 U.S.C. § 3101 et seq.).
(9) “Federal international bank office” means a branch or agency of an international banking corporation established and operating under the Federal International “ct.
(10) “Foreign country” means a country other than the United States, including a dependency or possession of such country, and any territory of the United States, including Guam, American Samoa, the Virgin Islands, and the Commonwealth of Puerto Rico.
(11) “International agency” means an office located in the District of Columbia, other than a federal international bank office, which exercises powers, as set forth in § 26-635 , on behalf of an international banking corporation.
(12) “International banking corporation” means a banking corporation organized and licensed under the laws of a foreign country. The term “international banking corporation” shall include an international commercial bank, foreign merchant bank, foreign mortgage bank, or other foreign institution that engages in banking activities in connection with the business of banking in the country where the foreign institution is organized or operating.
(13) “International banking corporation office” means, unless otherwise specified, an office established in the District of Columbia under this chapter.
(14) “International branch” means an office located in the District of Columbia, other than a federal international bank office, which exercises powers, as set forth in § 26-635 , on behalf of an international banking corporation.
(15) “International financing corporation” means a corporation organized under the laws of the District of Columbia for the purpose of engaging in the activities described in § 26-635 .
(16) “International representative office” means:
  (A) An office of an international banking corporation that is established or maintained in the District of Columbia for the purpose of engaging in the activities described in § 26-635 ; or
  (B) A person whose primary business is to engage in such activities, on behalf of an international banking corporation, from an office located in the District of Columbia.
(17) “Representative” means a person or entity located in an office in the District of Columbia that engages in any activity in the District of Columbia for or on behalf of an international banking corporation, which activity is not otherwise prohibited by law.
(18) “State” means a state of the United States or the District of Columbia.
D.C. Code § 26-105 — DC Code / Title 26 / Chapter 1 / § 26-105
§ 26-105. Liability of shareholders — Termination.
Status: in_force

The additional liability imposed by § 26-104 upon the shareholders of savings banks, savings companies, and banking institutions and the additional liability imposed by § 26-1322 upon the shareholders of trust companies, shall cease to apply on July 1, 1937, with respect to such savings banks, savings companies, banking institutions, and trust companies which shall be transacting business on such date; provided, that not less than 6 months prior to such date, the savings bank, savings company, banking institution, or trust company, desiring to take advantage hereof, shall have caused notice of such prospective termination of liability to be published in a newspaper published in the District of Columbia and having general circulation therein. In the event of failure to give such notice as and when above provided, a termination of such additional liability may thereafter be accomplished as of the date 6 months subsequent to publication in the manner above provided.
D.C. Code § 26-1401.03 — DC Code / Title 26 / Chapter 14 / § 26-1401.03
§ 26-1401.03. Application to be certified as a universal bank; review and approval or disapproval of application.
Status: in_force

(a) A financial institution may apply to be certified as a universal bank by filing a written application with the Commissioner. The application shall include such information as the Commissioner may require by regulation. The application shall be on such forms, and shall be prepared and filed in accordance with such procedures, as the Commissioner may prescribe by regulation.
(b) An application submitted by a financial institution under subsection (a) of this section shall be approved or disapproved in writing by the Commissioner within 90 days after its submission to the Commissioner. The Commissioner and the financial institution may agree to extend the application period for an additional 60 days.
(c) The Commissioner shall not certify a financial institution as a universal bank unless:
  (1) The financial institution is authorized under its articles of incorporation or other organizational documents to act as financial institution;
  (2) The financial institution is chartered or organized, regulated, supervised, and examined under the District of Columbia Banking Code and is under the authority and supervision of the Commissioner;
  (3) The financial institution is in good standing with the Department and there is no investigatory or enforcement action pending against the financial institution by the Department;
  (4) The financial institution is in good standing with appropriate federal and state financial institutions agencies and there is no investigatory or enforcement action pending against the financial institution by an appropriate federal or state financial institutions agency;
  (5) The financial institution is well capitalized and has maintained a capital level prior to certification as a universal bank as the Commissioner may require based on safety and soundness consideration;
  (6) The financial institution does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that are moderately severe or unsatisfactory, as determined by the Commissioner, based upon the Commissioner’s assessment of the financial institution’s capital adequacy, adequacy of liquidity, and sensitivity to market risk;
  (7) The most recent evaluation prepared under the Community Reinvestment Act, if any, demonstrates that the financial institution has received a rating of “outstanding” or “satisfactory” in meeting the credit needs of its entire community, including low-income and moderate-income neighborhoods, consistent with the safe and sound operation of the financial institution;
  (8) The most recent examination which the financial institution has received from its appropriate federal financial institutions agency, if any, indicates that the financial institution is in compliance with applicable federal law and regulations;
  (9) The financial institution agrees to comply with applicable regulations and rules promulgated by the Commissioner and any lawful order of the Commissioner;
  (10) The financial institution agrees to comply with any conditions imposed by the Commissioner in connection with the approval of an application, including additional requirements that the Commissioner determines are necessary for the protection of depositors or shareholders of the financial institution or of the general public.
  (11) The financial institution agrees to comply with any written agreement entered into with the Commissioner in connection with the approval of an application;
  (12) The Commissioner determines that it is reasonable to believe that the financial institution will act in a safe and sound manner and maintain a safe and sound condition; and
  (13) The Commissioner determines that certification of the financial institution as a universal bank will serve the public interest.
D.C. Code § 26-1209 — DC Code / Title 26 / Chapter 12 / § 26-1209
§ 26-1209. Rules.
Status: in_force

The Superintendent [Commissioner] shall, pursuant to subchapter I of Chapter 5 of Title 2 , issue proposed rules to implement the provisions of this chapter. The proposed rules shall be submitted to the Council for a 45-day review period, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution within this 45-day review period, the proposed rules shall be deemed approved. Nothing in this section shall affect the requirements imposed upon the Mayor by subchapter I of Chapter 5 of Title 2 .
D.C. Code § 26-1307 — DC Code / Title 26 / Chapter 13 / § 26-1307
§ 26-1307. Charter of incorporation — Recording; certificate to be obtained from Superintendent of Banking and Financial Institutions.
Status: in_force

If the charter be granted as aforesaid, it, together with the certificate of the Council of the District of Columbia granting the same indorsed thereon, shall be filed for record in the Office of the Recorder of Deeds for the District of Columbia, and shall be recorded by him. On the filing of the said certificate with the said Recorder of Deeds as herein provided, approved as aforesaid by the said Council, the persons named therein and their successors shall thereupon and thereby be and become a body corporate and politic, and as such shall be vested with all the powers and charged with all the liabilities conferred upon and imposed by this chapter upon companies organized under the provisions hereof; provided, however, that no corporation created and organized under the provisions hereof, or availing itself of the provisions hereof as contained in § 26-1313 , shall be authorized to transact the business of a trust company, or any business of a fiduciary character, until it shall have filed with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] a copy of its certificate of organization and charter, and shall have obtained from him and filed the same for record with the said Recorder of Deeds, a certificate that the said capital stock of said company has been paid in and the deposit of securities made with said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] in the manner and to the extent required by this chapter.
D.C. Code § 26-1401.16 — DC Code / Title 26 / Chapter 14 / § 26-1401.16
§ 26-1401.16. Liquidation of universal banks in general.
Status: in_force

A universal 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 § 26-1118 — DC Code / Title 26 / Chapter 11 / § 26-1118
§ 26-1118. Suspension, revocation, and enforcement.
Status: in_force

(a) The Superintendent [Commissioner] may suspend or revoke the license of any licensee if the licensee or any owner, director, officer, member, partner, stockholder, employee, or agent of the licensee, while acting on behalf of the licensee:
  (1) Makes any material misstatement in an application for a license;
  (2) Has been convicted of any crime of moral turpitude;
  (3) In connection with any mortgage loan or loan application transaction:
    (A) Commits any fraud;
    (B) Engages in any illegal or dishonest activities; or
    (C) Misrepresents or fails to disclose any material facts to anyone entitled to that information;
  (4) Violates any provision of this chapter, any rule or regulation adopted under it, or any other law regulating mortgage loan lending in the District;
  (5) Engages in a course of conduct consisting of the failure to perform written agreements with borrowers;
  (6) Fails to account for funds received or disbursed to the satisfaction of the person supplying or receiving such funds;
  (7) Fails to disburse funds in accordance with any agreement connected with, and promptly upon closing of, a mortgage loan, taking into account any applicable right of rescission;
  (8) Is convicted of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
  (9) Has a judgment entered against such licensee involving fraud, misrepresentation, or deceit;
  (10) Has been found by a federal, state, or District agency to be in violation of any law or any regulation applicable to the conduct of the licensee’s business;
  (11) Refuses to permit an investigation or examination by the Superintendent [Commissioner];
  (12) Fails to pay any fee or assessment imposed by this chapter;
  (12A) Has been found in violation of Chapter 11A of this title or determined by the Commissioner to have made a loan in violation of Chapter 11A of this title ;
  (13) Fails to comply with any order of the Superintendent [Commissioner]; or
  (14) Otherwise demonstrates unworthiness, bad faith, dishonesty, or any other quality that indicates that the business of the licensee has not been, or will not be, conducted honestly, fairly, equitably, and efficiently.
(b) (1) The Commissioner may enforce the provisions of this section or any rules and regulations adopted hereunder, by issuing an order against any licensee or person required to be licensed. The Commissioner may issue an order requiring a licensee or any person engaging in any activity or business within the scope of this chapter to show cause as to the reasons enforcement action should not be taken against such licensee or person.
  (2) If a violator fails to comply with an order issued under paragraph (1) of this subsection, the Superintendent [Commissioner] may impose a civil penalty of up to $25,000 for each violation from which the violator failed to cease and desist or for which the violator failed to take affirmative action to correct.
(c) The Superintendent [Commissioner] may request the Corporation Counsel of the District of Columbia to take appropriate action in the Superior Court of the District of Columbia for the enforcement of an order issued under this section. The Corporation Counsel may also seek, and the Superior Court of the District of Columbia may order or decree, damages and such other relief allowed by law, including restitution. Persons entitled to any relief as authorized by this section shall be identified by order of the court within 180 days after the date of the order permanently enjoining the unlawful act or practice. In any action brought by the Corporation Counsel by virtue of this provision, the Corporation Counsel shall be entitled to seek attorney’s fees and costs.
(d) In determining the amount of financial penalty to be imposed under subsection (b) of this section, the Superintendent [Commissioner] shall consider the following:
  (1) The seriousness of the violation;
  (2) The good faith of the violator;
  (3) The violator’s history of previous violations;
  (4) The deleterious effect of the violation on the public and mortgage industry;
  (5) The assets of the violator; and
  (6) Any other factors relevant to the determination of the financial penalty.
(e) Nothing in this chapter shall be construed to preclude any individual or entity who suffers loss as a result of any violation of this chapter from maintaining an action to recover damages or restitution and, as provided by statute, attorney’s fees.
D.C. Code § 26-1161.07 — DC Code / Title 26 / Chapter 11B / § 26-1161.07
§ 26-1161.07. Application fees.
Status: in_force

(a) When filing an application, each applicant shall pay the applicable fees prescribed by the Commissioner and any third-party fees. Any fees paid in connection with the processing of an application shall be non-refundable.
(b) The Commissioner may increase or decrease the fees authorized by this section. The fees shall be fixed at such rates as may, in the judgment of the Commissioner, be necessary to defray the approximate costs of carrying out the regulatory functions set forth in this chapter and the Banking Code. These fees shall not be abated or refunded upon surrender, suspension, cancellation, or revocation of a registration.
D.C. Code § 26-1314 — DC Code / Title 26 / Chapter 13 / § 26-1314
§ 26-1314. Real property held and conveyed by companies.
Status: in_force

Any company operating under this chapter may lease, purchase, hold, and convey real property in which the offices of the company are located not to exceed in value the capital and surplus of the company, and such in addition as it may acquire in satisfaction of debts due the corporation under sales, decrees, judgments, and mortgages. But no such association shall hold the possession of any real estate under foreclosure of mortgage, or the title and possession of any real estate purchased to secure any debts due to it, for a longer period than 5 years.
D.C. Code § 26-911 — DC Code / Title 26 / Chapter 9 / § 26-911
§ 26-911. Enforcement; rules and regulations.
Status: in_force

The enforcement of this chapter shall be intrusted to the Mayor of the District of Columbia, and the Council of the District of Columbia is hereby authorized and empowered to make all rules and regulations necessary in its judgment for the conduct of such business and the enforcement of this chapter in addition hereto and not inconsistent herewith.
D.C. Code § 26-402 — DC Code / Title 26 / Chapter 4 / § 26-402
§ 26-402. Taxability.
Status: in_force

(a) A common trust fund, as herein defined, shall not be subject to any tax imposed by Chapter 18 of Title 47 , and for the purpose of said subchapter shall not be deemed to be a corporation.
(b) The net income of a common trust fund shall be computed in the same manner and on the same basis as in the case of an individual. Each participant in a common trust fund shall include, in computing its net income, its proportionate share of the net income of such fund, whether or not distributed to it, and the amount so included in the net income of a participant shall be taxable to such participant, or its beneficiaries, in the manner and to the extent provided in subchapter IX of Chapter 18 of Title 47 , as if any amount not distributed to the participant during its taxable year actually had been so distributed.
(c) No gain or loss shall be realized by a common trust fund upon the admission or withdrawal of a participant, or upon the admission or withdrawal of any interest of a participant. The withdrawal of any participating interest by a participant shall be treated as a sale or exchange of such interest by such participant.
(d) Every bank or trust company maintaining a common trust fund shall make a return under oath for the taxable year of such fund.
(e) If the taxable year of a common trust fund is different from that of a participant therein, the proportionate share of the net income of such fund to be included in computing the net income of such participant for its taxable year shall be based upon the net income of such fund for its taxable year ending within the taxable year of such participant.
D.C. Code § 26-1161.08 — DC Code / Title 26 / Chapter 11B / § 26-1161.08
§ 26-1161.08. NMLS reporting requirements.
Status: in_force

The Commissioner shall regularly report violations of the Banking Code, as well as enforcement actions and other relevant information, to the NMLS. The reports shall be subject to the provisions of § 26-1161.05 .
D.C. Code § 26-1011 — DC Code / Title 26 / Chapter 10 / § 26-1011
§ 26-1011. Special reporting requirements.
Status: in_force

Within 15 days of the occurrence of any of the events listed below, a licensee shall file a written report with the Superintendent [Commissioner] describing the event and its expected impact on the licensee’s activities in the District:
(1) The filing for bankruptcy or reorganization by the licensee;
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensees’ money transmission activities;
(3) Any felony indictment of the licensee or any of its key officers or directors related to money transmission activities; or
(4) Any felony conviction of the licensee or any of its key officers or directors related to money transmission activities.
D.C. Code § 26-1014 — DC Code / Title 26 / Chapter 10 / § 26-1014
§ 26-1014. Maintenance of records.
Status: in_force

(a) Each licensee, shall make, keep and preserve the following books, accounts and other records for a period of 3 years:
  (1) A record of each payment instrument sold;
  (2) A general ledger containing all assets, liability, capital, income and expense accounts, which general ledger shall be posted at least monthly;
  (3) Settlement sheets received from authorized delegates;
  (4) Bank statements and bank reconciliation records;
  (5) Records of outstanding payment instruments;
  (6) Records of each payment instrument paid within the 3 year period;
  (7) A list of the names and addresses of all of the licensee’s authorized delegates; and
  (8) Records it is required to maintain pursuant to 31 C.F.R. Part 103.
(b) Maintenance of such documents as are required by this section in a photographic, electronic, or other similar form shall constitute compliance with this section.
(c) Records may be maintained at a location other than within the District of Columbia so long as they are made accessible to the Superintendent [Commissioner] within 7 days of written notice by the Superintendent [Commissioner].
D.C. Code § 26-209 — DC Code / Title 26 / Chapter 2 / § 26-209
§ 26-209. Advancements — Participation of all shares in profits.
Status: in_force

The shares advanced upon shall participate equally with the other shares in the profits and the amounts paid by the advanced shareholders, together with such proportion of the profits accrued or such rate of interest as said bylaws may determine, the same as allowed on shares withdrawn not advanced upon, less all fines and a proportionate part of losses and other charges incurred.
D.C. Code § 26-109 — DC Code / Title 26 / Chapter 1 / § 26-109
§ 26-109. Applicability of provisions on federal reserve banks to nonmember banks.
Status: in_force

All acts prohibited by the provisions of § 501 of Title 12 and §§ 334, 656, 1004, and 1005 of Title 18, United States Code, as amended, and §§ 375, 375a, 376, and 503 of Title 12, and §§ 212, 213, 214, 215, 655, 1005, 1014, 1906, and 1909 of Title 18, United States Code, as amended, in the case of federal reserve banks or member banks thereof, or of directors, officers, or employees of such banks, are likewise prohibited, respectively, in the case of banks in the District of Columbia which are not members of a federal reserve bank, or of directors, officers, or employees of such banks, and shall be punishable by the respective penalties provided in such section; provided, that the District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985 [ D.C. Law 6-107 ] shall apply to banks which are not national banks.
D.C. Code § 26-532 — DC Code / Title 26 / Chapter 5A / § 26-532
§ 26-532. Obligations of financial institutions; fees; liability; penalties.
Status: in_force

(a) A financial institution doing business in the District shall:
  (1) Upon the request of the IV-D agency, enter into agreements with the IV-D agency to develop and operate a data-match system in which the financial institution is required to provide for each calendar quarter the name, record address, social security number or other taxpayer identification number, and other identifying information (including account number) for each noncustodial parent who maintains an account at the institution, individually or jointly, and who owes past-due child or spousal support that is enforced by the IV-D agency, as identified by the Mayor by name and social security number or other taxpayer identification number; and
  (2) Encumber or surrender assets held by the institution on behalf of a noncustodial parent who is subject to a lien pursuant to § 46-224 in response to a notice of lien or levy from the Superior Court or the IV-D agency.
(b) The IV-D agency may pay a reasonable fee to a financial institution for conducting the data match provided for in subsection (a) of this section, not to exceed the actual costs incurred by the financial institution.
(c) A financial institution shall not be liable under any District law for:
  (1) Any disclosure of information to the IV-D agency under subsection (a) of this section;
  (2) Encumbering or surrendering, in response to a notice of lien or levy issued by the IV-D agency, any assets it holds; or
  (3) Any other action taken in good faith to comply with subsection (a) of this section.
(d) A financial institution that intentionally fails to comply with subsection (a) of this section shall be subject to a penalty of $5,000 for each failure to conduct a data match with data that the IV-D agency submits or attempts to submit to the financial institution. For purposes of this subsection, a single data submission may include data concerning multiple obligors. Penalties pursuant to this subsection shall be enforced in the Superior Court by the Corporation Counsel of the District of Columbia.
D.C. Code § 26-1217 — DC Code / Title 26 / Chapter 12 / § 26-1217
§ 26-1217. Use of minority-owned savings and loan associations.
Status: in_force

(a) Recipients of the District of Columbia government contracts are encouraged to use federally and District chartered minority-owned savings and loan associations certified by the Small and Local Business Opportunity Commission in accordance with subchapter IX-A of Chapter 2 of Title 2 .
(b) The Mayor shall, pursuant to subchapter I of Chapter 5 of Title 2 , issue rules to implement the provisions of this section within 90 days of March 16, 1989. All rules issued pursuant to this subsection shall be transmitted to the Council for review.
D.C. Code § 26-551.17 — DC Code / Title 26 / Chapter 5B / § 26-551.17
§ 26-551.17. Temporary cease and desist order.
Status: in_force

(a) Along with a notice of charges, or after the issuance of a notice of charges, the Commissioner may issue a temporary cease and desist order.
(b) The Commissioner may issue a temporary cease and desist order if the Commissioner determines that a violation or unsafe or unsound practice is likely to cause:
  (1) Insolvency of the financial institution;
  (2) Substantial dissipation of assets or earnings of the financial institution;
  (3) Serious weakening of the condition of the financial institution;
  (4) Serious prejudice to the interests of the depositors or investors of the financial institution or to the general public; or
  (5) The inability to determine, because of incomplete or inaccurate records, the financial condition of a financial institution or the inability to determine the details or purpose of a transaction that may have a material effect on the financial condition of a financial institution.
(c) The temporary cease and desist order may require a financial institution or its affiliate or subsidiary to immediately cease and desist from a violation or unsafe or unsound practice and to take affirmative action to prevent an occurrence set forth in paragraphs (1) through (5) of subsection (b) of this section pending completion of investigatory proceedings under this chapter. If a notice of charges issued under § 26-551.13 states that the books and records of a financial institution are so incomplete or inaccurate that the Commissioner is unable to determine the financial condition of the institution or to ascertain the details or purpose of a transaction, the Commissioner may issue a temporary cease and desist order that requires the financial institution to cease an activity or practice which caused or contributed to the incomplete or inaccurate state of the books or records or take affirmative action to restore the books or records to a complete and accurate state.
(d) A temporary cease and desist order shall be effective upon service.
(e) A temporary cease and desist order shall remain in effect until:
  (1) Set aside, limited, or suspended by a court;
  (2) The completion of the investigatory proceeding initiated by the notice of charges, if the Commissioner dismisses the notice of charges;
  (3) An order by the Commissioner revoking the temporary cease and desist order; or
  (4) The issuance of a final cease and desist order.
D.C. Code § 26-131.10 — DC Code / Title 26 / Chapter 1A / § 26-131.10
§ 26-131.10. Registration of automated teller machines.
Status: in_force

(a) Except as provided in subsections (d) and (e) of this section, an automated teller machine operated in the District shall be registered with the Commissioner by the operator of the automated teller machine. The operator shall pay annually to the Commissioner a nonrefundable registration fee of $500 for the first automated teller machine operated by the operator in the District and $50 for each additional automated teller machine operated by the operator in the District. If the operator does not pay the total annual fee imposed under this subsection, each automated teller machine of the operator in the District shall be considered not to be registered under this subsection.
(b) No refund or abatement of a registration fee paid under this section shall be made if the registration is surrendered, cancelled, revoked, or suspended before the expiration of the period for which the fee was paid.
(c) The Commissioner may suspend, revoke, or refuse to renew the registration of an operator under this section if the Commissioner finds that the operator or an owner, director, officer, member, partner, trustee, employee, or agent of the operator has:
  (1) Made a material misstatement in the application for registration;
  (2) Committed a fraud, engaged in dishonest activity, or made a misrepresentation in connection with the operation of the automated teller machine;
  (3) Demonstrated a lack of competence in connection with the operation of the automated teller machine; or
  (4) Violated any provision of this chapter or any regulation promulgated under this chapter.
(d) The registration requirement in subsection (a) of this section shall not apply to automated teller machines owned or operated by a depository institution insured by the Federal Deposit Insurance Corporation.
(e) The Electronic Fund Transfer Act, approved November 10, 1978 (92 Stat. 3728; 15 U.S.C. § 1693 et seq.), and any regulations issued, or that may be issued, under the Electronic Fund Transfer Act, except for those provisions, amendments, or regulations that establish crimes or provide for nonfinancial penalties, are hereby adopted as part of this chapter. Compliance with the Electronic Fund Transfer Act shall be considered to be compliance with this section.
D.C. Code § 26-551.11 — DC Code / Title 26 / Chapter 5B / § 26-551.11
§ 26-551.11. Reports on financial institutions.
Status: in_force

(a) Unless otherwise provided by the District of Columbia Banking Code, the Commissioner shall require each financial institution to submit a financial report on a quarterly basis (“quarterly financial report”). The quarterly financial report shall fully describe the financial condition of the reporting financial institution. The Commissioner may accept the most recent quarterly report filed by the financial institution with its appropriate federal financial institutions agency in the place of a quarterly financial report.
(b) A quarterly financial report shall be filed with the Commissioner within 30 days after the end of each calendar quarter.
(c) The Commissioner may require a financial institution to submit a special financial report if the Commissioner determines that a special financial report will assist the Commissioner in ensuring the safe and sound condition and operation of the financial institution.
(d) A special financial report shall be filed with the Commissioner within 30 days of the receipt of a request for the special financial report from the Commissioner.
(e) A quarterly financial report or a special financial report required under this section shall be signed and certified as accurate by the president or chief executive officer of the reporting financial institution.
(f) The Commissioner may accept a report, examination, or other information from a state or federal agency or regulatory body concerning the activities of a financial institution or its affiliate or subsidiary.
(g) The Commissioner shall prescribe forms to be used to comply with this section.
D.C. Code § 26-1161.02 — DC Code / Title 26 / Chapter 11B / § 26-1161.02
§ 26-1161.02. Unique identifier required.
Status: in_force

Each licensee and registrant under the Banking Code shall register with and maintain a valid unique identifier issued by the NMLS.
D.C. Code § 26-1022 — DC Code / Title 26 / Chapter 10 / § 26-1022
§ 26-1022. Enforcement.
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 or an authorized delegate has violated, is violating, or is about to violate any provision of this chapter or any rule, regulation or order imposed by the Superintendent [Commissioner], or written agreement entered into with the 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 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, or authorized delegate to cease and desist the violation.
(d) The Superintendent [Commissioner] may issue and serve upon the licensee, or person required to be licensed, or authorized delegate a final cease and desist order if:
  (1) The licensee or person or authorized delegate 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 or authorized delegate served with the notice of charges fails to appear at the hearing, in which case the licensee or person or authorized delegate 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. 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.
D.C. Code § 26-708 — DC Code / Title 26 / Chapter 7 / § 26-708
§ 26-708. Nonseverability.
Status: repealed

Repealed.
D.C. Code § 26-1325 — DC Code / Title 26 / Chapter 13 / § 26-1325
§ 26-1325. Officers; security authorized.
Status: in_force

There shall be a president of the company, who shall be a director, also a secretary and a treasurer, all of whom shall be chosen by the directors or trustees; provided, that only 1 of the above named offices shall be held by the same person at the same time. Subordinate officers may be appointed by the directors or trustees, and all such officers may be required to give such security for the faithful performance of the duties of their offices as the directors or trustees may require.
D.C. Code § 26-831.08 — DC Code / Title 26 / Chapter 8A / § 26-831.08
§ 26-831.08. Capital requirements of a merchant bank.
Status: in_force

(a) The minimum amount of initial capital for a merchant bank shall be $20 million, of which at least $10 million shall be common stock or an equity interest. The balance may be composed of qualifying subordinated or similar debt as determined under regulations promulgated by the Commissioner. The Commissioner may modify the required minimum amount of initial capital if an applicant files with the Commissioner a written request and application, which application shall include a capital plan and any other documentation required by the Commissioner by regulation or order.
(b) A merchant bank shall maintain minimum capital in at least the same amount as the minimum initial capital required under subsection (a) of this section or in such other amount as the Commissioner may establish by rule or by order, after the filing of a request and application by a merchant bank; provided, the Commissioner shall not establish a minimum capital requirement for a merchant bank that is less than 150% of the tier 1 risk-based capital or 150% of the total risk-based capital established by the Board of Governors of the Federal Reserve System for a well-capitalized bank.
D.C. Code § 26-507.07 — DC Code / Title 26 / Chapter 5 / § 26-507.07
§ 26-507.07. Other loan programs.
Status: in_force

(a) A District credit union may participate in any guaranteed loan program of the federal or District government under the terms and conditions specified in the law under which the type of program is provided.
(b) A District credit union may purchase the conditional sales contracts, notes, and similar instruments that evidence the indebtedness of its members, persons within its field of membership, or members of another credit union, subject to applicable law.
(c) A District credit union may finance for any person the sale of the District credit union's property, including property obtained as a result of defaults on obligations owed to the District credit union.
(d) A District credit union may issue student loans to its members in accordance with District law or scholarship programs that are subject to a federal or District law providing a 100% repayment guarantee.
D.C. Code § 26-506.07 — DC Code / Title 26 / Chapter 5 / § 26-506.07
§ 26-506.07. Payable on death accounts.
Status: in_force

Notwithstanding any other provision of law, a District credit union may establish share and deposit accounts payable to one or more persons during their lifetimes, and upon the death of every included account holder to one or more payable on death payees. A transfer to a payable on death payee is effective by reason of the account contract and shall not be considered a testamentary transfer.
D.C. Code § 26-706.01 — DC Code / Title 26 / Chapter 7 / § 26-706.01
§ 26-706.01. Alternative entry by acquisition.
Status: in_force

(a) Notwithstanding any other provisions of this subchapter, 90 days after April 11, 1986, any nonregional bank holding company may make application to the Superintendent [Commissioner] for approval to acquire:
  (1) Any District bank that was in existence on December 18, 1985, and continuously operating for at least 2 years prior to that date; or
  (2) Any District bank holding company all of the District bank subsidiaries of which were in existence on December 18, 1985, and that had been in existence and continuously operating for at least 2 years prior to that date. The Superintendent [Commissioner] shall list applications for acquisition among the pending applications in the Superintendent’s [Commissioner’s] periodic bulletin, published in the District of Columbia Register, and mailed without charge to any person upon request. Prior to deciding whether to grant approval of the application, the Superintendent [Commissioner] shall accept public comment on the application and shall hold a public hearing on the application, according to procedures established by the rules issued by the Superintendent [Commissioner]. The Superintendent [Commissioner] shall not approve the acquisitions unless it is found that the application satisfies the requirements of § 26-704 , including the $4,000 application fee, and subsection (b) of this section.
(b) An applicant under this section shall be required to demonstrate to the Superintendent [Commissioner] that:
  (1) The applicant will make loans and extend credit in a target economic development project in the District for an amount equal to or greater than .0625% of the applicant’s total assets 3 years following the date of acquisition of a District bank holding company or District bank. In no event shall the amount of loans and extension of credit be less than $50,000,000 or required to be made more than $100,000,000, though an applicant may agree to make loans and extend credit in target economic development projects in excess of $100,000,000, and the loans shall not include temporary financing, general obligation bonds issued by the District government, or the purchase of an interest in a pool of mortgage loans, such as mortgage participation certificates issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or the Farmers Home Administration;
  (2) The applicant will establish at least 2 bank offices in target banking development areas, in addition to any acquired bank offices, within 3 years following the date of acquisition of a District bank or District bank holding company;
  (3) The applicant will cash checks issued by the District and the United States governments at bank offices within target banking development areas, even though the bearer of the check does not maintain an account at the bank. According to normal and prudent banking practices, the bank may verify that the individual who presents the check at the bank office is legally entitled to payment;
  (4) The applicant will sell food coupons pursuant to 7 U.S.C. § 2011 et seq.;
  (5) The applicant will employ at least 200 District residents, or a lesser number according to a sliding scale based upon total assets to be developed by the Superintendent [Commissioner], but in no event less than 50, in positions located in the District that were not located in the District prior to approval of the application, within 3 years following the date of acquisition of a District bank holding company or District bank; and
  (6) The applicant will promote international trade and finance within the District.
(c) (1) With its application, an applicant shall submit an irrevocable and confirmed letter of credit for $10,000,000 from an acceptable bank, as determined by the Superintendent [Commissioner]. The letter of credit shall name the District of Columbia as the beneficiary and shall provide that the District of Columbia Treasurer shall receive up to $10,000,000 upon presentation to the issuer by the Superintendent [Commissioner] of a decision and order which is reached pursuant to the procedures in subsection (f) of this section and which is a final order because all administrative and judicial appeals of the decision and order are exhausted or untimely. The letter of credit shall be established as of the date when the applicant submits its application to the Superintendent.
  (2) In place of an irrevocable and confirmed letter of credit, the Superintendent [Commissioner] may authorize the use of any other financial instrument which would assure payment of fines assessed pursuant to subsection (f) of this section.
(d) The Superintendent [Commissioner] may reduce or extend the time within which a bank 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 and the District does not take the action, or, upon good cause shown, the economic or financial conditions of the bank holding company justifies the action.
(e) Any District bank holding company or District bank may choose not to be acquired pursuant to this section by having a resolution to that effect passed by its board of directors and shareholders. The resolution shall be forwarded to the Superintendent [Commissioner] within 60 days after its adoption. No acquisition of a bank or bank holding company which has timely filed such 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.
(f) (1) The Superintendent [Commissioner] may, at any time, review the activities of a nonregional bank holding company making an acquisition under this section and of its District bank subsidiaries to determine whether the nonregional bank holding company is fulfilling the commitments set forth in subsection (b) of this section. In all events, at the end of 3 years following the acquisition of a District bank or a District bank holding company under this section, the Superintendent [Commissioner] shall review the activities of the nonregional bank holding company making the acquisition, and of its District bank subsidiaries, and shall determine whether the nonregional bank 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 3 years and 3 months after the acquisition of a District bank or bank holding company by the nonregional bank holding company. The Superintendent [Commissioner] may require a nonregional bank holding company making an acquisition under this section, and its District bank subsidiaries, to supply the information and to submit the reports the Superintendent [Commissioner] considers necessary in order to make a determination under this subsection.
  (2) Upon the determination of the Superintendent [Commissioner] that a bank 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 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 by an order issued pursuant to this subsection, including any extension, the Superintendent [Commissioner] believes that the bank holding company has not complied with the order, the Superintendent [Commissioner] shall hold a hearing pursuant to § 2-509 , to determine whether the bank 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 bank holding company has not complied with the Superintendent’s [Commissioner’s] order within the specified period of time, including any extension, the bank holding company has not undertaken a good faith effort to comply with the Superintendent’s [Commissioner’s] order, and the applicant has not substantially completed its commitment pursuant to this section, the Superintendent [Commissioner] shall either:
    (A) Order the bank holding company to divest itself of control of all District banks and bank holding companies within a reasonable period of time. If, the Superintendent [Commissioner] orders a bank holding company to divest itself of control of all District banks and bank holding companies pursuant to this paragraph, the divestiture shall, in all events, be completed within 1 year after the date on which the Superintendent’s [Commissioner’s] order becomes final and not pending further judicial review; or
    (B) Fine the bank holding company $10,000,000 and present the decision and order, including a showing that all administrative and judicial appeals of that decision and order are exhausted or untimely, to the issuer of the $10,000,000 letter of credit or other financial assurance required in subsection (c) of this section, and shall call upon the issuer to honor the letter of credit or other financial assurance for the full amount of $10,000,000.
  (5) If, after the hearing and final order issued upon the completion of all appeals, the Superintendent [Commissioner] concludes that the bank holding company has not complied with the Superintendent’s [Commissioner’s] order within the specified period of time, including any extension, the bank holding company has not undertaken a good faith effort to comply with the Superintendent’s [Commissioner’s] order, and the bank holding company has substantially completed its commitment pursuant to this section, the Superintendent [Commissioner] may fine the bank holding company up to $10,000,000, and, if the Superintendent [Commissioner] does fine the bank holding company, the Superintendent [Commissioner] shall present the decision and order, including a showing that all administrative and judicial appeals of that decision and order are exhausted or untimely, to the issuer of the $10,000,000 letter of credit or other financial assurance required in subsection (c) of this section, and shall call upon the issuer to honor the letter of credit or other financial assurance for payments equal to the amount of the fines assessed pursuant to this paragraph.
  (6) If, after the hearing and final order issued upon the completion of all appeals, the Superintendent [Commissioner] concludes that the bank holding company has not complied with the Superintendent’s [Commissioner’s] order within the specified period of time, including any extension, the bank holding company has undertaken a good faith effort to comply with the Superintendent’s [Commissioner’s] order, and the bank holding company has not substantially completed its commitment pursuant to this section, the Superintendent [Commissioner] may fine the bank holding company up to $10,000,000, and, if the Superintendent [Commissioner] does fine the bank holding company, the Superintendent [Commissioner] shall present the decision and order, including a showing that all administrative and judicial appeals of that decision and order are exhausted or untimely, to the issuer of the $10,000,000 letter of credit or other financial assurance required in subsection (c) of this section, and shall call upon the issuer to honor the letter of credit or other financial assurance for payment equal to the amount of the fines assessed pursuant to this paragraph.
  (7) If, after the hearing and final order issued upon the completion of all appeals, the Superintendent [Commissioner] concludes that the bank holding company has not complied with the Superintendent’s [Commissioner’s] order within the specified period of time, including any extension, the bank holding company has undertaken a good faith effort to comply with the Superintendent’s  [Commissioner’s] order and the bank holding company has substantially completed its commitment pursuant to this section, the Superintendent [Commissioner] may fine the bank holding company up to $5,000,000, and, if the Superintendent [Commissioner] does fine the bank holding company, the Superintendent [Commissioner] shall present the decision and order, including a showing that all administrative and judicial appeals of that decision and order are exhausted or untimely to the issuer of the $10,000,000 letter of credit or other financial assurance required in subsection (c) of this section, and shall call upon the issuer to honor the letter of credit or other financial assurance for payment equal to the amount of the fines assessed pursuant to this paragraph, but the payment shall not be greater than $5,000,000.
  (8) The Superintendent [Commissioner] shall exercise the Superintendent’s [Commissioner’s] authority under paragraphs (3), (4), (5), and (6) of this subsection within 4 years of the date of the acquisition of a District bank holding company or District bank, plus any extensions and any period during which a hearing and its appeals, if any, are pending pursuant to this subsection.
  (9) 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 Federal Reserve Board.
D.C. Code § 26-207 — DC Code / Title 26 / Chapter 2 / § 26-207
§ 26-207. Advancements — Payments of premiums.
Status: in_force

The moneys accumulated from time to time shall be offered to such shareholder or shareholders as shall bid the highest premium for preference or priority of right to an advancement of the ultimate value of 1 or more of his or their respective shares. The said premium shall consist of a percentage on the amount of the advance and shall be deemed to be a consideration or bonus paid by the shareholder for the present and immediate use and possession of the future or ultimate value of the share so advanced, and shall not be deemed usurious. The said premium may either be deducted in advance from the amount to be advanced to the shareholder or be made payable in monthly installments, in addition to legal interest on the sum advanced, as the bylaws may provide.
D.C. Code § 26-1155.01 — DC Code / Title 26 / Chapter 11A / § 26-1155.01
§ 26-1155.01. Applicability.
Status: in_force

(a) Subchapters I through III of this chapter shall apply 60 days after the effective date of the regulations promulgated by the Mayor pursuant to this chapter.
(b) The provisions of this chapter shall be interpreted and applied to the fullest extent practical in a manner consistent with applicable federal laws and regulations. Nothing in this chapter is intended to preempt federal laws and regulations.
D.C. Code § 26-1211 — DC Code / Title 26 / Chapter 12 / § 26-1211
§ 26-1211. Status after conversion.
Status: in_force

(a) An association’s status as a regional association shall not be affected by the association’s conversion, after October 12, 1988, from a federal charter to a charter issued by a state in the region or by the association’s conversion from a state charter to a federal charter, so long as the association otherwise continues to qualify as a regional association under the provisions of § 26-1201(19) .
(b) An association’s status as a District association or a regional association may not be affected by the association’s conversion, after October 12, 1988, from an association insured by the Federal Deposit Insurance Corporation to an association insured by the Federal Savings and Loan Insurance Corporation or by the association’s conversion from an association insured by the Federal Savings and Loan Insurance Corporation to an association insured by the Federal Deposit Insurance Corporation so long as the association continues to be a District association or a regional association as defined in § 26-1201(8) or § 26-1201(19) .
D.C. Code § 26-551.05 — DC Code / Title 26 / Chapter 5B / § 26-551.05
§ 26-551.05. General powers and responsibilities of the Commissioner.
Status: in_force

(a) The Commissioner shall:
  (1) Administer the District of Columbia Banking Code;
  (2) Promote and maintain a climate and regulatory framework that will encourage financial institutions to organize to do business in the District and contribute to the economic development of the District through the increased availability of capital and credit;
  (3) Expand advantageous financial services to the public in a nondiscriminatory manner;
  (4) Charter, regulate, supervise, and examine banks, savings institutions, credit unions, trust companies, and other financial institutions engaged, or seeking to engage, in the business of banking in the District;
  (5) License, regulate, supervise, and examine non-depository financial institutions engaged in regulated activity in the District;
  (6) Regulate the opening or closing of branches, agencies, offices, or other facilities by financial institutions under the authority and supervision of the Commissioner;
  (7) Approve or disapprove mergers or acquisitions involving District financial institutions or financial institution holding companies;
  (8) Monitor community development commitments of financial institutions chartered, organized, or doing business in the District;
  (9) Approve or disapprove changes in control of financial institutions chartered or organized in the District;
  (10) Approve or disapprove conversions of federally-chartered institutions into District-chartered financial institutions;
  (11) Promulgate regulations, rules, policy statements, interpretations, and opinions necessary or appropriate to carry out the purposes of the District of Columbia Banking Code;
  (12) Assure that all financial institutions engaged in regulated activity in the District, under the supervision or control of the Commissioner, or seeking to do business into the District of Columbia under the District of Columbia Banking Code provide financial services to the public in a manner that fosters the development and revitalization of housing and commercial corridors in underserved neighborhoods in the District, help meet the credit and deposit service needs of lower income and minority residents of the District, and expand financial and technical support for small, minority, and women-owned businesses;
  (13) Investigate possible violations of the District of Columbia Banking Code and take any authorized action upon finding a violation;
  (14) Examine or audit a financial institution, bank holding company, affiliate, or subsidiary to assure that the financial institution bank holding company, affiliate, or subsidiary is operating in compliance with the law and in a manner that preserves safety and soundness;
  (15) Request or pursue a restraining order, the appointment of a receiver or conservator, the involuntary dissolution of a corporation, or the freezing or seizure of assets of a person associated with a violation or possible violation of the District of Columbia Banking Code;
  (16) In all respects permitted by law, act as the District government’s regulatory authority for financial institutions operating in the District; and
  (17) Recommend to the Mayor annually, or at any other time, any necessary changes to District laws dealing with banking or other areas within the jurisdiction of the Commissioner.
(b) The Commissioner shall be responsible for the performance of all duties, the exercise of all powers and jurisdiction, and the assumption and discharge of all responsibilities vested by law in the Department or the Commissioner. The Commissioner shall have all powers necessary or convenient for the administration and enforcement of the District of Columbia Banking Code.
(b-1) (1) To determine a financial institution’s eligibility to conduct a regulated activity under the District of Columbia Banking Code, the Commissioner may require each organizer, partner, director, officer, and owner with a controlling interest in the financial institution to submit to the Commissioner his or her fingerprints, contact information, and other identifying information, along with written consent to the performance of a criminal history record background check.
  (2) The Commissioner may exchange the fingerprints and other information with, and receive criminal history record background information from, the Metropolitan Police Department and the Federal Bureau of Investigation for the purposes of facilitating the Commissioner’s determination.
  (3) The individual or financial institution associated with the regulated activity requiring the Commissioner’s determination shall bear the cost of the criminal history record background check and all costs of administering and processing the background check.
(c) The Commissioner may promulgate rules and regulations necessary or appropriate to the execution of the Commissioner’s powers, duties, and responsibilities.
(d) The Commissioner may enter into agreements that the Commissioner considers necessary or appropriate to the exercise of his or her powers, including agreements with agencies or instrumentalities of the District, states and territories of the United States of America, or the federal government, for the examination of banks, savings institutions, credit unions, trust companies, and other financial institutions.
(e) The Commissioner, in the performance of the duties and responsibilities of the Department, may enter into contracts with the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, District agencies, other state or federal banking agencies, or any other entity, for those services necessary to carry out the duties and responsibilities of the Commissioner and the Department.
(f) The Commission may establish and modify fees to implement the District of Columbia Banking Code.
D.C. Code § 26-1401.30 — DC Code / Title 26 / Chapter 14 / § 26-1401.30
§ 26-1401.30. Fees.
Status: in_force

The Commissioner may establish fees for the filing of documents, the processing of applications, and other services provided by the Commissioner or the Department under this chapter.
D.C. Code § 26-320 — DC Code / Title 26 / Chapter 3 / § 26-320
§ 26-320. Formal investigations.
Status: in_force

Whenever it appears that an individual or entity licensed or required to be licensed under this chapter has violated or is violating any law, agreement, order, rule, or regulation or has engaged in an unsafe or unsound practice, the Superintendent [Commissioner] may issue an order to conduct a formal investigation of such person. The Superintendent [Commissioner] may cause any investigation, or portion of such investigation, to be conducted by a District or federal law enforcement agency by making the request for assistance from such agency.
D.C. Code § 26-1401.09 — DC Code / Title 26 / Chapter 14 / § 26-1401.09
§ 26-1401.09. Specific powers of universal banks.
Status: in_force

(a) Subject to applicable laws, regulations, and any required approval of the Commissioner or other regulators, a universal bank may:
  (1) Establish eligibility requirements and the types and terms of deposits that the universal bank may solicit and accept;
  (2) Make, sell, purchase, arrange, participate in, invest in, or otherwise deal in a loan or extension of credit for any purpose and invest in debt instruments or debt securities (“make a loan”), subject to § 26-1401.12 ;
  (3) Acquire an equity interest or other form of interest as security in a project funded through a loan made under paragraph (2) of this section, subject to § 26-1401.12 ;
  (4) Acquire an equity interest in a profit-participation project, including a project funded through a loan from the universal bank, subject to § 26-1401.13 ;
  (5) Purchase, sell, underwrite, and hold investment securities, consistent with safe and sound banking practices, subject to § 26-1401.13 ;
  (6) Purchase, sell, underwrite, and hold equity securities, consistent with safe and sound banking practices, subject to § 26-1401.13 ;
  (7) Invest in housing projects, as defined in § 26-1401.13 , with the prior written approval of the Commissioner, subject to § 26-1401.13 ;
  (8) Purchase, sell, and invest in such other investments as the Commissioner, by regulation, may provide, consist with safe and sound practices, subject to § 26-1401.13 ;
  (9) Buy and sell securities as an agent or broker, subject to § 26-1401.15 ;
  (10) Buy and sell real estate and interests in real estate as an agent or broker;
  (11) Manage real estate and other property;
  (12) Sell annuities, subject to § 26-1401.15 ;
  (13) Sell life insurance, accident insurance, health insurance, property insurance, casualty insurance, and any other form of insurance, subject to § 26-1401.15 ;
  (14) Act as a broker-dealer, securities agent, investment adviser, investment adviser representative, insurance agent, or insurance broker, if otherwise qualified, upon obtaining a license from the Department of Insurance and Securities Regulation [Department of Insurance, Securities, and Banking], subject to § 26-1401.15 ;
  (15) Buy and sell commodities as a principal, agent, or broker, with the prior written approval of the Commissioner, subject to § 26-1401.15 ;
  (16) Underwrite and distribute annuities, subject to § 26-1401.15 , with the prior written approval of the Commissioner and the appropriate federal financial institutions agency of the universal bank; provided, that the underwriting and distribution 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;
  (17) Underwrite and distribute life insurance, accident insurance, health insurance, property insurance, casualty insurance, and any other form of insurance, with the prior written approval of the Commissioner, subject to § 26-1401.15 ; provided, that the underwriting and distribution 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;
  (18) Underwrite, deal in, or make a market in securities, with the prior written approval of the Commissioner, subject to § 26-1401.15 ; provided, that the underwriting, dealing, market-making shall be conducted only through a subsidiary of the universal bank; and
  (19) Distribute shares in investment companies, with the prior written approval of the Commissioner, subject to § 26-1401.15 ; provided, that the distribution shall only be conducted through a subsidiary of the universal bank.
(b) With the approval of the Commissioner, a universal bank may securitize its assets for sale to the public. The Commissioner may establish procedures governing the exercise of authority granted under this subsection.
D.C. Code § 26-510.06 — DC Code / Title 26 / Chapter 5 / § 26-510.06
§ 26-510.06. Conservatorship.
Status: in_force

(a) If the Commissioner determines that a District credit union is engaging in a materially unsafe or unsound practice, the Commissioner may, at the Commissioner's sole discretion and without advance notice:
  (1) Appoint an insuring organization or any other person as conservator, that shall immediately take possession and control of the business and assets of the District credit union, represent the best interests of the District credit union members, and be vested with the full power of management of the District credit union.
  (2) Petition the Superior Court of the District of Columbia to appoint a receiver for the District credit union, in accordance with § 26-1401.19 .
  (3) For the purposes of this section, the term "materially unsafe and unsound practice" means a practice where:
    (A) (i) Immediate action is necessary to conserve the assets of a District credit union or to protect the interests of the members of the District credit union; or
      (ii) A District credit union, by resolution of its board of directors, has consented to the Commissioner's action; and
    (B) (i) The Commissioner receives written notification from the appropriate authority that a director or an officer of the District credit union has been convicted of a criminal offense under 18 U.S.C. § 1956 or 1957;
      (ii) There is a willful violation by a District credit union or a director or officer of the District credit union of a cease and desist order issued by the Commissioner; or
      (iii) A District credit union or a director or officer of the District credit union has engaged in the concealment of books, papers, records, or assets of the District credit union, or has refused to submit books, papers, records, or other sources of information relating to the affairs of the District credit union for inspection to any examiner or lawful agent of the Commissioner.
(b) A District credit union may apply to the appropriate court for an order requiring the Commissioner to show cause why the Commissioner or the conservator designee should not be enjoined from continuing possession and control not later than 15 days after the date on which the conservator takes possession and control of the business and assets of a District credit union pursuant to subsection (a) of this section.
(c) Except as provided in subsection (b) of this section, the conservator may maintain possession and control of the business and assets of the District credit union and may operate the District credit union until:
  (1) The Commissioner permits the District credit union's officials to continue business, subject to terms and conditions the Commissioner imposes; or
  (2) The District credit union is involuntarily merged or involuntarily liquidated in accordance with § 26-510.05 .
(d) The Commissioner may appoint any person that the Commissioner considers necessary to assist the conservator in carrying out the duties of the conservator under this section.
(e) A conservator or receiver may terminate or adopt any executory contract to which the credit union may be a party, including leases of real or personal property, within 6 months after obtaining knowledge of the existence of the contract or lease. Any provision in the contract or lease that provides for damages, other than actual direct compensatory damages determined as of the date of appointment of the conservator or receiver, shall not be binding on the conservator, receiver, or District credit union.
(f) All expenses incurred by a conservator in exercising the authority of that office under this section with respect to any District credit union shall be paid out of the assets of the District credit union; except, that the Commissioner may waive all or a part of these expenses.
D.C. Code § 26-1318 — DC Code / Title 26 / Chapter 13 / § 26-1318
§ 26-1318. Annual reports — Publication; contents; verification.
Status: in_force

Every such company shall annually, within 20 days after the 1st of January of each year, make a report to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], which shall be published in a newspaper in the District, which shall state the amount of capital and of the proportion actually paid, the amount of debts, and the gross earnings for the year ending December 31st then next previous, together with their expenses, which report shall be signed by the president and a majority of the directors or trustees, and shall be verified by the oath of the president, secretary, and at least 3 of the directors or trustees; provided, however, that trust companies which are required to file and to publish reports under the provisions of § 161 of Title 12, United States Code  , as amended, shall not be required to make or publish the annual report required under this section.
D.C. Code § 26-1401.27 — DC Code / Title 26 / Chapter 14 / § 26-1401.27
§ 26-1401.27. Termination of conservatorship.
Status: in_force

(a) If the Commissioner determines that termination of the conservatorship and resumption of the transaction of the universal bank’s business by the universal bank can be achieved and maintained in a safe and sound manner and is otherwise in the public interest, the Commissioner may petition the Superior Court to terminate a conservatorship and permit the universal bank to resume the transaction of its business, subject to terms, conditions, restrictions, and limitations as the Commissioner determines are appropriate.
(b) If the Superior Court determines that reasons for the conservatorship no longer exist, the Superior Court may dissolve the conservatorship and terminate any pending proceedings.
(c) If the Commissioner determines that it would be in the public interest, the Commissioner may petition the Superior Court for termination of a conservatorship and appointment of a receiver for the universal bank under § 26-1401.20 .