D.C. Code § 26-1152.11 — DC Code / Title 26 / Chapter 11A / § 26-1152.11
§ 26-1152.11. Failure to timely send disclosure notice.
Status: in_force

(a) In making a covered loan, a lender shall send to the borrower a Red Flag Warning Disclosure Notice.
(b) This notice shall be received by the borrower at least 3 business days prior to closing of the loan.
(c) If the loan is originated with the assistance of a mortgage broker, the mortgage broker shall provide the Red Flag Warning Disclosure Notice.
(d) Only one Red Flag Warning Disclosure Notice must be provided to each borrower.
(e) The Mayor shall promulgate, by regulation, the Red Flag Warning Disclosure Notice and instructions for completing, executing, and sending the disclosure notice. The Mayor may revise the disclosure notice or instructions at any time not less than 90 days in advance of the publication in the District of Columbia Register. After the publication of a revised disclosure notice or revised instructions, either the existing or revised instructions may be followed and either the existing or revised disclosure notice shall be accepted until the advance publication period expires.
D.C. Code § 26-1216 — DC Code / Title 26 / Chapter 12 / § 26-1216
§ 26-1216. Registered agent.
Status: in_force

(a) Each association or savings and loan holding company making an application to the Superintendent [Commissioner] under § 26-1202 or § 26-1203 shall include in that application a statement identifying a registered agent and registered office for the association or savings and loan holding company. The registered agent shall be an agent of the association or savings and loan holding company upon whom process may be served. All notices or demands required or permitted by law may be served upon the registered agent. The registered agent and office may be the same as that used by the District association or District savings and loan holding company sought to be acquired. The appointment of a registered agent for purposes of this section shall meet the requirements imposed on a foreign corporation’s appointment of a registered agent and office by § 29-101.106 .
(b) If the association or savings and loan holding company fails to appoint or maintain a registered agent and office in the District, the Mayor shall serve as the agent of the association or savings and loan holding company upon whom any process, notice, or demand against the association or savings and loan holding company may be served. All matters served upon the Mayor pursuant to this section shall be handled in the same manner as matters served upon the Mayor on behalf of foreign corporations pursuant to § 29-101.108(b) and (d).
(c) The appointment of a registered agent pursuant to this section may not be revoked or modified, except that a new registered agent may be substituted, as long as any liability for the penalties imposed by this chapter remains outstanding against the association or savings and loan holding company. Upon satisfaction of any liability, the appointment may be revoked or otherwise modified, unless the association or savings and loan holding company is otherwise required by law to maintain the registered agent and office.
D.C. Code § 26-1401.20 — DC Code / Title 26 / Chapter 14 / § 26-1401.20
§ 26-1401.20. 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 universal bank and collect all debts, dues, and claims belonging to the universal bank;
  (2) Sue, defend, compromise, arbitrate, or otherwise settle all claims involving the universal bank;
  (3) Sell all real and personal property;
  (4) Exercise all fiduciary functions of the universal bank;
  (5) Pay all administrative expenses of the receivership, which expenses shall be a first charge upon the assets of the universal bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;
  (6) Pay, ratably, all debts of the universal 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 universal bank by the Department in accordance with this chapter;
  (8) Pay, ratably, to the shareholders of the universal bank, in proportion to the number of shares held and owned by each, the balance of the net assets of the universal 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 universal bank as necessary to support an action taken on behalf of the universal 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 universal 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 § 26-831.17 — DC Code / Title 26 / Chapter 8A / § 26-831.17
§ 26-831.17. 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 merchant bank in receivership that are obsolete and unnecessary to the continued administration of the receivership.
(b) The receiver may retain the records of the merchant 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 merchant 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 merchant bank to:
  (1) Procure services to maintain the records of a liquidated merchant 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 merchant bank.
D.C. Code § 26-213 — DC Code / Title 26 / Chapter 2 / § 26-213
§ 26-213. Forfeiture of stock.
Status: in_force

Any nonadvanced shareholder failing to pay the instalments due on his share and the fines due from him for such time as the bylaws shall determine, shall forfeit his stock, but may, on application, receive a return of the amount paid in on account of his stock, less the accrued fines.
D.C. Code § 26-1152.17 — DC Code / Title 26 / Chapter 11A / § 26-1152.17
§ 26-1152.17. No advance waivers.
Status: in_force

A provision in a covered loan whereby a borrower waives in advance a violation of this chapter shall be void.
D.C. Code § 26-736 — DC Code / Title 26 / Chapter 7 / § 26-736
§ 26-736. Interstate merger transactions by a District state bank.
Status: in_force

(a) With the permission of the Superintendent [Commissioner], a District state bank may maintain and operate a branch in a state other than the District pursuant to an interstate merger transaction with an out-of-state bank in which the District state bank is the resulting bank.
(b) A District state bank (“applicant”) desiring to establish and maintain a branch in another state under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a merger fee to be determined by the Superintendent [Commissioner]. If, within 30 days of receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient financial resources, sufficient managerial and professional experience, and that the proposed merger is in the public interest, the Superintendent [Commissioner] shall approve the application for an interstate merger transaction and for the operation of branches in a state other than the District by the District state bank.
(c) In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the interstate merger transaction is to be consummated.
(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 establishes and maintains a branch in a state other than the District pursuant to an interstate merger transaction may exercise, at such 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 state bank.
D.C. Code § 26-208 — DC Code / Title 26 / Chapter 2 / § 26-208
§ 26-208. Advancements — Security.
Status: in_force

For every advance made as aforesaid a bond in a penalty equal to the ultimate value of the shares advanced may be required, secured by a first mortgage or deed of trust on real estate, and a pledge of the shares advanced upon, as additional or collateral security, which bond shall be conditioned for the payment at the stated meetings of the corporation of the monthly dues on the share so advanced upon and the interest on the sum advanced, and the installments of premium, if made so payable, and all fines chargeable upon arrears of payments, until said shares shall reach their ultimate value aforesaid, or said advance be otherwise canceled or discharged.
D.C. Code § 26-701 — DC Code / Title 26 / Chapter 7 / § 26-701
§ 26-701. Definitions.
Status: repealed

Repealed.
D.C. Code § 26-551.13 — DC Code / Title 26 / Chapter 5B / § 26-551.13
§ 26-551.13. Notice of charges; hearing; final order.
Status: in_force

(a) The Commissioner shall formally initiate an investigation of a violation or an unsafe or unsound practice by issuing a notice of charges. The notice of charges shall contain a statement of facts describing the alleged violation or unsafe or unsound practice that the financial institution or its subsidiary or affiliate has engaged, or may engage, in.
(b) The notice of charges shall set a date, time, and place at which a hearing shall be held to determine whether the alleged violation or unsafe or unsound practice has occurred, or may occur, and whether a cease and desist order should be issued against the financial institution, or its subsidiary or affiliate. The hearing date shall be no earlier than 30 days, and no later than 60 days, after the date of service of the notice of charges; provided, that the hearing date may be set earlier or later if it is determined under rules issued by the Commissioner that there are emergency circumstances or that it is impractical to hold the hearing during the prescribed period.
(c) A hearing under this section shall be held in the District, unless otherwise specified by the Commissioner, and shall be held before the Commissioner or a person that the Commissioner appoints.
(d) The Commissioner may issue a subpoena to compel the attendance of a witness at a hearing or to compel the production of any document, paper, book, record, or other evidence for the investigation.
(e) The Commissioner or the Commissioner’s appointee may administer an oath and take the testimony of any person under oath in the conduct of the investigation.
(f) A hearing under this section shall be conducted in accordance with Chapter 5 of Title 2 .
(g) A hearing conducted under this section shall be open to the public, unless the Commissioner determines that it is necessary or appropriate to hold a private hearing to protect the public interest.
(h) Within 90 days after the conclusion of a hearing under this section, the Commissioner shall issue a final decision and order, in writing, and shall serve the final decision and order on each party to the investigatory proceeding.
D.C. Code § 26-1153.01 — DC Code / Title 26 / Chapter 11A / § 26-1153.01
§ 26-1153.01. Violations and remedies.
Status: in_force

(a) The Mayor or any borrower under a covered loan may recover damages for a lender’s violation of § 26-1151.02 or subchapter II of this chapter .
(b) Notwithstanding subsection (a) of this section, if the violation of § 26-1151.02 or subchapter II of this chapter was caused by the borrower, his or her employer, or a creditor providing materially incorrect information to the lender, which inaccuracy the lender did not discover prior to the covered loan funding, and if the lender reasonably attempted to verify the current and expected income and current debts of the borrowers in accordance with § 26-1152.02(c) , the lender shall not be liable.
(c) Damages or other relief awarded to the borrower under this section may include:
  (1) Reformation of the covered loan to correct or remove an unfair term or a term obtained in violation of § 26-1151.02 or subchapter II of this chapter , whichever is applicable as of the date of initial funding;
  (2) Actual damages;
  (3) Injunctive relief;
  (4) Reasonable attorneys’ fees and costs; or
  (5) Statutory damages in an amount to be determined by the finder of fact if the finder of fact determines that the lender has engaged in a systematic pattern of practices and acted in violation of § 26-1151.02 or subchapter II of this chapter .
(d) An action for violation of § 26-1151.02 or subchapter II of this chapter shall be filed no later than 3 years after the violation has been discovered or should have been discovered.
(e) (1) A lender making a covered loan who, when acting in good faith, fails to comply with § 26-1151.02 or subchapter II of this chapter , shall not be deemed to have violated § 26-1151.02 or subchapter II of this chapter if the lender establishes one of the following:
    (A) Without regard to who discovered the error, within 120 days of the covered loan initial funding and prior to the institution of judicial process under this section, the borrower was notified of the violation, appropriate restitution was made, and whatever adjustments are necessary were made to the covered loan, at the choice of the lender, to:
      (i) Conform the covered loan to the requirements of § 26-1151.02 or subchapter II of this chapter ;
      (ii) Materially change the terms of the covered loan to benefit the borrower; or
      (iii) Remove the features that caused the loan to be considered a covered loan.
    (B) The violation resulted from a bona fide error notwithstanding the lender’s maintenance of procedures reasonably designed to avoid the error and, within 60 days after the discovery of the compliance failure and prior to the filing of an action under this section, the borrower was notified of the compliance failure, appropriate restitution was made, and whatever adjustments are necessary were made to the covered loan, at the choice of the lender, to:
      (i) Conform the covered loan to the requirements of § 26-1151.02 or subchapter II of this chapter ;
      (ii) Materially change the terms of the covered loan to benefit the borrower; or
      (iii) Remove the features that caused the loan to be considered a covered loan.
  (2) If the lender fails to comply with § 26-1152.11 or section 129(a) and (b) of the Truth in Lending Act in the case of a lender covered by § 26-1151.02 , the lender shall not be deemed to have violated § 26-1151.02 or subchapter II of this chapter , only if:
    (A) The lender satisfies paragraph (1) (A) (i) or (B) (ii) of this subsection;
    (B) The lender provided the borrower with a disclosure notice prior to the closing of the covered loan; and
    (C) The failure to comply with § 26-1152.11 , or section 129(a) or (b) of the Truth in Lending Act in the case of a lender covered by § 26-1151.02 , shall not have been shown to be part of a pattern or practice of such non-compliance.
  (3) For the purposes of this subsection, a bona fide error shall include clerical error or, calculation, computer malfunction, and programming and printing errors. An error of legal judgment with respect to a lender’s obligations under § 26-1151.02 or subchapter II of this chapter shall not constitute a bona fide error.
(f) No provision of this chapter shall be applied or interpreted to bar a borrower from bringing an action in an appropriate court of competent jurisdiction pursuant to any District or federal law for damages, injunctive relief, or any other relief.
(g) The remedies provided in this chapter shall be the sole and exclusive remedies for the violation of any provision of this chapter.
D.C. Code § 26-1401.25 — DC Code / Title 26 / Chapter 14 / § 26-1401.25
§ 26-1401.25. Deposits received while universal bank in conservatorship.
Status: in_force

(a) While a universal bank is in conservatorship, the Commissioner may require the conservator to set aside and make available for withdrawal by depositors or investors and payment to other creditors, ratably, amounts that the Commissioner determines may be used safely and soundly for such withdrawals and payments.
(b) The Commissioner may permit the conservator to receive deposits.
(c) Deposits received while the universal bank is in conservatorship shall not be subject to any limitation on payment or withdrawal. The deposits, and any new assets acquired on account of the deposits, shall be segregated and held for the new deposits and shall not be used to liquidate any indebtedness of the universal bank:
  (1) Existing at the time that a conservator was appointed for the universal bank; or
  (2) Incurred after a conservator was appointed and was incurred for the purpose of liquidating any indebtedness of the universal bank existing at the time that the conservator was appointed.
(d) Deposits received while the universal bank is in conservatorship shall be kept in cash, invested in direct obligations of the United States, or deposited in depository institutions designated by the Commissioner.
(e) The requirements of subsections (c) and (d) of this section shall remain in effect for 15 days following the date that the conservator returns control of the universal bank to its board of directors, or for such shorter period as the Commissioner may designate.
(f) Before returning control of the universal bank to its board of directors, the conservator shall publish a notice in a paper of general circulation in the District of Columbia in a form approved by the Commissioner, stating the date on which the affairs of the universal bank will be returned to its board of directors and that the provisions of subsection (c) or (d) of this section will not be in effect after 15 days from that date. The conservator shall send a copy of the notice described in the previous sentence to each person who deposited money in the universal bank after the appointment of the conservator and before the time when control of the universal bank is returned to the board of directors.
D.C. Code § 26-1401.19 — DC Code / Title 26 / Chapter 14 / § 26-1401.19
§ 26-1401.19. Appointment of a receiver for a universal bank.
Status: in_force

(a) The Commissioner may petition the Superior Court to appoint a receiver for a universal bank if there is a reasonable basis to believe 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) Has violated a condition imposed by the Commissioner in connection with the approval of an application, an order or authorized request of the Commissioner, or a written agreement entered into with the Commissioner;
  (3) Is conducting its business in an unauthorized, unsafe, or unsound manner;
  (4) Is in an unsafe and unsound condition;
  (5) Has an impairment of its capital;
  (6) Has suspended payment of its obligations;
  (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.
(b) If the Commissioner petitions the Superior Court to appoint a receiver for a universal bank, the Commissioner shall request that the Superior Court appoint the Federal Deposit Insurance Corporation as the receiver if any of the deposits in the universal bank are insured by the Federal Deposit Insurance Corporation.
(c) The Superior Court may act upon a petition by the Commissioner for the appointment of a receiver immediately and without notice to any person. The Superior Court may appoint a receiver if the Superior Court determines that a condition set forth in subsection (a) of this section exists and that the bank is operating, or may operate, in an unsafe or unsound manner. The Superior Court may also issue an injunction to require a universal bank to correct any condition set forth in subsection (a) of this section, notwithstanding whether the bank is operating, or may operate, in an unsafe or unsound manner. If the Superior Court appoints a receiver and, after the appointment of a receiver, it appears to the Superior Court that reasons for receivership do not, or no longer, exist, the Superior Court shall dissolve the receivership and terminate any pending proceedings.
(d) Unless otherwise provided by law, a receiver, other than a receiver who is an employee of the Department and acting in his or her official capacity, shall post a bond in an amount to be determined by the Superior Court.
(e) The receiver shall, on a regular basis, report to the Commissioner regarding all matters involving the receivership.
(f) If a universal bank has been closed and placed in receivership, and the Federal Deposit Insurance Corporation pays, or makes available for payment, the insured deposit liabilities of the closed bank, the rights of the Federal Deposit Insurance Corporation, whether or not the Federal Deposit Insurance Corporation is the receiver of the bank, shall be subrogated to all of the rights of the owners of the deposits against the closed universal bank in the same manner and to the same extent as subrogation of the Federal Deposit Insurance Corporation is provided for in section 11(g) of the Federal Deposit Insurance Act, approved September 21, 1950 (64 Stat. 884; 12 U.S.C. § 1821(g)).
D.C. Code § 26-210 — DC Code / Title 26 / Chapter 2 / § 26-210
§ 26-210. Advancements — Redemption on failure to bid.
Status: in_force

Where advances from the funds on hand cannot be made on satisfactory terms, the shareholders failing to bid therefor, the bylaws may provide for the redemption of shares of stock, with the consent of the shareholders, and in case that cannot be done, for the involuntary withdrawal and cancelation of shares, the said shares to be selected by lot, always from the oldest series, until exhausted, or the funds to be applied ratably among the owners of shares of the same series.
D.C. Code § 26-711 — DC Code / Title 26 / Chapter 7 / § 26-711
§ 26-711. Use of women-owned banks.
Status: in_force

(a) Recipients of District of Columbia government contracts are encouraged to use women-owned banks and federally or District chartered minority-owned banks certified by the Small and Local Business Opportunity Commission in accordance with subchapter IX-A of Chapter 2 of Title 2 .
(b) The Mayor shall, pursuant to subchapter I of Chapter 5 of Title 2 , issue rules to implement the provisions of this section within 90 days of March 16, 1989. All rules issued pursuant to this subsection shall be transmitted to the Council for review.
D.C. Code § 26-740 — DC Code / Title 26 / Chapter 7 / § 26-740
§ 26-740. Enforcement.
Status: in_force

If the Superintendent [Commissioner] determines that any law of the District has been violated in the operation of a branch in the District of an out-of-state state bank, or that such branch is being operated in an unsafe or unsound manner pursuant to this subchapter, the Superintendent [Commissioner] shall have the authority to undertake such enforcement actions as it would be permitted to take if the branch were a District state bank.
D.C. Code § 26-551.23 — DC Code / Title 26 / Chapter 5B / § 26-551.23
§ 26-551.23. Rulemaking.
Status: in_force

The Commissioner may issue rules implementing this chapter, pursuant to subchapter I of Chapter 5 of Title 2 .
D.C. Code § 26-1304 — DC Code / Title 26 / Chapter 13 / § 26-1304
§ 26-1304. Organization certificate; execution; contents.
Status: in_force

The persons referred to in § 26-1301 shall, under their hands and seals, execute before some officer in said District competent to take the acknowledgment of deeds, an organization certificate, which shall specifically state:
(1) The name of the corporation;
(2) The purposes for which it is formed;
(3) The term for which it is to exist, which shall not exceed the term of 50 years, and be subject to alteration, amendment, or repeal by Congress at any time;
(4) The number of its directors and the names and residences of the officers who for the first year are to manage the affairs of the company; and
(5) The amount of its capital stock and its subdivision into shares.
D.C. Code § 26-551.06 — DC Code / Title 26 / Chapter 5B / § 26-551.06
§ 26-551.06. Establishment of the Financial Institutions Advisory Board.
Status: in_force

There is established a Financial Institutions Advisory Board (“Board”). The function of the Board is advisory. The Board shall give the Commissioner sound and impartial advice on the following matters:
(1) Applications by financial institutions, including international banking institutions, to become chartered or organized under the District of Columbia Banking Code;
(2) Protection of the interests of depositors and shareholders in financial institutions operating in the District;
(3) Protection of the interests of the general public related to the operation of financial institutions in the District;
(4) Development and maintenance of a modern system of financial institutions in the District; and
(5) Any other financial matter or matter concerning financial institutions operating in, or affecting, the District.
D.C. Code § 26-831.07 — DC Code / Title 26 / Chapter 8A / § 26-831.07
§ 26-831.07. Powers of merchant banks; limits on powers.
Status: in_force

(a) Except as provided in this chapter, a merchant bank shall have all the powers and authority of a District-chartered bank or District-chartered savings and loan, including powers and authority with respect to investments, loans, fiduciary and trust functions, and transactions; provided, that a merchant bank shall obtain certification as a universal bank before exercising those powers of a universal bank.
(b) A merchant bank shall not solicit, receive, or accept money, or its equivalent, on deposit, or engage in deposit-like activity, as a regular business activity.
(c) A merchant bank may issue a draft drawn on the merchant bank in the form of a treasurer’s check or cashier’s check.
(d) A merchant bank may deposit cash, whether constituting principal or income, in any financial institution inside or outside the District of Columbia.
(e) A merchant bank shall notify the Commissioner at least 30 days before the merchant bank establishes an office or branch office where the merchant bank intends to transact the business of the merchant bank.
(f) A merchant bank may apply to the Commissioner for certification, chartering, or organization as any other type of financial institution authorized under the District of Columbia Banking Code.
D.C. Code § 26-1017 — DC Code / Title 26 / Chapter 10 / § 26-1017
§ 26-1017. Authorized delegate conduct.
Status: in_force

(a) An authorizing delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the Superintendent [Commissioner].
(b) All money transmission or sale or issuance of payment instrument activities conducted by authorized delegates shall be strictly in accordance with the licensee’s written procedures provided to the authorized delegate.
(c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. An authorized delegate who fails to remit all money owing to a licensee within the time required shall be liable to the licensee for treble damages. The Superintendent [Commissioner] shall have the discretion to set, by regulation, the maximum remittance time.
(d) An authorized delegate is deemed to consent to inspection by the Superintendent [Commissioner], with or without prior notice to the licensee or authorized delegate, of the books and records of the authorized delegate when the Superintendent [Commissioner] has a reasonable basis to believe that the licensee or authorized delegate is not in compliance with this chapter.
(e) An authorized delegate is under a duty to act only as authorized under the contract with the licensee. An authorized delegate who exceeds its authority is subject to cancellation of its contract and further disciplinary action by the Superintendent [Commissioner].
(f) All funds, less fees, received by an authorized delegate of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized delegate for transmission shall, from the time such funds are received by such authorized delegate until such time when the funds or an equivalent amount are remitted by the authorized delegate to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized delegate commingles any such funds with any other funds or property owned or controlled by the authorized delegate, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
(g) An authorized delegate shall report to the licensee the theft or loss of payment instruments within 24 hours from the time it knew or should have known of the theft or loss.
D.C. Code § 26-706 — DC Code / Title 26 / Chapter 7 / § 26-706
§ 26-706. Applicable laws, rules, and regulations.
Status: in_force

Any District of Columbia bank that is controlled by a bank holding company that is not a District of Columbia bank holding company shall be subject to all laws of the District of Columbia and all rules and regulations under those laws that are applicable to District of Columbia banks that are controlled by bank holding companies all the bank subsidiaries of which are District of Columbia banks.
D.C. Code § 26-505.11 — DC Code / Title 26 / Chapter 5 / § 26-505.11
§ 26-505.11. Suspension and removal powers.
Status: in_force

(a) The board of directors may suspend any member of the District credit union's board of directors for cause, as defined in § 26-504.07 , by a 2/3 vote of a quorum of the board. The board member shall be suspended until the next members' meeting, which shall be held no fewer than 7 days and not more than 60 days after the suspension. The suspended board member shall be notified of the details of the member's suspension and shall have a right to request a hearing before the board to reconsider the suspension prior to the next membership meeting.
(b) Any suspended board member may be removed by a majority vote of a quorum of members at a properly called membership meeting. The suspended board member shall be notified of the details of the board member's removal. At the membership meeting, the suspended board member shall have the right to appear and be heard. The suspension shall be acted upon by the members and the suspended board member shall be removed from or restored to office.
(c) The board of directors may, by a 2/3 vote of a quorum of the board, suspend or remove any officer from his or her office for cause, as defined in § 26-504.07 . The officer affected will be notified of the suspension or removal and shall have the right to request a hearing before the board of directors for reconsideration of the board's decision.
D.C. Code § 26-1101 — DC Code / Title 26 / Chapter 11 / § 26-1101
§ 26-1101. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Borrower” means a person who submits an application for a loan secured by a first or subordinate mortgage or deed of trust on a single to 4-family home.
(1A) “Clerical tasks” means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.
(1B) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking.
(2) “Commitment” means a written, specific, binding agreement between a borrower and a lender which sets forth the terms of the loan being extended to the borrower.
(2A) “Conference of State Bank Supervisors” means the professional association of state officials responsible for chartering, regulating, and supervising state-chartered commercial and savings banks and state-licensed branches and agencies of foreign banks.
(2B) “Depository institution” shall:
  (A) Have the same meaning as provided in section 3 of the Federal Deposit Insurance Act, approved September 21, 1950 (64 Stat. 873; 12 U.S.C. § 1813); and
  (B) Include any credit union.
(3) “District” means the District of Columbia.
(3A) “Federal banking agency” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, or the Federal Deposit Insurance Corporation.
(4) “Federally approved seller-servicers” means a mortgage lender that has been approved as a seller-servicer by:
  (A) The Federal Home Loan Mortgage Corporation;
  (B) The Federal National Mortgage Association; or
  (C) The Government National Mortgage Association.
(5) “Financing agreement” means a written agreement between a borrower and a lender which sets forth the terms of a purchase money loan or a refinancing of an existing loan that:
  (A) Results in or is secured by a first or subordinate mortgage or deed of trust on a single to 4-family home; and
  (B) Is offered or extended to the borrower.
(5A) “Independent contractor” means an individual who is required to obtain and maintain a license under this chapter to engage in residential mortgage loan origination activities as a loan processor or underwriter.
(6) “Interest in real property” includes:
  (A) A confessed judgment note or consent judgment required or obtained by any person acting as a mortgage lender or mortgage broker for the purpose of acquiring a lien on residential real property;
  (B) A sale and leaseback required or obtained by any person acting as a mortgage lender or mortgage broker for the purpose of creating a lien on residential real property;
  (C) A mortgage, deed of trust, or lien other than a judgment lien, on residential real property; and
  (D) Any other security interest that has the effect of creating a lien on residential real property in the District of Columbia.
(7) “License” means a license issued by the Superintendent [Commissioner] under this chapter to authorize a person to engage in business as a mortgage loan originator, loan officer, mortgage lender, or mortgage broker.
(8) “Licensee” means a person who is licensed as a mortgage loan originator, loan officer, mortgage lender, or mortgage broker under this chapter.
(9) “Loan application” means the submission of a borrower’s financial information in anticipation of a credit decision, whether written or computer-generated, relating to a mortgage loan.  If the submission does not state or identify a specific property, the submission is an application for a pre-qualification and not an application for a mortgage loan. The subsequent addition of an identified property to the submission converts the submission to an application for a mortgage loan.
(9A) “Loan processor or underwriter” means an individual who performs clerical or support duties as an employee of and at the direction of, and subject to the supervision and instruction of, a person licensed, or exempt from licensing, under this chapter.
(10) “Mortgage broker” means any person who, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly accepts or offers to accept an application for a mortgage loan, solicits or offers to solicit a mortgage loan on behalf of a borrower, or negotiates or offers to negotiate the terms and conditions of a mortgage loan on behalf of a lender.
(11) “Mortgage lender” means:
  (A) Any person who:
    (i) Repealed.
    (ii) Makes a mortgage loan to any person; or
    (iii) Engages in the business of servicing mortgage loans for others or collecting or otherwise receiving mortgage loan payments directly from borrowers for distribution to any other person.
  (B) A mortgage lender does not include:
    (i) A financial institution that accepts deposits and is regulated under this title;
    (ii) The Federal Home Loan Mortgage Corporation;
    (iii) The Federal National Mortgage Association;
    (iv) The Government National Mortgage Association; or
    (v) Any person engaged exclusively in the acquisition of all or any portion of a mortgage loan under any federal, state, or local governmental program of mortgage loan purchases.
(12) “Mortgage loan” means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(v) of the Truth in Lending Act, approved May 29, 1968 (82 Stat. 147; 15 U.S.C. § 1602(v)), or residential real estate upon which is constructed, or intended to be constructed, a dwelling.
(12A) “Non-conventional mortgage loan” means any mortgage loan that is not a fixed-rate mortgage loan with an amortization period of 30 years or less.
(12B) (A) “Mortgage loan originator” or “loan officer” means an individual who:
    (i) Takes a residential mortgage application;
    (ii) Offers or negotiates terms of a residential mortgage loan; or
    (iii) Solicits, or offers to solicit, a mortgage loan on behalf of a borrower for compensation or gain.
  (B) The term shall not include:
    (i) An individual who is not otherwise described in subparagraph (A) of this paragraph;
    (ii) An individual or entity solely involved in extension of credit relating to timeshare plans, as defined in 11 U.S.C. § 101(53D); or
    (iii) An individual who only performs real estate brokerage activities and is licensed or registered in accordance with District of Columbia law, unless the person is compensated by a mortgage lender, a mortgage broker, mortgage loan originator, or loan officer, or by any agent of a mortgage lender, mortgage broker, mortgage loan originator, or loan officer.
(12C) “Mortgage uniform licensing form” means the SSR application form for mortgage brokers, mortgage lenders, and mortgage loan originators approved by the Commissioner.
(12D) “Nationwide Mortgage Licensing System and Registry” or “NMLSR” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators, mortgage lenders, mortgage brokers, and loan officers.
(13) “Nonprofit corporation” means a corporation no part of the income of which is distributable to its members, directors or officers. Nothing in this chapter shall be construed as prohibiting the payment of reasonable compensation for services rendered and the making of distribution upon dissolution of final liquidation.
(14) “Person” means an individual, firm, corporation, business trust, estate, trust, partnership, association, 2 or more persons having a joint or common interest, or any other legal or commercial entity, or group of individuals however organized.
(15) “Principal” means any person who, directly or indirectly, owns or controls 10% or more of the outstanding stock of a stock corporation or 10% or greater interest in a nonstock corporation or a limited liability company.
(15A) “Real estate brokerage activity” means any activity that involves offering or providing real estate brokerage services to the public, including;
  (A) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
  (B) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
  (C) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);
  (D) Engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and
  (E) Offering to engage in any activity, or act in any capacity, described in subparagraph (A), (B), (C), or (D) of this paragraph.
(15B) “Registered mortgage loan originator” or “registered loan officer” means any individual who is:
  (A) A mortgage loan originator or loan officer;
  (B) An employee of:
    (i) A depository institution;
    (ii) A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or
    (iii) An institution regulated by the Farm Credit Administration; and
  (C) Registered with, and maintains a unique identifier through, the NMLSR.
(16) Repealed.
(16A) “Sponsor” means the licensed mortgage lender or mortgage broker with whom the mortgage loan originator is employed or associated.
(16B) “SRR” means the limited liability corporation which owns and operates the NMLSR.
(17) “Superintendent” means the Superintendent of the District of Columbia Office of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
(17A) “Takes a residential mortgage loan application” means:
  (A) Recording the borrower’s application information in any form for use in a credit decision; or
  (B) Receiving the borrower’s application information in any form for use in a credit decision.
(17B) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLSR.
(18) “Washington, D.C. metropolitan region” means the District of Columbia, the counties of Montgomery and Prince Georges in the State of Maryland, the counties of Arlington and Fairfax, and the cities of Alexandria and Falls Church in the Commonwealth of Virginia.
D.C. Code § 26-1208 — DC Code / Title 26 / Chapter 12 / § 26-1208
§ 26-1208. District status.
Status: in_force

(a) A District association that is controlled by a savings and loan holding company other than a District savings and loan holding company shall be subject and entitled to the benefit of all laws of the District and the rules promulgated pursuant to laws relating to the acquisition, ownership, affiliations, branching, and operations of District associations controlled by District savings and loan holding companies.
(b) Any restrictions, limitations, prohibitions, or requirements pursuant to this section pertaining to the conduct of business in the District by an association or savings and loan holding company shall not apply to corporate, business, investment, or other activities of the association or savings and loan holding company outside the District.
(c) An association or a savings and loan holding company that controls an association or branches located in the District shall file with the Superintendent [Commissioner]:
  (1) Copies of all regular and periodic reports that the savings and loan association or savings and loan holding company is required to file under §§ 13 and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78m and 78o(d)), excluding any portions not required to be made available to the public; and
  (2) Any other information regarding the District association or branches that the Superintendent [Commissioner] shall require by rule.
(d) The Superintendent [Commissioner] shall promptly notify the Council of any regional or nonregional associations and savings and loan holding companies that control District associations or have District association subsidiaries that fail or refuse to submit information as required in subsection (c) of this section.
D.C. Code § 26-102 — DC Code / Title 26 / Chapter 1 / § 26-102
§ 26-102. Supervision by Comptroller of Currency — Examinations; applicable federal provisions; establishment and maintenance of reserves.
Status: in_force

(a) The Comptroller of the Currency, in addition to the powers now conferred upon him by law for the examination of national banks, is hereby further authorized, whenever he may deem it advisable, to cause examination to be made into the condition of any bank mentioned in § 26-101 . The expense of such examination shall be paid in the manner provided by § 482 of Title 12, United States Code, relating to the examination of national banks.
(b) The provisions of § 84 of Title 12, United States Code, are hereby extended to apply to all banks and trust companies doing business in the District of Columbia.
(c) Each bank and trust company doing business in the District of Columbia and not a member of the Federal Reserve System shall within 6 months from March 4, 1933, establish and maintain reserves on the same basis and subject to the same conditions as may by law on March 4, 1933, or thereafter be prescribed for national banks located in the District of Columbia, except that such reserves shall be established and maintained at such agency or agencies which shall have the approval of the Comptroller of the Currency; provided, however:
  (1) That the required reserves carried by such bank or trust company with an agency or agencies may, under the regulations and subject to such penalties as may be prescribed by the Comptroller of the Currency, be checked against and withdrawn by such bank or trust company for the purpose of meeting existing liabilities; and
  (2) That no such bank or trust company shall at any time make new loans or shall pay any dividends unless and until the total reserves required by law shall be fully restored.
(d) After April 11, 1986, subsection (c) of this section shall not apply to banks which are not national banks.
D.C. Code § 26-509.02 — DC Code / Title 26 / Chapter 5 / § 26-509.02
§ 26-509.02. Voluntary merger of credit unions.
Status: in_force

(a) A District credit union may, with the written approval of the Commissioner and subject to all applicable local and federal laws and regulations, merge with one or more other District credit unions, foreign credit unions, or federal credit unions. A District credit union merging with another District credit union may do so regardless of whether the credit unions serve the same field of membership.
(b) (1) When a District credit union merges with one or more other District credit unions, the entities shall either designate one of them as the continuing credit union, or they shall structure a new credit union and designate it as the new credit union. All participating credit unions, other than the continuing or new credit union, shall be designated as merging credit unions.
  (2) When a District credit union merges with one or more foreign credit unions or federal credit unions, the District credit union shall be subject to all applicable local and federal laws and regulations governing the chartering jurisdiction.
(c) To merge, participating credit unions shall prepare a merger plan. The merger plan which has been approved by a majority of the directors of all of the participating credit unions shall be submitted to the appropriate regulatory authorities for preliminary approval by the regulatory authority. If the merger plan includes the creation of a new credit union, all documents required by this subchapter for the chartering of a new District credit union shall be submitted as part of the merger plan. Each participating credit union, except the continuing credit union, shall also submit in writing to the Commissioner:
  (1) The time and place of the meeting of the board of directors at which the merger plan was agreed upon;
  (2) The vote of directors in favor of the adoption of the merger plan; and
  (3) A copy of the resolution or other action by which the merger plan was agreed upon.
(d) (1) Each merging District credit union shall conduct a membership vote on its participation in the plan at a special meeting called for that purpose, by mail ballot, or by electronic means. Members shall be provided written notice of the meeting, which shall state the purpose of the meeting, at least 10 days but not more than 30 days prior to the meeting.
  (2) If a majority of the voting members approve the merger plan, the District credit union shall submit a record of that fact to the Commissioner, indicating the vote by which the members approved the merger plan and copies of the notices provided to members, including copies of the membership meeting notice and mail or electronic ballot if the vote was conducted by mail or electronic means.
(e) The Commissioner shall approve a merger plan after determining that the requirements of subsection (d) of this section have been met. If the merger plan includes the creation of a new District credit union, the new District credit union shall be approved pursuant to part B of this subchapter . The Commissioner shall notify all participating credit unions of the Commissioner's action on the merger plan.
(f) Each merging credit union shall cease operations within 90 days of approval of a merger plan by the Commissioner. All property, property rights, and members' interests in each merging credit union shall vest in the continuing or new credit union, as applicable, without deed, endorsement, or other instrument of transfer. All debts, obligations, and liabilities of each merging credit union shall be deemed to have been assumed by the continuing or new credit union. The rights and privileges of the members of each merging credit union shall remain intact. If a person is a member of more than one of the participating credit unions that person shall be entitled to only one set of membership rights in the continuing or new credit union.
(g) If the continuing or new credit union is chartered by another state or territory of the United States, it shall be subject to the requirements of § 26-502.10 .
D.C. Code § 26-1025 — DC Code / Title 26 / Chapter 10 / § 26-1025
§ 26-1025. Consent to jurisdiction.
Status: in_force

Any licensee, authorized delegate, or other person who knowingly engages in business activities that are regulated under this chapter, with or without filing an application, is deemed to have consented to the jurisdiction of the courts of the District of Columbia for all actions arising under this chapter.
D.C. Code § 26-1401.10 — DC Code / Title 26 / Chapter 14 / § 26-1401.10
§ 26-1401.10. Necessary or convenient powers.
Status: in_force

Unless otherwise prohibited by law or regulation, a universal bank may exercise all powers necessary or convenient to effect the purposes for which the universal bank is organized or to further a business, activity, or operation in which the universal bank is lawfully engaged. The Commissioner may, by rule or order, establish that certain powers shall not be considered necessary or convenient to effect the purposes for which a universal bank is organized or to further a business, activity, or operation in which a universal bank is lawfully engaged.
D.C. Code § 26-1008 — DC Code / Title 26 / Chapter 10 / § 26-1008
§ 26-1008. Application fee.
Status: in_force

Each application must be accompanied by a non-refundable application fee in the amount of $500, plus $25 for each location in the District of Columbia. The maximum amount of application fees required for all locations shall not exceed $2,500. The application fee shall also constitute the license fee for the applicant’s first year of activities if the license is granted.
D.C. Code § 26-1120.01 — DC Code / Title 26 / Chapter 11 / § 26-1120.01
§ 26-1120.01. Confidential information.
Status: in_force

(a) To assist in the performance of the Commissioner’s duties under this chapter, the Commissioner may:
  (1) Share documents, materials, or other information, including confidential and privileged documents, materials, or information subject to this chapter, with other local, state, federal, and international regulatory agencies, with the Conference of State Bank Supervisors, SRR, NMLSR, their affiliates, or subsidiaries, or with state, federal, and international law enforcement authorities; provided, that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information;
  (2) Receive documents, materials, or information, including confidential and privileged documents, materials, or other information, from the Conference of State Bank Supervisors, SRR, NMLSR, their affiliates, or subsidiaries, or from regulatory and law enforcement officials of foreign or other domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information;
  (3) Enter into agreements with the entities set forth in paragraph (1) of this subsection governing sharing and use of information consistent with this chapter;
  (4) Authorize a national criminal background check and submission of fingerprints and other identifying information, submitted through the NMLSR, and other information with, and receive criminal history record information from, the NMLSR, the Metropolitan Police Department, and the Federal Bureau of Investigation for the purposes of facilitating determinations regarding eligibility for licensure under this chapter; or
  (5) Contract with a third party, including the SRR, the Conference of State Bank Supervisors, or its affiliates or subsidiaries, to perform any functions, including the collection of licensing and processing fees, collection of contact information and other identifying information, fingerprints, written consent to a criminal background check, personal history and experience, and conduct of examinations related to mortgage loan originator, loan officer, mortgage lender, or mortgage broker activities, that the Commissioner may consider appropriate.
D.C. Code § 26-551.22 — DC Code / Title 26 / Chapter 5B / § 26-551.22
§ 26-551.22. Prohibition of fraud.
Status: in_force

A financial institution shall not engage in a fraudulent activity or an act against the public interest.
D.C. Code § 26-203 — DC Code / Title 26 / Chapter 2 / § 26-203
§ 26-203. Bonus to be paid by late subscribers.
Status: in_force

Any person applying for membership or stock after a month from the time of the incorporation may be required to pay on subscribing such bonus or assessment as may be fixed by said bylaws in order to place said new members or stockholders on a footing with the original members and others holding stock at the time of such application.
D.C. Code § 26-831.04 — DC Code / Title 26 / Chapter 8A / § 26-831.04
§ 26-831.04. Issuance of certificate of authority.
Status: in_force

If the Commissioner approves the application of an applicant to be a merchant bank, the Commissioner shall issue to the applicant a charter stating that the applicant is authorized to conduct business as a merchant bank under this chapter.
D.C. Code § 26-1161.11 — DC Code / Title 26 / Chapter 11B / § 26-1161.11
§ 26-1161.11. Sunset.
Status: in_force

Section 26-1161.03(b)   shall expire 2 years after March 7, 2015.
D.C. Code § 26-304 — DC Code / Title 26 / Chapter 3 / § 26-304
§ 26-304. Form and contents of application for license.
Status: in_force

(a) An application for a license under this chapter shall be in writing under oath in the form prescribed by the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking].
(b) The application shall include:
  (1) If the applicant is an individual, the applicant’s name, business address and telephone number, and residence address and telephone number;
  (2) If the applicant is a partnership or other non-corporate business association, the business name, business address and telephone number, and the residence address and telephone number of each:
    (A) General partner, if the applicant is a limited partnership;
    (B) General partner who holds the interest in the partnership or more than 10% interest if the applicant is a general partnership; or
    (C) Member, if the applicant is a limited liability company or other non-corporate business association;
  (3) If the applicant is a corporation:
    (A) The name, address, and telephone number of the corporate entity; and
    (B) The name, business telephone number, and the residence and telephone number of the president, senior vice presidents, secretary, treasurer, each director, and each stockholder owning or controlling 10% or more of any class of stock in the corporation;
  (4) The applicant’s business plan;
  (5) The name under which the check cashing business is to be conducted;
  (6) The name and address of the applicant’s registered agent;
  (7) The location at which the applicant proposes to conduct business;
  (8) If the applicant seeks to conduct business from a mobile unit, the District registration number or other identification of the mobile unit and the area in which the applicant proposes to operate the mobile unit;
  (9) If the applicant seeks to conduct business from a limited station, the group of employees that would be served and the location at which these employees would be served; and
  (10) Any other information that the Superintendent [Commissioner] requires.
D.C. Code § 26-502.06 — DC Code / Title 26 / Chapter 5 / § 26-502.06
§ 26-502.06. Service facilities.
Status: in_force

(a) A District credit union may change its principal office upon written notice to the Commissioner and the members of the District credit union.
(b) A District credit union may, upon written notification to the Commissioner, maintain service facilities, including automated teller machines, at locations other than its principal office.
(c) A District credit union may join with one or more other credit unions or financial organizations in the operation of automated teller machines or other service facilities.
D.C. Code § 26-831.02 — DC Code / Title 26 / Chapter 8A / § 26-831.02
§ 26-831.02. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Affiliate” shall have the same meaning as set forth in § 26-551.02(1) .
(2) “Appropriate financial institutions agency” means the federal or state agency with statutory authority over the financial institution activities of a financial institution.
(3) “Capital” shall have the same meaning as set forth in § 26-551.02(6) .
(4) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7) .
(5) “Department” shall have the same meaning as set forth in § 26-551.02(9) .
(6) “Deposit” means a demand, time, or savings deposit, savings share account, withdrawable or repurchasable share, investment certificate, or other savings account or savings deposit account made by an individual, corporation, partnership, state or federal government unit, or any other government organization, without regard to the location of the depositor.
(7) “District” means the District of Columbia.
(8) “District of Columbia Banking Code” shall have the same meaning as set forth in § 26-551.02(14) .
(9) “Financial institution” shall have the same meaning as set forth in § 26-551.02(18) .
(10) “Merchant bank” means a financial institution that is chartered or organized under the District of Columbia Banking Code as a merchant bank and is under the authority and supervision of the Commissioner.
(11) “Subsidiary” shall have the same meaning as set forth in § 26-551.02(24) .
(12) “Superior Court” means Superior Court of the District of Columbia.
(13) “Universal bank” shall have the same meaning as set forth in § 26-1401.02(28) .
D.C. Code § 26-507.03 — DC Code / Title 26 / Chapter 5 / § 26-507.03
§ 26-507.03. Other loan-related charges.
Status: in_force

(a) Notwithstanding the provisions of any other law in connection with extensions of credit, a District credit union may elect to contract for and receive fees and other charges for extensions of credit in connection with making, closing, disbursing, extending, collecting, renewing, or enforcing a debt in the event of a member's delinquency or breach of any obligation under the District credit union's loan contract, subject only to the provisions of this subchapter and rules promulgated pursuant to this subchapter .
(b) A contingency or hourly arrangement established under an agreement and entered into by a District credit union with an attorney or collection agency to collect a loan of a member who is in default shall be prima facie presumed reasonable.
D.C. Code § 26-1120.02 — DC Code / Title 26 / Chapter 11 / § 26-1120.02
§ 26-1120.02. Nationwide Mortgage Licensing System and Registry reporting requirements.
Status: in_force

(a) The Commissioner shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the NMLSR. The reports shall be subject to the provisions of § 26-1120.01 .
(b) Each licensee shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require.
D.C. Code § 26-640 — DC Code / Title 26 / Chapter 6A / § 26-640
§ 26-640. Reports and records.
Status: in_force

(a) An international banking corporation that maintains one or more international banking corporation offices or an international financing corporation under this chapter shall, at the times and in the form prescribed by the Commissioner, file written reports in the English language for such offices or corporation with the Commissioner under the oath of one of its officers, managers, or agents transacting business in the District of Columbia, showing the amount of its assets and liabilities and containing any other matters required by the Commissioner.
(b) An international banking corporation that maintains 2 or more international banking corporation offices may consolidate the information in one report unless the Commissioner requires otherwise for purposes of the Commissioner’s supervision of the condition and operations of each office. The late filing of the reports shall be subject to the imposition of an administrative penalty prescribed by regulation. If an international banking corporation shall fail to file a report as directed by the Commissioner, or if a report shall contain any false statement knowingly made, it shall be grounds for revocation of the license of the international banking corporation.
(c) The Commissioner shall, by regulation, prescribe the circumstances under which the Commissioner may require an international banking corporation to use internal or external auditors to address significant supervisory concerns with respect to the operations of an international branch or agency licensed in the District of Columbia.
(d) An international banking corporation which operates an agency or branch licensed under this chapter shall maintain, at a location accepted by the Commissioner:
  (1) Correct and complete books and records of account of the business operations transacted by the office, including accounts and records (A) reflecting all transactions effected by, or on behalf of, the branch or agency, (B) reflecting all actions taken in the District of Columbia by employees of the office located in the District of Columbia to effect transactions on behalf of an office of the international banking corporation located outside the District of Columbia, and (C) relating to any other matters concerning the branch or agency that the Commissioner may require. All policies and procedures governing the operations of the office and any existing general ledger or subsidiary accounts shall be maintained in the English language. The Commissioner may require that any other document not written in the English language which the Commissioner considers necessary for the purposes of its regulatory and supervisory functions be translated into English at the expense of the international banking corporation. The books, accounts, and records shall be preserved for at least 3 years; provided, that preservation by photographic reproduction or records in photographic form shall constitute compliance with the requirements of this section; and
  (2) Current copies of the charter and bylaws of the international banking corporation relating to the operations of the office, minutes of the proceedings of its directors, officers, or committees relating to the business of the office, and minutes of the proceedings of its directors, officers, or committees relating to the business of the office. The records shall be kept as required by paragraph (1) of this subsection and shall be made available to the Commissioner, upon request, at any time during regular business hours of the office. The failure to keep records as required or a refusal to produce the records upon request by the Commissioner shall be grounds for suspension or revocation of a license issued under this chapter.
(e) In addition to any other reports it may be required to file, an international banking corporation which maintains an international agency or international branch in the District of Columbia shall file reports with the Commissioner in form and at such times as the Commissioner prescribes, by regulation, concerning the management, asset quality, capital adequacy, and liquidity of the international banking corporation.
(f) An international banking corporation that maintains a representative office in the District of Columbia licensed under this chapter shall make, maintain, and preserve at the office or at such other place as determined by the Commissioner, such books, accounts, and other records relating to the activities conducted at the office as the Commissioner may require. An international banking corporation which is licensed to establish and maintain a representative office shall file the reports accompanied by a reasonable fee, as required and determined by the Commissioner.
(g) The Commissioner may require such regular or special reports as the Commissioner considers necessary for the proper supervision of licensees. The additional reports shall be in the form prescribed by the Commissioner and shall be subscribed and affirmed as true under penalty of perjury.
(h) If an international banking corporation shall fail to make a report as directed by the Commissioner, it shall be subject to the penalties prescribed by regulation. A false statement contained in a report, in any other sworn statement made to the Commissioner by such report, or in any other sworn statement made to the Commissioner by the international banking corporation under the provisions of this chapter shall constitute perjury.
D.C. Code § 26-1335 — DC Code / Title 26 / Chapter 13 / § 26-1335
§ 26-1335. Compliance required of foreign corporations or companies.
Status: in_force

No corporation or company organized by virtue of the laws of any of the states of this Union shall carry on in the District of Columbia any of the kinds of business named in this chapter without strict compliance in all particulars with the provisions of this chapter for the government of such corporations formed under it, and each one of the officers of the corporation or company so offending shall be punished by a fine not exceeding $1,000 or imprisonment not exceeding 1 year, or by both fine and imprisonment, in the discretion of the court.
D.C. Code § 26-637 — DC Code / Title 26 / Chapter 6A / § 26-637
§ 26-637. Registered office and agent.
Status: in_force

(a) An international banking corporation authorized to establish and maintain a banking office in the District of Columbia shall have and continuously maintain:
  (1) A registered office in the District of Columbia which may, but shall not be required to, be the same as its place of business; and
  (2) A registered agent, which agent may be either an individual residing in the District of Columbia whose business office is identical with the registered office or a corporation authorized to transact business in the District of Columbia having a business office identical with the registered office.
(b) A registered agent may at any time vacate its office as registered agent by filing with the Commissioner a statement setting forth its resignation and the effective date thereof, which shall not be less than 60 days nor more than 90 days after the date of filing. A copy of the statement shall be served on the international banking corporation by registered or certified mail addressed to the international banking corporation at its principal office, as such is known to the resigning agent, and directed to the attention of the secretary or other comparable officer of the international banking corporation within 5 days after the date of the filing.
(c) An international banking corporation may from time to time change the address of its registered office and shall change its registered agent if the office of the registered agent becomes vacant for any reason, if its registered agent becomes disqualified or incapacitated to act, or if it revokes the appointment of its registered agent. A change of registered office or registered agent may be effected by filing with the Commissioner duplicate originals of a statement setting forth the details with respect to the change and the effective date thereof.
(d) Service of process in a suit, action, or proceeding, or service of a notice or demand required or permitted by law to be served on an international banking corporation, may be made on a licensed international banking corporation by serving the registered agent of the international banking corporation. If a licensed international banking corporation fails to appoint or maintain a registered agent upon whom legal process or a notice or demand may be served, the registered agent cannot with reasonable diligence be found at the registered office of the international banking corporation, or the license of an international banking corporation is revoked, the Commissioner shall be irrevocably authorized as the agent and representative of the international banking corporation to accept service of process or a notice or demand required or permitted by law to be served on the international banking corporation. Service on the Commissioner of any process, notice, or demand for the international banking corporation shall be made by delivering to and leaving with the Commissioner, or with any official having charge of the Department, duplicate copies of the process, notice, or demand. If any process, notice, or demand is served on the Commissioner, the Commissioner shall immediately forward a copy by registered mail to the international banking corporation at its principal office as the same appears on the Department’s records. Nothing in this chapter shall limit or affect the right to serve any process, notice, or demand required or permitted by law to be served upon a foreign corporation in any other manner now or hereafter permitted by law. The Commissioner shall keep a record of all process, notices, and demands served upon the Commissioner under this section, setting forth the time of service and the Commissioner’s action on the service.
D.C. Code § 26-111 — DC Code / Title 26 / Chapter 1 / § 26-111
§ 26-111. Utility bill payments services.
Status: in_force

(a) Any financial institution that offers utility bill payment services in the District of Columbia shall not charge any consumer a fee for processing a utility bill payment. The requirements of this section shall apply to any financial institution whose deposits or shares are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Share Insurance Fund.
(b) Any person who violates this section shall be subject to a civil fine of not more than $1,000.
D.C. Code § 26-403 — DC Code / Title 26 / Chapter 4 / § 26-403
§ 26-403. Court accountings.
Status: in_force

Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such common trust funds; but it may, by application to the Superior Court of the District of Columbia, secure approval of such accounting on such conditions as the Court may establish.
D.C. Code § 26-1012 — DC Code / Title 26 / Chapter 10 / § 26-1012
§ 26-1012. Changes in control of a licensee.
Status: in_force

(a) Except as provided in this section, no person shall directly or indirectly acquire control of a licensee without the prior written approval of the Superintendent [Commissioner]. In order to obtain approval, a person shall:
  (1) Notify the Superintendent [Commissioner] 30 days in advance of the proposed change in control of a licensee;
  (2) File an application with the Superintendent [Commissioner] in such form as the Superintendent [Commissioner] may prescribe;
  (3) Deliver such other information to the Superintendent [Commissioner] as the Superintendent [Commissioner] may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, officers, principals, and members, and of any proposed new directors, officers, principals, or members of the licensee; and
  (4) Pay an application fee in the amount that the Superintendent [Commissioner] shall prescribe.
(b) The Superintendent [Commissioner] shall deny the application to acquire control of a licensee if the Superintendent [Commissioner] finds that the acquisition of control is contrary to law or that disapproval is reasonably necessary to protect the interest of the public. In making that determination, the Superintendent [Commissioner] shall consider the following:
  (1) Whether the financial condition of the person who seeks to acquire control might jeopardize the financial condition of the business or the interests of the public in the conduct of the business regulated under this chapter; and
  (2) Whether the financial responsibility, character, competence, experience, integrity, and general fitness of the applicant, and if applicable, its directors, officers, principals, and members and any proposed new directors, officers, principals, and members who warrant the belief that the business will not be operated efficiently and fairly and in accordance with the law and that it would not be in the interests of the public to permit that person to control the licensee.
(c) The Superintendent [Commissioner] shall grant or deny the application within 60 days after the date when a completed application, accompanied by the required filing fee, is filed, unless the period is extended by order of the Superintendent [Commissioner] reciting the reasons for the extension. If the application is denied, the Superintendent [Commissioner] shall notify the applicant of the denial and the reasons for the denial.
(d) The provisions of this section shall not apply to a person who purchases a controlling amount of shares on a national stock exchange of a publicly held licensee until the licensee has actual notice of the purchase. Within 5 days of actual notice, the licensee shall notify the Superintendent [Commissioner] in writing of the purchase. The person who acquires control shall comply with subsections (a)(2) through (4) of this section.
(e) Whenever control of a licensee is acquired or exercised in violation of this section, the license of the licensee shall be deemed revoked as of the date of the unlawful acquisition of control. Such licensee, or its controlling person, shall surrender the license to the Superintendent [Commissioner] on demand.
(f) Nothing in this section shall prohibit a person from negotiating or entering into agreements subject to the condition that the acquisition of control will not be effective until approved by the Superintendent [Commissioner].
D.C. Code § 26-510.02 — DC Code / Title 26 / Chapter 5 / § 26-510.02
§ 26-510.02. Deposit of fees in the Securities and Banking Trust Fund.
Status: in_force

(a) The Commissioner shall deposit into the Securities and Banking Trust Fund ("Fund") all funds received from, or in connection to the regulation of, District credit unions and foreign credit unions authorized to operate in the District and from the federal government, to the extent consistent with federal law.
(b) Money in the Fund shall be available for expenses incurred in the supervision, examination, and regulation of credit unions under this subchapter .
(c) The Commissioner shall establish fees and assessments related to the supervision and regulation of credit unions through rulemaking.
D.C. Code § 26-704 — DC Code / Title 26 / Chapter 7 / § 26-704
§ 26-704. Review of applications.
Status: in_force

(a) Any person who conducts or seeks to conduct a class of business described in § 26-702.01(b)(4) , (5), or (6) in the District shall file an application with the Superintendent [Commissioner] for approval to do business in the District, unless the person is already chartered by the appropriate federal or District agency or organized by virtue of the laws of any of the states of this Union and doing business pursuant to § 26-103(a)(1) . Consistent with applicable federal law, all the applications, including any supporting documents, and any other information required to be submitted to the Superintendent [Commissioner] shall be made available to the public. An application filed with the appropriate federal agency for approval to conduct a class of business described in § 26-702.01(b)(4) , (5), or (6) and still pending approval or approved prior to April 11, 1986, shall not be subject to this section or the provisions of this subchapter. The Council shall file comments regarding the applications pending April 11, 1986. Any Council comments regarding a pending application filed prior to April 11, 1986, shall meet the requirements of the preceding sentence.
(b) Upon the filing of a complete application pursuant to subsection (a) of this section, the following procedures shall apply:
  (1) (A) The Superintendent [Commissioner] shall prepare a periodic bulletin listing all pending applications. The bulletin shall be published in the District of Columbia Register and shall be mailed without charge to any person upon request.
    (B) Prior to deciding whether to grant approval of the application, the Superintendent [Commissioner] shall accept public comment on the application and shall hold a public hearing on the application, according to procedures established by the rules issued by the Superintendent [Commissioner].
  (2) The Commissioner shall either approve or disapprove the application and explain the reasons for the decision. An application required by this section shall not be complete unless it is accompanied by an application fee in an amount to be established by the Commissioner and made payable to District of Columbia Treasurer. An entity for which deposit insurance is required shall not commence operations until the applicant has submitted evidence that the deposit insurance has been acquired.
  (3) Repealed.
  (4) Repealed.
  (5) Repealed.
  (6) No applicant shall commence business until its application is considered approved.
(c) Any authority granted to acquire any District bank holding company or District bank shall be contingent on the review and approval of the Commissioner as provided in this subsection. Upon the filing of a complete application, the following procedures shall apply:
  (1) (A) A regional bank holding company that seeks to acquire a District bank holding company or a District bank, or a nonregional bank holding company that seeks to acquire a District bank holding company or a District bank pursuant to § 26-706.01 , shall file a copy of the complete draft of the application required to be filed with the Federal Reserve Board for approval of an acquisition in accordance with 12 U.S.C. § 1842. An applicant may file an application with the Federal Reserve Board at any time subsequent to filing the draft application with the Superintendent [Commissioner]. No application required by this section shall be complete unless it is accompanied by an application fee in the amount of $4,000.
    (B) Repealed.
  (2) The Commissioner shall either approve or disapprove the application and explain the reasons for the decision. The Commissioner shall consider:
    (A) The financial and managerial resources of the bank holding company;
    (B) The future prospects and stability of the subsidiaries of the bank holding company and the bank whose assets or shares the bank holding company seeks to acquire;
    (C) The financial history of the bank holding company or its subsidiary;
    (D) The adequacy of the bank holding company’s community development program; and
    (E) Whether the acquisition may result in undue concentration of resources or substantial decrease of competition in the District.
  (3) Repealed.
  (4) Repealed.
  (5) Repealed.
  (6) The Commissioner shall submit a copy of the approval or disapproval to the Federal Reserve Board.
  (7) Repealed.
  (8) The Commissioner shall submit to the Council:
    (A) A quarterly report of any applications filed or decisions reached by the Commissioner pursuant to this section; and
    (B) An annual report of all actions that the Commissioner takes pursuant to this section.
(d) Where not inconsistent with federal law:
  (1) Each application filed pursuant to this section shall, where appropriate, include information applicable to the nature of the application, the applicant’s general plan of business, the applicant’s proposed capital investment in the District, and a community development program.
  (2) The community development program shall set forth the applicant’s plan to:
    (A) Assist in the development of economically disadvantaged and underserved neighborhoods in the District;
    (B) Assist in meeting the credit and deposit service needs of low- and moderate-income and minority District residents;
    (C) Assist in expanding support for small, minority, and women-owned businesses; and
    (D) Market the community development program and publicize the community development program to the applicant’s employees and to individuals and businesses located in areas which the applicant will serve.
  (3) To the extent considered appropriate, the Superintendent [Commissioner] shall require that an applicant provide the following information:
    (A) A description of the local community, including low- and moderate-income neighborhoods where the applicant intends to provide credit and services and from which the applicant intends to draw deposits or customers, business services which the applicant will offer to low- and moderate-income persons throughout the District, a description of these low- and moderate-income persons, and a description of the banking services which the applicant will offer at a minimum cost to these persons. The applicant shall state its agreement to cash checks issued by the District and the United States governments at bank offices within target banking development areas, even though the bearer of the check does not maintain an account at the bank. According to normal and prudent banking practices, the bank may verify that the individual who presents the check at the bank office is legally entitled to payment;
    (B) A description of the applicant’s intended dividend policies;
    (C) A description of the applicant’s intended underwriting policies;
    (D) A description of the applicant’s loan policy, including the loan rates and the percentage of the total loans which will be made in low- and moderate-income areas. For the purposes of determining compliance with the requirements of this subsection, loans may include permanent mortgage financing for the purchase and rehabilitation of 1 to 4 unit owner-occupied buildings, or multi-family residential buildings, home improvement loans for single-family homes, and interim loans for construction or rehabilitation, or projects qualifying for permanent financing. For the purposes of determining compliance with the requirements of this subsection, the applicant may also offer FHA insured and VA guaranteed mortgage financing, including FHA Title 1 home improvement loans, blanket and share loans for the purchase and rehabilitation of cooperatively owned residential properties, loans made pursuant to programs established under § 47-848 , or a similar homesteading program established by the District of Columbia government, participation with nonprofit developers of housing, term loans for small, minority or women-owned businesses for building construction, building improvement, inventory and fixed asset financing, and working capital;
    (E) A description of any technical assistance that the applicant will offer to individuals and businesses in low- and moderate-income areas;
    (F) A description of the applicant’s plans to use District-based minority firms to meet the applicant’s procurement needs, including goods and professional services;
    (G) A description of the applicant’s plans to cooperate with the District of Columbia’s Department of Employment Services to identify potential District resident employees for the applicant’s District offices, and a description of applicant’s plans to assure the retention of existing jobs held by District residents;
    (H) A description of the applicant’s plans to designate a senior lending officer to review specifically the needs of small, minority, or women-owned businesses and community development organizations;
    (I) A description of the applicant’s plans to use its best efforts to increase the number of minority and female representatives on the applicant’s board of directors and on the board of any of the applicant’s District-based subsidiaries, and a description of applicant’s plans to establish a training program for employees at all levels of the bank’s and bank holding company’s operations;
    (J) A description of the applicant’s plans for branching or opening new offices, and, where appropriate, a description of how those plans will aid the applicant in achieving the objectives of the community development program;
    (K) A description of the applicant’s plans to sell food coupons, pursuant to 7 U.S.C. § 2011 et seq., in bank offices located in the District;
    (L) Any other information that the Superintendent [Commissioner] considers appropriate; and
    (M) The applicant’s agreement to submit an annual report to the Commissioner and the Council updating any information submitted to the Commissioner with regard to the community development program.
(e) (1) If a bank holding company filing an application for review pursuant to this section has made in connection with that application any express written commitments to the Superintendent [Commissioner] with respect to subjects set forth in subsection (d) of this section, the Superintendent [Commissioner] may, at any time, review the activities of the bank holding company and of its District bank subsidiaries to determine whether the bank holding company has fulfilled the express written commitments. The Superintendent [Commissioner] may require a bank holding company that has made the express written commitments and its District bank subsidiaries to supply the information and to submit the reports the Superintendent [Commissioner] considers necessary in order to make a determination under this subsection.
  (2) Upon the determination of the Superintendent [Commissioner] that a bank holding company has failed to fulfill express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section, the Superintendent [Commissioner] may order the bank holding company to take steps to comply with all the commitments within a reasonable period of time.
  (3) If the Superintendent [Commissioner] believes at any time that a bank holding company subject to an order issued under paragraph (2) of this subsection has failed to comply with the order within the period specified in the order, the Superintendent [Commissioner] may conduct a hearing in accordance with § 2-509 , on the issue of whether the bank holding company has fulfilled any express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section.
  (4) If, after a hearing as specified in paragraph (3) of this subsection, the Superintendent [Commissioner] determines that a bank holding company has failed to fulfill express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section, the Superintendent [Commissioner] may order the bank holding company to divest itself of control of all District banks and District bank holding companies within a reasonable period of time. If the Superintendent [Commissioner] orders a bank holding company to divest itself of control of all District banks and bank holding companies pursuant to this subsection, the divestiture shall, in all events, be completed within 1 year after the date on which the Superintendent’s [Commissioner’s] order becomes final and not pending further review.
  (5) The Superintendent’s [Commissioner’s] decision in a case initiated under paragraph (3) of this subsection shall be subject to judicial review by the District of Columbia Court of Appeals pursuant to § 2-510 .
  (6) The Superintendent [Commissioner] shall initiate any case under paragraph (3) of this subsection on the issue of whether a bank holding company has failed to fulfill express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section within 4 years of the date of acquisition of the District bank or District bank holding company in connection with which the bank holding company made the express written commitments.
(f) Repealed.
(g) Repealed.
(h) Repealed.
(i) Repealed.
D.C. Code § 26-502.04 — DC Code / Title 26 / Chapter 5 / § 26-502.04
§ 26-502.04. Amendment of charter and bylaws.
Status: in_force

(a) The charter may be amended by the members at any regular or special meeting if the call of the meeting includes the proposed amendment and a quorum of members and at least 2/3 of the board of directors are present at the meeting. The amendment shall be approved by at least 2/3 of the members present and voting.
(b) The bylaws may be amended by a 2/3 vote of the board of directors at any regular or special meeting if the call of the meeting includes the proposed amendment and a quorum is present.
(c) (1) Amendments to the charter and any other amendments prescribed by the Commissioner by rule shall be submitted to the Commissioner. The Commissioner shall have the power to disapprove the proposed amendments within 30 days of submission. The amendment shall be deemed approved if the Commissioner does not disapprove the proposed amendment within 60 days after receiving it.
  (2) If the Commissioner disapproves the proposed amendment, the District credit union may appeal the decision to the District of Columbia Court of Appeals in accordance with § 2-510 .
D.C. Code § 26-551.15 — DC Code / Title 26 / Chapter 5B / § 26-551.15
§ 26-551.15. Modification or rescission of orders.
Status: in_force

The Commissioner may modify or rescind a final order issued under § 26-551.13 after receiving and considering a request from a financial institution, a financial institution’s affiliate or subsidiary, or any other party to the investigatory proceeding, if the Commissioner determines that:
(1) It is in the public interest to modify or rescind the final order; and
(2) It is reasonable to believe that the financial institution, the financial institution’s affiliate or subsidiary, or the other party to the investigatory proceeding will engage in safe and sound practices and will comply with the District of Columbia Banking Code.
D.C. Code § 26-714 — DC Code / Title 26 / Chapter 7 / § 26-714
§ 26-714. Enforcement.
Status: in_force

Any order issued pursuant to this subchapter may be enforced in the Superior Court of the District of Columbia.
D.C. Code § 26-504.02 — DC Code / Title 26 / Chapter 5 / § 26-504.02
§ 26-504.02. Organizations that qualify for District credit union membership.
Status: in_force

Any incorporated or unincorporated organization, and the organization's employees, may be admitted to membership in a District credit union in the same manner and under the same conditions as individuals.
D.C. Code § 26-1152.21 — DC Code / Title 26 / Chapter 11A / § 26-1152.21
§ 26-1152.21. Filing requirements.
Status: in_force

(a) Within 14 days following the funding of a covered loan, a lender otherwise subject to the jurisdiction of the Mayor shall submit to the Mayor a loan package including copies of the following documents:
  (1) The settlement statement;
  (2) The FP-7 Form filed with the Recorder of Deeds;
  (3) The final Truth in Lending Act disclosure; and
  (4) The note.
(b) In its transmittal of the loan package required by subsection (a) of this section, the lender shall certify that each of the documents provided are true copies of the original documents.
(c) The loan package submitted pursuant to subsection (a) of this section shall remain confidential and exempt from disclosure under any law except to the borrower, a lender involved in the covered loan transaction, or current noteholder.
D.C. Code § 26-110 — DC Code / Title 26 / Chapter 1 / § 26-110
§ 26-110. Authority of notaries public associated with corporations.
Status: in_force

It shall be lawful for any notary public who is a stockholder, director, officer, or employee of a bank, trust company, or other corporation to take the acknowledgment of any party to any written instrument executed to or by such corporation, or to administer an oath to any other stockholder, director, officer, employee, or agent of such corporation, or to protest for nonacceptance or nonpayment drafts, checks, notes, acceptances, or other negotiable instruments which may be owned or held for collection by such corporation; provided, that it shall be unlawful for any notary public to take the acknowledgment of an instrument executed by or to bank or corporation of which he is a stockholder, director, officer, or employee, where such notary is a party to such instrument, either individually or as a representative of such corporation, or to protest any negotiable instrument owned or held for collection by such corporation, where such notary is individually a party to such instrument; provided further, that it shall be unlawful for any notary public to take the oath of an officer or director of any bank or trust company of which he is an officer, or to take an oath of any person verifying a report of such bank or trust company to the Comptroller of the Currency or the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], whichever is appropriate.
D.C. Code § 26-302 — DC Code / Title 26 / Chapter 3 / § 26-302
§ 26-302. Requirement of license.
Status: in_force

Except as provided in § 26-303 no person, including a person doing so on May 12, 1998, shall engage in the business of cashing checks for consideration without first obtaining a license from the Superintendent [Commissioner] pursuant to this chapter.  No separate license under this chapter shall be required for any agent of a licensee.
D.C. Code § 26-505.02 — DC Code / Title 26 / Chapter 5 / § 26-505.02
§ 26-505.02. Election of a board of directors.
Status: in_force

(a) (1) A board of directors shall:
    (A) Consist of an odd number of directors;
    (B) Be at least 5 in number; and
    (C) Be elected by and from natural person members.
  (2) A District credit union's bylaws shall set forth the qualifications for nomination to the board.
(b) All members of the board of directors shall hold office for the terms provided for in the bylaws. Terms may be staggered so that an approximately equal number of terms expire each year.
(c) A director shall hold office for the term for which the director was elected and until a successor is elected and qualified.
D.C. Code § 26-1152.13 — DC Code / Title 26 / Chapter 11A / § 26-1152.13
§ 26-1152.13. Limitations on balloon payments.
Status: in_force

A lender shall not make a covered loan that provides for a scheduled payment that is more than twice as large as the average of earlier scheduled monthly payments unless the balloon payment becomes due and payable not less than 7 years after the date of the loan closing. This section shall not apply if the payment schedule is adjusted to account for the seasonal or irregular income of the borrower or if the loan is a bridge loan connected with or related to the acquisition or construction of a dwelling intended to become the borrower’s principal dwelling.
D.C. Code § 26-1119 — DC Code / Title 26 / Chapter 11 / § 26-1119
§ 26-1119. Hearing procedures.
Status: in_force

(a) A person to whom an order is issued pursuant to § 26-1117 or § 26-1118 shall be given reasonable notice and the opportunity for a hearing as provided in this section. Upon the issuance of any order, the Commissioner shall notify the respondent, applicant, licensee, or person required to be licensed that the order has been entered and the reasons for the order. The order shall include a statement that the respondent, applicant, licensee, or person required to be licensed may submit a written request for a hearing within 20 days of receipt of the order.
(b) The order under subsection (a) of this section shall be served by hand or by certified mail, return receipt requested at the last known address of the person required to be licensed or the last known address maintained in the Department of Insurance and Securities and Banking records for the applicant or licensee.
(c) If the person to whom an order has been issued fails to request a hearing within 20 days of receipt or delivery of the order, the person shall be deemed in default and the order shall, on the 21st day, become permanent and remain in full force and effect until and unless later modified or vacated by the Commissioner.
D.C. Code § 26-131.04 — DC Code / Title 26 / Chapter 1A / § 26-131.04
§ 26-131.04. Satellite device or point-of-sale terminal.
Status: in_force

(a) A District bank, federal bank, out-of-state bank, District credit union, federal credit union, or out-of-state credit union which has established a satellite device or point-of-sale terminal in the District shall make the satellite device or point-of-sale terminal available on a nondiscriminatory basis for use by any other bank or credit union; provided, the establishing bank or credit union may require the other bank or credit union to pay a non-discriminatory and reasonably proportionate share of all acquisition, installation, and operating costs for the satellite device or point-of-sale terminal. The satellite device or point-of-sale terminal shall identify with equal prominence all of the banks, credit unions, or networks which use the satellite device or point-of-sale terminal.
(b) A District bank, federal bank, out-of-state bank, District credit union, federal credit union, or out-of-state credit union which has established in the District an automated teller machine which is not a satellite device may permit any other bank or credit union to use the automated teller machine; provided, that if such permission is granted:
  (1) (A) The automated teller machine which is not a satellite device shall be made available on a nondiscriminatory basis for use by any other bank or credit union; and
    (B) The establishing bank or credit union may require a payment by the other bank or credit union of a nondiscriminatory and reasonably proportionate share of all acquisition, installation, and operating costs; and
  (2) The automated teller machine shall identify with equal prominence all of the banks, credit unions, and networks which use the automated teller machine.
(c) For the purposes of subsections (a) and (b) of this subsection, the proportionality of the charge shall be based on the number of transactions processed at the satellite device or point-of-sale terminal.
D.C. Code § 26-1201 — DC Code / Title 26 / Chapter 12 / § 26-1201
§ 26-1201. Definitions.
Status: in_force

For the purposes of this chapter, the term:
(1) “Acquire” means:
  (A) The merger or consolidation of 1 association with another association or with a savings and loan holding company or the merger of 1 savings and loan holding company with another savings and loan holding company;
  (B) The acquisition by an association or savings and loan holding company of direct or indirect ownership or control of voting shares of an association or of a savings and loan holding company if, after the acquisition, the association or savings and loan holding company making the acquisition will directly or indirectly own or control more than 5% of any class of voting shares of the other association or savings and loan holding company;
  (C) The direct or indirect acquisition by an association or a savings and loan holding company of all or substantially all of the assets of another association or savings and loan holding company; or
  (D) Any other action that would result in direct or indirect control by an association or savings and loan holding company of another association or savings and loan holding company.
(2) “Association” means a mutual or capital stock savings and loan association, building and loan association, or savings bank chartered under the laws of any 1 of the states or by the Federal Home Loan Bank Board pursuant to the federal act.
(3) “Branch” or “branch office” means any office or other fixed location where an association has the authority to accept deposits and make loans, except:
  (A) An automatic teller machine, point of sale terminal, or other similar unmanned electronic banking facility at which deposits may be accepted;
  (B) An office located outside the United States;
  (C) A loan production office or representative office;
  (D) A service corporation office where deposits are not accepted; or
  (E) Any other fixed location where deposits are not accepted.
(4) “Company” means “company” as defined in 12 U.S.C. § 1730a(a)(1)(C) [repealed] (“National Housing Act”).
(5) “Control” means “control” as defined in 12 U.S.C. § 1730a(a)(2) [repealed].
(6) “Deposit” means any demand, time, or savings deposit, savings share account, withdrawable or repurchasable share, investment certificate, or other savings account or savings deposit account made by an individual, corporation, partnership, state or federal governmental unit, or any other organization, without regard to the location of the depositor. The term “deposit” shall not include a deposit by a foreign government, foreign official institution, or other associations. For purposes of this chapter, determination of deposits shall be made by reference to regulatory reports made by or to state or federal regulatory authorities.
(7) “District” means the District of Columbia.
(8) “District association” means an association organized under the laws of the District or a federal association that:
  (A) Has its principal place of business in the District;
  (B) Is not controlled by a company other than a District association, a District savings and loan holding company, a regional association, or a regional savings and loan holding company; and
  (C) Has more than 80% of its total deposits other than deposits located in branch offices acquired pursuant to an emergency supervisory acquisition under federal law, held in branch offices located in the region.
(9) “District savings and loan holding company” means a savings and loan holding company that:
  (A) Has its principal place of business in the District;
  (B) Is not controlled by a company other than District association, District savings and loan holding company, regional association, or regional savings and loan holding company; and
  (C) Has more than 80% of the total deposits held by all of its association subsidiaries, other than association subsidiaries acquired pursuant to an emergency supervisory acquisition under federal law, held by association subsidiaries in branch offices located within the region.
(10) “Federal act” means the Home Owners’ Loan Act of 1933, approved June 13, 1933 (48 Stat. 128; 12 U.S.C. 1461 et seq.).
(11) “Federal association” means an association chartered by the Federal Home Loan Bank Board pursuant to the federal act.
(12) “Low- and moderate-income area” means any area within the District that the Superintendent [Commissioner], by rule, designates as a low- and moderate-income area after consideration of the income levels of residents within the area and the mix and locations of the levels of income of residents within the area.
(13) “Nonregional association” means any association that is neither a District association nor a regional association.
(14) “Nonregional savings and loan holding company” means any savings and loan holding company that is neither a District savings and loan holding company nor a regional savings and loan holding company.
(15) “Person” means an individual or a company.
(16) “Principal place of business of an association” means the state in which the aggregate deposits of the association are the largest.
(17) “Principal place of business of a savings and loan holding company” means the state where the total deposits held by the offices of the association subsidiaries of the savings and loan holding company are the largest.
(18) “Region” means the states of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia, and the District.
(19) “Regional association” means an association other than a District association, organized under the laws of 1 of the states in the region or under the laws of the United States that:
  (A) Has its principal place of business in a state in the region other than the District;
  (B) Is not controlled by a company other than a regional association or a regional savings and loan holding company; and
  (C) Has more than 80% of its total deposits, other than deposits located in branch offices or association subsidiaries acquired pursuant to 12 U.S.C. § 1730a(m) [repealed] (“Garn-St. Germain Act”), or comparable provisions in federal or state law, held by association subsidiaries in branches located within the region.
(20) “Regional savings and loan holding company” means a savings and loan holding company other than a District savings and loan holding company that:
  (A) Has its principal place of business in a state in the region;
  (B) Is not controlled by a company other than a regional association or a regional savings and loan holding company; and
  (C) Has more than 80% of the total deposits of its association subsidiaries, other than association subsidiaries acquired pursuant to 12 U.S.C. § 1730a(m) [repealed] or comparable provisions in federal or state law, held by association subsidiaries in branches located within the region.
(21) “Savings and loan holding company” means any company that directly or indirectly controls an association or any other company which is a savings and loan holding company.
(22) “Service corporation” means any corporation, the majority of the capital stock of which is owned by 1 or more associations, that engages, directly or indirectly, in any activity which may be engaged in by a service corporation under the laws of 1 of the states or under the laws of the United States.
(23) “State” means any state of the United States or the District.
(24) “Subsidiary” means “subsidiary” as defined in 12 U.S.C. § 1730a(a)(1)(H) [repealed].
(25) “Superintendent” means the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
(26) “Target development area” means any low- and moderate-income area within the District or any area which the Superintendent [Commissioner], by rule, designates as an underserved area.
(27) “Target economic development project” means any commercial, industrial, residential real estate, business, or other economic development activity that the Superintendent [Commissioner], in consultation with the Council and the District of Columbia Office of Business and Economic Development (“OBED”), determines to be beneficial to residents in low- and moderate-income areas or small businesses in low- and moderate-income areas based on policies set forth in the District of Columbia Comprehensive Plan of 1984, effective April 10, 1984 ( D.C. Law 5-76 ; 31 DCR 1049), and placing special emphasis on economic development project activity in economically distressed areas which have been historically underserved.
(28) “Underserved area” means any area which the Superintendent [Commissioner], in consultation with the Council and OBED designates as an “underserved area” based on the availability of deposit, loan, and credit services within the area to satisfy housing and small business needs or the availability and need for other financial services within the area.
(29) “Women-owned” means that at least 51% of the savings and loan association is owned by a woman or women who make the policy decisions and actually manage day-to-day operations.
D.C. Code § 26-902 — DC Code / Title 26 / Chapter 9 / § 26-902
§ 26-902. Applications for license — Contents; grant; notice of filing; protest and hearing; power to reject.
Status: in_force

Applications for license to conduct such business must be made in writing to the Mayor of the District of Columbia, and shall contain the full names and addresses of applicants, if natural persons, and in the case of firms and voluntary associations, the full names and addresses of all the members thereof, and in the case of joint-stock companies, incorporated societies, and corporations, the full names and addresses of the officers and directors thereof and under what law or laws organized or incorporated, and the place where such business is to be conducted, and such other information as the said Mayor may require. Every license granted shall date from the 1st of the month in which it is issued and expire on the 31st day of the following October, and such license shall be kept conspicuously displayed in the place of business of the licensee. Every application shall be filed not less than 30 days prior to the granting of such license, and notice of the filing of such application shall be posted in the office of the Director of the Department of Licenses, Investigation and Inspections of the said District and be published twice a week for 3 successive weeks in a daily newspaper published in the District of Columbia. Protest may be made by any person to the issuing of such license, and when such protests are filed with the said Mayor the latter shall give public notice of and hold a public hearing upon such protests before issuing such license. The said Mayor shall have the power to reject any application for license after a hearing upon such protest or for failure on the part of the applicant to observe this chapter, or when such applicant shall have violated its provisions.
D.C. Code § 26-232 — DC Code / Title 26 / Chapter 2 / § 26-232
§ 26-232. Exchange of securities or real estate for federal bonds.
Status: in_force

Any building association incorporated or unincorporated, organized and existing under the laws of the District of Columbia, to do or now doing, in the District of Columbia, a building association business, is authorized and empowered to exchange mortgages or deeds of trust or the notes or bonds secured thereby or other obligations and liens secured on real estate or any real estate which it may have or hold, for the bonds of the Home Owners’ Loan Corporation created pursuant to the authority of the Home Owners’ Loan Act of 1933, approved June 13, 1933, and said association is hereby authorized to carry said bonds as an asset at the par value of said bonds.
D.C. Code § 26-1152.10 — DC Code / Title 26 / Chapter 11A / § 26-1152.10
§ 26-1152.10. Charges in bad faith.
Status: in_force

A lender shall not charge and retain fees paid by the borrower in making a covered loan which are:
(1) For services that are not actually performed;
(2) For loan discount points which are not bona fide discount points; or
(3) In violation of the Real Estate Procedures Settlement Act of 1974, approved December 22, 1974 (88 Stat. 1724; 12 U.S.C. § 2601 et seq.).
D.C. Code § 26-712 — DC Code / Title 26 / Chapter 7 / § 26-712
§ 26-712. Administrative procedure; cease and desist orders.
Status: in_force

(a) (1) If, in the opinion of the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking], a District banking corporation or a director, officer, employee, agent, or other person who participates in the conduct of the affairs of the banking corporation, engages in an unsafe or unsound practice in conducting the business of the bank or violates or is about to violate a law, rule, regulation, written condition imposed by the Superintendent [Commissioner] in connection with the grant of any application or request, or any written agreement entered into with the Superintendent [Commissioner], the Superintendent [Commissioner] may institute an administrative action against the bank or person by the issuance of a Notice of Charges.
  (2) If, in the opinion of the Superintendent [Commissioner], a person or a director, officer, employee, agent, or other person who participates in the conduct of the affairs of the person violates or is about to violate a law, rule, regulation, written condition imposed by the Superintendent [Commissioner] in connection with the grant of any application or request, or any written agreement entered into with the Superintendent [Commissioner], the Superintendent [Commissioner] may institute an administrative action against the person by the issuance of a Notice of Charges.
(b) The Notice of Charges shall set forth the basis for the administrative action and shall set a time and place for a hearing to determine whether a cease and desist order shall issue based on the Notice of Charges. The hearing shall be held within 60 days after the service of the Notice of Charges unless another date is set by the hearing officer at the request of 1 of the parties.
(c) In the event of a consent or default or if, upon the record at the hearing, the Superintendent [Commissioner] finds that any violation or practice alleged in the Notice of Charges is established by a preponderance of the evidence, the Superintendent [Commissioner] may issue an order to cease and desist from the violation or practice. The order may require the bank or person or director, officer, employee, agent, or other person who participates in the conduct of the affairs of the bank or person to cease and desist from the violation or practice, and take affirmative action to correct the violation or practice or any condition that results from the violation or practice. The affirmative action may include indemnification, reimbursement, restitution, or any other relief that the Superintendent [Commissioner] deems appropriate.
(d) The cease and desist order shall become effective 30 days after service or, in the case of consent, shall become effective immediately. The order shall remain effective and enforceable unless the order is stayed, modified, terminated, or set aside by the Superintendent [Commissioner] or a reviewing court.
(e) If, in the opinion of the Superintendent [Commissioner], a violation or practice or threatened violation or practice of this subchapter or § 26-103 is likely to cause insolvency, substantial dissipation of the assets or earnings of the bank or person, or serious prejudice to the interests of the depositors or customers of the bank or person, the Superintendent [Commissioner], through the Office of the Corporation Counsel, may:
  (1) Petition the court to issue a restraining order to prevent the continuance of the violation or practice or threatened violation or practice, pending completion of the Superintendent’s [Commissioner’s] administrative proceeding;
  (2) Petition the court to appoint a receiver with any power or duty that the court may direct to preserve the assets of the corporation or person in accordance with part B of subchapter XII of Chapter 3 of Title 29 . Notwithstanding part B of subchapter XII of Chapter 3 of Title 29 , a court may appoint a receiver to preserve the assets of a person and shall not be required to liquidate the assets of a corporation or person unless warranted;
  (3) Petition the court to freeze or seize the assets of the bank or person consistent with applicable law; or
  (4) Petition the court for an order for the involuntary dissolution of a corporation pursuant to part B of subchapter XII of Chapter 3 of Title 29 if the corporation exceeded or abused the authority conferred upon the corporation by Chapter 1, 2, or 3 of Title 29.
D.C. Code § 26-504.07 — DC Code / Title 26 / Chapter 5 / § 26-504.07
§ 26-504.07. Termination of membership.
Status: in_force

(a) (1) For the purposes of this section, the term "cause" includes a loss to the District credit union, a violation of the membership agreement or any policy or procedure adopted by the board, or inappropriate behavior such as physical or verbal abuse of a District credit union member or staff.
  (2) All members shall be given written notice of all policies and procedures that have been adopted by the board.
(b) The board of directors may expel a member for cause by a majority vote of a quorum of the board of directors, pursuant to a written policy adopted by the board. A person expelled by the board shall have the right to request a hearing before the board to reconsider the expulsion.
(c) Consistent with § 26-504.01(d) , a District credit union may terminate the membership of any member who withdraws his or her shares to less than one par share.
(d) A person whose membership has been terminated, whether by withdrawal or expulsion, shall have no further rights in the District credit union but is not released from any obligation owed to the District credit union.
(e) A person who has been expelled as provided by this subchapter may not be readmitted to membership except upon approval by a majority vote of the board after application and proof that the expelled person remains within the District credit union's  field of membership, has adequately explained, addressed, or remedied the conditions leading to expulsion, and will abide by the terms and conditions of membership. Only one application for readmission may be submitted within a 12-month calendar period.
D.C. Code § 26-1002 — DC Code / Title 26 / Chapter 10 / § 26-1002
§ 26-1002. License required.
Status: in_force

(a) After the effective date of this chapter [July 18, 2000], no person shall engage in the business of money transmission without obtaining a license issued by the Superintendent [Commissioner] under § 26-1009 , except as provided in subsection (d) of this section and in § 26-1003 .
(b) A licensee may conduct its business in the District of Columbia at one or more locations, directly or indirectly owned by the licensee, or through one or more authorized delegates, or both, pursuant to the single license granted to the licensee.
(c) Except as provided in § 26-1012 , a license issued pursuant to this chapter shall not be transferable or assignable.
(d) Any person engaged in selling payment instruments pursuant to a license issued under Chapter 31 [repealed] of Title 47 of the District of Columbia Official Code on the effective date of this chapter [July 18, 2000] may continue to engage in selling payment instruments without a license issued under this chapter until the Superintendent [Commissioner] has acted upon such person’s application for a license; provided, that the application is filed within 90 day of the effective date of this chapter [July 18, 2000].
D.C. Code § 26-905 — DC Code / Title 26 / Chapter 9 / § 26-905
§ 26-905. Maximum rate of interest; fees and charges covered; deduction from principal prohibited; statement and receipts furnished borrower; amount of loans; violations.
Status: in_force

No such person, firm, voluntary association, joint-stock company, incorporated society, or corporation shall charge or receive a greater rate of interest upon any loan made by him or it that exceeds the lawful rate in the District of Columbia set by Chapter 33 of Title 28 on the actual amount of the loan, and this charge shall cover all fees, expenses, demands, and services of every character, including notarial and recording fees and charges, except upon the foreclosure of the security. The foregoing interest shall not be deducted from the principal of loan when same is made. Every such person, firm, voluntary association, joint-stock company, incorporated society, or corporation conducting such business shall furnish the borrower a written, typewritten, or printed statement at the time the loan is made, showing, in English, in clear and distinct terms, the amount of the loan, the date when loaned and when due, the person to whom the loan is made, the name of the lender, the amount of interest charged, and the lender shall give the borrower a plain and complete receipt for all payments made on account of the loan at the time such payments are made. No such loan greater than $200 shall be made to any 1 person; provided, that any person contracting, directly or indirectly, for, or receiving a greater rate of interest than that fixed in this chapter, shall forfeit all interest so contracted for or received; and in addition thereto shall forfeit to the borrower a sum of money, to be deducted from the amount due for principal, equal to one-fourth of the principal sum; and provided further, that any person in the employ of the government who shall loan money in violation of the provisions of this chapter shall forfeit his office or position, and be removed from the same.
D.C. Code § 26-1352 — DC Code / Title 26 / Chapter 13 / § 26-1352
§ 26-1352. Trust companies to have perpetual succession.
Status: in_force

Any company transacting the business of a trust company and heretofore or hereafter organized or operating under the provisions of this chapter, but before April 11, 1986, shall have perpetual succession from the date of its organization, or until such time as it be dissolved, or until its franchise shall become forfeited by reason of violation of law, or until terminated by either a general or special act of Congress, or until its affairs be placed in the hands of a receiver and finally wound up by him.
D.C. Code § 26-1153.04 — DC Code / Title 26 / Chapter 11A / § 26-1153.04
§ 26-1153.04. Final decision.
Status: in_force

A decision of the Mayor under § 26-1153.03 shall be a final order for the purposes of subchapter I of Chapter 5 of Title 2 , and shall be enforceable in a court of competent jurisdiction. The Mayor shall publish the final decisions, subject to redaction or modification to preserve confidentiality. Any person aggrieved by a final decision of the Mayor pursuant to this subchapter may appeal the decision to Superior Court of the District of Columbia.
D.C. Code § 26-738 — DC Code / Title 26 / Chapter 7 / § 26-738
§ 26-738. Additional authority of Superintendent.
Status: in_force

(a) The Superintendent [Commissioner] may conduct examinations of any branch of an out-of-state state bank established within the District pursuant to an interstate merger transaction to ensure that such branch is operating in a safe and sound manner and to ensure that such branch is in compliance with the laws of the District.
(b) The Superintendent [Commissioner] may require periodic reports from any branch of an out-of-state bank established within the District pursuant to an interstate merger transaction, including reports regarding any agency agreements entered into between a branch and a depository institution affiliate authorized and established pursuant to § 26-739 , provided that the reports:
  (1) Are similar to reports required from District banks by the Superintendent [Commissioner]; and
  (2) Are not preempted by federal law.
(c) The Superintendent [Commissioner] may enter into cooperative agreements with any other state bank regulators for any legal purpose, including agreements for sharing of examination fees and other regulatory fees, in order to prevent duplication of regulatory functions and for the convenience and needs of the public.
(d) An out-of-state bank that has acquired a branch in the District pursuant to an interstate merger transaction may establish and maintain additional branches in the District to the same extent as a District state bank or to the extent otherwise permitted by federal law.
D.C. Code § 26-505.04 — DC Code / Title 26 / Chapter 5 / § 26-505.04
§ 26-505.04. Vacancies.
Status: in_force

(a) A seat on a District credit union's board of directors or on one of the District credit union's committees will be considered vacant if a board or committee member:
  (1) Resigns from his or her position on the board or committee;
  (2) Is removed from the board or committee;
  (3) Is unable to carry out his or her duties as a board or committee member; or
  (4) Is made ineligible by operation of law.
(b) The board of directors shall fill any vacancies occurring on the board or on any board-appointed committee from among the District credit union's natural person members.
D.C. Code § 26-1401.13 — DC Code / Title 26 / Chapter 14 / § 26-1401.13
§ 26-1401.13. Limitations on investment powers of universal bank.
Status: in_force

(a) (1) A universal bank shall not acquire an equity interest in a profit-participation project under § 26-1401.09(a)(4) in an aggregate amount that exceeds 20% of the universal bank’s capital; provided, that an investment described in § 26-1401.14 shall not be included computation of this limitation. The Commissioner may suspend a universal bank’s authority under § 26-1401.09(a)(4) if the Commissioner determines that the universal bank is not exercising this authority under § 26-1401.09(a)(4) , will not exercise the authority 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 universal bank’s management; 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 investment.
  (2) The authority granted to a universal bank under § 26-1401.09(a)(4) shall not authorize a universal bank, or a subsidiary of the universal bank, to underwrite insurance.
(b) A universal bank may purchase, sell, underwrite, and hold investment securities, consistent with safe and sound banking practices, under § 26-1401.09(a)(5) in an amount not to exceed 100% of the universal bank’s capital; provided, that:
  (1) A universal bank shall not invest an aggregate amount that exceeds 20% of the universal bank’s capital in the investment securities of any one obligor or issuer; provided further, that an investment described in § 26-1401.14 shall not be included in the computation of this 20% limitation; and
  (2) The underwriting activities of the universal bank shall be conducted 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;
(c) (1) A universal bank shall not purchase, sell, underwrite, or hold equity securities under § 26-1401.09(a)(6) in an aggregate amount that exceeds 20% of the universal bank’s capital; provided, that:
    (A) The Commissioner may authorize a universal bank, by written order, to purchase, sell, underwrite, or hold equity securities under § 26-1401.09(a)(6) in an aggregate amount that exceeds 20% of the universal bank’s capital if such greater amount is consistent with safe and sound practices and the safe and sound operation and condition of the universal bank; and
    (B) An investment described in § 26-1401.14 shall not be included in the computation of the 20% limitation.
  (2) The underwriting activities of universal bank under § 26-1401.09(a)(6) shall be conducted 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) A universal bank may purchase, sell, underwrite, and hold investment securities or equity securities in other financial institutions under § 26-1401.09(a)(5) or (6); provided, that a universal bank shall not purchase and hold stock in a bank chartered under the District of Columbia Banking Code, a national bank, or in a holding company wholly owning a District-chartered or national bank without the authorization of the Commissioner; provided further, that the Commissioner shall not authorize a universal bank to purchase and hold stock under this subsection in an amount that exceeds 10% of the universal bank’s capital.
(e) (1) A universal bank may invest in housing projects under § 26-1401.09(a)(7) ; provided, that: (1) the aggregate investment in any one housing project shall not exceed 15% of the universal bank’s capital and the aggregate investment in all housing projects shall not exceed 50% of the universal bank’s capital; and (2) a universal bank shall not invest in a housing project under § 26-1401.09(a)(7) unless the universal bank is in compliance with the capital requirements established by the Commissioner and with the capital maintenance requirements of the universal bank’s deposit insurance corporation. An investment described in § 26-1401.14 shall not be included in the computation of the 15% and 50% limitations.
  (2) For the purposes of this subsection and of § 26-1401.09(a)(7) , the term “housing project” shall mean the development or redevelopment of home sites or housing for sale or rental, including projects for the reconstruction, rehabilitation, or rebuilding of residential properties to meet the minimum standards of health and occupancy, the provision of accommodations for retail stores and other community services that are reasonably related, or incident, to the housing project, and the stock of a corporation that owns a housing project and that is wholly owned by one or more financial institutions.
(f) Except as provided in subsections (b)(1) and (b)(2) of this section, a universal bank may make an investment under § 26-1401.09(a)(3) through (8), directly or through a subsidiary, unless the Commissioner determines that such investment shall be made through a subsidiary or with appropriate safeguards to limit the risk exposure of the universal bank.
(g) (1) A universal bank shall not purchase or hold more than 10% of its own capital stock, notes, or debentures; provided that:
    (A) A universal bank may purchase or hold more than 10% of its own capital stock, notes, or debentures, if approved by the Commissioner consistent with safe and sound practices; and
    (B) A universal bank may purchase or hold more than 10% of its own capital stock, notes, or debentures if the purchase is necessary to prevent loss upon a debt previously contracted in good faith; provided further, that:
      (i) The universal bank shall sell or cancel the stock, notes, or debentures held or purchased under this subparagraph within 12 months of acquisition; and
      (ii) Stocks, notes, or debentures held or purchased under this subparagraph shall not be held by the universal bank for more than 6 months if the stock, notes, or debentures can be sold for the amount of the claim of the universal bank against the holder of the debt previously contracted.
  (2) Cancellation of stock, notes, or debentures under paragraph (1)(B) of this subsection shall reduce the amount of the universal bank’s capital stock, notes, or debentures. If the reduction reduces the universal bank’s capital below the minimum level required by the Commissioner, the universal bank shall increase its capital to the amount required by the Commissioner.
D.C. Code § 26-1103 — DC Code / Title 26 / Chapter 11 / § 26-1103
§ 26-1103. License requirements.
Status: in_force

(a) (1) No person shall engage in business as a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof, or hold himself out to the public to be a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof, unless such person has first obtained a license under this chapter. Each licensee shall register with, and maintain a valid unique identifier issued by, the NMLSR.
  (2) Each independent contractor loan processor or underwriter licensed as a mortgage loan originator shall have, and maintain, a valid unique identifier issued by the NMLSR.
  (3) An individual engaging solely in loan processor or underwriting activities, who does not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator shall not be required to obtain and maintain a license under this chapter.
(b) To qualify for a license, an applicant shall satisfy the Superintendent [Commissioner] that the applicant, including its members, officers, directors, and principals is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:
  (1) Engage in business as a mortgage loan originator, loan officer, mortgage lender, or mortgage broker;
  (2) Warrant the belief that the business will be conducted lawfully, honestly, fairly, and efficiently; and
  (3) Meet the minimum liquidity and capital requirements as prescribed by the Commissioner.
(b-1) An applicant for a mortgage loan originator’s license shall have a sponsor.
(c) The Superintendent [Commissioner] may deny an application for a license to any person who has committed any act prior to the granting of the license that would be a ground for suspension or revocation of a license under this chapter.
(c-1) The Commissioner shall deny an application if the applicant has:
  (1) Had a mortgage loan originator license revoked by any governmental jurisdiction;
  (2) Been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court during the 7-year period preceding the date of the application for licensing and registration; or
  (3) At any time preceding the date of application, been convicted of, or pled guilty or nolo contendere to a felony, if such felony involved an act of fraud or dishonesty, a breach of trust, or money laundering.
(d) To apply for a license an applicant shall:
  (1) Complete and sign an application made under oath on the form that the Commissioner requires;
  (2) Comply with all conditions and provisions of the application for licensure.
(e) The application shall include:
  (1) If the applicant is an individual, the applicant’s name, business address, and telephone number, and residential address and telephone number;
  (2) If the applicant is a partnership, limited liability company, or other noncorporate business association, the business name, business address, and telephone number, and the residential address and telephone number of each:
    (A) General partner, if the applicant is a limited partnership;
    (B) General partner who holds an interest in the partnership of more than 10%, if the applicant is a general partnership; or
    (C) Member, if the applicant is a limited liability company or a noncorporate business association;
  (3) If the applicant is a corporation:
    (A) The name, address, and telephone number of the corporate entity; and
    (B) The name, business telephone number, and residential address and telephone number of the president, senior vice presidents, secretary, and treasurer, each director and each stockholder owning or controlling 10% or more of any class of stock in the corporation;
  (4) The name under which the mortgage lender or mortgage broker business is to be conducted;
  (5) The name and address of the applicant’s registered agent, if any;
  (6) The address of the location of the business to be licensed;
  (7) Whether the applicant seeks a license to act as a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof; and
  (8) Such other information concerning the financial responsibility, background, experience, and activities of the applicant and its members, officers, directors, and principals as the Superintendent [Commissioner] may require.
(f) With each application for licensure, the applicant shall pay the applicable fees prescribed by the Commissioner and any third-party fees.
(g) The Superintendent [Commissioner] may, from time to time, increase or decrease the fees set forth in this section. The fees shall be fixed at such rates, and computed on such bases and in such manner as may, in the judgment of the Superintendent [Commissioner], be necessary to defray the approximate costs of carrying out the regulatory functions set forth in this chapter. These fees shall not be abated by surrender, suspension, or revocation of a license.
(h) For each license for which an applicant applies, the applicant shall:
  (1) Submit a separate application;
  (2) Pay a separate license fee;
  (3) (A) File a separate surety bond or other financial guaranty under subsection (i) of this section;
    (B) The applicant shall demonstrate that the applicant has met net worth and surety bond requirements or, as prescribed by the Commissioner, paid into a District of Columbia fund;
  (4) Meet educational requirements prescribed by the Commissioner;
  (5) Provide proof of compliance with pre-licensure testing and post-licensure continuing education requirements as prescribed by the Commissioner; and
  (6) Comply with any other requirement prescribed by the Commissioner.
(h-1) (1) The Commissioner shall require, by rule, that an applicant applying for licensure under this chapter, and any such other person as the Commissioner considers appropriate, submit his name, contact information and other identifying information, fingerprints, written consent to a criminal background check, an independent credit report, and information related to any administrative, civil, or criminal findings by any governmental jurisdiction with the applicant’s application.
  (2) For the purposes of this chapter, the Commissioner may use the NMLSR as an agent for requesting information from, and distributing information to, the Federal Bureau of Investigation, the Department of Justice, any governmental agency, or any source so directed by the Commissioner.
(h-2) The Commissioner may waive or defer any licensing requirement, other than requirements mandated by 12 U.S.C. § 5105, 5106, and 5108(d), for good cause shown in writing.
(i) An applicant for an original license or for the renewal of a license shall file a surety bond with each original application and any renewal application for the license.
  (1) The surety bond shall:
    (A) Run to the Commissioner for the benefit of the District and any person who has been damaged by a licensee as a result of violating any law or regulation governing the activities of mortgage loan originators, mortgage lenders, or mortgage brokers;
    (B) Be issued by a surety company authorized to do business in the District;
    (C) Be conditioned upon the applicant complying with all District laws regulating the activities of mortgage lenders, mortgage brokers, and mortgage loan lending and performing all written agreements with borrowers or prospective borrowers, accounting for all funds received by the licensee in conformity with a standard system of accounting consistently applied; and
    (D) Be continuously maintained thereafter for as long as any license issued under this chapter remains in force.
  (2) Repealed.
  (3) Repealed.
  (4) Repealed.
  (5) Any person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. Regardless of the number of years the bond remains in effect, the number of premiums paid, the number of renewals of the license, or the number of claims made, the aggregate liability under the bond shall not exceed the penal sum of the bond.
  (6) Surety bond requirements shall be prescribed by the Commissioner.
(j) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47 of the District of Columbia Official Code.
D.C. Code § 26-1327 — DC Code / Title 26 / Chapter 13 / § 26-1327
§ 26-1327. Liability of directors or trustees on declaration of dividends — Conditions.
Status: in_force

If the directors or trustees of any company shall declare or pay any dividend the payment of which would render it insolvent, or which would create a debt against such company, they shall be jointly and severally liable as guarantors for all the debts of the company then existing, and for all that shall be thereafter contracted while they shall, respectively, remain in office.
D.C. Code § 26-707 — DC Code / Title 26 / Chapter 7 / § 26-707
§ 26-707. Enforcement.
Status: in_force

(a) An action for equitable or any other appropriate relief to enforce the provisions of this subchapter may be brought in any court of competent jurisdiction by:
  (1) Any District of Columbia bank holding company or District of Columbia bank;
  (2) Any regional bank holding company that has a District of Columbia bank subsidiary (other than a District of Columbia bank subsidiary that was acquired either pursuant to 12 U.S.C. § 1730a(m) [repealed] or 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 12 U.S.C. § 1842(a)); or
  (3) The Corporation Counsel of the District of Columbia in the name of the District of Columbia.
(b) Each bank holding company making the submission to the Superintendent [Commissioner] required by § 26-704 or § 26-706.01 shall include in that submission a statement identifying a registered agent and registered office for the bank holding company. The registered agent shall be an agent of the bank holding company upon whom process of law against the company may be served. All notices or demands required or permitted by law may be served upon the registered agent. The registered agent and office may be the same as that used by the District bank holding company or District bank sought to be acquired or established. The appointment of a registered agent for purposes of this section must meet the requirements imposed on a foreign corporation’s appointment of a registered agent and office by § 29-101.106 . If the bank holding company fails to properly appoint or maintain a registered agent and office in the District, the Mayor shall be an agent of the bank holding company upon whom any process of law, notice, or demand against the bank holding company may be served. All matters served upon the Mayor pursuant to this section shall be handled in the same manner as matters served upon the Mayor on behalf of foreign corporations pursuant to § 29-101.108(b) and (d). The appointment of a registered agent pursuant to this section may not be revoked or modified, except that a new registered agent may be substituted, so long as any liability for the fines imposed by this subchapter remains outstanding against the bank holding company. Upon satisfaction of any liability, the appointment may be revoked or otherwise modified, unless the bank holding company is otherwise required by law to maintain the registered agent and office.
D.C. Code § 26-507.02 — DC Code / Title 26 / Chapter 5 / § 26-507.02
§ 26-507.02. Interest rate.
Status: in_force

Notwithstanding the provisions of any other law in connection with extensions of credit, a District credit union may elect to contract for and receive interest for extensions of credit subject only to the provisions of this subchapter and rules promulgated pursuant to this subchapter .
D.C. Code § 26-231 — DC Code / Title 26 / Chapter 2 / § 26-231
§ 26-231. Purchase of federal securities.
Status: in_force

The board of directors of any building association incorporated or unincorporated, organized and existing under the laws of the District of Columbia to do or now doing in the District of Columbia a building association business, in their discretion, may purchase the bonds of the Home Owners’ Loan Corporation created pursuant to the authority of the Home Owners’ Loan Act of 1933, approved June 13, 1933 (and said association is hereby permitted to carry said bonds as an asset at the par value of said bonds) or may subscribe and pay for shares of any federal corporation created or authorized by law to lend money to building and loan associations.
D.C. Code § 26-521 — DC Code / Title 26 / Chapter 5 / § 26-521
§ 26-521. Conversion of District credit unions into federal credit unions — Procedure.
Status: in_force

Any credit union organized under the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, may apply for conversion into a federal credit union by filing with the Administrator of the National Credit Union Administration (hereinafter referred to as the Administrator), pursuant to a resolution adopted by a majority of its directors, an organization certificate meeting the requirements of § 4 of the Federal Credit Union Act (§ 1753 of Title 12, United States Code  ), as amended.
D.C. Code § 26-908 — DC Code / Title 26 / Chapter 9 / § 26-908
§ 26-908. Fees allowed on foreclosure.
Status: in_force

In any foreclosure on any loan made under this chapter no charges for attorneys’ or agents’ fees shall be made or collected which will exceed 10% of the amount found due in such foreclosure proceedings.
D.C. Code § 26-108 — DC Code / Title 26 / Chapter 1 / § 26-108
§ 26-108. Making or repeating false statements.
Status: repealed

Repealed.
D.C. Code § 26-1310 — DC Code / Title 26 / Chapter 13 / § 26-1310
§ 26-1310. Appointment as fiduciary.
Status: in_force

In all cases in which application shall be made to any court in the District of Columbia, or wherever it becomes necessary or proper for said court to appoint a trustee, receiver, personal representative, special administrator, guardian of the estate of a minor, or committee of the estate of a person with mental illness, it shall and may be lawful for said court (but without prejudice to any preference in the order of any such appointments required by law) to appoint any such company organized under clause (1) of § 26-1301 , with its assent, such trustee, receiver, personal representative, special administrator, committee, or guardian, with the consent of the guardian of the person of such minor; provided, however, that no court or judge who is an owner of or in any manner financially interested in the stock or business of such corporation shall commit by order or decree to any such corporation any trust or fiduciary duty.
D.C. Code § 26-101 — DC Code / Title 26 / Chapter 1 / § 26-101
§ 26-101. Supervision by Comptroller of Currency — Required reports; power to take possession of bank or company.
Status: in_force

Except as provided in the District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985 [ D.C. Law 6-107 ], all savings banks, or savings companies, or trust companies, or other banking institutions, organized under authority of any act of Congress to do business in the District of Columbia, or organized by virtue of the laws of any of the states of this Union, and having an office or banking house located within the District of Columbia where deposits or savings are received, shall be, and are hereby, required to make to the Comptroller of the Currency and to publish all the reports which national banking associations are required to make and publish under the provisions of §§ 161, 163 [repealed], and 164 of Title 12, United States Code, and shall be subject to the same penalties for failure to make such reports as are therein provided, which penalties may be collected by suit before the United States District Court for the District of Columbia. And the Comptroller shall have power, when in his opinion it is necessary, to take possession of any such bank or company, for the reasons and in the manner and to the same extent as are provided in the laws of the United States with respect to national banks; provided, however, the banking institutions having office or banking houses in foreign countries as well as in the District of Columbia shall only be required to make and publish the reports provided for in this section semiannually; and provided further, that all publications authorized or required by § 161 of Title 12, United States Code  , and all other publications authorized or required by existing law to be made in the District of Columbia, shall be printed in 1 or more daily newspapers of general circulation, published in the City of Washington.
D.C. Code § 26-131.11 — DC Code / Title 26 / Chapter 1A / § 26-131.11
§ 26-131.11. Record keeping requirements.
Status: in_force

An operator of an automated teller machine in the District shall maintain and, upon request, make available to the Commissioner, in a form satisfactory to the Commissioner, such books, records, and accounts as will enable the Commissioner to verify the daily activity at each of the operator’s automated teller machines. An operator shall retain the books, records, and accounts referred to in the previous sentence for at least 90 days from the date of the daily activity.
D.C. Code § 26-322 — DC Code / Title 26 / Chapter 3 / § 26-322
§ 26-322. Authority of Commissioner to issue rules and regulations.
Status: in_force

The Superintendent [Commissioner] may promulgate such rules and regulations as deemed necessary and appropriate to implement the provisions of this chapter.
D.C. Code § 26-1161.10 — DC Code / Title 26 / Chapter 11B / § 26-1161.10
§ 26-1161.10. Authority of Commissioner to issue regulations.
Status: in_force

The Commissioner, pursuant to subchapter I of Chapter 5 of Title 2 [ § 2-501 et seq.], may issue rules to implement the provisions of this chapter.
D.C. Code § 26-1152.20 — DC Code / Title 26 / Chapter 11A / § 26-1152.20
§ 26-1152.20. Broker licensor.
Status: in_force

Upon initiation of a business relationship with a mortgage broker, a lender shall verify that each mortgage broker with whom it does business in connection with making a covered loan is licensed or otherwise authorized to do business in the District. After verifying that the broker is licensed or authorized to do business in the District, the lender shall be entitled thereafter to rely upon a signed written statement by the mortgage broker that the mortgage broker is duly authorized to conduct business in the District unless the lender has notice that the mortgage broker is not licensed or authorized to do business in the District; provided, that the lender has provided the Mayor with a name, telephone number, mailing address, and electronic mail address of a contact to whom the Mayor can provide updates or amendments to the list of licensed brokers.
D.C. Code § 26-1152.01 — DC Code / Title 26 / Chapter 11A / § 26-1152.01
§ 26-1152.01. Applicability.
Status: in_force

This subchapter shall only apply to a covered loan as defined in § 26-1151.01(7)(A) .
D.C. Code § 26-831.21 — DC Code / Title 26 / Chapter 8A / § 26-831.21
§ 26-831.21. Termination of conservatorship.
Status: in_force

(a) If the Commissioner determines that termination of the conservatorship and resumption of the transaction of the merchant bank’s business by the merchant bank can be achieved and maintained in a safe and sound manner and is otherwise in the public interest, the Commissioner may petition the Superior Court to terminate a conservatorship and permit the merchant bank to resume the transaction of its business, subject to terms, conditions, restrictions, and limitations as the Commissioner determines are appropriate.
(b) If the Superior Court determines that reasons for the conservatorship no longer exist, the Superior Court may dissolve the conservatorship and terminate any pending proceedings.
(c) If the Commissioner determines that it would be in the public interest, the Commissioner may petition the Superior Court for termination of a conservatorship and appointment of a receiver for the merchant bank under § 26-833.12 .
D.C. Code § 26-431.04 — DC Code / Title 26 / Chapter 4A / § 26-431.04
§ 26-431.04. Community development plan requirement.
Status: in_force

(a) (1) A financial institution shall submit a community development plan stating the financial institution’s plans for meeting the credit and financial services needs of the residents of the District, particularly in designated development areas. A financial institution shall submit a community development plan annually, when there is a revision to the plan, and at such times as the Commissioner, by rule, may require.
  (2) The community development plan submitted under paragraph (1) of this subsection shall commit the financial institution and its subsidiaries to:
    (A) Provide monitoring reports on forms designated by, and at intervals specified by, the Commissioner;
    (B) Provide additional information as requested by the Commissioner to monitor compliance;
    (C) Permit examinations of the records of the financial institution to the extent considered necessary by the Commissioner to monitor and enforce compliance with the community development plan;
    (D) Participate in meetings on the community development performance of the financial institution at times designated by the Commissioner; and
    (E) Provide that the commitment shall be a binding agreement on the financial institution and the financial institution’s successors and assignees.
  (3) (A) The Department shall provide a public comment period, the start of which shall be posted on its website, and receive public comments for a period of 30 days on a draft community development plan of a District chartered bank. The Department shall share these comments with the deposit-receiving institution for it to consider in revising its draft community development plan before submitting the plan to the Commissioner.
    (B) The Commissioner shall:
      (i) Consider the responsiveness of the deposit-receiving institution to these comments when preparing findings;
      (ii) Report the final findings, accompanied by the final community development plan, to the CFO; and
      (iii) Submit any subsequent changes to the findings or plan to the CFO.
(b) The Commissioner shall assess the record of a financial institution, determine whether the financial institution is satisfying its continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income areas, consistent with the safe and sound operation of the financial institution, and shall prepare a report on the assessment and determination:
  (1) In connection with an application for a certificate of authority under the District of Columbia Banking Code;
  (2) In connection with the acquisition of a bank, savings institution, or holding company located in the District under the Regional Interstate Banking Act of 1985; and
  (3) As required under § 26-431.05 .
(c) In determining whether the financial institution is satisfying its continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income neighborhoods, the Commission shall consider:
  (1) The financial institution’s Community Reinvestment Act rating and prior evaluations and any community development evaluations from the 3 prior years;
  (2) Plans of the financial institution to make mortgage loans in the District, in designated development areas, and to minority residents, low-income and moderate-income residents, and elderly residents;
  (3) Plans of the financial institution to make consumer loans, other than mortgage loans, in the District, in designated development areas, and to minority residents, low-income and moderate-income residents, and elderly residents;
  (4) Plans of the financial institution to:
    (A) Open or close branches in the District and in designated development areas;
    (B) Provide basic deposit and checking accounts, such as lifeline accounts, and electronic transfer accounts designed for low-income persons; and
    (C) Provide check-cashing services to non-account holders;
  (5) Plans of the financial institution to:
    (A) Procure services or supplies from District businesses, including minority-owned and women-owned District businesses; and
    (B) Hire District residents;
  (6) Plans of the financial institution to seek and place District residents, including women and members of minority groups, on the board of directors of the financial institution, subsidiaries or affiliates of the financial institution, and the holding company of the financial institution;
  (7) Plans of the financial institution to:
    (A) Provide seminars and individualized counseling on consumer and commercial lending in the District and in designated development areas; and
    (B) Establish and maintain flexible credit terms and underwriting guidelines;
  (8) Plans of the financial institution regarding the marketing of, and marketing budget for, the community development plan in the District, including plans to market the community development plan in the designated development areas as well as the types of media to be used;
  (9) Plans of the financial institution to:
    (A) Enter into partnerships with nonprofit and community groups, for-profit developers, District agencies, and colleges and universities and other proposed activities that promote public/private partnerships and lending programs with community-based development organizations; and
    (B) Participate in other community programs that foster community development in the District;
  (10) Designation of a senior lending officer responsible for implementing and overseeing the community development plan;
  (11) If the determination is in connection with the acquisition of a bank, savings institution, or holding company:
    (A) The status of the prior community development commitments of the financial institution to be acquired; and
    (B) Plans of the acquiring entity to continue the prior commitments;
  (12) Plans of a District chartered deposit-receiving institution to:
    (A) Make community development loans and qualified investments;
    (B) Engage in foreclosure prevention and mitigation activities, including loan modifications and reclamation of real estate properties for affordable housing;
    (C) Make small business loans, including loans to minority-owned and women-owned small businesses; and
    (D) Locate retail loan officers and community development loan officers in the District and to facilitate contact with these officers by listing phone numbers on the Department’s website and making their contact information widely and easily accessible.
(d) A report prepared under subsection (b) of this section shall include the assessment factors utilized to determine the financial institution’s descriptive rating, the financial institution’s descriptive rating, and the basis for the Commissioner’s determination of the financial institution’s descriptive rating.
(e) A report prepared under subsection (b) of this section shall be available to the public upon request.
(f) An informational copy of the final deposit services contract between a deposit-receiving institution and the CFO under §§ 47-351.09(e) , 47- 351.10(b), and 47-351.11 shall be provided to the Commissioner and may serve as an amendment to a community development plan.
(g) (1) As a part of the deposit-receiving institution’s response to a request for proposals by the CFO to provide deposit or other financial services to the District government issued after March 11, 2015, a deposit-receiving institution shall submit its community development plan to the CFO. The CFO shall consider the community development plan, or the lack of approval by the applicable regulatory authority of the community development plan, in its evaluation of the deposit-receiving institution’s response to the request for proposals.
  (2) Any community development plan submitted in the request for proposals process shall contain, at a minimum, the deposit-receiving institution’s plans for meeting the credit and financial services needs of District residents, particularly those of minority residents, low-income and moderate-income residents, elderly residents, and residents in designated development areas.
  (3) As long as a contract for deposit or other financial services with the District is in effect, a deposit-receiving institution that has been awarded a deposit services contract by the District government shall submit an updated community development plan every 2 years after contracting with the District government or when there is a revision to the community development plan.
D.C. Code § 26-106 — DC Code / Title 26 / Chapter 1 / § 26-106
§ 26-106. Declaration of dividends.
Status: in_force

Each such savings bank, savings company, banking institution, and trust company shall, before the declaration of a dividend on its shares of common stock, carry not less than one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall equal the amount of its common stock; provided, that for the purposes of this section, any amounts paid into a fund for the retirement of any preferred stock or debentures of any such savings bank, savings company, banking institution, or trust company, out of its net earnings for such half-year period shall be deemed to be an addition to its surplus if, upon the retirement of such preferred stock or debentures, the amount so paid into such retirement fund for such period may then properly be carried to surplus. In any such case the savings bank, savings company, banking institution, or trust company shall be obligated to transfer to surplus the amount so paid into such retirement fund for such period, on account of the preferred stock or debentures as such stock or debentures are retired.
D.C. Code § 26-634 — DC Code / Title 26 / Chapter 6A / § 26-634
§ 26-634. Requirements for international banking corporation activities.
Status: in_force

(a) An international banking corporation may transact a banking business, or maintain in the District of Columbia an office for carrying on such business, or any part thereof, if the corporation has:
  (1) Been authorized by its charter to carry on a banking business and has complied with the laws of the jurisdiction in which it is chartered;
  (2) Furnished to the Department such proof as to the nature and character of its business and as to its financial condition as the Department may require;
  (3) Filed with the Department a certified copy of any information required to be supplied to the District of Columbia by a foreign corporation under § 29-101.99 ; and
  (4) Been licensed by the Department.
(b) An international banking corporation may engage in representational and other activities in the District of Columbia, other than those specified in § 26-635 , only as authorized in § 26-636 .
(c) Any person who establishes or maintains an office or transacts business in the District of Columbia in violation of this section shall be subject to the penalties imposed by § 26-103(g) .
D.C. Code § 26-1401.04 — DC Code / Title 26 / Chapter 14 / § 26-1401.04
§ 26-1401.04. Issuance of certificate of authority.
Status: in_force

If the Commissioner approves the application of a financial institution to become certified as a universal bank, the Commissioner shall issue to the financial institution a certificate of authority stating that the financial institution is certified as a universal bank under this chapter.
D.C. Code § 26-636 — DC Code / Title 26 / Chapter 6A / § 26-636
§ 26-636. Applications for licenses; approval or disapproval.
Status: in_force

(a) (1) Before being licensed by the Commissioner to transact a banking business in the District of Columbia as an international branch or international agency or before maintaining in the District of Columbia an office to carry on a banking business, or any part of a banking business, an international banking corporation shall submit to the Commissioner a separate application, in duplicate, which shall state:
    (A) The name of the corporation and the country under the laws of which it was organized;
    (B) The date of its incorporation and the period of its duration;
    (C) The address of its principal office in the country under the laws of which it was organized;
    (D) The address of its proposed registered office in the District of Columbia and the name of its proposed registered agent in the District of Columbia at such address;
    (E) The names of other states and countries in which it is licensed or qualified to transact business;
    (F) The names and respective addresses of its directors and principal officers;
    (G) Such information as the Commissioner may require indicating that the international banking corporation is authorized to conduct a general banking business under the laws of the country of its organization and the nature of the business of the international banking corporation;
    (H) A complete and detailed statement of its financial condition and the actual value of its assets;
    (I) A listing of any occasion within the preceding 10-year period in which the international banking corporation or any of its directors, executive officers, or principal shareholders has been convicted of, or pleaded guilty or nolo contendere to, any offense:
      (i) With respect to which the penalties include the possibility of imprisonment for one year or more;
      (ii) Involving money laundering; or
      (iii) Otherwise related to the operation of a financial institution; and
    (J) Such additional information as the Commissioner may require as necessary or appropriate to enable the Commissioner to determine whether the international banking corporation is entitled to a license.
  (2) The application shall be accompanied by a reasonable fee determined by the Commissioner, made on forms prescribed and furnished by the Commissioner, and duly executed in duplicate by one or more of the principal officers of the international banking corporation.
  (3) When the application is submitted to the Commissioner, the international banking corporation shall also:
    (A) Submit a duly authenticated copy of its articles of incorporation, or equivalent corporate document, and an authenticated copy of its bylaws, or an equivalent of the bylaws, that is satisfactory to the Commissioner;
    (B) Pay an investigation and supervision fee, which shall be established by regulation; and
    (C) Submit a statement or certificate issued by the banking or supervisory authority of the country in which the international banking corporation is organized and licensed, stating that the international banking corporation is duly organized, licensed, in good standing, and authorized to conduct a general banking business.
  (4) The Commissioner may approve or disapprove the application; provided, that the Commissioner shall not approve the application unless, in the Commissioner’s opinion, (A) the applicant meets every requirement of this chapter and any regulations adopted under this chapter, and (B) federal law permits the appropriate federal regulatory authority to issue a comparable license to the international banking corporation. In acting on an application, the Commissioner shall consider the financial and managerial resources and future prospects of the applicant and the international branch or agency and the convenience and needs of the community to be served. The Commissioner may specify conditions that the Commissioner considers appropriate, considering the public interest, the need to maintain a sound and competitive banking system, and the preservation of an environment conducive to the conduct of an international banking business in the District of Columbia.
  (5) A license shall not be issued to an international banking corporation for the purpose of operating an international agency or an international branch in the District of Columbia unless the international banking corporation:
    (A) Has been authorized by the bank regulatory authority, in the foreign country in which the international banking corporation is organized or incorporated, to establish the proposed international branch or agency;
    (B) Is adequately supervised by the central bank or bank regulatory agency in the foreign country in which it is organized and chartered. The Commissioner shall establish, by regulation, the general principles which shall determine the adequacy of supervision of an international banking corporation’s foreign establishments, taking into consideration the standards set forth in the Federal International Act;
    (C) Holds capital consistent with minimum capital requirements established by the Commissioner by regulation. In adopting such requirements, the Commissioner shall consider similar rules adopted by other bank regulatory agencies in the United States and the need to provide reasonably consistent regulatory requirements for international banking corporations which will maintain a safe and sound condition of international banking corporations doing business in the District of Columbia; and
    (D) As of a date not more than 120 days before the application, has assets with a fair market value of $1 million greater than its liabilities.
(b) (1) Before being licensed by the Commissioner to transact business in the District of Columbia as an international bank representative office, an international banking corporation shall subscribe and submit to the Commissioner a separate application, in duplicate, which shall contain such corporate organizational, financial, and other information as the Commissioner determines to be appropriate, taking into consideration the information required to be submitted with regard to applications for international branches and agencies as set forth in this chapter.
  (2) The application for a license shall be accompanied by a reasonable fee as determined by the Commissioner.
  (3) The Commissioner shall issue a license to an international banking corporation to establish and maintain a representative office if the Commissioner determines that:
    (A) The international banking corporation is of sound financial standing;
    (B) The international banking corporation has been authorized by the bank regulatory authority of the foreign country in which it was organized or incorporated to establish the proposed international bank office or the regulatory authority interposes no objection to the office;
    (C) The international banking corporation is adequately supervised by the central bank or bank regulatory agency in the foreign country in which it is organized and chartered;
    (D) The management of the international banking corporation and the proposed management of the representative office are adequate; and
    (E) The convenience and needs of persons to be served by the proposed representative office will be promoted.
  (4) An international banking corporation desiring to convert its existing registered international representative office to a licensed international branch or licensed international agency shall submit an application to the Commissioner which meets the minimum criteria for licensing of an international branch or licensed international agency as required by this chapter.
(c) An application for approval to organize an international financing corporation shall be subject to the provisions of the District of Columbia Banking Code relating to the organization of new financial institutions and to regulations adopted by the Commissioner as necessary to ensure that the proposed international financing corporation will be operated in a safe and lawful manner; provided, that the applicant shall not be required to become a member of the Federal Reserve System or the Federal Deposit Insurance Corporation. An international financing corporation shall be subject to the examination and supervision of the Commissioner and subject to the District of Columbia Banking Code to the same extent as international banking corporations under § 26-633 .
(d) An application filed under this section shall be subject to the application review procedures contained in § 26-704(a) , (b), and (g) [subsection (g) repealed].
(e) The Commissioner shall submit an annual report to the Council of all actions that the Commissioner takes pursuant to this section.
D.C. Code § 26-1324 — DC Code / Title 26 / Chapter 13 / § 26-1324
§ 26-1324. Election of, and management of company by, directors or trustees.
Status: in_force

The stock, property, and concerns of such company shall be managed by not less than 9 nor more than 30 directors or trustees, who shall, respectively, be stockholders, and citizens of the United States, and at least two-thirds of whom shall reside in the District of Columbia or within 100 miles of the location of the principal office of the company, and shall, except the first year, be annually elected by the stockholders at such time and place and after such published notice as shall be determined by the bylaws of the company, and said directors or trustees shall hold until their successors are elected and qualified.
D.C. Code § 26-1151.02 — DC Code / Title 26 / Chapter 11A / § 26-1151.02
§ 26-1151.02. Federally regulated, supervised, and insured entities and the Federal National Mortgage Association and Federal Home Loan Corporation.
Status: in_force

(a) Nothing in subchapter II of this chapter shall be construed to apply to loans made or purchased by the Federal National Mortgage Association, Federal Home Loan Corporation, or a bank, trust company, savings and loan association, or savings bank, that is regulated and supervised by a supervising federal agency, including the finance and operating subsidiaries of such entities that are so regulated and supervised.
(b) This section shall not apply to any lender that is not federally regulated and supervised, except the Federal National Mortgage Association, or the Federal Home Loan Corporation.
(c) Except as provided in subsection (d) of this section, the Home Ownership and Equity Protection Act of 1994, approved September 23, 1994 (108 Stat. 2190; codified in various sections of Chapter 16 of the U.S. Code), and the implementing regulations issued by the Federal Reserve Board, as each may be amended from time to time, are hereby adopted by reference thereto and shall apply to loans made or purchased by the Federal National Mortgage Association, Federal Home Loan Corporation, or a bank, trust company, savings and loan association, or savings bank that is regulated and supervised by a supervising federal agency, including the finance and operating subsidiaries of such entities that are so regulated and supervised, that engage in lending activities in the District.
(d) The violations, remedies, penalties, and enforcement provisions set forth in subchapter III of this chapter shall apply to loans made or purchased by the Federal National Mortgage Association, Federal Home Loan Corporation, or a bank, trust company, savings and loan association, or savings bank that is regulated and supervised by a supervising federal agency, including the finance and operating subsidiaries of such entities that are so regulated and supervised, that engage in lending activities in the District with regard to violations of this chapter.
D.C. Code § 26-831.12 — DC Code / Title 26 / Chapter 8A / § 26-831.12
§ 26-831.12. Commissioner taking possession of merchant banks.
Status: in_force

(a) Subject to § 26-1401.15 as it relates to the functional regulatory authority of the Commissioner for the liquidation or rehabilitation of an insurance subsidiary or holding company affiliate, the Commissioner may take possession of the business and property of a merchant 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 merchant bank under subsection (a) of this section if the merchant 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 merchant bank under this section, the Commissioner shall inform the merchant bank of the merchant 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 merchant bank until:
  (1) The affairs of the merchant bank are finally liquidated;
  (2) The merchant bank voluntarily winds up its affairs; or
  (3) The Commissioner authorizes the merchant bank to resume business under § 26-833.13 .
(e) Within 10 days after the Commissioner takes possession of the property or business of a merchant bank under this section, the merchant 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 or some or all of the business or property of the merchant 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 request the appointment of a receiver or conservator for the merchant bank under this chapter.
D.C. Code § 26-551.01 — DC Code / Title 26 / Chapter 5B / § 26-551.01
§ 26-551.01. Short title.
Status: in_force

This chapter may be cited as the “General Provisions of the 21st Century Financial Modernization Act of 2000”.
D.C. Code § 26-314 — DC Code / Title 26 / Chapter 3 / § 26-314
§ 26-314. License for limited station.
Status: in_force

Any licensee may open and maintain, within the District, one or more limited stations for the purpose of cashing checks for the particular group or groups specified in the license authorizing each limited station.  A separate license shall be issued for each limited station maintained by the same licensee.  The stations shall be licensed in accordance with all of the provisions of this chapter applicable to licensees, and the applicant shall pay a non-refundable limited station license application fee of $150 for each limited station. Such fee may be changed in the rules and regulations promulgated by the Superintendent [Commissioner] as he or she deems necessary.
D.C. Code § 26-1021 — DC Code / Title 26 / Chapter 10 / § 26-1021
§ 26-1021. Civil penalties.
Status: in_force

(a) Any person who violates any provision of this chapter, any rule or regulation or order issued or promulgated pursuant to this chapter, or any order of the Superintendent [Commissioner] directed to that person, shall be liable for a penalty of not more than $1,000 for each violation.
(b) The Corporation Counsel for the District of Columbia may bring proceedings to recover all amounts due to the District under this section.
(c) The Superintendent [Commissioner], in the exercise of his reasonable judgment, is authorized to compromise, settle, and collect civil penalties with or from any person for violations of any provision of this chapter, or of any rule, regulation or order issued or promulgated pursuant to this chapter.
D.C. Code § 26-501.01 — DC Code / Title 26 / Chapter 5 / § 26-501.01
§ 26-501.01. Definitions.
Status: in_force

(a) For the purposes of this subchapter , the term:
  (1) "Board" means a board of directors unless the context indicates a different meaning.
  (2) "Capital" means share accounts, membership shares, reserves, undivided earnings, and other forms of capital that are approved by the Commissioner.
  (3) "Charitable donation account" means an account owned by a credit union that is held in a segregated custodial account or special purpose entity and is specifically identified as a charitable donation account, whereby, no less frequently than every 5 years and upon termination of the account, at least 51% of the total return on assets in the account is distributed to one or more charitable organizations or nonprofit entities.
  (4) "Commissioner" means the Commissioner of the Department of Insurance, Securities and Banking.
  (5) "Corporate credit union" means a credit union whose field of membership consists primarily of other credit unions.
  (6) "Credit union" means a cooperative, not-for-profit association organized for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest for its members, and providing an opportunity for its members to use and control their own money on a democratic basis to improve their economic and social condition.
  (7) "Credit union service organization" means an organization, corporation, or association providing services associated with the general purposes of a credit union or engaging in activities incidental to the operations of a credit union.
  (8) "Deposit" means a balance held by a District credit union and established by a District credit union member or non-member, another credit union, or a government unit in accordance with standards specified by the District credit union, including balances designated as deposits, deposit certificates, checking accounts, or accounts by other names.
  (9) "Deposit account" means a debt owed by the District credit union to the account holder; the ownership of which does not confer membership or voting rights and does not represent an interest in the capital of the District credit union upon dissolution or conversion of the credit union into another type of institution.
  (10) "Department" means the Department of Insurance, Securities and Banking.
  (11) "District credit union" means a credit union organized under this subchapter .
  (12) "Federal credit union" means a credit union organized and operating under the laws of the United States.
  (13) "Field of membership" means the people who meet the criteria of a credit union and are eligible to become members of that credit union.
  (14) "Fixed asset" includes structures, office furnishing, office machines, land, computer hardware and software, automated terminals, and heating and cooling equipment.
  (15) "Foreign credit union" means a credit union organized and operating under the laws of another state, territory, or other foreign jurisdiction.
  (16) "Government unit" means any board, agency, department, authority, instrumentality, or other unit or organization of the District, federal, state, county, municipal, or other level of government.
  (17) (A) "Insolvent" means the condition that results when the total amount of a credit union's shares exceeds the present cash value of the credit union's assets after providing for liabilities, unless the Commissioner determines that:
      (i) The circumstances leading to the deficient share to asset ratio no longer exist;
      (ii) The likelihood of further depreciation of the share to asset ratio is not probable;
      (iii) The return of the share to asset ratio to normal limits within a reasonable time for the credit union concerned is probable; and
      (iv) The probability of a further potential loss to the insurance fund is negligible.
    (B) For the purposes of this paragraph, the term:
      (i) "Cash value of the credit union's assets" means the recorded value of any asset account; provided, that accepted accounting principles and practices are followed and the applicable provisions of law, regulations, and the credit union's bylaws are met.
      (ii) "Liabilities" means recorded liabilities that are due and payable, excluding member and nonmember shares.
  (18) "Insuring organization" means an organization that provides aid and financial assistance to credit unions that are in the process of liquidation or are incurring financial difficulty by protecting share and deposit accounts in the credit unions against loss, either without limit or up to a specified level for each account.
  (19) "Loan" means the extension of credit under either an open-end or a closed-end agreement.
  (20) "Low-income area" means:
    (A) An area that wholly consists of, or is wholly located within, an enterprise community or empowerment zone, as designated pursuant to section 13301 of the Internal Revenue Code of 1986, approved August 10, 1993 (107 Stat. 543; 26 U.S.C. § 1391);
    (B) An area where 20% of the population is living at or below 80% of the area median family income;
    (C) An area in a metropolitan area where the median family income is at or below 80% of that metropolitan area median family income or the national metropolitan area median family income, whichever is greater;
    (D) An area outside of a metropolitan area, where the median family income is at or below 80% of the statewide non-metropolitan area family income or the national non-metropolitan area median family income, whichever is greater;
    (E) An area where the unemployment rate is 1.5 times the national average;
    (F) An area meeting the criteria for economic distress that may be established by the Community Development Financial Institutions Fund, established by section 104 of the Community Development Banking and Financial Institutions Act of 1994, approved September 23, 1994 (108 Stat. 2166; 12 U.S.C. § 4703); or
    (G) Other area approved by the Commissioner.
  (21) "Member" means a person who has met the membership criteria of a credit union and has been accepted into membership of that credit union.
  (22) "Membership share" means the balance required by the board of directors of a credit union to establish membership in the credit union.
  (23) "Net worth" means the retained earnings balance of the credit union, based on generally accepted accounting principles, and other forms of capital approved by the Commissioner through rulemaking.
  (24) "NCUA" means the National Credit Union Administration Board established under Title II of the Federal Credit Union Act, approved October 19, 1970 (84 Stat. 994; 12 U.S.C. § 1781 et seq. )
  (25) "Officer" means the chair, vice chair, treasurer, secretary, and any other individual appointed by the board of directors of the credit union to serve as an officer of the credit union.
  (26) "Official" means any member of the board of directors of a credit union, a member of a committee of a credit union, or an individual appointed by the board of directors of a credit union to serve as an officer of the credit union.
  (27) "Organization" means any corporation, association, partnership, limited liability company, limited liability partnership, joint venture, trust, or other legal entity.
  (28) "Participation loan" means a loan made by multiple lenders to a member.
  (29) "Person" means any natural person or organization.
  (30) "Predominantly" means more than one half.
  (31) "Service facility" means the place of business of a credit union where the credit union may transact business authorized by the credit union's board.
  (32) "Share" means a balance held by a credit union and established in accordance with standards specified by the credit union, including shares, share accounts, share certificates, share draft accounts, custodial accounts, individual retirement accounts established pursuant to United States tax law, payable on death accounts, trust accounts, money market accounts, share checking accounts, business share accounts, or other similar accounts as the District credit union may adopt. "Share" does not include membership shares.
  (33) "Supplemental capital" means capital approved by the Commissioner that is subordinate to shares, other liabilities, and share insurance.
D.C. Code § 26-831.14 — DC Code / Title 26 / Chapter 8A / § 26-831.14
§ 26-831.14. Appointment of a receiver for a merchant bank.
Status: in_force

(a) The Commissioner may petition the Superior Court to appoint a receiver for a merchant bank if there is a reasonable basis to believe that the merchant 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) Has violated a condition imposed by the Commissioner in connection with the approval of an application, an order or authorized request of the Commissioner, or a written agreement entered into with the Commissioner;
  (3) Is conducting its business in an unauthorized, unsafe, or unsound manner;
  (4) Is in an unsafe and unsound condition;
  (5) Has an impairment of its capital;
  (6) Has suspended payment of its obligations;
  (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.
(b) The Superior Court may act upon a petition by the Commissioner for the appointment of a receiver immediately and without notice to any person. The Superior Court may appoint a receiver if the Superior Court determines that a condition set forth in subsection (a) of this section exists and that the bank is operating, or may operate, in an unsafe or unsound manner. The Superior Court may also issue an injunction to require a universal bank to correct any condition set forth in subsection (a) of this section, whether or not the bank is operating, or may operate, in an unsafe or unsound manner. If the Superior Court appoints a receiver and, after the appointment of the receiver, it appears to the court that reasons for receivership do not, or no longer, exist, the Superior Court shall dissolve the receivership and terminate any pending proceedings.
(c) Unless otherwise provided by law, a receiver, other than a receiver who is an employee of the Department and acting in his or her official capacity, shall post a bond in an amount to be determined by the Superior Court.
(d) The receiver shall, on a regular basis, report to the Commissioner regarding all matters involving the receivership.
D.C. Code § 26-511.01 — DC Code / Title 26 / Chapter 5 / § 26-511.01
§ 26-511.01. Tax exemption.
Status: in_force

(a) Credit unions organized under District law, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation imposed by the District; except, that real property and tangible personal property of a District credit union shall be subject to District taxation to the same extent as other similar property is taxed.
(b) The participation by a District credit union in any government program providing unemployment, social security, old age pension, or other benefits shall not be deemed a waiver of the taxation exemption granted under this section.
D.C. Code § 26-504.10 — DC Code / Title 26 / Chapter 5 / § 26-504.10
§ 26-504.10. Special membership meetings.
Status: in_force

A District credit union's bylaws may prescribe the manner in which a special meeting of the members may be called by the members or the board of directors, or both.
D.C. Code § 26-1152.07 — DC Code / Title 26 / Chapter 11A / § 26-1152.07
§ 26-1152.07. Failing to report favorable payment record.
Status: in_force

A lender or its servicer shall report a borrower’s favorable payment history and information to a nationally recognized credit-reporting agency at least once every 12 months. This section shall not prevent a lender or its servicer from agreeing with the borrower not to report payment history information and shall not apply to covered loans held or serviced by a lender for less than 90 days. Nothing in this section shall prevent a lender from reporting a borrower’s unfavorable payment history.
D.C. Code § 26-909 — DC Code / Title 26 / Chapter 9 / § 26-909
§ 26-909. Penalty provisions in contracts prohibited.
Status: in_force

In any contract made in pursuance of the provisions of this chapter it shall be unlawful to incorporate any provision for liquidated or other damages as a penalty for any default or forfeiture thereunder.
D.C. Code § 26-1305 — DC Code / Title 26 / Chapter 13 / § 26-1305
§ 26-1305. Charter of incorporation — Power of Council to grant or refuse.
Status: in_force

This certificate shall be presented to the Council of the District of Columbia, which shall have power and discretion to grant or refuse to said persons a charter of incorporation upon the terms set forth in the said certificate and the provisions of this chapter.
D.C. Code § 26-551.19 — DC Code / Title 26 / Chapter 5B / § 26-551.19
§ 26-551.19. Enforcement of Department order, subpoena, or notice of charges.
Status: in_force

The Commissioner may, through the Corporation Counsel, apply to the Superior Court of the District of Columbia for the enforcement of an effective and outstanding notice of charges, subpoena, final cease and desist order, or temporary cease and desist order. The Superior Court of the District of Columbia may order compliance with the notice of charges, subpoena, final cease and desist order, or temporary cease and desist order.