reglab/housing_qa huggingface dataset:
DC Code § 26-740 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 7 - Interstate Banking and Branching|Subchapter II - Interstate Banking and Branching|§ 26-740. Enforcement

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.  (June 13, 1996, D.C. Law 11-142, § 11, 43 DCR 2159.)  Prior Codifications 1981 Ed., § 26-860.
DC Code § 26-741 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 7 - Interstate Banking and Branching|Subchapter II - Interstate Banking and Branching|§ 26-741. Rules

(a) The Superintendent [Commissioner], pursuant to subchapter I of Chapter 5 of Title 2, shall issue rules to implement the provisions of this subchapter. (b) The proposed rules shall be submitted to the Council for a 45-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution within this 45-day review period, the proposed rules shall be deemed approved.  (June 13, 1996, D.C. Law 11-142, § 12, 43 DCR 2159.)  Prior Codifications 1981 Ed., § 26-861. Cross References Banks organized under federal law, application of District law, see § 26-710.
DC Code § 26-831.01 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter I - General Provisions|§ 26-831.01. Short title

This chapter may be cited as the “Merchant Bank Act of 2000”.  (June 9, 2001, D.C. Law 13-308, § 301, 48 DCR 3244.)
DC Code § 26-831.02 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter I - General Provisions|§ 26-831.02. Definitions

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).  (June 9, 2001, D.C. Law 13-308, § 302, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(i), 51 DCR 2817.)  Effect of Amendments D.C. Law 15-166 rewrote pars. (4) and (5) which had read as follows: (4) “Commissioner” means the Commissioner of the Department of Banking and Financial Institutions. “(5) ‘Department’ means the Department of Banking and Financial Institutions.” Emergency Legislation For temporary (90 day) amendment of section, see § 2(i) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
DC Code § 26-831.04 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter II - Application and Certification as a Merchant Bank|§ 26-831.04. Issuance of certificate of authority

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.  (June 9, 2001, D.C. Law 13-308, § 304, 48 DCR 3244.)
DC Code § 26-831.05 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter II - Application and Certification as a Merchant Bank|§ 26-831.05. Revocation or subsequent limitation of certificate of authority

If a merchant bank fails to maintain the standards and requirements of this chapter, the Commissioner shall, by order, revoke or limit the exercise of the powers of the merchant bank’s authority.  (June 9, 2001, D.C. Law 13-308, § 305, 48 DCR 3244.)
DC Code § 26-831.06 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter II - Application and Certification as a Merchant Bank|§ 26-831.06. Voluntary termination of certification of authority

An applicant that is chartered as a merchant bank under this chapter may elect to terminate its charter by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. An applicant shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a applicant’s termination under this section shall be void if the applicant fails to satisfy the condition to termination under this section.  (June 9, 2001, D.C. Law 13-308, § 306, 48 DCR 3244.)
DC Code § 26-831.07 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter III - Powers and Authority of a Merchant Bank|§ 26-831.07. Powers of merchant banks; limits on powers

(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.  (June 9, 2001, D.C. Law 13-308, § 307, 48 DCR 3244; Oct. 19, 2002, D.C. Law 14-213, § 18(d), 49 DCR 8140.)  Effect of Amendments D.C. Law 14-213, in subsec. (a), substituted “provided, that a merchant bank shall obtain certification as a universal bank before exercising those powers of a universal bank” for “provided, that a universal bank shall obtain certification as a universal bank before exercising those powers of a universal bank that a District-chartered bank or District-chartered savings and loan is not authorized to exercise”.
DC Code § 26-831.08 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter IV - Structure and Organization of a Merchant Bank; Capital Requirements|§ 26-831.08. Capital requirements of a merchant bank

(a) The minimum amount of initial capital for a merchant bank shall be $20 million, of which at least $10 million shall be common stock or an equity interest. The balance may be composed of qualifying subordinated or similar debt as determined under regulations promulgated by the Commissioner. The Commissioner may modify the required minimum amount of initial capital if an applicant files with the Commissioner a written request and application, which application shall include a capital plan and any other documentation required by the Commissioner by regulation or order. (b) A merchant bank shall maintain minimum capital in at least the same amount as the minimum initial capital required under subsection (a) of this section or in such other amount as the Commissioner may establish by rule or by order, after the filing of a request and application by a merchant bank; provided, the Commissioner shall not establish a minimum capital requirement for a merchant bank that is less than 150% of the tier 1 risk-based capital or 150% of the total risk-based capital established by the Board of Governors of the Federal Reserve System for a well-capitalized bank.  (June 9, 2001, D.C. Law 13-308, § 308, 48 DCR 3244.)
DC Code § 26-831.09 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter IV - Structure and Organization of a Merchant Bank; Capital Requirements|§ 26-831.09. Structure and organization of merchant banks

(a) A merchant bank may be organized as a corporation, limited liability company, limited partnership, or limited liability partnership. (b) The articles of incorporation or other organizational documents of a merchant bank shall contain the following statement: “This [corporation/limited liability company/limited partnership/limited liability partnership] is subject to the requirements of the District of Columbia Banking Code and does not have the power to solicit, receive or accept money or its equivalent on deposit.” The appropriate business form listed in the bracketed text in the statement shall be included in the statement. The statement shall not otherwise be amended. (c) A merchant bank may use as a part of its name the word “bank,” “banker”, “banking”, or any abbreviations of those words.  (June 9, 2001, D.C. Law 13-308, § 309, 48 DCR 3244.)
DC Code § 26-831.10 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter IV - Structure and Organization of a Merchant Bank; Capital Requirements|§ 26-831.10. Policies of merchant bank’s business activities

(a) The board of directors of a merchant bank, if the merchant bank is a corporation, or its equivalent governing body, if the merchant bank is another type of business entity, shall establish a written policy under which the merchant bank’s business activities shall be conducted. The written policy shall include the merchant bank’s business plan, operating procedures, investment policies, and lending policies. The written policy shall also address conflicts of interest and shall preclude a merchant bank from making an investment in a small business if the effect is to create the potential of a conflict of interest with a person having an ownership interest in the merchant bank. (b) The written policy under subsection (a) of this section for business activities shall be reviewed and approved or disapproved by the Commissioner. If the Commissioner finds that the policy does not adequately regulate the business activities of the merchant bank, the Commissioner may require the board of directors, or equivalent governing body, to take corrective action.  (June 9, 2001, D.C. Law 13-308, § 310, 48 DCR 3244.)
DC Code § 26-831.11 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks|§ 26-831.11. Liquidation of merchant banks in general

A merchant bank shall not be liquidated except as provided by this chapter or in accordance with the order of a court of competent jurisdiction.  (June 9, 2001, D.C. Law 13-308, § 311, 48 DCR 3244.)
DC Code § 26-831.13 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks|§ 26-831.13. Resumption of business by a merchant bank

A merchant bank of which the Commissioner takes possession or which is operating under restrictions imposed by the Commissioner may be permitted by the Commissioner to resume business in accordance with the provisions of this chapter and subject to such conditions as may be imposed by the Commissioner.  (June 9, 2001, D.C. Law 13-308, § 313, 48 DCR 3244.)
DC Code § 26-831.14 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks|§ 26-831.14. Appointment of a receiver for a merchant bank

(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.  (June 9, 2001, D.C. Law 13-308, § 314, 48 DCR 3244.)
DC Code § 26-831.15 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks|§ 26-831.15. Receiver duties and powers

(a) Subject to Superior Court approval, a receiver shall: (1) Take possession of the books, records, and assets of the merchant bank and collect all debts, dues, and claims belonging to the merchant bank; (2) Sue, defend, compromise, arbitrate, or otherwise settle all claims involving the merchant bank; (3) Sell all real and personal property; (4) Exercise all fiduciary functions of the merchant bank; (5) Pay all administrative expenses of the receivership, which expenses shall be a first charge upon the assets of the merchant bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders; (6) Pay, ratably, all debts of the merchant bank; provided, that debts not exceeding $500 may be paid in full but the holders of such debt shall not be entitled to interest on the debt; (7) Repay, ratably, any amount paid in by a shareholder by reason of an assessment made upon the stock of the merchant bank by the Department in accordance with this chapter; (8) Pay, ratably, to the shareholders of the merchant bank, in proportion to the number of shares held and owned by each, the balance of the net assets of the merchant bank after payment or provision for payments as provided in this section; (9) Have all the powers of the directors, officers, and shareholders of the merchant bank as necessary to support an action taken on behalf of the merchant bank; and (10) Hold title to all the bank’s property, contracts, and rights of action (b) Subject to Superior Court approval, a receiver may: (1) Borrow money as necessary or expedient in aiding the liquidation of the merchant bank and secure the borrowed money by the pledge, hypothecation, or mortgage of the assets of the bank; (2) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the receiver considers necessary or expedient to assist in the performance of the receiver’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or (3) Exercise any other power and duty authorized by the Superior Court.  (June 9, 2001, D.C. Law 13-308, § 315, 48 DCR 3244; Oct. 19, 2002, D.C. Law 14-213, § 18(e), 49 DCR 8140.)  Effect of Amendments D.C. Law 14-213, in subsec. (a)(7), validated a previously made technical correction.
DC Code § 26-831.17 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks|§ 26-831.17. Maintenance and disposal of records by receiver

(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.  (June 9, 2001, D.C. Law 13-308, § 317, 48 DCR 3244.)
DC Code § 26-831.18 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 8A - Merchant Banks|Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks|§ 26-831.18. Conservator; appointment; bond and security; qualifications; expenses

(a) If any of the grounds under § 26-833.12 authorizing the request for the appointment of a receiver exist or if the Commissioner determines that it is necessary to conserve the assets of a merchant bank for the benefit of the depositors, investors, or other creditors of the bank or for the benefit of the general public, the Commissioner may petition the Superior Court to appoint a conservator for a merchant bank. (b) The Department shall be reimbursed out of the assets of the conservatorship, for all sums expended by the Department in connection with the conservatorship. (c) All expenses of a conservatorship shall be paid out of the assets of the merchant bank upon the approval of the Commissioner, shall be a first charge upon the assets of the merchant bank, and shall be paid in full before a final distribution or payment of dividends to creditors or shareholders of the merchant bank.  (June 9, 2001, D.C. Law 13-308, § 318, 48 DCR 3244.)