D.C. Code § 26-1003 — DC Code / Title 26 / Chapter 10 / § 26-1003
§ 26-1003. Exemptions.
Status: in_force

(a) This chapter shall not apply to:
  (1) The United States or any department, agency, or instrumentality thereof;
  (2) The United States Post Office;
  (3) The District of Columbia government;
  (4) Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks organized under the laws of any state, the District of Columbia or the United States; provided, that they do not issue or sell payment instruments through authorized delegates who are not banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks; or
  (5) The provision of electronic transfer of government benefits for any federal or District of Columbia governmental agency as defined in Federal Reserve Board Regulation E or by a contractor for and on behalf of the United States, or any department, agency or instrumentality thereof, or the District of Columbia government.
(b) Authorized delegates of a licensee, acting within the scope of authority conferred by a written contract as described in § 26-1016 shall not be required to obtain a license pursuant to this chapter.
D.C. Code § 26-215 — DC Code / Title 26 / Chapter 2 / § 26-215
§ 26-215. Purchase of real property.
Status: in_force

Such corporation shall not invest its fund in any real estate except what is necessary for the conduct of its business, but may purchase such property at sales made upon foreclosure of mortgages or in satisfaction of judgments or other liens held by it; provided, that such property so purchased be sold within a reasonable time thereafter.
D.C. Code § 26-404 — DC Code / Title 26 / Chapter 4 / § 26-404
§ 26-404. Uniformity of laws.
Status: in_force

This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of the District of Columbia with the law of those states which enact the Uniform Common Trust Fund Act.
D.C. Code § 26-1120.03 — DC Code / Title 26 / Chapter 11 / § 26-1120.03
§ 26-1120.03. Nationwide Mortgage Licensing System and Registry information challenge process.
Status: in_force

The Commissioner shall establish a process whereby licensees may challenge information entered into the NMLSR by the Commissioner.
D.C. Code § 26-510.07 — DC Code / Title 26 / Chapter 5 / § 26-510.07
§ 26-510.07. Examinations.
Status: in_force

(a) The Commissioner shall examine or cause to be examined each District credit union on a regular basis. A District credit union and any of its officers and agents shall give full access to all books, papers, securities, records, and other sources of information (collectively "sources of information") under their control to the Commissioner or the Commissioner's agents, unless the disclosure of these sources of information is prohibited by law.
(b) A report of the examination conducted pursuant to subsection (a) of this section ("examination report") shall be forwarded by the Commissioner or the Commissioner's designee to the District credit union's chair of the board within 30 days after completion. The examination report shall contain comments relative to the management of the affairs of the District credit union and the general condition of District credit union's assets. The board of directors of the District credit union shall meet to consider and respond to matters contained in the examination report within 30 days of receipt of the report.
(c) All information contained in or related to the examination report prepared by, or on behalf of, the Commissioner shall be deemed the confidential property of the Department. No officer, employee, or agent of the Department or the District credit union may disseminate the contents of an examination report for any reason other than the business of the Department or the District credit union. Violation of this subsection constitutes a misdemeanor and upon conviction thereof the misdemeanant shall be fined not more than $ 1,000 for each violation. The contents of the examination report shall not be subject to subpoena.
(d) The Commissioner may accept an examination of the credit union made by the NCUA in lieu of making an examination of a District credit union. The cost of any examination under this subsection shall be borne by the District credit union; except, that the costs of any regular or special examination shall not be assessed more than once annually.
(e) The Commissioner shall adopt rules that ensure consistency and due process in the examination process. The Commissioner may also establish guidelines and provide formal guidance, interpretive letters, or other written materials that:
  (1) Define the scope of the examination process; and
  (2) Clarify examination items to be resolved.
D.C. Code § 26-503.02 — DC Code / Title 26 / Chapter 5 / § 26-503.02
§ 26-503.02. Incidental powers.
Status: in_force

A District credit union may exercise all incidental powers as permitted by law and within the purposes stated in this subchapter , which are convenient, suitable, or necessary to enable the District credit union to carry out the purposes of this subchapter .
D.C. Code § 26-1005 — DC Code / Title 26 / Chapter 10 / § 26-1005
§ 26-1005. Permissible investments and statutory trust.
Status: in_force

(a) Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the Superintendent [Commissioner] if the dollar volume of a licensee’s outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to § 26-1007 .
(b) Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments in the event of the bankruptcy of the licensee.
D.C. Code § 26-1320 — DC Code / Title 26 / Chapter 13 / § 26-1320
§ 26-1320. Wilful false swearing; misappropriation.
Status: in_force

Any wilful false swearing in regard to any certificate or report or public notice required by the provisions of this chapter shall be perjury and shall be punished as such according to the laws of the District of Columbia. Any misappropriation of any of the money of any corporation or company formed under this chapter, or of any money, funds, or property intrusted to it, shall be held to be theft, and shall be punished as such under the laws of said District.
D.C. Code § 26-307 — DC Code / Title 26 / Chapter 3 / § 26-307
§ 26-307. Minimum liquid assets required.
Status: in_force

Each applicant shall demonstrate, in a form satisfactory to the Superintendent, [Commissioner] the availability of capital of at least $25,000 for the operation of the business of each location and mobile unit from which the applicant proposes in the application to conduct business.  Each licensee shall continuously maintain capital of at least $5,000 for the operation of the business of each location and mobile unit from which the licensee conducts business.
D.C. Code § 26-1161.03 — DC Code / Title 26 / Chapter 11B / § 26-1161.03
§ 26-1161.03. Form and contents of application.
Status: in_force

(a) An application shall be filed on a form prescribed by the Commissioner.
(b) [Expired.]
D.C. Code § 26-1401.12 — DC Code / Title 26 / Chapter 14 / § 26-1401.12
§ 26-1401.12. Limitations on loan power of universal banks.
Status: in_force

(a) A universal bank shall not make loans under § 26-1401.09(a)(2) through the universal bank, or a subsidiary of the universal bank, in an aggregate amount that exceeds 20% of the universal bank’s capital; provided, that:
  (1) For the purposes of computing this limitation, loans made to a municipal corporation shall not be included; and
  (2) A universal bank may make loans under § 26-1401.09(a)(2) through the universal bank, or a subsidiary of the universal bank, in an aggregate amount not to exceed 50% of the universal bank’s capital if the loans made under § 26-1401.09(a)(2) are limited to a liability in the form of a note or bond that:
    (A) Is secured by not less than an equal amount of bonds or notes of the United States issued since April 24, 1917 or in certificates of indebtedness of the United States;
    (B) Is secured or covered by guarantees, commitments, or agreements to take over or purchase the note or bond, and the guarantee, commitment, or agreement is made by a Federal Reserve Bank, the Small Business Administration, the Department of Defense, or the Federal Maritime Commission; or
    (C) Is secured by mortgages or deeds of trust insured by the Federal Housing Administration.
(b) A loan made under § 26-1401.09(a)(2) shall require the prior approval of the board of directors or other governing board of the universal bank or its subsidiary.
(c) An equity interest or other form of interest taken as security in a project funded through a loan made under § 26-1401.09(a)(3) shall require the prior approval of the board of directors or other governing board of the universal bank or its subsidiary.
(d) The Commissioner may suspend a universal bank’s authority under § 26-1401.09(a)(2) or (3) if the Commissioner determines that the universal bank is not exercising, or will not exercise, authority under § 26-1401.09(a)(2) or (3) in a safe and sound manner or that the condition of the universal bank is not, or will not be, safe and sound. In making a determination to suspend a universal bank’s authority under this subsection, the Commissioner shall consider the universal bank’s capital adequacy, asset quality, earnings quantity, earnings quality, adequacy of liquidity, and sensitivity to market risk; the ability of the management of the universal bank; and any other factor the Commissioner determines is appropriate. If the Commissioner suspends the authority of a universal bank under this subsection, the Commissioner may specify how the universal bank or its subsidiary shall treat an outstanding loan.
(e) A universal bank shall not purchase foreign bonds unless the Commissioner promulgates a rule authorizing the purchase of foreign bonds by universal banks; provided, that a universal bank may purchase a general obligation bond issued by a foreign national government if the bond is payable in United States funds. The Commissioner shall not promulgate a rule under this subsection authorizing a universal bank to invest in foreign bonds issued by a single issuer in an aggregate amount that exceeds 10% of the universal bank’s capital.
(f) A universal bank shall not consider any health information obtained from the records of an affiliate of the universal bank that is engaged in the business of insurance in the universal bank’s determination of whether to make a loan under § 26-1401.09(a)(2) or in the determination of whether to make any other loan, unless the person to whom the health information relates consents to the consideration of the health information in the universal bank’s determination of whether to make the loan.
(g) A universal bank shall not loan any part of its capital, surplus, or deposits on its own capital stock, notes, or debentures as collateral security; provided, that a universal bank may make a loan secured by its own capital stock, notes, or debentures to the same extent that the universal bank may make a loan secured by the capital stock, notes, and debentures of a holding company for the universal bank.
(h) The restrictions and limits in subsections (a), (e), and (f) of this section shall not apply to a liability:
  (1) That is secured by not less than an equal dollar amount of direct obligations of the United States which will mature not more than 18 months after the date on which the liability is incurred;
  (2) That is a direct obligation of the United States, the District, or a federal or District agency and that is fully and unconditionally guaranteed by the United States or the District;
  (3) In the form of a note, debenture, or certificate of interest of the Commodity Credit Corporation; or
  (4) Created by the discounting of bills of exchange drawn in good faith against actually existing values or the discounting of commercial or business paper actually owned by the person negotiating the commercial or business paper.
D.C. Code § 26-1401.26 — DC Code / Title 26 / Chapter 14 / § 26-1401.26
§ 26-1401.26. Authority of conservator to borrow money; purpose.
Status: in_force

(a) With the prior approval of the Commissioner, the conservator of a universal bank may borrow money to aid in the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends.
(b) With the prior approval of the Commissioner, the conservator may secure money borrowed under subsection (a) of this section by the pledge, hypothecation, or mortgage of the assets of the universal bank.
D.C. Code § 26-505.03 — DC Code / Title 26 / Chapter 5 / § 26-505.03
§ 26-505.03. Appointment of committees.
Status: in_force

(a) The board of directors shall appoint an audit committee of no fewer than 3 members of the District credit union, who may, but need be, members of the board of directors. The board shall appoint the audit committee at an organizational meeting held within 30 days of each annual election of directors for the terms provided in the bylaws.
(b) The board of directors may appoint other committees necessary or convenient to the operation of the District credit union.
(c) Unless specifically prohibited by the bylaws, committee members may participate in and act at any meeting of the committee through the use of communications equipment; provided, that all persons participating in the meeting can speak with and hear each other at the same time. Participation in a meeting in this manner shall constitute attendance.
(d) Unless specifically prohibited by the bylaws, any action required by this subchapter to be taken at a committee meeting, or any other action that may be taken at a committee meeting, may be taken without a meeting if all members of the committee sign a consent to the action in a writing that sets forth the action. Consent shall be evidenced by one or more written approvals, which describe the action taken and bear the signature of one or more committee members.
D.C. Code § 26-707.02 — DC Code / Title 26 / Chapter 7 / § 26-707.02
§ 26-707.02. Penalties.
Status: in_force

(a) Any company violating any provision of this subchapter or any rule issued pursuant to it shall be subject to a penalty of not more than $100 per day for each day the violation continues unless a different penalty is specified in this subchapter for the violation, in which case the specified penalty shall apply. Any penalty imposed shall be recovered in a civil action in the name of the District of Columbia.
(b) Any company wilfully violating this subchapter or any rule or regulation issued pursuant to this subchapter shall be subject to a penalty of not more than $1,000 a day for each day the violation continues unless a different penalty is specified in this subchapter for the violation, in which case the specified penalty shall apply.
(c) The Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] shall report violations to the Corporation Counsel who may institute a civil action therefor on behalf of the District of Columbia.
(d) Any applicant that fails to comply with requirements concerning filing with the Superintendent [Commissioner] and the Council prior to filing with the Federal Reserve Board shall be fined $500 per day for each day the violation continues, but in no event shall the fine imposed by this subsection exceed $5,000, except that no fine or penalty under this subsection shall be assessed for failure to comply with this section if the application concerns an acquisition under circumstances constituting an emergency, pursuant to 12 U.S.C. § 1842(b), or where the applicant believes, in good faith, that the application concerns such an acquisition, so long as the applicant, as soon as practicable before or after filing with the Federal Reserve Board, files a copy of the application and any notice of approval or disapproval by the Federal Reserve Board with the Superintendent [Commissioner].
D.C. Code § 26-502.01 — DC Code / Title 26 / Chapter 5 / § 26-502.01
§ 26-502.01. District credit union charter application procedures.
Status: in_force

(a) An organizing group consisting of 7 or more persons within the credit union's field of membership, the majority of whom are residents of the District, may apply to organize and charter a District credit union by filing a written charter application with the Commissioner. The application shall be prepared and filed by the organizers in accordance with the forms and procedures prescribed by the Commissioner by rule.
(b) The charter application required in subsection (a) of this section shall include:
  (1) The name of the District credit union, which shall include the phrase "credit union" and the location of the District credit union's principal office;
  (2) The initial field of membership of the District credit union;
  (3) The term of the existence of the organization, which may be perpetual;
  (4) The par value of shares of the District credit union, each of which shall be $5 or more in value;
  (5) The charter statement for the District credit union;
  (6) The names, addresses, and taxpayer identification numbers of each organizer of the District credit union and the number of shares subscribed to by each organizer;
  (7) The name, address, and taxpayer identification number of each member of the initial board of directors of the District credit union and each member of the supervisory committee of the District credit union, selected pursuant to subsection (c) of this section, and the number of shares, if any, subscribed to by each;
  (8) Articles of incorporation, which the Commissioner shall have the authority to approve, prepared in accordance with the rules set forth by the Commissioner;
  (9) Bylaws prepared by the organizers of the District credit union, which shall be consistent with this subchapter for the general governance of the District credit union and comply with the form the Commissioner prescribes by rule; and
  (10) Any other information the Commissioner requires by rule.
(c) (1) The organizers shall select an odd number of directors, not fewer than 5 and not more than 15, who are eligible for membership and who agree to become members and serve on the board of directors.
  (2) The organizers of the District credit union may select 3 or 5 people to serve on a supervisory committee. People chosen to serve on a supervisory committee shall be people who are eligible for membership in the District credit union, agree to become members of the credit union, and agree to serve on the supervisory committee.
  (3) The persons selected to serve on the board of directors and a supervisory committee shall execute an agreement of service, on a form the Commissioner prescribes by rule, to serve in these capacities until the first annual meeting or until the election of their respective successors, whichever is later.
(d) The organizers of the District credit union shall apply for insurance on share and deposit accounts pursuant to § 26-502.08 prior to, or at the same time as, the time when the organizers file the charter application with the Commissioner.
(e) The organizers shall forward to the Commissioner the chartering fee, the duplicate charter statement, bylaws, agreements of service, articles of incorporation, and proof of application for insurance on share and deposit accounts.
(f) The Commissioner shall issue the applicant, in a time period prescribed by the Commissioner by rule, a certification letter in a form that enables the applicant to obtain necessary routing, transit, and bank identification numbers and to secure the necessary contractual arrangements required of a full-service financial institution.
D.C. Code § 26-1019 — DC Code / Title 26 / Chapter 10 / § 26-1019
§ 26-1019. Licensee liability.
Status: in_force

The liability of a licensee to any person for a money transmission conducted by the licensee, or an authorized delegate of the licensee, on behalf of the person shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased.
D.C. Code § 26-1152.15 — DC Code / Title 26 / Chapter 11A / § 26-1152.15
§ 26-1152.15. No negative amortization.
Status: in_force

A lender shall not make a covered loan with a payment schedule with regular periodic payments that causes the principal balance to increase.
D.C. Code § 26-1152.08 — DC Code / Title 26 / Chapter 11A / § 26-1152.08
§ 26-1152.08. Home improvement contracts.
Status: in_force

(a) A lender shall not pay a contractor under a home improvement contract from the proceeds of a covered loan other than by an instrument payable to the borrower or jointly payable to the borrower and the contractor or, at the election of the borrower, through a third-party escrow agent that is independent from the contractor in accordance with the terms established in a written agreement signed by the borrower, the mortgage lender, and the contractor prior to the disbursement of funds to the contractor. The borrower shall be responsible for any reasonable fees or costs associated with the election. A lender may conclusively rely on a certified written statement from either the contractor or the third-party escrow agent that states that the escrow agent and contractor are independent from each other.
(b) A lender shall not purchase a home improvement contract in connection with, or make an instrument payable to, a home improvement contractor that is not bonded with the District pursuant to subchapter IV of Chapter 28 of Title 47 . The Mayor shall maintain a list of home improvement contractors that are bonded and in good standing. Unless the lender has notice that the contractor is not licensed or authorized to do business in the District, a lender who relies on the list within 60 days of the closing shall be considered in compliance with this section; provided, that the lender has provided the Mayor with a name, telephone number, mailing address, and electronic mail address of a contact person to whom the Mayor can provide updates or amendments to the list required by this subsection.
D.C. Code § 26-1161.04 — DC Code / Title 26 / Chapter 11B / § 26-1161.04
§ 26-1161.04. Background checks.
Status: in_force

The Commissioner may use the NMLS as an agent for requesting information from and distributing information to:
(1) The Federal Bureau of Investigation;
(2) The Department of Justice; or
(3) Other law enforcement agency, regulatory agency, or credit reporting agency.
D.C. Code § 26-906 — DC Code / Title 26 / Chapter 9 / § 26-906
§ 26-906. Complaints; investigation; suspension, revocation, or denial of license.
Status: in_force

Any complaint against a licensee or applicant shall be made in writing to the Mayor and the Mayor, on the basis of a written complaint or his or her initiative, may conduct an investigation. Pursuant to the investigation, the Mayor may suspend, revoke, or deny a license to any applicant or licensee who violates the provisions of this chapter. Before suspending, revoking, or denying a license, the Mayor shall notify the applicant or licensee of his or her right to a hearing pursuant to § 2-509 .
D.C. Code § 26-551.09 — DC Code / Title 26 / Chapter 5B / § 26-551.09
§ 26-551.09. Weight of advice of the Board.
Status: in_force

If the Commissioner does not follow advice of the Board which is part of an official action of the Board, the Commissioner shall send to the Board a written statement of the reason for his or her decision not to follow the advice.
D.C. Code § 26-508.01 — DC Code / Title 26 / Chapter 5 / § 26-508.01
§ 26-508.01. Authorized investments.
Status: in_force

(a) A District credit union may invest in:
  (1) Securities, obligations, or other instruments issued by, or fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof;
  (2) Trusts established for investing directly or collectively in the United States or any agency or instrumentality thereof;
  (3) Securities, obligations, or other instruments of the District, any state, the Commonwealth of Puerto Rico, and the several territories organized by Congress;
  (4) Securities, obligations, and other instruments that are backed by the full faith and credit of a political subdivision of a state or of a territory organized by Congress;
  (5) Shares, deposits, share certificates, certificates of deposit, obligations, or other accounts of insured financial institutions organized under District or federal law;
  (6) Shares, deposits, or loans to insured District credit unions, federal credit unions, foreign credit unions, or corporate credit unions;
  (7) Deposits in, loans to, or shares of any Federal Reserve Bank or of any central liquidity facility established under District or federal law;
  (8) Shares, stocks, deposits in, loans to, or other obligations of any credit union service organization in a total amount not exceeding 10% of the District credit union's capital and deposits;
  (9) Shares of a cooperative society organized under the laws of the District, another state, or the United States in which the District credit union has some type of membership relationship in a total amount not to exceed 10% of the capital and deposits of the District credit union;
  (10) Stocks of corporations, not to exceed 5% of the credit union's capital and deposits;
  (11) Bonds or other obligations of corporations organized in the District, any state, the Commonwealth of Puerto Rico, or a territory organized by Congress; provided, that these investments are limited to bonds or other obligations rated among the 3 highest ratings established by one or more national rating service of corporate securities designated by the issuer;
  (12) Participation loans with other District credit unions, federal credit unions, foreign credit unions, credit union-owned organizations, or other organizations existing primarily to serve credit unions or their members;
  (13) Fixed assets, subject to rules promulgated by the Commissioner;
  (14) Shares, obligations, and loans to a credit union trade association, or an organization owned by a credit union trade association organized under District law or the laws of the United States in a total amount not to exceed 10% of the capital and deposits of the District credit union;
  (15) Mortgages, securities, obligations, bonds, and stock of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or other government sponsored enterprises as defined in section 3(8) of the Congressional Budget and Impoundment Control Act of 1974, approved July 12, 1974 (104 Stat. 1388; 2 U.S.C. § 622(8));
  (16) Participations or obligations that have been subjected by one or more government agencies to a trust or trusts for which an executive department, agency, or instrumentality of the United States has been named to act as trustee;
  (17) Common trust or mutual funds whose investment portfolios consist of securities permitted for purchase by credit unions; and
  (18) A charitable donation account pursuant to a policy adopted by the board of directors.
(b) (1) In addition to the investments authorized in subsection (a) of this section, a District credit union may seek, by written application, the Commissioner's approval for:
    (A) An investment that is not authorized in subsection (a) of this section but is for purposes identified in this subchapter ; or
    (B) An investment of a type that is authorized by subsection (a) of this section but that exceeds the monetary threshold in subsection (a) of this section for that type of investment.
  (2) The Commissioner shall approve an application for a District credit union investment described in paragraph (1) of this subsection, if the Commissioner determines that:
    (A) The investment will benefit the members of the District credit union; and
    (B) The investment does not create any safety or soundness implications for the District credit union.
(c) If the status or form of the District credit union's investment changes during the life of the investment, the District credit union may continue to hold and maintain the investment regardless of the change.
(d) This section does not apply to funds invested in the District credit union's employee benefits plan. A District credit union investing to fund an employee benefits plan obligation shall not be subject to the investment limitations of this section if the investment is directly related to the District credit union's obligation under the employee benefit plan and the District credit union holds the investment only for so long as it has an actual or potential obligation under the plan.
D.C. Code § 26-1401.22 — DC Code / Title 26 / Chapter 14 / § 26-1401.22
§ 26-1401.22. Maintenance and disposal of records by receiver.
Status: in_force

(a) With the approval of the Superior Court, a receiver may dispose of records of the universal bank in receivership that are obsolete and unnecessary to the continued administration of the receivership.
(b) The receiver may retain the records of the universal bank and the receivership for a period of time that the receiver considers appropriate or for a period of time as ordered by the Superior Court.
(c) The receiver may devise a method for the effective, efficient, and economical maintenance of the records of the universal bank and of the receiver’s office, including maintaining the records on any medium approved by the Superior Court.
(d) The receiver may use assets of a universal bank to:
  (1) Procure services to maintain the records of a liquidated universal bank; or
  (2) Pay fees, as established by the Commissioner, to the Commissioner necessary for the Commissioner to procure services to maintain the records of a liquidated universal bank.
D.C. Code § 26-1210 — DC Code / Title 26 / Chapter 12 / § 26-1210
§ 26-1210. Continued operations of existing associations and savings and loan holding companies.
Status: in_force

(a) This chapter shall not be construed to require divestiture by an association or a savings and loan holding company that acquired its subsidiary District association or District savings and loan holding company prior to October 12, 1988.
(b) This chapter shall not require a regional association that, on October 12, 1988, has branch offices in the District and conducts business in the District to divest itself of any branch offices or to cease or otherwise limit its business or branching activities in the District.
D.C. Code § 26-632 — DC Code / Title 26 / Chapter 6A / § 26-632
§ 26-632. Construction of legal and financial terms used in chapter.
Status: in_force

Legal and financial terms used in this chapter refer to equivalent terms used by the country in which the international banking corporation is organized.
D.C. Code § 26-431.08 — DC Code / Title 26 / Chapter 4A / § 26-431.08
§ 26-431.08. Authority of Commissioner to issue rules and regulations.
Status: in_force

The Commissioner may promulgate rules and regulations to implement the provisions of this chapter pursuant to subchapter I to Chapter 5 of Title 2 .
D.C. Code § 26-551.04 — DC Code / Title 26 / Chapter 5B / § 26-551.04
§ 26-551.04. Appointment of the Commissioner of the Department of Banking and Financial Institutions.
Status: repealed

Repealed.
D.C. Code § 26-1401.29 — DC Code / Title 26 / Chapter 14 / § 26-1401.29
§ 26-1401.29. Acquisitions, mergers and asset purchases.
Status: in_force

(a) A universal bank may purchase the assets of, merge with, acquire, or be acquired by, a financial institution, or the holding company of a financial institution, only after a written application to the Commissioner and the written approval of the application by the Commissioner.
(b) An application for approval of the Commissioner under subsection (a) of this section shall be submitted on a form, and accompanied by a fee, prescribed by the Commissioner. In reviewing and approving or disapproving an application under this section, the Commissioner shall apply the standards required by the District of Columbia Banking Code, including the applicant’s general plan of business, proposed plan of capital investment in the District, and community development program.
D.C. Code § 26-504.09 — DC Code / Title 26 / Chapter 5 / § 26-504.09
§ 26-504.09. Meetings of members.
Status: in_force

(a) The annual meeting, and any special meetings, of the members of the District credit union shall be held in accordance with the District credit union's bylaws.
(b) There shall be no voting by proxy, except on the election of the board of directors, proposals for merger, or proposals for voluntary dissolution. All voting on the election of directors shall be by ballot, but when there is no contest, written ballots need not be cast. A member may vote by absentee ballot, mail ballot, or other method if the bylaws so provide.
(c) A member who is less than 18 years of age may not vote or hold office in the District credit union.
(d) An organization having membership in a District credit union may be represented and have its vote cast by an officer of the organization or a designated agent authorized by the organization's governing body. A copy of the authorization shall be provided to the District credit union before a vote is cast by a designated agent of the organization.
D.C. Code § 26-705 — DC Code / Title 26 / Chapter 7 / § 26-705
§ 26-705. Prohibited acts.
Status: in_force

(a) Except as otherwise expressly permitted by applicable federal or District law, a bank holding company that is neither a District bank holding company nor a regional bank holding company shall not acquire a District bank holding company or a District bank.
(b) Except as otherwise required by applicable federal law, a District bank holding company or a regional bank holding company that ceases to be a District bank holding company or a regional bank holding company shall, as soon as practicable, and, in all events, within 1 year after the event, divest itself of control of all District bank holding companies and all District banks. Divestiture shall not be required if (1) the District bank holding company or the regional bank holding company ceases to be a District bank holding company or a regional bank holding company, as the case may be, because of an increase in the deposits held by bank subsidiaries not located within the region and if the increase is not the result of an acquisition of a bank holding company or bank, or (2) a District bank or District bank holding company ceases to be a District bank or District bank holding company because of an acquisition authorized by this subchapter.
D.C. Code § 26-131.13 — DC Code / Title 26 / Chapter 1A / § 26-131.13
§ 26-131.13. Authority of Commissioner to issue rules and regulations.
Status: in_force

The Commissioner may promulgate rules and regulations to implement the provisions of this chapter in accordance with subchapter I of Chapter 5 of Title 2 .
D.C. Code § 26-903 — DC Code / Title 26 / Chapter 9 / § 26-903
§ 26-903. Applications for license — Bond; actions thereon; use of certified copy; renewal and refiling.
Status: in_force

Each application shall be accompanied by a bond to the District of Columbia in the penal sum of $5,000, with 2 or more sufficient sureties, and conditioned that the obligor will not violate any law relating to such business. The execution of any such bond by a fidelity or surety company authorized by the laws of the United States to transact business therein shall be equivalent to the execution thereof by 2 sureties, and such company, if excepted to, shall justify in the manner required by law of fidelity and surety companies. If any person shall be aggrieved by the misconduct of any such licensed person, firm, voluntary association, joint-stock company, incorporated society, or corporation, or by his, their, or its violation of any law relating to such business, and shall recover a judgment therefor, such person or his personal representative or heirs or distributees may, after a return unsatisfied either in whole or in part of any execution issued upon such judgment, maintain an action in his own name upon such bond herein required in any court having jurisdiction of the amount claimed. The Mayor of the District of Columbia shall furnish to anyone applying therefor a certified copy of any such bond filed with him, upon the payment of a fee of $.25, and such certified copy shall be prima facie evidence in any court that such bond was duly executed and delivered by the person, firm, voluntary association, joint-stock company, incorporated society, or corporation whose names appear thereon. Said bond shall be renewed and refiled annually in October of each year, or the licensed person, firm, voluntary association, joint-stock company, incorporated society, or corporation shall within 30 days thereafter, cease doing business, and their license shall be revoked by the said Mayor, but said bond until renewed and refiled as aforesaid shall be and remain in full force and effect. The Mayor may waive the bonding requirements of this section, if alternative surety arrangements are secured, in cases involving parties specified in § 26-910 .
D.C. Code § 26-551.18 — DC Code / Title 26 / Chapter 5B / § 26-551.18
§ 26-551.18. Confidentiality of information.
Status: in_force

(a) Except as provided in subsection (b) of this section or as otherwise required by law, the Department and the employees, agents, and contractors of the Departments shall not disclose:
  (1) The contents of a report or examination of a person by the Department, except as the Commissioner determines is appropriate to disclose in the final order issued under § 26-551.13 ;
  (2) Information furnished to, or obtained by, the Department, the disclosure of which the Commissioner determines could endanger the safety and soundness of a financial institution;
  (3) Personal financial information furnished to, or obtained by the Department, except as the Commissioner determines is appropriate to disclose in the final order issued under § 26-551.13 .
(b) Notwithstanding subsection (a) of this section, the contents of a report or examination of a person or information, including personal information, furnished to or obtained by the Department may be disclosed:
  (1) To employees, agents, and contractors of the Department in the performance of the duties of the employee, agent, or contractor;
  (2) To the directors, officers, and other persons authorized by the board of directors of a financial institution or other entity, if the financial institution or other entity furnished the information to the Department;
  (3) To authorized and appropriate government agencies; or
  (4) In accordance with a court order.
D.C. Code § 26-510.01 — DC Code / Title 26 / Chapter 5 / § 26-510.01
§ 26-510.01. Supervision and regulation of credit unions.
Status: in_force

The Commissioner shall be responsible for the supervision and regulation of District credit unions. The Commissioner is the District's credit union regulatory authority, whose purpose shall be to protect members' financial interests, the interests of the general public, and to ensure that District credit unions remain viable and competitive.
D.C. Code § 26-643 — DC Code / Title 26 / Chapter 6A / § 26-643
§ 26-643. Commissioner’s powers; regulations.
Status: in_force

(a) The Commissioner shall have all of the powers granted to the Commissioner under the District of Columbia Banking Code to the extent appropriate to enable the Commissioner to supervise an international banking corporation office of an international banking corporation holding a license to maintain the office.
(b) The Commissioner may promulgate, in addition to, and not inconsistent with, this chapter, general rules, regulations, and definitions and specific rulings, demands, and findings as the Commissioner may consider necessary for the proper conduct of the business authorized and licensed under, and for the enforcement of, this chapter.
D.C. Code § 26-1009 — DC Code / Title 26 / Chapter 10 / § 26-1009
§ 26-1009. Issuance of license.
Status: in_force

(a) Upon the filing of a complete application, the Superintendent [Commissioner] shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The Superintendent [Commissioner] may conduct an on-site investigation of the applicant, the reasonable cost of which shall be borne by the applicant. If the Superintendent [Commissioner] finds that:
  (1) The applicant’s business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community;
  (2) The applicant has fulfilled the requirements imposed by this chapter; and
  (3) The applicant has paid the required license fee, the Superintendent [Commissioner] shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in the District of Columbia for a term of one year. If these requirements have not been met, the Superintendent [Commissioner] shall deny the application in writing and set forth the reasons for the denial.
(b) The Superintendent [Commissioner] shall approve or deny every application for an original license within 120 days from the date a complete application is submitted, which period may be extended by the written consent of the applicant. The Superintendent [Commissioner] shall notify the applicant of the date when the application is deemed complete. In the absence of approval or denial of the application, or consent to the extension of the 120 day period, the application is deemed approved and the Superintendent [Commissioner] shall issue the license effective as of the first day after the 120 day or extended period has elapsed.
(c) Any applicant aggrieved by a denial issued by the Superintendent [Commissioner] under this section may at any time within 30 days after the date of receipt of written notice of the denial contest the denial by serving a response on the Superintendent [Commissioner]. The Superintendent [Commissioner] shall set a date for a hearing not later than 60 days after service of the response, unless a later date is set with the consent of the denied applicant.
D.C. Code § 26-510.09 — DC Code / Title 26 / Chapter 5 / § 26-510.09
§ 26-510.09. Records of the Department.
Status: in_force

(a) Information from the records of the Department related to District credit unions shall only be disclosed as required by law.
(b) A copy of any document on file with the Department that is certified by the Commissioner as being a true copy may be introduced as evidence in any court in the District as if it were the original.
(c) The following documents are confidential and privileged and not subject to public disclosure:
  (1) Examination reports, as defined in § 26-510.07 , and related information from insurers or other regulators;
  (2) Business plans and other proprietary information of a District credit union, and its subsidiaries or affiliates;
  (3) Reports of investigations; and
  (4) Notices related to enforcement actions and consent orders.
(d) Examination reports furnished by the Commissioner remain the property of the Department. No person to whom an examination report is furnished, or any officer, director, or employee thereof may disclose or make public the examination report or information contained in the examination report except information that is already in the public domain. Violation of this subsection constitutes a misdemeanor punishable by a fine of not more than $1,000 for each violation, by imprisonment for not more than one year, or both.
(e) Upon notice to the Commission, a party in a civil action in which an examination report or information discussed in this section is sought to be discovered or used as evidence may petition the court for an in-camera review of the examination report or information. The court may permit discovery and introduction of only those portions of the examination report or information that are relevant and otherwise unobtainable by the requesting party.
D.C. Code § 26-313 — DC Code / Title 26 / Chapter 3 / § 26-313
§ 26-313. Limitation of license.
Status: in_force

Not more than one location of business or mobile unit shall be maintained under the same license.  More than one license may be issued to the same licensee upon compliance with this chapter for each new license.
D.C. Code § 26-1331 — DC Code / Title 26 / Chapter 13 / § 26-1331
§ 26-1331. Increase or decrease of capital stock.
Status: in_force

(a) Any corporation which may be formed under this chapter may increase its capital stock by complying with the provisions of this chapter to any amount which may be deemed sufficient and proper for the purposes of the corporation.
(b) Any company transacting the business of a trust company heretofore or hereafter organized or operating under the provisions of this chapter may by the vote of shareholders owning two-thirds of its capital stock reduce its capital to any sum not below the amount required by this chapter; but no such reduction shall be made until the amount of the proposed reduction has been reported to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] and such reduction has been approved by said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], and no shareholder shall be entitled to any distribution of cash or other assets by reason of any reduction of the common capital of any such corporation unless such distribution shall have been approved by the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] and by the affirmative vote of at least two-thirds of the shares of stock outstanding.
D.C. Code § 26-311 — DC Code / Title 26 / Chapter 3 / § 26-311
§ 26-311. Time and renewal of license.
Status: in_force

(a) A license issued to a check-cashing business shall remain in full force and effect through the 31st day of December following its date of issuance, unless earlier surrendered, suspended, or revoked.
(b) If an application for a renewal license, along with a license renewal fee of $200, has been filed with the Superintendent [Commissioner] at least 30 days before the expiration of the license in force, such license shall continue in full force and effect either until the issuance by the Superintendent [Commissioner] of the renewal license applied for or until 5 days after the Superintendent [Commissioner] has refused to issue the renewal license and has given notice of such refusal to the applicant.  Except for the fee, the requirements for the issuance of a renewal license shall be the same as the requirements for the issuance of the initial license.  If the Superintendent [Commissioner] denies the applicant the authority to operate at a particular location, the operation of business at that particular location shall cease 5 days after the Superintendent [Commissioner] has refused to issue a renewal license to cover the location and has given notice of such refusal to the applicant.
D.C. Code § 26-1018 — DC Code / Title 26 / Chapter 10 / § 26-1018
§ 26-1018. Revocation or suspension of authorized delegates.
Status: in_force

(a) If, after notice and a hearing, the Superintendent [Commissioner] finds that an authorized delegate of a licensee or any director, officer, employee, or controlling person of the authorized delegate (1) has violated any provision of this chapter or of any rule or regulation or order issued under this chapter, (2) has engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission, (3) has willfully violated any provision of the regulations set forth in 31 C.F.R. Part 103, or (4) has made, or caused to be made in any application or report filed with the Superintendent [Commissioner] or in any proceeding before the Superintendent [Commissioner], any statement which was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact which is required to be stated therein, the Superintendent [Commissioner] may issue an order suspending or barring the authorized delegate from continuing to be, or becoming, an authorized delegate of any licensee during the period for which the order is in effect. Upon issuance of the order, the licensee shall terminate its relationship with the authorized delegate according to the terms of the order.
(b) An authorized delegate to whom an order is issued under this section may apply to the Superintendent [Commissioner] to modify or rescind such order. The Superintendent [Commissioner] shall not grant such application unless the Superintendent [Commissioner] finds that it is in the public interest to do so and that it is reasonable to believe that such person will, if such person is permitted to resume being an authorized delegate of a licensee, comply with all applicable provisions of this chapter and of any regulation or order issued under this chapter.
D.C. Code § 26-703 — DC Code / Title 26 / Chapter 7 / § 26-703
§ 26-703. Exceptions.
Status: in_force

A District of Columbia bank holding company, a District of Columbia bank, a regional bank holding company, or a regional bank may acquire or control, and shall not cease to be a District of Columbia bank holding company, a District of Columbia bank, a regional bank holding company, or a regional bank, as the case may be, by virtue of its acquisition or control of:
(1) A bank having banking offices in a state not within the region, if the bank has been acquired pursuant to the provisions of 12 U.S.C. § 1730a(m) [repealed] or 12 U.S.C. § 1823(f);
(2) A bank having banking offices in a state not within the region, if the bank has been acquired in the regular course of securing or collecting a debt previously contracted in good faith, as provided in 12 U.S.C. § 1842(a), and if the bank or bank holding company divests the securities or assets acquired within 2 years of the date of acquisition; or
(3) A bank or corporation organized under the laws of the United States or of any state and operating under 12 U.S.C. § 601 or 12 U.S.C. §§ 611-632 , or a bank or bank holding company organized under the laws of a foreign country that is principally engaged in business outside the United States and that either has no banking office in the United States or has banking offices in the United States that are engaged only in business activities permissible for a corporation operating under 12 U.S.C. § 601 or 12 U.S.C. §§ 611-632 .
D.C. Code § 26-831.15 — DC Code / Title 26 / Chapter 8A / § 26-831.15
§ 26-831.15. Receiver duties and powers.
Status: in_force

(a) Subject to Superior Court approval, a receiver shall:
  (1) Take possession of the books, records, and assets of the merchant bank and collect all debts, dues, and claims belonging to the merchant bank;
  (2) Sue, defend, compromise, arbitrate, or otherwise settle all claims involving the merchant bank;
  (3) Sell all real and personal property;
  (4) Exercise all fiduciary functions of the merchant bank;
  (5) Pay all administrative expenses of the receivership, which expenses shall be a first charge upon the assets of the merchant bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;
  (6) Pay, ratably, all debts of the merchant bank; provided, that debts not exceeding $500 may be paid in full but the holders of such debt shall not be entitled to interest on the debt;
  (7) Repay, ratably, any amount paid in by a shareholder by reason of an assessment made upon the stock of the merchant bank by the Department in accordance with this chapter;
  (8) Pay, ratably, to the shareholders of the merchant bank, in proportion to the number of shares held and owned by each, the balance of the net assets of the merchant bank after payment or provision for payments as provided in this section;
  (9) Have all the powers of the directors, officers, and shareholders of the merchant bank as necessary to support an action taken on behalf of the merchant bank; and
  (10) Hold title to all the bank’s property, contracts, and rights of action
(b) Subject to Superior Court approval, a receiver may:
  (1) Borrow money as necessary or expedient in aiding the liquidation of the merchant bank and secure the borrowed money by the pledge, hypothecation, or mortgage of the assets of the bank;
  (2) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the receiver considers necessary or expedient to assist in the performance of the receiver’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or
  (3) Exercise any other power and duty authorized by the Superior Court.
D.C. Code § 26-201 — DC Code / Title 26 / Chapter 2 / § 26-201
§ 26-201. Formation; general nature and powers.
Status: in_force

(a) Any 5 or more persons who desire to form an incorporated building or homestead association, all being citizens of the United States, and a majority of them residents of the District of Columbia, may make, sign, seal, and acknowledge, before some officer authorized to take the acknowledgment of deeds, and file for record in the Office of the Recorder of Deeds, a certificate, in writing, to the same effect as that required in Chapters 1 and 3 of Title 29 for the formation of the corporations therein mentioned.
(b) When such certificate shall have been filed for record as aforesaid, the persons who have signed and acknowledged the same, and their successors, shall become and be a body politic and corporate, in fact and in law, by the name stated in the certificate, and by that name have succession and be capable of suing and being sued in the courts, of the District, and of purchasing, holding, and conveying such real estate as may be necessary to the conduct of its business, and to make reasonable bylaws not inconsistent herewith.
D.C. Code § 26-431.07 — DC Code / Title 26 / Chapter 4A / § 26-431.07
§ 26-431.07. Examinations in cooperation with other regulators.
Status: in_force

(a) The Commissioner may enter into cooperative agreements with financial institutions regulators in jurisdictions other than the District, including federal regulators, for the coordination of, or joint participation, in a community performance evaluation and the amount and assessment of fees for the examination or actions related to the examination.
(b) The Commissioner may accept evaluations performed under the agreements described in subsection (a) of this section.
D.C. Code § 26-1152.23 — DC Code / Title 26 / Chapter 11A / § 26-1152.23
§ 26-1152.23. Median family income.
Status: in_force

The Mayor shall periodically publish or make available to lenders median family income for Washington, D.C. that may be relied upon by lenders for purposes of this chapter.
D.C. Code § 26-702 — DC Code / Title 26 / Chapter 7 / § 26-702
§ 26-702. Regional bank holding company acquisitions.
Status: in_force

(a) A regional bank holding company may acquire a District of Columbia bank holding company or a District of Columbia bank (other than a District of Columbia bank holding company or a District of Columbia bank which is acquired either pursuant to section 13 of the Federal Deposit Insurance Act (12 U.S.C. § 1823(f)), or in the regular course of securing or collecting a debt previously contracted in good faith, as provided in section 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1842(a)), if each of the following requirements is met:
  (1) The laws of the state in which the regional bank holding company making the acquisition has its principal place of business permit the regional bank holding company to be acquired by the District of Columbia bank holding company or the District of Columbia bank sought to be acquired.
  (2) Either the District of Columbia bank sought to be acquired has been in existence and continuously operating for more than 2 years or all of the bank subsidiaries of the District of Columbia bank holding company sought to be acquired have been in existence and continuously operating for more than 2 years. A regional bank holding company may acquire all or substantially all of the shares of a bank organized solely for the purpose of facilitating the acquisition of a bank that has been in existence and continuously operating as a bank for more than 2 years.
  (3) The acquisition complies with any conditions, restrictions, requirements, or other limitations that would apply to the acquisition by the District of Columbia bank holding company or the District of Columbia bank sought to be acquired of a bank or bank holding company located in the state where the regional bank holding company making the acquisition has its principal place of business, but that would not apply to the acquisition of a bank or bank holding company in the state by a bank holding company, all the bank subsidiaries of which are located in that state.
(b) For the purpose of subsection (a)(1) and (3) of this section, a District of Columbia bank shall be treated as if it were a District of Columbia bank holding company.
D.C. Code § 26-506.01 — DC Code / Title 26 / Chapter 5 / § 26-506.01
§ 26-506.01. Shares and membership shares.
Status: in_force

(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed in the bylaws.
(b) The par value of shares and membership shares shall be as prescribed in the bylaws.
(c) Membership shares may not be pledged as security on any loan.
(d) A District credit union may limit the number of shares that may be owned by a single  member.
(e) Shares may be subscribed to, paid for, and transferred in the manner prescribed in the bylaws.
(f) The board of directors may establish different classes of share accounts, classified in relation to different rights, restrictions, and dividend rates.
(g) Notwithstanding any other provision of law, funds deposited in a share account, share certificate, or any other program offered by the District credit union for the purpose of promoting consumer savings shall not constitute consideration or a thing of value for the purposes of a promotional contest or raffle under District law.
D.C. Code § 26-1401.08 — DC Code / Title 26 / Chapter 14 / § 26-1401.08
§ 26-1401.08. Parity of powers of universal bank.
Status: in_force

(a) The Commissioner may authorize a universal bank to exercise a power that may be exercised by any other state bank, state or federally chartered savings bank, state or federally chartered savings and loan association, or federally charted national bank.
(b) (1) A universal bank shall file with the Commissioner a written request to exercise a power under subsection (a) of this section. Within 60 days after receiving a request under this subsection, the Commissioner shall approve the request if the Commissioner determines that:
    (A) The power requested by the universal bank may be exercised by a state bank, state or federally chartered savings bank, a state or federally chartered savings and loan association, or a federally charted national bank; and
    (B) The universal bank will exercise the power requested in a safe and sound manner.
  (2) The Department and the universal bank may agree to extend the 60-day period under paragraph (1) of this subsection for an additional 60 days.
(c) A universal bank shall exercise a power authorized under this section only through a subsidiary of the universal bank, with the appropriate safeguards to limit the risk exposure of the universal bank and to protect the banking customers of the universal bank.
D.C. Code § 26-733 — DC Code / Title 26 / Chapter 7 / § 26-733
§ 26-733. De novo branching or acquisition of a branch into a state other than the District.
Status: in_force

(a) With the approval of the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking], a District state bank may establish and maintain a de novo branch or acquire a branch in a state other than the District.
(b) A District state bank (“applicant”) desiring to branch into a state other than the District under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a branching fee of $500 to the Superintendent [Commissioner]. If, within 30 days after receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient resources to branch into a state other than the District, the Superintendent [Commissioner] shall approve the application.
(c) In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the branch is proposed to be located.
(d) If the Superintendent [Commissioner] fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent [Commissioner] may extend this 30-day review period for an additional 30 days upon a showing of good cause.
(e) A District state bank that branches into a state other than the District may exercise, at that branch, all rights and powers permitted to banks chartered by that state unless the Superintendent [Commissioner] determines that the exercise of such rights or powers would threaten the safety and soundness of the District bank.
D.C. Code § 26-315 — DC Code / Title 26 / Chapter 3 / § 26-315
§ 26-315. Change of location of business or area; other miscellaneous activity.
Status: in_force

A licensee may make a written application, in the form prescribed by the Superintendent [Commissioner], to the Superintendent [Commissioner] for leave to change the licensee’s location of business, or in the case of a mobile unit, the area in which the mobile unit is authorized to be operated, stating the reasons for the proposed change.  If the Superintendent [Commissioner] approves the application, the Superintendent [Commissioner] shall issue a revised license in accordance with this chapter, stating the new location of the licensee or, in the case of a mobile unit, the new area in which the mobile unit may be operated.  The revised license shall be for the same term as the original license to which the Superintendent [Commissioner] made the requested change. The fee for a revised license due to a change of location of business or area shall be $50.
D.C. Code § 26-1336 — DC Code / Title 26 / Chapter 13 / § 26-1336
§ 26-1336. Right of Congress to amend or repeal chapter; remedies preserved.
Status: in_force

Congress may at any time alter, amend, or repeal this chapter, but any such amendment or repeal shall not, nor shall the dissolution of any company formed under this chapter, take away or impair any remedy given against such corporation, its stockholders, or officers for any liability or penalty which shall have been previously incurred.
D.C. Code § 26-831.03 — DC Code / Title 26 / Chapter 8A / § 26-831.03
§ 26-831.03. Application for merchant bank charter; review and approval or disapproval of application.
Status: in_force

(a) A person described in § 26-833.09(a) may apply for a merchant bank charter by filing a written application with the Commissioner. The application shall include such information as the Commissioner may require by regulation and shall be on such forms and in accordance with such procedures as the Commissioner may prescribe by regulation.
(b) An application submitted under subsection (a) of this section shall be approved or disapproved in writing by the Commissioner within 60 days after a complete application is submitted to the Commissioner. The Commissioner and the applicant may agree to extend the review period for an additional 60 days.
(c) The Commissioner shall not issue a merchant bank charter to the applicant unless:
  (1) The applicant is authorized under its articles of incorporation or other organizational documents to act as a financial institution;
  (2) The applicant is in good standing with the Department and there is no investigatory or enforcement action pending against the applicant by the Department;
  (3) The applicant is in good standing with appropriate financial institutions agencies and there is no investigatory or enforcement action pending against the applicant by an appropriate financial institutions agency;
  (4) The applicant is well capitalized and will maintain a capital level as required by this chapter and as the Commissioner may require as appropriate for the purposes of safety and soundness;
  (5) The applicant 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 applicant’s capital adequacy of liquidity, and sensitivity to market risk;
  (6) The most recent examination that the applicant has received from its federal appropriate financial institutions agency, if any, indicates that the applicant is in compliance with applicable federal law and regulation;
  (7) The applicant agrees to comply with applicable regulations and rules promulgated by the Commissioner;
  (8) The applicant agrees to comply with any lawful order of the Commissioner and with any conditions imposed by the Commissioner in connection with the approval of an application, including additional requirements imposed on the applicant that the Commissioner determines are necessary for the protection of the shareholders or creditors of the applicant or of the general public;
  (9) The applicant agrees to comply with any written agreement entered into with the Commissioner in connection with the approval of an application;
  (10) The Commissioner determines that it is reasonable to believe that the applicant will act in a safe and sound manner and maintain a safe and sound condition; and
  (11) The Commissioner determines that issuing a merchant bank charter to the applicant will serve the public interest.
D.C. Code § 26-506.03 — DC Code / Title 26 / Chapter 5 / § 26-506.03
§ 26-506.03. Deposit Accounts.
Status: in_force

(a) A District credit union may accept deposit accounts from its members, other District credit unions, federal credit unions, foreign credit unions, and government units, subject to the terms, rates, and conditions established by the board of directors and applicable local and federal laws and regulations.
(b) Interest may be paid on deposit accounts at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice, and time requirements.
(c) A District credit union may engage in savings or account programs established by federal, state, or local governments.
(d) A District credit union designated as a low-income credit union may accept non-member deposits.
D.C. Code § 26-731 — DC Code / Title 26 / Chapter 7 / § 26-731
§ 26-731. Findings.
Status: in_force

The Council of the District of Columbia hereby finds and declares that:
(1) On September 29, 1994, the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (“federal legislation”) became law.
(2) Sections 102 and 103 of the federal legislation permit states to enact early opt in legislation to enable a state to appropriately regulate interstate banking, branching, and bank mergers and acquisitions prior to June 1997 when all provisions of the federal legislation will become fully effective.
(3) It is the intent of the District of Columbia to exercise its statutory option under the federal legislation by opting in to its interstate branching schemata thus permitting the District’s Office of Banking and Financial Institutions to regulate, pursuant to the federal legislation, interstate branching, acquisition of branches, bank mergers, and consolidations of existing banking entities within the District of Columbia among other things.
D.C. Code § 26-506.08 — DC Code / Title 26 / Chapter 5 / § 26-506.08
§ 26-506.08. Trust accounts.
Status: in_force

(a) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members.
(b) Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of the payment, discharge the liability of the District credit union to that party and the beneficiary, and the District credit union shall be under no obligation to verify the application of the payment.
D.C. Code § 26-503.03 — DC Code / Title 26 / Chapter 5 / § 26-503.03
§ 26-503.03. Parity.
Status: in_force

The Commissioner may authorize District credit unions to exercise, and the Commissioner may establish conditions or limitations for the exercise of, any of the powers conferred upon federal credit unions and upon foreign credit unions operating in the District.
D.C. Code § 26-1152.16 — DC Code / Title 26 / Chapter 11A / § 26-1152.16
§ 26-1152.16. No advance payments.
Status: in_force

A lender shall not make a covered loan that includes terms under which any periodic payments required under the loan are paid in advance from loan proceeds.
D.C. Code § 26-831.13 — DC Code / Title 26 / Chapter 8A / § 26-831.13
§ 26-831.13. Resumption of business by a merchant bank.
Status: in_force

A merchant 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 § 26-1104 — DC Code / Title 26 / Chapter 11 / § 26-1104
§ 26-1104. Issuance of license.
Status: in_force

(a) When an applicant for a license files the application and bond and pays the fees required by this chapter, the Superintendent [Commissioner] shall investigate to determine if the applicant meets the requirements of this chapter. The Superintendent [Commissioner] shall make such investigations as deemed necessary to determine if the applicant has complied with all applicable provisions of law and any regulations promulgated thereunder.
(b) The Superintendent [Commissioner] shall approve or deny each application for a license within 60 days after the date from when the application and bond are filed and the fees are paid.
(c) The Superintendent [Commissioner] shall issue a license to any applicant who meets the requirements of this chapter.
(d) Every license shall remain in force until it has been surrendered, revoked, or suspended. The surrender, revocation, or suspension of a license shall not affect any pre-existing legal right or obligation of such licensee.
  (1) A license issued under this section authorizes the licensee to act as mortgage lender, mortgage broker, mortgage loan originator, or loan officer under the license at the licensed place of business.
  (2) Only 1 place of business may be maintained under any 1 license.
  (3) A licensee may maintain more than 1 license under this section provided that a separate application for each license is made pursuant to § 26-1103 and the Superintendent [Commissioner] approves such application.
(e) (1) The Superintendent [Commissioner] shall include on each license:
    (A) The name of the licensee; and
    (B) The address at which the business is to be conducted.
  (2) A person may not conduct any mortgage loan business at any location or under any name different from the address and name that appears on the person’s license.
(f) (1) A licensee may not receive any application for a loan or allow any note or contract for a loan or mortgage, evidence of any note or contract for a loan or mortgage, or evidence of indebtedness to be signed or executed at any place for which the licensee does not have a license, except at the office of:
    (A) The attorney for the borrower or for the licensee; or
    (B) A title insurance company, a title company, or an attorney for a title insurance company or a title company.
  (2) Notwithstanding paragraph (1)(A) of this subsection, a licensee may accept a loan application from a borrower by mail or telephone or in person at the borrower’s residence or place of employment to accommodate the borrower at the borrower’s request.
  (3) The Superintendent [Commissioner] shall adopt regulations to ensure that the loan application process is conducted fairly and in a manner consistent with the best interests of both the borrower and mortgage lender.
(g) A license may be issued under this chapter to a business entity whose principal office is located outside the District provided that the business entity maintains a resident agent within the District at all times during the term of the license, regardless of whether:
  (1) The business entity maintains any office within the District; and
  (2) The activities of the business entity constitute doing business or having a tax situs in the District.
(h) Each license shall be prominently posted in each place of business of the licensee. Licenses shall not be transferable or assignable, by operation of law or otherwise. No licensee shall use any name other than the name set forth on the license issued by the Superintendent [Commissioner].
D.C. Code § 26-910 — DC Code / Title 26 / Chapter 9 / § 26-910
§ 26-910. Exemption of certain persons and businesses; service of process thereupon.
Status: in_force

(a) Nothing contained in this chapter shall be held to apply to the legitimate business of national banks, licensed bankers, licensed mortgage brokers, licensed mortgage lenders, any person exempt from licensure under § 26-1102 if the activity involves making or brokering a mortgage, trust companies, savings banks, building and loan associations, small business investment companies licensed and operating under the Small Business Investment Act of 1958, or to life insurance companies. As used in this section the term “life insurance companies” means and includes any life insurance company authorized to do business in the District of Columbia pursuant to Chapters 42 to 47 of Title 31 and any other life insurance company which has a valid, current license to do business as such in any state of the United States.
(b) Any person or any legal entity exempted from the provisions of this chapter by such subsection (a) of this section making loans secured on real or personal property in the District of Columbia who or which does not maintain an office for doing business in the District of Columbia or a residence in said District where such person or legal entity may be served with process in any suit arising out of any such transaction or in connection with such property shall appoint and maintain at all times in the District of Columbia a resident agent upon whom process may be served in any such suit, and shall register with the Mayor of the District of Columbia or with his designee the name and address of such resident agent. Any such person or legal entity which fails to appoint and maintain at all times in the District of Columbia such resident agent shall not, while such failure continues, be entitled to the exemption provided in this section. Whenever any such person or entity does not have in the District of Columbia an agent for service of process or such agent cannot with reasonable diligence be found at his registered address, then the said Mayor or his designee shall be the agent for the service of process for such person or entity. Service of process on the Mayor or his designee shall be made by delivering to, and leaving with him, or with any person having charge of his office, or with his designee, duplicate copies of the process accompanied by a fee in the amount of $2 and such service shall be sufficient service upon such person or entity. In the event of such service, the Mayor, or his designee, shall immediately cause one of such copies to be forwarded by registered or certified mail, addressed to such person or entity at his or its address, as such address appears on the records of the Mayor or his designee. Any such service shall be returnable in not less than 30 days unless the rules of the court issuing such process prescribe another period, in which case such prescribed period shall govern. Nothing contained in this section shall limit or affect the right to serve any process, notice, or demand required or permitted by law to be served on any such person or entity in any other manner now or hereafter permitted by law.
(c) For the purposes of this section, the term:
  (1) “Community Development Corporation” or “CDC” means any community development corporation recognized by, and under contract with, the District of Columbia Department of Housing and Community Development (or any successor agency) that is engaged in business and economic development activities in the form of making microloans through the use of funds loaned to them by nationally or locally chartered banks or financial institutions for the specific purpose of microlending, and which organization is organized under Chapter 4 of Title 29 , and whose articles of incorporation and bylaws are consistent with rules and regulations issued by the Mayor of the District of Columbia pursuant to subchapter IV [repealed] of Chapter 12 of Title 2 .
  (2) “Microloans” or “microlending” means a CDC engaging in the practice of making or issuing any loans up to, and including, $25,000 to any person engaged in business within the District of Columbia.
  (3) “Person” means any natural person, partnership, limited partnership, or corporation, including corporations taxed under Subchapter S of the Internal Revenue Code.
(d) No money lender license tax contained in this chapter shall be held to apply to a CDC engaged in microlending where the funds used for the microlending program were loaned to the CDC by a nationally or locally chartered bank or financial institution for the specific purpose of microlending, provided that the CDC operates and makes loans only in the geographical service area defined in their agreements with the District of Columbia Department of Housing and Community Development.
D.C. Code § 26-506.06 — DC Code / Title 26 / Chapter 5 / § 26-506.06
§ 26-506.06. Joint accounts.
Status: in_force

(a) A member may designate any person or persons to own a share account with the member, in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of joint ownership permitted by law and allowed by the District credit union.
(b) Payment may be made, in whole or in part, to any of the joint owners, if an agreement permitting the payment was signed and dated by all persons when the shares were issued or thereafter. Payment made pursuant to this section shall discharge the District credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account.
(c) If more than one joint owner seeks District credit union membership through a joint account, each prospective member shall meet any membership requirements described in the District credit union's bylaws.
D.C. Code § 26-309 — DC Code / Title 26 / Chapter 3 / § 26-309
§ 26-309. Issuance and form of license.
Status: in_force

A license to cash checks shall state:
(1) The name of the licensee;
(2) The names of the members of the licensee (if applicable);
(3) The date of issuance and of expiration of the license;
(4) The date and state of incorporation of the licensee (if applicable);
(5) If the business is to be conducted at a specific address, the address at which the business is to be conducted; and
(6) If the business is to be conducted through the use of a mobile unit or a limited station, the words “Mobile Unit License,” or “Limited Station License”, the District registration number or other identification of the mobile unit or limited station, and the area in which the applicant is authorized to operate the mobile unit or limited station.
D.C. Code § 26-702.01 — DC Code / Title 26 / Chapter 7 / § 26-702.01
§ 26-702.01. Duties; Council review of rules.
Status: in_force

(a) Repealed;
(b) The Superintendent [Commissioner of Insurance, Securities, and Banking] shall:
  (1) Administer this subchapter;
  (2) Promote a climate in which financial institutions will 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 and regulate banks, savings banks, savings companies, trust companies, or other financial institutions seeking to establish, in accordance with § 26-101 , an office or banking house located within the District where deposits or savings are received;
  (5) Regulate, to the extent provided in § 26-1301 , companies which are formed for the purpose of carrying on any 1 of the following 3 classes of business in the District:
    (A) A safe deposit, trust, loan, and mortgage business;
    (B) A title insurance, loan, and mortgage business; or
    (C) A security, guarantee, indemnity, loan, and mortgage business;
  (6) Charter and regulate building associations, building and loan associations, and savings and loan associations which are formed within the District for the purpose of carrying on the activities described in § 26-204 ;
  (7) Regulate the branching or opening of additional offices by financial institutions under the supervision of the Superintendent [Commissioner];
  (8) Regulate the institutions described in paragraphs (4), (5), and (6) of this subsection to the same extent that these financial institutions were regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Home Loan Bank Board prior to April 11, 1986, and in a manner that promotes safe and sound financial practices;
  (9) Promote and maintain, to the extent possible, an economic climate and regulatory framework that will encourage financial institutions to organize to do business in the District of Columbia;
  (10) Upon confirmation, administer, to the extent provided in this subchapter, the provisions of this subchapter concerning interstate banking;
  (11) Assure that all financial institutions under the supervision or control of the Office of Banking and Financial Institutions [Department of Insurance, Securities, and Banking] and all banks and bank holding companies seeking entry into the District of Columbia under the interstate banking provisions in this subchapter 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, helps meet the credit and deposit service needs of lower income and minority residents of the District, and expands financial and technical support for small, minority, and women-owned businesses;
  (12) In all respects permitted by law, act as the District government’s regulatory authority for financial institutions operating in the District;
  (13) Establish fees not otherwise established by act, and, from time to time, increase the fees established by act;
  (14) Issue rules necessary to carry out the purposes of this subchapter;
  (15) Receive and investigate complaints or initiate an investigation in regard to a possible violation of this subchapter or § 26-103 (“Banking Business Act”);
  (16) If an investigation warrants, examine, which may include an audit, a person who may act as a bank to assure that the person acts in compliance with the law or examine, which may include an audit, a District of Columbia (“District”) banking corporation chartered by the Superintendent [Commissioner] and the banking corporation’s affiliate or subsidiary to assure that the bank, affiliate, or subsidiary operates in compliance with the law and in a manner that preserves the safety and soundness of the bank, affiliate, or subsidiary;
  (17) Inform any other District or federal agency with an interest that an investigation is ongoing;
  (18) If an investigation warrants, hold a hearing, issue a subpoena to compel the attendance of a witness, administer an oath, and take the testimony of any person under oath in regard to any violation or possible violation of this subchapter or § 26-103 ;
  (19) If an investigation warrants, issue a subpoena to compel the production of any document, paper, book, record, or other evidence in regard to any violation or possible violation of this subchapter or § 26-103 ;
  (20) Issue a cease and desist order related to any violation or possible violation of this subchapter or § 26-103 pursuant to § 26-712 ;
  (21) Pursue, through the Office of the Corporation Counsel, the obtaining of a restraining order, the appointment of a receiver, the involuntary dissolution of a corporation, or the freezing or seizure of assets of a corporation or person related to a violation or possible violation of this subchapter or § 26-103 pursuant to § 26-712 ; and
  (22) Submit an annual report to the Council of all actions that the Commissioner takes pursuant to this section.
(b-1) The Superintendent [Commissioner] shall, upon a finding of a violation of this subchapter or § 26-103 , refer the matter to the Corporation Counsel for the District of Columbia or United States Attorney for civil or criminal enforcement, as the case may warrant.
(c) All rules which the Superintendent [Commissioner] issues pursuant to this subchapter shall be transmitted to the Council for a 45-day review period, excluding Saturdays, Sundays, holidays, and days when Council is in recess. The Council may adopt a resolution disapproving the rules, in whole or in part, within the 45-day review period. If the Council, by resolution, does not approve or disapprove the rules before the expiration of the 45-day review period, the rules shall become effective at the expiration of the 45-day review period.
(d) (1) Until a Superintendent [Commissioner] is appointed and confirmed pursuant to this section, all duties and responsibilities of the Superintendent [Commissioner] concerning the chartering of new financial institutions under § 26-704(a) shall be performed by the Mayor, or his or her designee.
  (2) During any period the Mayor, or his or her designee, is performing the duties and responsibilities of the Superintendent [Commissioner], the Mayor, or his or her designee, may enter into contracts with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, or any other entities, for those services necessary to carry out the duties and responsibilities of the Superintendent [Commissioner].
D.C. Code § 26-507.01 — DC Code / Title 26 / Chapter 5 / § 26-507.01
§ 26-507.01. Purpose and conditions of loans.
Status: in_force

A District credit union may issue loans to members for the purposes and on the conditions prescribed by the board of directors. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, and acceptable forms of security.
D.C. Code § 26-1323 — DC Code / Title 26 / Chapter 13 / § 26-1323
§ 26-1323. Payment of stock to be in money only; exception.
Status: in_force

Nothing but money shall be considered as payment of any part of the capital stock, except that in the case of any company doing business on January 1, 1902, in the District of Columbia in any of the classes herein provided for, or under any act of Congress, or by virtue of the laws of any of the states, and which company had on that date actually received full payment in money of at least 50% of the capital stock required by this chapter, and which company desires to obtain a charter under this chapter, all the assets or property may be received and considered as money at a value to be appraised and fixed by the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]; provided, that all such assets and property are also transferred to and are thereafter owned by the company organized under this chapter.
D.C. Code § 26-1109 — DC Code / Title 26 / Chapter 11 / § 26-1109
§ 26-1109. Record keeping requirements.
Status: in_force

(a) Each licensee shall keep and make available to the Superintendent [Commissioner] at the licensee’s place of business any books and records that the Superintendent [Commissioner], by rule or regulation, requires to enable the Superintendent [Commissioner] to enforce this chapter and any rule or regulation adopted under this chapter.
(b) Each mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first occurs, copies of the note, settlement statement, truth-in-lending disclosure, and such other papers or records relating to the loan as may be required by rule or regulation.
(c) On approval of the Superintendent [Commissioner], a licensee need not keep at the licensee’s place of business any books and records otherwise required by the Superintendent [Commissioner] under subsection (a) of this section if the licensee:
  (1) Is a federally approved seller-servicer; or
  (2) (A) Makes the books and records available to the Superintendent [Commissioner] at the licensee’s place of business within 5 business days of the Superintendent’s [Commissioner’s] official request; and
    (B) Retains the records for at least 60 months in a storage facility disclosed to the Superintendent [Commissioner].
(d) Each independent contractor or mortgage broker required to be licensed under this chapter shall retain for at least 3 years after a mortgage loan is made the original contract for his or her compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers or records as may be required by rule or regulation.
D.C. Code § 26-1401.07 — DC Code / Title 26 / Chapter 14 / § 26-1401.07
§ 26-1401.07. Preexisting powers of universal banks.
Status: in_force

A universal bank may exercise any power that it was authorized to exercise under the District of Columbia Banking Code before its certification as a universal bank.
D.C. Code § 26-732 — DC Code / Title 26 / Chapter 7 / § 26-732
§ 26-732. Definitions.
Status: in_force

For the purposes of this subchapter, the term:
(1) “Acquire” means:
  (A) To merge or consolidate;
  (B) To have direct or indirect ownership or control of voting shares, if, after the acquisition, the acquiror directly or indirectly owns or controls more than 5% of any class of voting shares of the acquired; or
  (C) Any action that would result in direct or indirect control of the acquired, including a direct or indirect ownership of all or of substantially all of the assets of the acquired.
(2) “Acquisition of a branch” means the acquisition of a branch located in a host state without acquiring the bank of such branch.
(3) “Bank” means any insured bank as defined in 12 U.S.C. § 1813(h), or any institution eligible to become an insured bank as defined therein, which accepts demand deposits and makes commercial loans.
(4) “Branch” means any branch bank or branch bank office or other bank facility where deposits are received, checks are paid, or money is lent.
(5) “De novo branch” means a branch of a bank located in a host state which:
  (A) Is originally established by a bank as a branch; and
  (B) Does not become a branch of a bank as the result of the acquisition of another bank or the acquisition of a branch of another bank.
(6) “Depository institution affiliate” means any depository institution that controls, is controlled by, or is under common control of or with another depository institution.
(7) “District” means the District of Columbia.
(8) “District bank” means a bank whose home state is the District of Columbia and whose primary regulator is the District’s Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] or the Comptroller of the Currency.
(9) “District state bank” means a bank whose home state is the District and that is chartered under the laws of the District.
(10) “Home state” means:
  (A) The state of the main office for a national bank; or
  (B) The state of chartering for a state bank.
(11) “Host state” means a state, other than the home state of a bank, in which a bank maintains or seeks to maintain a branch.
(12) “Interstate merger transaction” means:
  (A) The merger or consolidation of banks with different home states pursuant to the authority of this subchapter, and the conversion of branches of any bank involved in such a merger or consolidation to branches of the resulting bank; or
  (B) The purchase of all, or substantially all, of the assets of a bank whose home state is not the home state of the acquiring bank pursuant to the authority of this subchapter.
(13) “Out-of-state bank” means a bank whose home state is not the District.
(14) “Out-of-state national bank” means a nationally-chartered bank whose home state is not the District of Columbia.
(15) “Out-of-state state bank” means a state chartered bank whose home state is not the District of Columbia.
(16) “Resulting bank” means a bank that has resulted from an interstate merger transaction.
(17) “State” means any state of the United States, the District of Columbia, or any territory of the United States, or any legally incorporated jurisdiction deemed to be a state by the District’s Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
(18) “Superintendent” means the District’s Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
D.C. Code § 26-506.11 — DC Code / Title 26 / Chapter 5 / § 26-506.11
§ 26-506.11. Reduction in membership shares.
Status: in_force

(a) The board of directors of a District credit union may propose a reduction in membership shares when the losses of the District credit union resulting from a depreciation in value of its loans, investments, or otherwise exceed the District credit union's undivided earnings and reserves so that the estimated value of the District credit union's assets is less than its liabilities, and the board of directors determines that the District credit union may be subject to involuntary liquidation. The District credit union may, by a majority vote of those voting on the proposition, order a reduction in the membership shares, and of each of its shareholders, to divide the loss in proportion to the shares held by shareholders in their respective membership share accounts ("order of reduction").
(b) If the District credit union thereafter realizes a greater amount from its assets than what was fixed by the order of reduction, the excess shall be proportionately restored to the shareholders whose assets were reduced, but only to the extent of the reduction.
(c) Deposit accounts and regular share accounts shall not be subject to a reduction in shares pursuant to this section.
D.C. Code § 26-831.10 — DC Code / Title 26 / Chapter 8A / § 26-831.10
§ 26-831.10. Policies of merchant bank’s business activities.
Status: in_force

(a) The board of directors of a merchant bank, if the merchant bank is a corporation, or its equivalent governing body, if the merchant bank is another type of business entity, shall establish a written policy under which the merchant bank’s business activities shall be conducted. The written policy shall include the merchant bank’s business plan, operating procedures, investment policies, and lending policies. The written policy shall also address conflicts of interest and shall preclude a merchant bank from making an investment in a small business if the effect is to create the potential of a conflict of interest with a person having an ownership interest in the merchant bank.
(b) The written policy under subsection (a) of this section for business activities shall be reviewed and approved or disapproved by the Commissioner. If the Commissioner finds that the policy does not adequately regulate the business activities of the merchant bank, the Commissioner may require the board of directors, or equivalent governing body, to take corrective action.
D.C. Code § 26-638 — DC Code / Title 26 / Chapter 6A / § 26-638
§ 26-638. Assets to be held in the District of Columbia.
Status: in_force

(a) Upon and after establishing an international branch or international agency in the District of Columbia, and as may be required under regulations adopted by the Commissioner, an international banking corporation licensed under this chapter shall keep on deposit, with such banks as the international banking corporation may designate and the Commissioner may approve, dollar deposits or other assets, including securities. The Commissioner may from time to time require that the assets deposited under this subsection be maintained by the international banking corporation in such amount, and in such form and subject to such conditions as the Commissioner considers necessary or desirable for the maintenance of a sound financial condition, the protection of depositors and the public interest, and the confidence in the business of each branch or agency.
(b) An international banking corporation shall hold in the District of Columbia currency or such other assets as the Commissioner shall, by regulation, permit, in an amount which shall be a percentage, determined by the Commissioner by order or regulation, of the liabilities of the international banking corporation. As used in this subsection, the term “liabilities” means liabilities appearing on the books, accounts, or records of an international banking corporation’s international agencies and international branches in the District of Columbia as liabilities, including acceptances and such other items as the Commissioner shall determine, but excluding amounts due, and other liabilities, to other offices, agencies, or branches of, and affiliates of, the international banking corporation. For purposes of this subsection, the Commissioner (1) shall value marketable securities at the lower of their principal amount or market value, (2) may determine the value of a nonmarketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness, or of any other asset or obligation held by, or owed to, the international banking corporation or its agencies or branches within the District of Columbia, and (3) in determining the ratio of assets to liabilities, may exclude, in whole or in part, any particular asset. If, by reason of the existence or potential occurrence of unusual and extraordinary circumstances, the Commissioner considers it necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, creditors, and the public interest, and to maintain public confidence in the business of an international agency or international branch of an international banking corporation in the District of Columbia, the Commissioner may, subject to such terms and conditions as the Commissioner may prescribe, require the international banking corporation to deposit the assets required to be held in the District of Columbia under this subsection with such banks as the Commissioner may designate.
D.C. Code § 26-1116 — DC Code / Title 26 / Chapter 11 / § 26-1116
§ 26-1116. Advertising.
Status: in_force

No mortgage lender, mortgage broker, mortgage loan originator, or loan officer required to be licensed under this chapter shall use, or cause to be published, any advertisement which:
(1) Contains any false, misleading, or deceptive statement or representation; or
(2) Identifies the mortgage lender, mortgage broker, mortgage loan originator, or loan officer by any name other than the name set forth on the license issued by the Superintendent [Commissioner].
D.C. Code § 26-1401.17 — DC Code / Title 26 / Chapter 14 / § 26-1401.17
§ 26-1401.17. Commissioner taking possession of universal banks.
Status: in_force

(a) Subject to § 26-1401.15 as it relates to the functional regulatory authority of the Commissioner with respect to the liquidation or rehabilitation of an insurance subsidiary or holding company affiliate, the Commissioner may take possession of the business and property of a universal bank if the Commissioner has determined that one or more of the events described in subsection (b) of this section has occurred.
(b) The Commissioner may take possession of the properties or business of a universal bank under subsection (a) of this section if the universal bank:
  (1) Has violated a law, rule, regulation, a condition imposed by the Commissioner in connection with the approval of an application, an order or authorized request by the Commissioner, or a term or condition of a written agreement entered into with the Commissioner, and such violation affects the safe and sound condition and operation of the bank or the severity of the violation calls into question the competency of management or the quality of the operation of the bank;
  (2) Is conducting its business in an unauthorized or unsafe or unsound manner;
  (3) Is in an unsafe and unsound condition to transact its business;
  (4) Has an impairment of its capital;
  (5) Has suspended payment of its obligations;
  (6) Has neglected or refused to comply with the terms of a duly issued order of the Commissioner;
  (7) Has refused, upon proper demand, to submit its records and affairs for inspection to an examiner of the Department;
  (8) Has refused to be examined upon oath regarding its affairs; or
  (9) Has neglected, refused or failed to take or continue proceedings for voluntary liquidation in accordance with any of the provisions of this chapter.
(c) If the Commissioner takes possession of the property or business of a universal bank under this section, the Commissioner shall inform the universal bank of the universal bank’s right to seek review of the Commissioner’s action under subsection (e) of this section.
(d) The Commissioner may maintain possession of the property or business of a universal bank until:
  (1) The affairs of the universal bank are finally liquidated;
  (2) The universal bank, with the written approval of the Commissioner, voluntarily winds up its affairs; or
  (3) The Commissioner authorizes the universal bank to resume business under § 26-1401.18 .
(e) Within 10 days after the Commissioner takes possession of the property or business of a universal bank under this section, the universal bank may apply to the Superior Court for an order requiring the Commissioner to show cause why the Commissioner should not be enjoined from continuing his or her possession of the property or business. The Superior Court may, upon good cause shown, direct the Commissioner to surrender possession of some or all of the business or property of the universal bank or direct the Commissioner to take, or refrain from taking, any action.
(f) In addition to the authority granted under this section, the Commissioner may appoint a receiver for the universal bank as provided in § 26-1401.19 .
D.C. Code § 26-1401.06 — DC Code / Title 26 / Chapter 14 / § 26-1401.06
§ 26-1401.06. Voluntary termination of certification.
Status: in_force

A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. A financial institution shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a financial institution’s termination under this section shall be void if the financial institution fails to satisfy the condition to termination under this section.
D.C. Code § 26-831.19 — DC Code / Title 26 / Chapter 8A / § 26-831.19
§ 26-831.19. Conservator; rights, powers, and privileges.
Status: in_force

(a) Under the supervision of the Commissioner, the conservator shall take possession of the books, records, and assets of the bank and shall take any action necessary to conserve the assets of the merchant bank pending further disposition of the business of the merchant bank as provided by law.
(b) Subject to Superior Court approval and under the supervision of the Commissioner, a conservator shall:
  (1) Take possession of the books, records, and assets of the merchant bank and collect all debts, dues, and claims belonging to the merchant bank;
  (2) Sue, defend, compromise, arbitrate, or otherwise settle all claims involving the merchant bank;
  (3) Sell real and personal property if necessary to conserve the assets of the merchant bank;
  (4) Exercise all fiduciary functions of the merchant bank;
  (5) Pay all administrative expenses of the conservatorship, which expenses shall be a first charge upon the assets of the merchant bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;
  (6) Pay the debts of the merchant bank if the conservator determines that payment of the debts is in the best interests of the merchant bank;
  (7) Have all the powers of the directors, officers, and shareholders of the merchant bank as necessary to support an action taken on behalf of the merchant bank; and
  (8) Hold title to all the bank’s property, contracts, and rights of action.
(c) Subject to Superior Court approval and under the supervision of the Commissioner, a conservator may:
  (1) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the conservator considers necessary or expedient to assist in the performance of the conservator’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or
  (2) Exercise any other power and duty authorized by the Superior Court.
(d) Unless otherwise provided by law, a conservator, other than a conservator who is an employee of the Department and acting in his or her official capacity, may be required to post a bond in an amount to be determined by the Superior Court.
(e) The conservator shall, on a regular basis, report to the Commissioner regarding all matters involving the conservatorship.
D.C. Code § 26-502.02 — DC Code / Title 26 / Chapter 5 / § 26-502.02
§ 26-502.02. Certificate of charter.
Status: in_force

(a) The following procedures shall apply upon the filing of a complete charter application pursuant to § 26-502.01 :
  (1) The Commissioner shall prepare a periodic bulletin listing all pending charter applications. The bulletin shall be published in the District of Columbia Register and be available from the Commissioner.
  (2) The Commissioner shall accept public comment on the application prior to deciding whether to grant final approval of the application, according to procedures established by the Commissioner by rule. Public comments shall be accepted for 30 days from the date of publication of notice of the application by the Commissioner pursuant to paragraph (1) of this subsection. Any result from the public comment period held under this section may not extend the approval or disapproval time frame as required in paragraph (3) of this subsection.
  (3) (A) The Commissioner shall, pursuant to subsection (b) of this section, approve or disapprove the charter application, and provide the reasons for approving or disapproving the application, within 90 days after receipt of the application. The Commissioner may extend this 90-day period for up to an additional 60 days.
    (B) No application required by this section shall be complete unless it is accompanied by an application fee in an amount to be established by the Commissioner and made payable to the District Treasurer.
    (C) No credit union shall commence operation until the organizers have submitted evidence that the required insurance has been acquired.
(b) (1) A charter application may be approved, and a certificate of charter may be issued, if the charter application, the charter statement, and bylaws conform to this subchapter and the Commissioner determines that:
    (A) The characteristics of the field of membership set forth in the proposed bylaws are favorable to the economic viability of the proposed District credit union;
    (B) The reputation and character of the initial board of directors and supervisory committee provide assurance that the District credit union's affairs will be properly administered;
    (C) The applicant has provided a viable plan for conducting business that demonstrates a likelihood for success; and
    (D) The District credit union has obtained share insurance.
  (2) The Commissioner may disapprove the charter application and not issue a certificate of charter for a new District credit union if the Commissioner finds that:
    (A) There are no grounds for the likelihood of economic success for the District credit union;
    (B) The leadership of the proposed District credit union is not qualified; or
    (C) The proposed District credit union has failed to obtain share insurance.
(c) If a certificate of charter is issued, the Commissioner shall return a copy of the bylaws and one of the duplicate originals of the certificate of charter of the District credit union to the organizers of the District credit union or their representatives. The original charter statement and bylaws shall be preserved in the permanent files of the District credit union.
(d) If a certificate of charter is denied, the Commissioner shall notify the organizers of the District credit union and set forth the reasons for the denial. The District credit union organizers may appeal the Commissioner's decision to the District of Columbia Court of Appeals in accordance with § 2-510 .
(e) The filing of an appeal under this section shall not stay the effect of the denial or any other action of the Commissioner to the appealing party, unless the District of Columbia Court of Appeals determines, after giving the appealing party notice and an opportunity to be heard, that failure to grant a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public.
(f) The organizers may not transact any District credit union business until a certificate of charter has been issued and received.
D.C. Code § 26-308 — DC Code / Title 26 / Chapter 3 / § 26-308
§ 26-308. Granting of license; investigations.
Status: in_force

(a) Upon the filing of an application in proper form, including the required fee and accompanying documents, the Superintendent [Commissioner] shall issue to the applicant a license to engage in the cashing of checks in the District of Columbia, unless the Superintendent [Commissioner] finds that the requirements prescribed by subsection (b) of this section and §§ 26-304 , 26-305 , 26-306 , and 26-307 have not been met.
(b) The financial responsibility, conditions, and business experience of the applicant or licensee must be such as to warrant the belief that the applicant’s business will be conducted honestly and carefully.  The Superintendent [Commissioner] may investigate and consider the qualifications of the applicant or licensee (including the officers and directors of the applicant) in determining whether the requirement has been met.
D.C. Code § 26-1152.19 — DC Code / Title 26 / Chapter 11A / § 26-1152.19
§ 26-1152.19. Homeownership counseling.
Status: in_force

A lender shall inform a borrower of his or her right to obtain counseling in connection with a covered loan. A Red Flag Warning Disclosure Notice shall satisfy this requirement.
D.C. Code § 26-1301 — DC Code / Title 26 / Chapter 13 / § 26-1301
§ 26-1301. Manner of formation; purposes.
Status: in_force

Corporations may be formed within the District of Columbia for the purposes hereinafter mentioned in the following manner: Any number of natural persons, citizens of the United States, not less than 25, may associate themselves together to form a company for the purpose of carrying on, in the District of Columbia, any 1 of the 3 classes of business herein specified, to wit: (1) a safe deposit, trust, loan, and mortgage business; (2) a title insurance, loan, and mortgage business; or (3) a security, guarantee, indemnity, loan, and mortgage business; provided, that the capital stock of any of said companies shall not be less than $1,000,000 except as otherwise provided in § 31-2502.13 , and that any of said companies may also do a storage business when their capital stock amounts to the sum of not less than $1,200,000.
D.C. Code § 26-1401.23 — DC Code / Title 26 / Chapter 14 / § 26-1401.23
§ 26-1401.23. Conservator; appointment; bond and security; qualifications; expenses.
Status: in_force

(a) If any of the grounds under § 26-1401.19 authorizing a request for the appointment of a receiver exist or if the Commissioner determines that it is necessary to conserve the assets of a universal bank for the benefit of the depositors, investors, or other creditors of the bank or for the benefit of the general public, the Commissioner may petition the Superior Court to appoint a conservator for a universal bank.
(b) The Department shall be reimbursed out of the assets of the conservatorship, as expenses, for all sums expended by the Department in connection with the conservatorship.
(c) All expenses of a conservatorship shall be paid out of the assets of the universal bank upon the approval of the Commissioner, shall be a first charge upon the assets of the universal bank, and shall be paid in full before a final distribution or payment of dividends to creditors or shareholders of the universal bank.
D.C. Code § 26-803 — DC Code / Title 26 / Chapter 8 / § 26-803
§ 26-803. Notice of adverse claim to deposit.
Status: in_force

Notice to any bank or trust company doing business in the District of Columbia of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank or trust company to recognize said adverse claimant unless said adverse claimant shall also either: (1) procure a restraining order, injunction, or other appropriate process against said bank or trust company from a court of competent jurisdiction in a cause therein instituted by him wherein the person to whose credit the deposit stands is made a party and served with summons; or (2) execute to such bank or trust company, in form and with sureties acceptable to it, a bond indemnifying said bank or trust company from any and all liability, loss, damage, costs, and expenses, for and on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of said bank or trust company; provided, that this section shall not apply to any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant, and the facts constituting such relationship, together with the facts showing reasonable cause of belief on the part of the said claimant that the said fiduciary is about to misappropriate said deposit, are made to appear by the affidavit of such claimant.
D.C. Code § 26-504.05 — DC Code / Title 26 / Chapter 5 / § 26-504.05
§ 26-504.05. Retention of membership.
Status: in_force

Unless the District credit union's bylaws state otherwise, a person who has become a member of a District credit union in accordance with this subchapter may remain a member of that District credit union until that person chooses to withdraw from the membership of the District credit union, or is terminated under § 26-504.07 .
D.C. Code § 26-131.12 — DC Code / Title 26 / Chapter 1A / § 26-131.12
§ 26-131.12. Penalties.
Status: in_force

If the Commissioner finds, after notice and a hearing, that a person has violated this chapter or a rule or regulation promulgated, or order issued, under this chapter, the Commissioner may order the person to pay to the Department a civil penalty in such amount as the Commissioner determines is appropriate; provided, that the amount of the penalty shall not exceed $1,000 for a violation; provided further, that if there is a continuing violation, the penalty may be no more than the greater of $1,000 or $100 multiplied by the number of days that the violation has continued.
D.C. Code § 26-1152.18 — DC Code / Title 26 / Chapter 11A / § 26-1152.18
§ 26-1152.18. No oppressive mandatory arbitration clause.
Status: in_force

(a) A mandatory arbitration clause in a note, lien, instrument, or ancillary lien instrument or obligation that evidences or secures a covered loan that is oppressive, unfair, unconscionable, or in substantially in derogation of the rights of borrowers shall be void.
(b) Arbitration clauses that comply with the standards adopted by the Mayor pursuant to regulation shall be presumed not to violate this section; provided, the Mayor’s standards be in accordance with the procedures of a nationally recognized arbitration forum such as the American Arbitration Association.
D.C. Code § 26-1006 — DC Code / Title 26 / Chapter 10 / § 26-1006
§ 26-1006. License application.
Status: in_force

(a) Each application for a license shall be made in writing, under oath, and in a form prescribed by the Superintendent [Commissioner].
(b) For all applicants, each application shall contain:
  (1) The exact name of the applicant, the applicant’s principal address, any fictitious or trade name used by the applicant in the conduct of its business, and the location of the applicant’s business records;
  (2) The history of the applicant’s material litigation and criminal convictions for the 5 year period prior to the date of the application;
  (3) A description of the activities conducted by the applicant and a history of operations;
  (4) A description of the business activities in which the applicant seeks to be engaged in the District of Columbia;
  (5) A list identifying the applicant’s proposed authorized delegates in the District of Columbia, if any, at the time of the filing of the license application;
  (6) A sample authorized delegate contract, if applicable;
  (7) A sample form of payment instrument, if applicable;
  (8) The location or locations at which the applicant and its authorized delegates, if any, propose to conduct the licensed activities in the District of Columbia; and
  (9) The name and address of the clearing bank or banks on which the applicant’s payment instruments will be drawn or through which such payment instruments will be payable.
(c) If the applicant is a corporation, the applicant shall also provide:
  (1) The date of the applicant’s incorporation and state of incorporation;
  (2) A certificate of good standing from the state in which the applicant was incorporated;
  (3) A description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and the disclosure of whether any parent or subsidiary is publicly traded on any stock exchange;
  (4) The name, business and residence address, and employment history for the 5 years prior to the date of the application of the applicant’s executive officers and the officer or managers who will be in charge of the applicant’s activities to be licensed hereunder;
  (5) The name, business and residence address, and employment history for the 5 years prior to the date of the application of any key shareholder of the applicant;
  (6) The history of material litigation and criminal convictions for the 5 years prior to the date of the application of every executive officer or key shareholder of the applicant;
  (7) A copy of the applicant’s most recent audited financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder equity, and statement of changes in financial position, and, if available, the applicant’s audited financial statements for the immediately preceding 2 year period. However, if the applicant is a wholly owned subsidiary of another corporation, the applicant may submit either the parent corporation’s consolidated audited financial statements for the current year and for the immediately preceding 2 year period or the parent corporation’s Form 10K reports filed with the United States Securities and Exchange Commission for the prior 3 years in lieu of the applicant’s financial statements. If the applicant is a wholly owned subsidiary of a corporation having its principal place of business outside the United States, similar documentation filed with the parent corporation’s non-United States regulator may be submitted to satisfy this provision; and
  (8) Copies of all filings, if any, made by the applicant with the United States Securities and Exchange Commission, or with a similar regulator in a country other than the United States, within the year preceding the date of filing of the application.
(d) If the applicant is not a corporation, the applicant shall also provide:
  (1) The name, business and residence address, personal financial statement, and employment history for the 5 years prior to the date of the application of:
    (A) Each principal of the applicant; and
    (B) Any other person or persons who will be in charge of the applicant’s activities to be licensed under this chapter;
  (2) The date of the applicant’s registration or qualification to do business in the District of Columbia;
  (3) The history of material litigation and criminal convictions for the 5 years prior to the date of the application for each individual having any ownership interest in the applicant and each individual who exercises supervisory responsibility with respect to the applicant’s activities; and
  (4) Copies of the applicant’s audited financial statements, including balance sheet, statement of income or loss, and statement of changes in financial position, for the current year and, if available, for the immediately preceding 2 years.
(e) The Superintendent [Commissioner] is authorized, for good cause shown, to waive any requirement of this section with respect to any license application or to permit a license applicant to submit substituted information in its license application in lieu of the information required by this section.
D.C. Code § 26-505.08 — DC Code / Title 26 / Chapter 5 / § 26-505.08
§ 26-505.08. Officers.
Status: in_force

(a) The board of directors, at their organizational meeting, shall elect from their own number, a chairperson of the board, a treasurer, and a secretary. The board may also elect any other officers of the board that are specified in the bylaws.
(b) The term of an officer shall be for one calendar year, or until a successor is chosen and has been duly qualified, unless otherwise provided in the bylaws.
(c) The duties of the officers shall be prescribed in the bylaws.
(d) Notwithstanding any other provision of this subchapter , a District credit union may use any title it chooses for officials holding the positions described in this section, provided that the titles are not misleading.
D.C. Code § 26-1401.31 — DC Code / Title 26 / Chapter 14 / § 26-1401.31
§ 26-1401.31. Rulemaking.
Status: in_force

The Commissioner may prescribe rules governing the activities of universal banks and implementing this chapter, pursuant to subchapter I of Chapter 5 of Title 2 .
D.C. Code § 26-1111 — DC Code / Title 26 / Chapter 11 / § 26-1111
§ 26-1111. Surrender of license.
Status: in_force

(a) A licensee may surrender a license by sending to the Superintendent [Commissioner] the license and a written statement that the license is surrendered.
(b) The surrender of a license does not affect any civil or criminal liability of a licensee for acts committed before the license was surrendered.
D.C. Code § 26-1015 — DC Code / Title 26 / Chapter 10 / § 26-1015
§ 26-1015. Suspension or revocation of licenses.
Status: in_force

After notice and hearing, the Superintendent [Commissioner] may suspend or revoke a licensee’s license if the Superintendent [Commissioner] finds that:
(1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;
(2) The licensee’s net worth becomes inadequate and the licensee, after 10 days written notice from the Superintendent [Commissioner], fails to take such steps as the Superintendent [Commissioner] deems necessary to remedy such deficiency;
(3) The licensee knowingly violates any material provision of this chapter or any rule or order validly promulgated by the Superintendent [Commissioner] under authority of this chapter;
(4) The licensee is conducting its business in an unsafe or unsound manner;
(5) The licensee is insolvent;
(6) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(7) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;
(8) The licensee refuses to permit the Superintendent [Commissioner] to make any examination authorized by this chapter;
(9) The licensee willfully fails to make any report required by this chapter; or
(10) The licensee has willfully violated any provision of the regulations set forth at 31 C.F.R. Part 103.
D.C. Code § 26-316 — DC Code / Title 26 / Chapter 3 / § 26-316
§ 26-316. Revocation and suspension of license.
Status: in_force

(a) The Superintendent [Commissioner] may revoke any license issued pursuant to this chapter if, after notice and a hearing, the Superintendent [Commissioner] finds that the licensee has:
  (1) Committed any fraudulent acts, engaged in any dishonest activities, or made any misrepresentation in any business transaction;
  (2) Been convicted of a felony under the laws of the District or the laws of any state or the United States;
  (3) Violated any provisions of the banking laws of the District or any rules or regulations promulgated thereunder, or has violated any other law in the course of dealings as a licensee;
  (4) Made a material misstatement in the application for a license under this chapter;
  (5) Demonstrated incompetency or untrustworthiness to act as a licensee;
  (6) Violated any provision of this chapter or of any implementing regulation; or
  (7) Failed to satisfy any of the criteria for obtaining a license as set out in §§ 26-306 , 26-307 , or 26-308 .
(b) A hearing for the purposes of this section shall be held in accordance with subchapter I of Chapter 5 of Title 2 . Pending a hearing for the revocation of any license issued pursuant to this chapter, the Superintendent [Commissioner] may suspend the license for a period not to exceed 30 days if the Superintendent [Commissioner] determines that such a suspension is in the public interest and that one or more grounds for revocation of a license, as set forth in subsection (a) of this section, exist.
(c) Whenever the Superintendent [Commissioner] suspends or revokes a license issued pursuant to this chapter, the Superintendent [Commissioner] shall immediately execute a written order stating the grounds for the suspension or revocation.  On the date the order is executed, the Superintendent [Commissioner] shall serve a copy thereof on the licensee either personally or by mailing the same to the last known address of the licensee.
D.C. Code § 26-506.10 — DC Code / Title 26 / Chapter 5 / § 26-506.10
§ 26-506.10. Liens.
Status: in_force

(a) The District credit union shall have a lien on the membership share, shares, deposits, and accumulated dividends and interest of a member in the member's individual, joint, trust, or payable on death account for any obligation owed to the District credit union by the member or for any loan co-signed or guaranteed by the member; except, that a District credit union shall not have a lien on any funds in an Individual Retirement Account or an account established pursuant to the Internal Revenue Code of the United States.
(b) The District credit union shall have a right of immediate set-off with respect to every deposit and share account. The District credit union may refuse to allow withdrawals from any share or deposit account while the member has any outstanding obligation to the District credit union.
D.C. Code § 26-1152.06 — DC Code / Title 26 / Chapter 11A / § 26-1152.06
§ 26-1152.06. Unfair steering or improper use of credit scores.
Status: in_force

(a) A lender shall not steer, counsel, or direct any prospective borrower to accept a loan product with a risk grade less favorable than the risk grade that the borrower would qualify for based on that lender’s then current underwriting guidelines, prudently applied, considering the information available to that lender, including the information provided by the borrower. A lender shall not violate this section if the risk grade determination applied to a borrower is reasonably based on the lender’s underwriting guidelines and if it is an appropriate risk grade category for which the borrower qualifies with the lender.
(b) The lender shall not make, or cause to be made, any false, deceptive, or misleading statement, representation, or determination regarding the borrower’s ability to qualify for any mortgage product or the borrower’s credit score.
D.C. Code § 26-131.06 — DC Code / Title 26 / Chapter 1A / § 26-131.06
§ 26-131.06. Lighting of automated teller machine area.
Status: in_force

(a) A person who controls an access area or a defined parking area shall provide lighting for the access area or defined parking area, and the operator or person controlling an automated teller machine shall provide lighting for the automated teller machine and the exterior of an enclosed automated teller machine installation, during hours of darkness if the automated teller machine is open and operating, according to the following standards:
  (1) There shall be a minimum of 10 candlefoot power at the face of the automated teller machine extending unobstructed outward 5 feet.
  (2) There shall be a minimum of 2 candlefoot power within 50 feet in all unobstructed directions from the face of the automated teller machine.
  (3) If the automated teller machine is located within 10 feet of the corner of a building and the automated teller machine is generally accessible from the adjacent side of the building, there shall be a minimum of 2 candlefoot power along the first 40 unobstructed feet of the adjacent side of the building.
  (4) There shall be a minimum of 2 candlefoot power in the portion of the defined parking area within 60 feet of the automated teller machine.
(b) This section shall not apply to an automated teller machine which is located inside a building:
  (1) Unless the building is a freestanding installation that exists for the sole purpose of providing an enclosure for the automated teller machine; or
  (2) If an automated teller machine transaction can be conducted from outside the building.
D.C. Code § 26-1152.04 — DC Code / Title 26 / Chapter 11A / § 26-1152.04
§ 26-1152.04. Restriction on financing origination/discount points and fees.
Status: in_force

If a lender refinances a loan secured by the same residential real property to the same borrower which was made 18 months or less before the covered loan is made, the same lender shall not finance, directly or indirectly, any portion of the covered loan’s origination/discount points and fees or other fees payable to the lender or any third party in excess of the greatest of 3% of the new covered loan principal amount actually funded, $400, or such amount as the Mayor may establish by regulation, excluding:
(1) Reasonable charges described in 12 C.F.R. § 226.4(c)(7)(i), (iii), (iv), and (v); and
(2) Bona fide loan discount points.
D.C. Code § 26-502.07 — DC Code / Title 26 / Chapter 5 / § 26-502.07
§ 26-502.07. Fiscal year.
Status: in_force

The fiscal year of each District credit union chartered under this subchapter shall end on December 31.
D.C. Code § 26-1108 — DC Code / Title 26 / Chapter 11 / § 26-1108
§ 26-1108. Change of place of business.
Status: in_force

(a) A licensee may not change the place of business for which a license is issued unless the licensee:
  (1) Notifies the Superintendent [Commissioner] in writing of the proposed change; and
  (2) Receives the written consent of the Superintendent [Commissioner].
(b) The application for a change of place of business shall be approved unless the Superintendent [Commissioner] finds that the applicant has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with all applicable laws and regulations.
(c) Notwithstanding subsection (a)(2) of this section, if the Superintendent [Commissioner] does not approve or disapprove of the proposed change of place of business within 30 days of the mailing of the notice required under subsection (a)(1) of this section, the proposed change of place of business shall be deemed approved.
(d) After approval, the applicant for a change of place of business shall give written notice to the Superintendent [Commissioner] within 10 days after the commencement of business at the additional or relocated office.
(e) Every licensee shall notify the Superintendent [Commissioner], in writing of the closing of any office not less than 10 days before such closing, and of the name, address, and position of each new principal, officer, member, partner, or director not more than 10 days after such new principal, officer, member, partner, or director assumes such position. Every licensee shall also provide such other information with respect to any such changes as the Superintendent [Commissioner] may reasonably require.
D.C. Code § 26-507.04 — DC Code / Title 26 / Chapter 5 / § 26-507.04
§ 26-507.04. Loan limit.
Status: in_force

The board of directors may place a limit on the aggregate amount to be loaned to, or co-signed by, any one member. The aggregate of loans to any one member shall not exceed 5% of the District credit union's capital or 1% of shares and deposits, whichever is greater. This limit shall not apply to loans that are fully secured by shares or deposits in the District credit union.
D.C. Code § 26-1120 — DC Code / Title 26 / Chapter 11 / § 26-1120
§ 26-1120. Limitation on name of mortgage business.
Status: in_force

A mortgage lender, mortgage broker, mortgage loan originator, or loan officer may not do business under any trade name that misrepresents or tends to misrepresent that the mortgage lender is:
(1) A bank, trust company, or savings bank;
(2) A savings and loan association;
(3) A credit union; or
(4) An insurance company.
D.C. Code § 26-1317 — DC Code / Title 26 / Chapter 13 / § 26-1317
§ 26-1317. Capital stock — Calls; sale on failure to pay money subscribed.
Status: in_force

It shall be lawful for such company to call for and demand from the stockholders, respectively, all sums of money by them subscribed, at such time and in such proportions as its board of directors shall deem proper, within the time specified in § 26-1316 , and it may enforce payment by all remedies provided by law; and if any stockholder shall refuse or neglect to pay any instalment, as required by a resolution of the board of directors, after 30 days notice of the same, the said board of directors may sell at public auction to the highest bidder so many shares of said stock as shall pay said installment, under such general regulations as may be adopted in the bylaws of said company, and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessment due.
D.C. Code § 26-713 — DC Code / Title 26 / Chapter 7 / § 26-713
§ 26-713. Hearings.
Status: in_force

Any administrative hearing held in accordance with this subchapter shall be held pursuant to Chapter 5 of Title 2 , unless the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] determines that a public proceeding would jeopardize or adversely affect the safety and soundness of the bank or the public interest. If the Superintendent [Commissioner] makes the determination, the hearing may be held in private session.
D.C. Code § 26-907 — DC Code / Title 26 / Chapter 9 / § 26-907
§ 26-907. Violations.
Status: in_force

(a) A person violating any provision of this chapter shall, upon conviction, be fined $300, imprisoned for not less than 30 days or more than 90 days, or both. In addition, the court may order any person violating this chapter to make restitution for the value of property illegally obtained as a result of the violation. Prosecutions for violations of this chapter or any rules issued pursuant to this chapter shall be conducted in the Superior Court of the District of Columbia by the Corporation Counsel or any of his or her assistants in the name of the District of Columbia.
(b) Civil fines, penalties, and fees may be imposed as alternative sanctions for any infraction of the provisions of this chapter, or any rules or regulations issued under the authority of this chapter, pursuant to Chapter 18 of Title 2 . Adjudication of any infraction of this chapter shall be pursuant to Chapter 18 of Title 2 .
D.C. Code § 26-131.02 — DC Code / Title 26 / Chapter 1A / § 26-131.02
§ 26-131.02. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Access area” means a paved walkway or sidewalk which is within 50 feet of an automated teller machine. The term “access area” shall not include publicly maintained walkways, sidewalks, or roads.
(2) “Access device” shall have the same meaning as set forth in Federal Reserve System Regulation E, 12 C.F.R. Part 205.
(3) “Automated teller machine” means a stationary or mobile unattended device at which banking transactions, including deposits, withdrawals, or transfers, may be conducted. The term shall include satellite devices and any electronic information-processing device located in the District which accepts or dispenses cash in connection with a credit, deposit, or convenience account. The term shall not include a device which is used solely to facilitate a check guarantee or check authorization or which is used in connection with the acceptance or dispensing of cash on a person-to-person basis, such as by a store cashier.
(4) “Bank” shall have the same meaning as set forth in § 26-551.02(3) .
(5) “Candlefoot power” means the light intensity of candles on a horizontal plane at 36 inches above ground level and 5 feet in front of the area to be measured.
(6) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7) .
(7) “Control” means the authority to determine how, when, and by whom an access area, defined parking area, or automated teller machine is to be used and how the access area, defined parking area, or automated teller machine is to be maintained, lighted, and landscaped.
(8) “Customer” means a natural person to whom an access device has been issued for personal, family, or household use.
(9) “Defined parking area” means the portion of a parking area open for customer parking which is: (A) contiguous to an access area; and (B) regularly, principally, and lawfully used for parking, standing, or stopping by persons conducting automated teller machine transactions during hours of darkness. The term “defined parking area” shall not include a parking area which is not open or regularly used for parking by persons conducting automated teller machine transactions during hours of darkness. A parking area shall not be considered open if it is physically closed to access or if conspicuous signs indicate that it is closed. If a multiple level parking area would otherwise be considered a defined parking area under the definition above, only the single parking level deemed by the operator of the automated teller machine to be the most directly accessible to the users of the automated teller machine shall be considered a defined parking area.
(10) “District” means the District of Columbia.
(11) “District bank” shall have the same meaning as set forth in § 26-551.02(12) .
(12) “District credit union” shall have the same meaning as set forth in § 26-551.02(13) .
(13) “District of Columbia Banking Code” shall have the same meaning as set forth in § 26-551.02(14) .
(14) “Federal credit union” means a credit union which has its principal office in the District and is chartered or organized as a federal credit union under the laws of the United States.
(15) “Financial institution” shall have the same meaning as set forth in § 26-551.02(18) .
(16) “Hours of darkness” means the period that commences 30 minutes after sunset and ends 30 minutes before sunrise.
(17) “Network” means one or more financial institutions or other persons that:
  (A) Own and operate one or more network of satellite devices or point-of-sale terminals; or
  (B) Provide communications or processing services to one or more automated teller machines, point-of-sale terminals, or similar retail electronic banking facilities located in the District.
(18) “Operator” means, with respect to an automated teller machine or a point-of-sale terminal, the person who imposes the fee on, or receives the fee from, a customer using the automated teller machine or point-of-sale terminal.
(19) “Out-of-state” means a state other than the District or any foreign country.
(20) “Out-of-state bank” means a bank that is chartered out-of-state and that is not chartered by the District.
(21) “Out-of-state credit union” means a credit union that is chartered out-of-state and that is not chartered by the District.
(22) “Person” shall have the same meaning as set forth in § 26-551.02(21) .
(23) “Point-of-sale terminal” means a device located in a business establishment that is used for the purchase of a good or service where a personal identification number is required and where sales transactions can be charged directly to the buyer’s deposit, loan, or credit account, but at which deposit transactions cannot be conducted. The term “point-of-sale terminal” shall not include an access device.
(24) “Satellite device” means an automated teller machine of a bank or credit union which is not located at a physical office of the bank or credit union.
(25) “Surcharge” means a charge, or portion of a charge, imposed by the operator of an automated teller machine or point-of-sale terminal for use of the automated teller machine or point-of-sale terminal.
D.C. Code § 26-506.12 — DC Code / Title 26 / Chapter 5 / § 26-506.12
§ 26-506.12. Share and deposit insurance.
Status: in_force

(a) A District credit union shall apply for and obtain insurance on its members' share and deposit accounts as provided by NCUA or comparable insurance approved by the Commissioner.
(b) No District credit union shall be granted a charter by the Commissioner unless the District credit union has applied for and obtained insurance of its members' share and deposit accounts as provided by this section or received a written commitment to insure or guarantee member accounts.
(c) A District credit union with debt and equity capital consisting primarily of funds received from other credit unions and any membership share issued by a District credit union shall not be subject to the requirements of this section.
(d) A District credit union that has been denied a commitment of insurance or guarantee of its members' share and deposit accounts or that has had that insurance or guarantee revoked, cancelled, or terminated shall, within 30 days of the effective date of the revocation, cancellation, or termination, commence steps to liquidate, merge with an insured credit union, or apply in writing to the Commissioner for an extension of time to obtain an insurance commitment.
(e) The Commissioner may grant one or more extensions of time in which to obtain the insurance commitment upon satisfactory evidence that the District credit union has made, or is making, a substantial effort to satisfy the conditions precedent to the issuance of an insurance commitment.
(f) To permit NCUA or an authorized share guaranty corporation to assess the financial condition and performance of a District credit union, the Commissioner may provide NCUA or an authorized share guaranty corporation with any and all reports of examination conducted by the Commissioner, and copies of orders and notices issued by the Commissioner, regarding any District credit union under the Commissioner's supervision.
(g) NCUA or an authorized share guaranty corporation shall provide to the Commissioner copies of any reports of examinations conducted by NCUA or the authorized share guaranty corporation on a District credit union.
(h) In addition to the primary guaranteed amount, an authorized share guaranty corporation or other insurance company may provide an excess coverage guarantee for the benefit of those District credit unions that voluntarily elect to obtain an additional guarantee.
(i) The Commissioner may appoint NCUA or any official of an authorized share guaranty corporation as the liquidating agent of a District credit union. This appointment is limited to actions arising under §§ 26-509.01 and 26-510.05 .
D.C. Code § 26-504.04 — DC Code / Title 26 / Chapter 5 / § 26-504.04
§ 26-504.04. School service facilities.
Status: in_force

(a) For the purposes of this section, the term:
  (1) "School" means any accredited educational institution.
  (2) "Student" means an individual enrolled in a school.
  (3) "Student service facility" means a District credit union facility that provides in-school financial services and offers financial education to students.
(b) A District credit union may, upon agreement with a school's governing body, open and maintain a student service facility.
D.C. Code § 26-831.09 — DC Code / Title 26 / Chapter 8A / § 26-831.09
§ 26-831.09. Structure and organization of merchant banks.
Status: in_force

(a) A merchant bank may be organized as a corporation, limited liability company, limited partnership, or limited liability partnership.
(b) The articles of incorporation or other organizational documents of a merchant bank shall contain the following statement: “This [corporation/limited liability company/limited partnership/limited liability partnership] is subject to the requirements of the District of Columbia Banking Code and does not have the power to solicit, receive or accept money or its equivalent on deposit.” The appropriate business form listed in the bracketed text in the statement shall be included in the statement. The statement shall not otherwise be amended.
(c) A merchant bank may use as a part of its name the word “bank[",] “banker”, “banking”, or any abbreviations of those words.
D.C. Code § 26-831.01 — DC Code / Title 26 / Chapter 8A / § 26-831.01
§ 26-831.01. Short title.
Status: in_force

This chapter may be cited as the “Merchant Bank Act of 2000”.
D.C. Code § 26-505.07 — DC Code / Title 26 / Chapter 5 / § 26-505.07
§ 26-505.07. Conflicts of interest.
Status: in_force

Directors, committee members, and officers shall disclose all existing and potential conflicts of interest to the board of directors. No director, committee member, officer, or employee of a District credit union shall, in any manner, directly or indirectly, participate in the deliberation upon, or the determination of, any question affecting his or her pecuniary interest or the pecuniary interest of any corporation, partnership, or association in which he or she is directly or indirectly interested.
D.C. Code § 26-912 — DC Code / Title 26 / Chapter 9 / § 26-912
§ 26-912. Exemption of certain loans; severability.
Status: in_force

(a) No provision of this chapter shall apply with respect to any loan, or to the making of any loan:
  (1) To any corporation which is unable to plead any statutes against usury in any action;
  (2) Repealed;
  (3) Secured on real estate located outside of the District of Columbia;
  (4) To a borrower residing, doing business, or incorporated outside of the District of Columbia; or
  (5) Greater than $25,000.
(b) If any provision of this section or the application thereof to any person or circumstance, is held invalid, the remainder of the section, and the application of such provision to other persons or circumstances shall not be affected thereby.
D.C. Code § 26-831.20 — DC Code / Title 26 / Chapter 8A / § 26-831.20
§ 26-831.20. Authority of conservator to borrow money; purpose.
Status: in_force

(a) With the prior approval of the Commissioner, the conservator of a merchant bank may borrow money to aid in the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends.
(b) With the prior approval of the Commissioner, the conservator may secure money borrowed under subsection (a) of this section by the pledge, hypothecation, or mortgage of the assets of the merchant bank.
D.C. Code § 26-1311.01 — DC Code / Title 26 / Chapter 13 / § 26-1311.01
§ 26-1311.01. Automatic substitution of fiduciaries.
Status: in_force

(a) For the purpose of this section, the term:
  (1) “Affiliate” means a company that is affiliated with a bank or bank holding company because the bank or bank holding company has the power to vote 5% or more of the outstanding voting securities of the company.
  (2) “Bank” means a bank as defined in § 2(c)(1) of the Bank Holding Companies Act (12 U.S.C. § 1841(c)(1)).
  (3) “Bank holding company” means a bank holding company as defined in § 2(a) of the Bank Holding Companies Act (12 U.S.C. § 1841(a)).
  (4) “Beneficiary” means a person who is currently receiving or is entitled to receive a current distribution of principal or income from a trust, estate, or fund from a fiduciary that is subject to this section. The term “beneficiary” shall include:
    (A) A minor beneficiary’s natural or legal guardian; and
    (B) Any person acting on behalf of an incompetent beneficiary under a court ordered guardianship, conservatorship, or committee.
  (5) “District” means the District of Columbia.
  (6) “Fiduciary” means a trustee, personal representative, executor, executrix, receiver, special administrator, guardian, conservator, committee, custodian, or any other term denoting a fiduciary relationship.
  (7) “Trust company” means a corporation organized under the laws of the District to carry on a trust business or a national association organized under the laws of the United States that is authorized to transact trust business in the District and meets the criteria of § 2(2)(d) of the Bank Holding Companies Act (12 U.S.C. § 1841(c)(2)(D)).
(b) Notwithstanding any other provision of law, the successor bank, trust company, or subsidiary shall be automatically substituted as the successor fiduciary if:
  (1) A bank that is qualified to administer trusts merges into, is consolidated with, or purchases the assets of a trust company or a bank that is qualified to administer trusts;
  (2) A trust company merges into, is consolidated with, or purchases the assets of another trust company or a bank that is qualified to administer trusts;
  (3) A bank or bank holding company causes a subsidiary that is qualified to administer trusts to succeed to part or all of the trust business of the bank or bank holding company; or
  (4) A bank or bank holding company causes a subsidiary to succeed to part or all of the trust business of another subsidiary of the bank or bank holding company.
(c) The substitution of one fiduciary for another fiduciary pursuant to this section shall be effective 60 days after closing pursuant to the acquisition or merger agreement, without any order or approval of any court or public officer. The successor fiduciary shall have all the rights and duties of the predecessor fiduciary. Unless otherwise provided in the document or instrument, the successor fiduciary shall be automatically named as fiduciary in all writings, wills, trusts, court orders, or similar documents or instruments that name the predecessor fiduciary as fiduciary, whether signed before or after the successor fiduciary is created or succeeds to the trust business of the predecessor fiduciary.
(d) For the purposes of qualification as a fiduciary or a successor fiduciary under any requirement contained in any document creating or relating to a fiduciary capacity, the successor bank, trust company, bank holding company, or subsidiary trust company is considered to have capital and surplus equal to its capital and surplus plus the capital and surplus of its owning bank, bank holding company, and their affiliates.
(e) Not less than 30 days before the succession becomes effective under this section, the successor fiduciary shall publish notice of the succession in a newspaper of general circulation in the District and shall mail the notice to each co-fiduciary of the successor fiduciary, to each surviving settlor of a trust, to each person who alone or in conjunction with others has the power to remove the fiduciary, to each beneficiary of a trust, estate, or fund, and to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] of the District of Columbia. In the case of a trust described in chapter 736 of the Internal Revenue Code of 1986 (26 U.S.C. § 401(a)), notice shall be mailed to the employer, employee organization, or both, responsible for the maintenance of the trust. Notice shall be sent by certified mail to the last known address of the addressee and shall contain the name of the predecessor fiduciary, the name of the successor fiduciary, and the effective date of the assumption of fiduciary responsibilities by the successor fiduciary.
(f) Within 180 days after succession under this section, a co-fiduciary, settlor of a trust, beneficiary, guardian, conservator, committee, or any other person authorized to remove a fiduciary, may apply to the Superior Court of the District of Columbia (“Court”) for the appointment of a new fiduciary to replace the successor fiduciary. The Court may appoint a new fiduciary to replace the successor fiduciary if it finds, after notice to all parties in interest and a hearing, that the successor fiduciary will adversely affect the administration of the fiduciary account and that the appointment of a new fiduciary will be in the best interest of the petitioner and all interested parties. This provision shall be in addition to any other provision of law governing the removal of a fiduciary and shall be subject to the terms upon which the original fiduciary was designated as fiduciary.
D.C. Code § 26-504.01 — DC Code / Title 26 / Chapter 5 / § 26-504.01
§ 26-504.01. Membership.
Status: in_force

(a) The board of directors of a District credit union shall determine the membership of the District credit union, which shall consist of persons who have been duly admitted as members.
(b) Each person otherwise eligible for membership to become or remain a member of a District credit union shall purchase and maintain a share, share draft, or share certificate account in the minimum amount required by the District credit union.
(c) A member may make an initial installment on the purchase of a membership share and complete the purchase by no more than 6 months from the payment of the first installment.
(d) If the balance in any of a member's accounts is less than the minimum balance required for a membership share, the member shall restore the balance to the minimum within 6 months of having fallen below the minimum balance, or the membership may be terminated pursuant to § 26-504.07 .
(e) In the case of a joint account, each joint account holder may apply for membership, and, if the District credit union's bylaws so provide, each member may maintain the joint account only so long as the balance is at least equal to the membership share amount for each member. A joint account does not entitle the joint account holder to a vote.
(f) Each member is entitled to one vote, regardless of the number of shares held by that member.
D.C. Code § 26-1206 — DC Code / Title 26 / Chapter 12 / § 26-1206
§ 26-1206. Review of applications.
Status: in_force

(a) Prior to deciding whether to grant approval of the application under § 26-1202 , § 26-1203 , or § 26-1205 , the Superintendent [Commissioner] shall accept public comment on the application and shall hold a public hearing on the application, according to procedures established by rules issued by the Superintendent [Commissioner].
(b) The Superintendent [Commissioner] shall make either a favorable or unfavorable recommendation on the application, explain the reasons for his or her recommendation, and submit to the Council his or her recommendation and explanation, a copy of the application, and any other relevant information or submissions within 90 days after receipt of the application. The Superintendent [Commissioner] may extend this 90-day period for up to an additional 60 days. No application required by § 26-1202 , § 26-1203 , or § 26-1205 , shall be complete unless it is accompanied by an application fee in an amount to be established by the Superintendent [Commissioner] and made payable to the District of Columbia Treasurer. No entity required to obtain issuance shall commence operations until the applicant has submitted evidence that the insurance has been obtained.
(c) The Council may adopt a resolution disapproving the Superintendent’s [Commissioner’s] recommendation within 45 days, excluding Saturdays, Sundays, legal holidays, and days of Council recess, after receipt of the Superintendent’s [Commissioner’s] recommendation.
(d) If the Council fails to adopt a resolution disapproving the Superintendent’s [Commissioner’s] recommendation within the 45-day period, the Superintendent’s [Commissioner’s] recommendation shall be deemed approved.
D.C. Code § 26-1313 — DC Code / Title 26 / Chapter 13 / § 26-1313
§ 26-1313. Existing companies; certificate of intention to comply with provisions.
Status: in_force

Any safe deposit company, trust company, surety or guaranty company, or title insurance company incorporated on or before January 1, 1902, and operating under the laws of the United States in the District of Columbia or of any of the states, and doing business in said District on or before January 1, 1902, may avail itself of the provisions of this chapter on filing in the Office of the Recorder of Deeds of the District of Columbia, or with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], a certificate of its intention to do so, which certificate shall specify which one of the 3 classes of business set out in § 26-1301 it will carry on, and shall be verified by the oath of its president to the effect that it has in every respect complied with the requirements of existing law, especially with the provisions of this chapter, that its capital stock is paid in as provided in § 26-1323 and is not impaired; and thereafter such company may exercise all powers and perform all duties authorized by any 1 of the clauses of § 26-1301 in addition to the powers lawfully exercised by such company on January 1, 1902.
D.C. Code § 26-505.09 — DC Code / Title 26 / Chapter 5 / § 26-505.09
§ 26-505.09. Meetings of directors.
Status: in_force

(a) The board of directors shall meet on a regular basis and at least quarterly.
(b) Unless specifically prohibited by the bylaws, directors may participate in, and act at, any meeting of the board through the use of communications equipment through which all persons participating in the meeting can speak with and hear each other at the same time. Participation in the meeting in this manner shall constitute attendance.
(c) Unless specifically prohibited by the bylaws, any action required by this subchapter to be taken at a meeting of the board of directors, or any other action that may be taken at a meeting of the board of directors, may be taken without a meeting if a consent, in writing, setting forth the action is signed by all the directors entitled to vote with respect to the subject matter thereof. Consent shall be evidenced by one or more written approvals, which describe the action taken.
D.C. Code § 26-301 — DC Code / Title 26 / Chapter 3 / § 26-301
§ 26-301. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Check” means any check, draft, money order, personal money order, or other instrument for the transmission or payment of money.
(2) “Check cashing” means the exchange of a check for money delivered to the presenter at the time and place of the presentation.
(3) Repealed.
(4) “Issue date” means, on a check held for deferred deposit, the date the check is cashed and the deferred deposit agreement is originated.
(5) “Licensee” means any person duly licensed by the Superintendent [Commissioner] pursuant to this chapter.
(6) “Limited station” means a type of check cashing business that authorizes the licensee to carry on the business of cashing checks for employees of a single and particular business or office and at a single location at or near such particular business or office site.
(7) “Mobile unit” means any vehicle or other movable structure from which the business of cashing checks is to be conducted.
(8) “Person” means an individual, firm, corporation, business trust, estate, trust, partnership, limited liability company, association, 2 or more persons having a joint or common interest, or any other legal or commercial entity, or group of individuals however organized but does not include the United States government, the government of the District of Columbia, or the United States Postal Service.
(9) “Superintendent” means the Superintendent of the Office of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
D.C. Code § 26-1330 — DC Code / Title 26 / Chapter 13 / § 26-1330
§ 26-1330. Fiduciary not liable as stockholder; liability of estate and funds.
Status: in_force

No person holding stock in such company as personal representative, guardian, or trustee shall be personally subject to any liability as stockholder of such company, but the estate and funds in the hands of such personal representative, guardian, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or the person interested in such trust fund would have been if he had been living and competent to act and hold the stock in his own name.
D.C. Code § 26-1107 — DC Code / Title 26 / Chapter 11 / § 26-1107
§ 26-1107. License expiration and renewal; annual fee.
Status: in_force

(a) (1) A license issued under this chapter shall expire on a date to be determined by the Superintendent [Commissioner]; provided, that the initial term of the license shall be not less than 180 days, or greater than 18 months, after the effective date of the license. A license may thereafter be renewed for one-year term extensions as provided by this section.
  (2) The Superintendent [Commissioner] may change the expiration date of a license for the purpose of staggering the expiration dates of licenses issued under this chapter; provided, that the new expiration date shall not be less than 180 days after the effective date or renewal date of the license.
(b) Before a license expires, the licensee periodically may renew the license for additional 1-year terms, if the licensee:
  (1) Demonstrates that he or she continues to meet the licensing standards under this chapter and has satisfied the annual continuing education requirements under this chapter;
  (1A) Pays all applicable fees and assessments as prescribed by the Commissioner and all third-party fees;
  (2) Submits to the Superintendent [Commissioner] a renewal application on the form that the Superintendent [Commissioner] requires; and
  (3) Files a bond or bond continuation certificate for the amount required under § 26-1103 .
(c) If a license is issued for less than a full year, is surrendered voluntarily, is suspended, or is revoked, the Superintendent [Commissioner] may not refund any part of the license fee regardless of the time remaining in the license year.
(d) Repealed.
D.C. Code § 26-551.02 — DC Code / Title 26 / Chapter 5B / § 26-551.02
§ 26-551.02. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Affiliate” means a financial institution holding company under federal law or a subsidiary or service corporation of a financial institution holding company.
(2) “Appropriate federal financial institutions agency” means the federal agency with statutory authority over the financial institution activities of a financial institution.
(3) “Bank” means an institution that engages in the business of banking, including a trust company, savings bank, savings and loan association, and credit union.
(4) “Bank holding company” shall have the same meaning as set forth in section 2(a) of the Bank Holding Company Act of 1956, approved May 9, 1956 (70 Stat. 133; 12 U.S.C. § 1841(a)).
(5) “Business of banking” means activities and transactions involving banking, including: (A) receiving deposits, paying checks, and lending money; (B) activities of a bank which are supervised by the Commissioner; and (C) activities incidental, necessary, or convenient to banking.
(6) “Capital” means capital deposits, surplus, and undivided earnings.
(7) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking.
(7A) “Controlling interest” means:
  (A) More than 50% of the total voting power of all classes of stock of a corporation or more than 50% of the total fair market value of all classes of stock of a corporation;
  (B) More than 50% of the capital or profits in a partnership, association, or other unincorporated entity; or
  (C) More than 50% of the beneficial interests in a trust.
(8) “Credit union” means a financial institution organized as a cooperative association with a limited membership and operating with insurance provided by the National Credit Union Administration.
(9) “Department” means the Department of Insurance, Securities, and Banking.
(10) “Director” means a director or trustee of an organization or a person with functions similar to the functions of a director or trustee.
(11) “District” means the District of Columbia.
(12) “District bank” means a bank chartered or organized under the District of Columbia Banking Code and under the authority and supervision of the Commissioner or a bank authorized to do business under the laws of the District.
(13) “District credit union” means a credit union chartered or organized under the District of Columbia Banking Code and under the authority and supervision of the Commissioner or a credit union authorized to do business under the laws of the District.
(14) “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, laws administered by the Commissioner, and rules and regulations promulgated under those statutory provisions and laws.
(15) “District savings institution” means a savings institution chartered or organized under the District of Columbia Banking Code and under the authority and supervision of the Commissioner or a savings institution authorized to do business under the laws of the District.
(16) “Executive officer” means a person who participates or has authority to participate, other than in the capacity of a director, in major policymaking functions of a financial institution, whether or not the person has an official title or receives compensation from the financial institution. The term “executive officer” shall not include a person who may exercise discretion in the performance of duties and functions, including discretion in the making of loans, if the person’s exercise of discretion is limited by policy standards adopted by the board of directors of the financial institution and the person does not participate in major policymaking functions of the financial institution. The chair of the board, the president, chief executive officer, chief operating officer, chief financial officer, every executive vice president of a financial institution, and the senior trust officer of a trust company shall be presumed to be executive officers unless the person is excluded, by resolution of the board of directors or by the bylaws of the financial institution, from participating, other than in the capacity of a director, in major policymaking functions of the financial institution and the person does not actually participate in major policymaking functions of the financial institution.
(17) “Federal agency” means an agency of the United States of America.
(18) “Financial institution” means a bank, savings institution, credit union, foreign bank, trust company, non-depository financial institution, or any other person which is regulated, supervised, examined, or licensed by the Department of Insurance, Securities, and Banking; which has applied to be regulated, supervised, examined, or licensed by the Department of Insurance, Securities, and Banking; which is subject to the regulation, supervision, examination, or licensure by the Department of Insurance, Securities, and Banking; or which is engaged in an activity covered by the District of Columbia Banking Code.
(19) “Non-depository financial institution” means a financial institution that is engaged in a regulated activity and that is not a bank or credit union.
(20) “Order” means an approval, consent, authorization, exemption, denial, prohibition, requirement, or other administrative action.
(21) “Person” means an individual, corporation, trust, joint venture, company, association, firm, partnership, society, joint stock company, pool syndicate, sole proprietorship, unincorporated organization, fiduciary business, or any other similar entity.
(22) “Regulated activity” means an activity authorized and regulated under the District of Columbia Banking Code and under the authority and supervision of the Commissioner.
(23) “Savings institution” means a savings and loan association or savings bank.
(24) “Subsidiary” means a company in which a person owns at least a majority of the shares or equity interest or which the person controls.