Source: https://code.dccouncil.us/dc/council/code/sections/26-1401.09.html
Timestamp: 2019-04-25 14:18:07
Document Index: 146608095

Matched Legal Cases: ['§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 26', '§ 209', '§ 2', '§ 35', '§ 26', '§ 26', '§ 26', '§\u20022']

D.C. Law Library - § 26–1401.09. Specific powers of universal banks.
↪ § 26–1401.09. Specific powers of universal banks.
(a) Subject to applicable laws, regulations, and any required approval of the Commissioner or other regulators, a universal bank may:
(1) Establish eligibility requirements and the types and terms of deposits that the universal bank may solicit and accept;
(2) Make, sell, purchase, arrange, participate in, invest in, or otherwise deal in a loan or extension of credit for any purpose and invest in debt instruments or debt securities (“make a loan”), subject to § 26-1401.12;
(3) Acquire an equity interest or other form of interest as security in a project funded through a loan made under paragraph (2) of this section, subject to § 26-1401.12;
(4) Acquire an equity interest in a profit-participation project, including a project funded through a loan from the universal bank, subject to § 26-1401.13;
(5) Purchase, sell, underwrite, and hold investment securities, consistent with safe and sound banking practices, subject to § 26-1401.13;
(6) Purchase, sell, underwrite, and hold equity securities, consistent with safe and sound banking practices, subject to § 26-1401.13;
(7) Invest in housing projects, as defined in § 26-1401.13, with the prior written approval of the Commissioner, subject to § 26-1401.13;
(8) Purchase, sell, and invest in such other investments as the Commissioner, by regulation, may provide, consist with safe and sound practices, subject to § 26-1401.13;
(9) Buy and sell securities as an agent or broker, subject to § 26-1401.15;
(10) Buy and sell real estate and interests in real estate as an agent or broker;
(11) Manage real estate and other property;
(12) Sell annuities, subject to § 26-1401.15;
(13) Sell life insurance, accident insurance, health insurance, property insurance, casualty insurance, and any other form of insurance, subject to § 26-1401.15;
(14) Act as a broker-dealer, securities agent, investment adviser, investment adviser representative, insurance agent, or insurance broker, if otherwise qualified, upon obtaining a license from the Department of Insurance and Securities Regulation [Department of Insurance, Securities, and Banking], subject to § 26-1401.15;
(15) Buy and sell commodities as a principal, agent, or broker, with the prior written approval of the Commissioner, subject to § 26-1401.15;
(16) Underwrite and distribute annuities, subject to § 26-1401.15, with the prior written approval of the Commissioner and the appropriate federal financial institutions agency of the universal bank; provided, that the underwriting and distribution shall be conducted only through a non-depository financial institution affiliate of the universal bank unless federal law permits the underwriting and distribution to be conducted through a subsidiary of the financial institution;
(17) Underwrite and distribute life insurance, accident insurance, health insurance, property insurance, casualty insurance, and any other form of insurance, with the prior written approval of the Commissioner, subject to § 26-1401.15; provided, that the underwriting and distribution shall be conducted only through a non-depository financial institution affiliate of the universal bank unless federal law permits the underwriting and distribution to be conducted through a subsidiary of the financial institution;
(18) Underwrite, deal in, or make a market in securities, with the prior written approval of the Commissioner, subject to § 26-1401.15; provided, that the underwriting, dealing, market-making shall be conducted only through a subsidiary of the universal bank; and
(19) Distribute shares in investment companies, with the prior written approval of the Commissioner, subject to § 26-1401.15; provided, that the distribution shall only be conducted through a subsidiary of the universal bank.
(b) With the approval of the Commissioner, a universal bank may securitize its assets for sale to the public. The Commissioner may establish procedures governing the exercise of authority granted under this subsection.
(June 9, 2001, D.C. Law 13-308, § 209, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(f), 51 DCR 2817; Apr. 13, 2005, D.C. Law 15-354, § 35(d), 52 DCR 2638.)
This section is referenced in § 26-1401.12, § 26-1401.13, and § 26-1401.15.
D.C. Law 15-166, in the introductory language of subsec. (a), deleted “of the Department of Insurance and Securities Regulation” following “Commissioner”.
D.C. Law 15-354, in subsec. (a)(18), validated a previously made technical correction.
For temporary (90 day) amendment of section, see § 2(f) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).