reglab/housing_qa huggingface dataset:
DC Code § 26-505.07 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part E - Credit Union Governance|§ 26-505.07. Conflicts of interest

Directors, committee members, and officers shall disclose all existing and potential conflicts of interest to the board of directors. No director, committee member, officer, or employee of a District credit union shall, in any manner, directly or indirectly, participate in the deliberation upon, or the determination of, any question affecting his or her pecuniary interest or the pecuniary interest of any corporation, partnership, or association in which he or she is directly or indirectly interested.  (May 6, 2020, D.C. Law 23-86, § 507, 67 DCR 3476.)
DC Code § 26-505.08 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part E - Credit Union Governance|§ 26-505.08. Officers

(a) The board of directors, at their organizational meeting, shall elect from their own number, a chairperson of the board, a treasurer, and a secretary. The board may also elect any other officers of the board that are specified in the bylaws. (b) The term of an officer shall be for one calendar year, or until a successor is chosen and has been duly qualified, unless otherwise provided in the bylaws. (c) The duties of the officers shall be prescribed in the bylaws. (d) Notwithstanding any other provision of this subchapter, a District credit union may use any title it chooses for officials holding the positions described in this section, provided that the titles are not misleading.  (May 6, 2020, D.C. Law 23-86, § 508, 67 DCR 3476.)
DC Code § 26-505.09 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part E - Credit Union Governance|§ 26-505.09. Meetings of directors

(a) The board of directors shall meet on a regular basis and at least quarterly. (b) Unless specifically prohibited by the bylaws, directors may participate in, and act at, any meeting of the board through the use of communications equipment through which all persons participating in the meeting can speak with and hear each other at the same time. Participation in the meeting in this manner shall constitute attendance. (c) Unless specifically prohibited by the bylaws, any action required by this subchapter to be taken at a meeting of the board of directors, or any other action that may be taken at a meeting of the board of directors, may be taken without a meeting if a consent, in writing, setting forth the action is signed by all the directors entitled to vote with respect to the subject matter thereof. Consent shall be evidenced by one or more written approvals, which describe the action taken.  (May 6, 2020, D.C. Law 23-86, § 509, 67 DCR 3476.)
DC Code § 26-505.10 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part E - Credit Union Governance|§ 26-505.10. Audits

(a) Unless the District credit union has been audited by a licensed public accountant or other qualified person or firm, the audit committee shall make, or cause to be made, a comprehensive annual audit of the books and affairs of the District credit union. The audit committee shall submit a report of each annual audit to the board of directors and a summary of that report to the members of the District credit union at the next annual meeting of the District credit union. (b) The audit committee shall make, or cause to be made, any supplementary audits, examinations, and verifications of members' accounts that it considers necessary or that are required by the Commissioner or the board of directors of the District credit union. The audit committee shall submit reports of these supplementary audits to the board of directors.  (May 6, 2020, D.C. Law 23-86, § 510, 67 DCR 3476.)
DC Code § 26-505.11 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part E - Credit Union Governance|§ 26-505.11. Suspension and removal powers

(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.  (May 6, 2020, D.C. Law 23-86, § 511, 67 DCR 3476.)
DC Code § 26-506.01 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.01. Shares and membership shares

(a) Shares and membership shares shall be subscribed to and paid for in the manner prescribed in the bylaws. (b) The par value of shares and membership shares shall be as prescribed in the bylaws. (c) Membership shares may not be pledged as security on any loan. (d) A District credit union may limit the number of shares that may be owned by a single member. (e) Shares may be subscribed to, paid for, and transferred in the manner prescribed in the bylaws. (f) The board of directors may establish different classes of share accounts, classified in relation to different rights, restrictions, and dividend rates. (g) Notwithstanding any other provision of law, funds deposited in a share account, share certificate, or any other program offered by the District credit union for the purpose of promoting consumer savings shall not constitute consideration or a thing of value for the purposes of a promotional contest or raffle under District law.  (May 6, 2020, D.C. Law 23-86, § 601, 67 DCR 3476.)
DC Code § 26-506.02 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.02. Dividends

(a) The board of directors may, after making provisions for required reserves, declare dividends to be paid on share accounts and membership shares, if any, from the net earnings or undivided earnings, as provided in the bylaws. The board may authorize the intervals and periods for dividend payments. (b) Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice, and time requirements. (c) Dividends need not be paid on membership shares, but if a dividend is paid, it may be added to the membership share held by each member. (d) Dividends shall not be declared or paid at a time when the District credit union is insolvent, its net assets are less than its stated capital, or when the payment thereof would render the District credit union insolvent or reduce its net assets below its stated capital.  (May 6, 2020, D.C. Law 23-86, § 602, 67 DCR 3476.)
DC Code § 26-506.03 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.03. Deposit Accounts

(a) A District credit union may accept deposit accounts from its members, other District credit unions, federal credit unions, foreign credit unions, and government units, subject to the terms, rates, and conditions established by the board of directors and applicable local and federal laws and regulations. (b) Interest may be paid on deposit accounts at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice, and time requirements. (c) A District credit union may engage in savings or account programs established by federal, state, or local governments. (d) A District credit union designated as a low-income credit union may accept non-member deposits.  (May 6, 2020, D.C. Law 23-86, § 603, 67 DCR 3476.)
DC Code § 26-506.04 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.04. Withdrawals

(a) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in the manner and in accordance with the procedures that are established by the board of directors, subject to any regulations the Commissioner prescribes. (b) Share, membership share, and deposit accounts shall be subject to any withdrawal notice requirement imposed by the bylaws. (c) A membership share may only be redeemed or withdrawn after termination of membership in the District credit union, and at a value proportionate to its current value.  (May 6, 2020, D.C. Law 23-86, § 604, 67 DCR 3476.)
DC Code § 26-506.05 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.05. Accounts for minors

Payments on share and deposit accounts may be received from a minor with consent from the minor's parent or guardian. The minor may withdraw funds from these accounts, including the dividends and interest thereon. If shares are issued in the name of a minor, the redemption of any part or all of the shares, or a withdrawal of funds by payment to the minor of the shares or funds, and any declared dividends or interest, releases the District credit union from all obligations to the minor as to the shares redeemed or funds withdrawn.  (May 6, 2020, D.C. Law 23-86, § 605, 67 DCR 3476.)
DC Code § 26-506.06 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.06. Joint accounts

(a) A member may designate any person or persons to own a share account with the member, in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of joint ownership permitted by law and allowed by the District credit union. (b) Payment may be made, in whole or in part, to any of the joint owners, if an agreement permitting the payment was signed and dated by all persons when the shares were issued or thereafter. Payment made pursuant to this section shall discharge the District credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account. (c) If more than one joint owner seeks District credit union membership through a joint account, each prospective member shall meet any membership requirements described in the District credit union's bylaws.  (May 6, 2020, D.C. Law 23-86, § 606, 67 DCR 3476.)
DC Code § 26-506.07 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.07. Payable on death accounts

Notwithstanding any other provision of law, a District credit union may establish share and deposit accounts payable to one or more persons during their lifetimes, and upon the death of every included account holder to one or more payable on death payees. A transfer to a payable on death payee is effective by reason of the account contract and shall not be considered a testamentary transfer.  (May 6, 2020, D.C. Law 23-86, § 607, 67 DCR 3476.)
DC Code § 26-506.08 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.08. Trust accounts

(a) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members. (b) Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of the payment, discharge the liability of the District credit union to that party and the beneficiary, and the District credit union shall be under no obligation to verify the application of the payment.  (May 6, 2020, D.C. Law 23-86, § 608, 67 DCR 3476.)
DC Code § 26-506.09 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.09. Trust services

A District credit union may accept and execute trusts pursuant to the laws of the District.  (May 6, 2020, D.C. Law 23-86, § 609, 67 DCR 3476.)
DC Code § 26-506.10 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.10. Liens

(a) The District credit union shall have a lien on the membership share, shares, deposits, and accumulated dividends and interest of a member in the member's individual, joint, trust, or payable on death account for any obligation owed to the District credit union by the member or for any loan co-signed or guaranteed by the member; except, that a District credit union shall not have a lien on any funds in an Individual Retirement Account or an account established pursuant to the Internal Revenue Code of the United States. (b) The District credit union shall have a right of immediate set-off with respect to every deposit and share account. The District credit union may refuse to allow withdrawals from any share or deposit account while the member has any outstanding obligation to the District credit union.  (May 6, 2020, D.C. Law 23-86, § 610, 67 DCR 3476.)
DC Code § 26-506.11 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.11. Reduction in membership shares

(a) The board of directors of a District credit union may propose a reduction in membership shares when the losses of the District credit union resulting from a depreciation in value of its loans, investments, or otherwise exceed the District credit union's undivided earnings and reserves so that the estimated value of the District credit union's assets is less than its liabilities, and the board of directors determines that the District credit union may be subject to involuntary liquidation. The District credit union may, by a majority vote of those voting on the proposition, order a reduction in the membership shares, and of each of its shareholders, to divide the loss in proportion to the shares held by shareholders in their respective membership share accounts ("order of reduction"). (b) If the District credit union thereafter realizes a greater amount from its assets than what was fixed by the order of reduction, the excess shall be proportionately restored to the shareholders whose assets were reduced, but only to the extent of the reduction. (c) Deposit accounts and regular share accounts shall not be subject to a reduction in shares pursuant to this section.  (May 6, 2020, D.C. Law 23-86, § 611, 67 DCR 3476.)
DC Code § 26-506.12 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.12. Share and deposit insurance

(a) A District credit union shall apply for and obtain insurance on its members' share and deposit accounts as provided by NCUA or comparable insurance approved by the Commissioner. (b) No District credit union shall be granted a charter by the Commissioner unless the District credit union has applied for and obtained insurance of its members' share and deposit accounts as provided by this section or received a written commitment to insure or guarantee member accounts. (c) A District credit union with debt and equity capital consisting primarily of funds received from other credit unions and any membership share issued by a District credit union shall not be subject to the requirements of this section. (d) A District credit union that has been denied a commitment of insurance or guarantee of its members' share and deposit accounts or that has had that insurance or guarantee revoked, cancelled, or terminated shall, within 30 days of the effective date of the revocation, cancellation, or termination, commence steps to liquidate, merge with an insured credit union, or apply in writing to the Commissioner for an extension of time to obtain an insurance commitment. (e) The Commissioner may grant one or more extensions of time in which to obtain the insurance commitment upon satisfactory evidence that the District credit union has made, or is making, a substantial effort to satisfy the conditions precedent to the issuance of an insurance commitment. (f) To permit NCUA or an authorized share guaranty corporation to assess the financial condition and performance of a District credit union, the Commissioner may provide NCUA or an authorized share guaranty corporation with any and all reports of examination conducted by the Commissioner, and copies of orders and notices issued by the Commissioner, regarding any District credit union under the Commissioner's supervision. (g) NCUA or an authorized share guaranty corporation shall provide to the Commissioner copies of any reports of examinations conducted by NCUA or the authorized share guaranty corporation on a District credit union. (h) In addition to the primary guaranteed amount, an authorized share guaranty corporation or other insurance company may provide an excess coverage guarantee for the benefit of those District credit unions that voluntarily elect to obtain an additional guarantee. (i) The Commissioner may appoint NCUA or any official of an authorized share guaranty corporation as the liquidating agent of a District credit union. This appointment is limited to actions arising under §§ 26-509.01 and 26-510.05.  (May 6, 2020, D.C. Law 23-86, § 612, 67 DCR 3476.)
DC Code § 26-506.13 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part F - Member Accounts|§ 26-506.13. Authority to withhold payment

(a) Nothing contained in this subchapter shall be deemed to require a District credit union to make any payment from an account to a depositor, shareholder, trust, or payable-on-death account beneficiary, or any other person claiming an interest in any funds in an account, if the District credit union has actual knowledge of the existence of a dispute between the depositors, shareholders, beneficiaries, or other persons concerning their respective rights of ownership to the funds contained in, proposed to be withdrawn from, previously withdrawn from, the account, or if the District credit union is otherwise uncertain as to who is entitled to the funds pursuant to the account agreement. (b) The District credit union may, without liability, notify in writing, all depositors, shareholders, beneficiaries, or other persons claiming an interest in the account of the District credit union's uncertainty as to who is entitled to the funds or of the existence of a dispute and may, without liability, refuse to disburse any funds contained in the account to any depositor, shareholder, trust, payable on death account beneficiary of the account, or other persons claiming an interest in the account until: (1) Each of the depositors, shareholders, and beneficiaries has consented to the requested payment in writing; or (2) The payment is authorized or directed by a court of proper jurisdiction.  (May 6, 2020, D.C. Law 23-86, § 613, 67 DCR 3476.)
DC Code § 26-507.01 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part G - Loans|§ 26-507.01. Purpose and conditions of loans

A District credit union may issue loans to members for the purposes and on the conditions prescribed by the board of directors. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, and acceptable forms of security.  (May 6, 2020, D.C. Law 23-86, § 701, 67 DCR 3476.)
DC Code § 26-507.02 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part G - Loans|§ 26-507.02. Interest rate

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.  (May 6, 2020, D.C. Law 23-86, § 702, 67 DCR 3476.)
DC Code § 26-507.03 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part G - Loans|§ 26-507.03. Other loan-related charges

(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.  (May 6, 2020, D.C. Law 23-86, § 703, 67 DCR 3476.)
DC Code § 26-507.04 (2021)
2021 District of Columbia Code|Title 26 - Banks and Other Financial Institutions|Chapter 5 - Credit Unions|Subchapter I - Credit Union Act of 2020|Part G - Loans|§ 26-507.04. Loan limit

The board of directors may place a limit on the aggregate amount to be loaned to, or co-signed by, any one member. The aggregate of loans to any one member shall not exceed 5% of the District credit union's capital or 1% of shares and deposits, whichever is greater. This limit shall not apply to loans that are fully secured by shares or deposits in the District credit union.  (May 6, 2020, D.C. Law 23-86, § 704, 67 DCR 3476.)