reglab/housing_qa huggingface dataset:
DC Code § 26-507.05 (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 G - Loans|§ 26-507.05. Lines of credit

(a) A District credit union may approve lines of credit to members and loan advances may be granted to members within the limit of the approved lines of credit. The terms and conditions upon which a line of credit is extended to any member may be different from the terms and conditions established for another member. Where a line of credit has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit. (b) Lines of credit shall be subject to periodic review by the District credit union, in accordance with the written policies adopted by the board of directors.  (May 6, 2020, D.C. Law 23-86, § 705, 67 DCR 3476.)
DC Code § 26-507.06 (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 G - Loans|§ 26-507.06. Participation loans

(a) A District credit union may participate in loans to District credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors. (b) If the aggregate amount of participation loans exceeds the District credit union's lending limitations, the District credit union may originate the participation loans only on a non-recourse basis. An interest in a participation loan may be negotiated to another credit union, credit union organization, or other approved organization. (c) A member benefiting from the proceeds of a participation loan need not be a member of every credit union participating in the loan.  (May 6, 2020, D.C. Law 23-86, § 706, 67 DCR 3476.)
DC Code § 26-507.07 (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 G - Loans|§ 26-507.07. Other loan programs

(a) A District credit union may participate in any guaranteed loan program of the federal or District government under the terms and conditions specified in the law under which the type of program is provided. (b) A District credit union may purchase the conditional sales contracts, notes, and similar instruments that evidence the indebtedness of its members, persons within its field of membership, or members of another credit union, subject to applicable law. (c) A District credit union may finance for any person the sale of the District credit union's property, including property obtained as a result of defaults on obligations owed to the District credit union. (d) A District credit union may issue student loans to its members in accordance with District law or scholarship programs that are subject to a federal or District law providing a 100% repayment guarantee.  (May 6, 2020, D.C. Law 23-86, § 707, 67 DCR 3476.)
DC Code § 26-507.08 (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 G - Loans|§ 26-507.08. Loans to officials

(a) A District credit union may make loans to its officers, directors, and members of its committees, provided that the loan complies with all requirements of this subchapter and is not on terms or conditions more favorable than those extended to other borrowers. (b) A District credit union may permit officers, directors, and members of its committees to act as co-makers, cosigners, or guarantors of loans to other members, subject to the requirements of subsection (a) of this section.  (May 6, 2020, D.C. Law 23-86, § 708, 67 DCR 3476.)
DC Code § 26-509.03 (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 I - Change in Corporate Status|§ 26-509.03. Credit union conversion

(a) A District credit union may be converted to a federal credit union or a foreign credit union, subject to rules issued by the Commissioner and applicable laws governing the prospective chartering jurisdiction. (b) A federal credit union or a foreign credit union may convert to a District credit union incorporated under this subchapter if the converting federal or foreign credit union complies with all requirements of its current chartering jurisdiction and the requirements of the Commissioner and files proof of such compliance with the Commissioner.  (May 6, 2020, D.C. Law 23-86, § 903, 67 DCR 3476.)
DC Code § 26-509.04 (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 I - Change in Corporate Status|§ 26-509.04. Bank to credit union conversion

(a) A locally regulated or federally regulated bank may convert its charter to a District credit union charter under this subchapter, subject to applicable local and federal laws and regulations governing the bank. (b) The Commissioner shall prescribe procedures by which a locally regulated or federally regulated bank may convert to a District credit union charter, and those procedures shall include the following: (1) The converting bank shall prepare and submit to the Commissioner a conversion plan that provides how the converting bank will: (A) Comply with the membership requirements under this subchapter, including the possible divestiture of customers who do not meet membership limitations; (B) Convert its board to a voluntary, non-paid structure if the District credit union does not provide for the compensation of its directors; (C) Divest its board of stock options; (D) Divest its capital stock; (E) Phase out all impermissible investments; and (F) Comply with District credit union business loan limitations. (2) A converting bank shall perform a complete policy review to address appraisal restrictions, lending restrictions, investment restrictions, corporate structure restrictions, and power structure to ensure compliance with this subchapter and the Commissioner's rules. (c) The conversion plan shall be adopted by not less than a majority of the board of directors of the converting bank. (d) Upon approval of a plan of conversion by the board of directors of a converting bank, the conversion plan and certified copy of the resolution of the board of directors approving the conversion plan shall be submitted to the Commissioner for approval. (e) The Commissioner may authorize a District credit union resulting from a charter conversion under this subchapter to: (1) Windup any activities that the converting bank legally engaged in at the effective time of the charter conversion but that otherwise are not permitted for District credit unions; or (2) Retain, for a transitional period, any assets that the converting bank legally held at the effective time of the charter conversion that otherwise may not be held by District credit unions. (f) The terms and conditions for the windup of activities under subsection (e)(1) of this section, and the retention of assets under subsection (e)(2) of this section shall be at the Commissioner's discretion; except, that the transitional period during which activities under subsection (e)(1) of this section may be carried out or assets retained under subsection (e)(2) of this section shall not exceed 10 years after the effective date of the charter conversion.  (May 6, 2020, D.C. Law 23-86, § 904, 67 DCR 3476.)
DC Code § 26-510.01 (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 J - Supervision and Regulation|§ 26-510.01. Supervision and regulation of credit unions

The Commissioner shall be responsible for the supervision and regulation of District credit unions. The Commissioner is the District's credit union regulatory authority, whose purpose shall be to protect members' financial interests, the interests of the general public, and to ensure that District credit unions remain viable and competitive.  (May 6, 2020, D.C. Law 23-86, § 1001, 67 DCR 3476.)
DC Code § 26-510.02 (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 J - Supervision and Regulation|§ 26-510.02. Deposit of fees in the Securities and Banking Trust Fund

(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.  (May 6, 2020, D.C. Law 23-86, § 1002, 67 DCR 3476.)
DC Code § 26-510.04 (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 J - Supervision and Regulation|§ 26-510.04. Involuntary merger of credit union

(a) Notwithstanding any other provision of law, if the Commissioner determines that an emergency requiring expeditious action exists with respect to a District credit union, other alternatives are not reasonably available, and the public interest, including the interests of the members of the District credit union, would best be served by taking the following action, the Commissioner may: (1) Initiate the involuntary merger of a District credit union that is insolvent or is in danger of insolvency with any other District credit union; (2) If authorized under, and to the extent consistent with, applicable federal or state law: (A) Initiate actions designed to result in the involuntary merger of a District credit union that is insolvent or is in danger of insolvency with any federal or foreign credit union; or (B) Authorize a District credit union, federal credit union, or foreign credit union to purchase any of the assets of, or assume any of the liabilities of, a District credit union that is insolvent or in danger of insolvency; or (3) Authorize a financial institution whose deposits or accounts are insured to purchase any of the assets of, or to assume any of the liabilities of, a District credit union that is insolvent or in danger of insolvency; except, that before exercising this authority, the Commissioner shall attempt to effect a merger with, or purchase and assumption, by another District credit union, federal credit union, or foreign credit union as provided in paragraphs (1) and (2) of this subsection. (b) For purposes of the authority contained in this section, insured share and deposit accounts of the District credit union undergoing an involuntary merger may, upon consummation of the purchase and assumption, be converted to insured deposits or other comparable accounts in the acquiring institution.  (May 6, 2020, D.C. Law 23-86, § 1004, 67 DCR 3476.)
DC Code § 26-510.05 (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 J - Supervision and Regulation|§ 26-510.05. Involuntary liquidation

(a)(1) If the Commissioner determines that a District credit union is bankrupt or insolvent, the Commissioner may issue a notice of involuntary liquidation, revoke the District credit union's charter, and appoint a liquidating agent. (2) The District credit union may request the appropriate court to stay execution of the action authorized by this subsection. (b) In the event of liquidation, the assets of the District credit union or the proceeds from any disposition of assets shall be applied and distributed in the following priority: (1) Secured creditors up to the value of their collateral; (2) Costs and expenses of liquidation; (3) Wages due the employees of the District credit union; (4) Taxes owed to any government unit; (5) Debts, other than taxes, owed to the United States; (6) General creditors, and secured creditors to the extent their claims exceed the value of their collateral; (7) Costs and expenses incurred by creditors in successfully opposing the release of the District credit union from certain debts as allowed by the Commissioner; (8) Shareholders or depositors, to the extent of uninsured share or deposit accounts; and (9) Members, to the extent of membership shares.  (May 6, 2020, D.C. Law 23-86, § 1005, 67 DCR 3476.)
DC Code § 26-510.07 (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 J - Supervision and Regulation|§ 26-510.07. Examinations

(a) The Commissioner shall examine or cause to be examined each District credit union on a regular basis. A District credit union and any of its officers and agents shall give full access to all books, papers, securities, records, and other sources of information (collectively "sources of information") under their control to the Commissioner or the Commissioner's agents, unless the disclosure of these sources of information is prohibited by law. (b) A report of the examination conducted pursuant to subsection (a) of this section ("examination report") shall be forwarded by the Commissioner or the Commissioner's designee to the District credit union's chair of the board within 30 days after completion. The examination report shall contain comments relative to the management of the affairs of the District credit union and the general condition of District credit union's assets. The board of directors of the District credit union shall meet to consider and respond to matters contained in the examination report within 30 days of receipt of the report. (c) All information contained in or related to the examination report prepared by, or on behalf of, the Commissioner shall be deemed the confidential property of the Department. No officer, employee, or agent of the Department or the District credit union may disseminate the contents of an examination report for any reason other than the business of the Department or the District credit union. Violation of this subsection constitutes a misdemeanor and upon conviction thereof the misdemeanant shall be fined not more than $ 1,000 for each violation. The contents of the examination report shall not be subject to subpoena. (d) The Commissioner may accept an examination of the credit union made by the NCUA in lieu of making an examination of a District credit union. The cost of any examination under this subsection shall be borne by the District credit union; except, that the costs of any regular or special examination shall not be assessed more than once annually. (e) The Commissioner shall adopt rules that ensure consistency and due process in the examination process. The Commissioner may also establish guidelines and provide formal guidance, interpretive letters, or other written materials that: (1) Define the scope of the examination process; and (2) Clarify examination items to be resolved.  (May 6, 2020, D.C. Law 23-86, § 1007, 67 DCR 3476.)
DC Code § 26-510.08 (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 J - Supervision and Regulation|§ 26-510.08. Records

(a) A District credit union shall maintain all books, records, accounting systems, and procedures that accurately reflect its operations and which enable the Commissioner to readily ascertain the true financial condition of the District credit union and whether it is complying with this subchapter. These books, records, accounting systems, and procedures shall be maintained at the District credit union's principal place of business in accordance with the District credit union's record retention policy. (b) The Commissioner shall prescribe the minimum retention requirements for District credit union records by rule.  (May 6, 2020, D.C. Law 23-86, § 1008, 67 DCR 3476.)
DC Code § 26-510.09 (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 J - Supervision and Regulation|§ 26-510.09. Records of the Department

(a) Information from the records of the Department related to District credit unions shall only be disclosed as required by law. (b) A copy of any document on file with the Department that is certified by the Commissioner as being a true copy may be introduced as evidence in any court in the District as if it were the original. (c) The following documents are confidential and privileged and not subject to public disclosure: (1) Examination reports, as defined in § 26-510.07, and related information from insurers or other regulators; (2) Business plans and other proprietary information of a District credit union, and its subsidiaries or affiliates; (3) Reports of investigations; and (4) Notices related to enforcement actions and consent orders. (d) Examination reports furnished by the Commissioner remain the property of the Department. No person to whom an examination report is furnished, or any officer, director, or employee thereof may disclose or make public the examination report or information contained in the examination report except information that is already in the public domain. Violation of this subsection constitutes a misdemeanor punishable by a fine of not more than $1,000 for each violation, by imprisonment for not more than one year, or both. (e) Upon notice to the Commission, a party in a civil action in which an examination report or information discussed in this section is sought to be discovered or used as evidence may petition the court for an in-camera review of the examination report or information. The court may permit discovery and introduction of only those portions of the examination report or information that are relevant and otherwise unobtainable by the requesting party.  (May 6, 2020, D.C. Law 23-86, § 1009, 67 DCR 3476.)
DC Code § 26-510.10 (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 J - Supervision and Regulation|§ 26-510.10. Conflicts of interest

(a) In addition to any general conflict of interest statute applicable to District employees, no employee of the Department shall be an officer, director, committee member, employee, or attorney for any credit union, or receive, directly or indirectly, any payment or gratuity from any credit union, or be indebted to any credit union, or engage in the negotiation of loans for others with any credit union. (b) An employee of the Department may be a member of a credit union on the same terms as are available to other credit union members and may do business at another financial institution on the same terms as other customers.  (May 6, 2020, D.C. Law 23-86, § 1010, 67 DCR 3476.)
DC Code § 26-511.01 (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 K - Tax Exemption; Compliance Review|§ 26-511.01. Tax exemption

(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.  (May 6, 2020, D.C. Law 23-86, § 1101, 67 DCR 3476.)
DC Code § 26-511.02 (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 K - Tax Exemption; Compliance Review|§ 26-511.02. Compliance review documents

(a) Compliance review documents are privileged and confidential and are nondiscoverable and nonadmissible in a civil action; except, that a District credit union may provide access to compliance review documents to an affiliate, regulatory agency, or share insurer. The delivery of compliance review documents to an affiliate, regulatory agency, or share insurer shall not constitute a waiver of the privilege granted in this section. (b) This section shall not be construed to limit the discovery or admissibility in any civil action of any documents other than compliance review documents. (c) For the purposes of this section, the term "compliance review documents" includes documents used to evaluate and seek to improve the District credit union's loan policies or underwriting standards, asset quality, or financial reporting to a government unit, or comply with federal or state statutory or regulatory requirements.  (May 6, 2020, D.C. Law 23-86, § 1102, 67 DCR 3476.)
DC Code § 28:1-101 (2021)
2021 District of Columbia Code|Title 28 - Commercial Instruments and Transactions. [Enacted title]|Subtitle I - Uniform Commercial Code|Article 1 - General Provisions|Part I - General Provisions|§ 28:1-101. Short titles

(a) This subtitle may be cited as the “Uniform Commercial Code”. (b) This article may be cited as the “Uniform Commercial Code — General Provisions”.  (Dec. 30, 1963, 77 Stat. 631, Pub. L. 88-243, § 1; Apr. 27, 2013, D.C. Law 19-299, § 2, 60 DCR 2634.)  Prior Codifications 1981 Ed., § 28:1-101. 1973 Ed., § 28:1-101. Section References This section is referenced in § 34-2202.09 and § 42-2704.02. Editor's Notes Section 39(a) of D.C. Law 15-354 provided that Title 28 is designated Title 28 of the District of Columbia Official Code. D.C. Law 19-299 amended this article in its entirety, substituting present §§ 28:1-101 through 28:1-310 for former §§ 28:1-101 through 28:1-208. Although similar in many respects to former Article 1, the statute sections in the revised Article are sufficiently different that a detailed explanation of the changes was impracticable; however, where possible, the historical citations from the former sections have been transferred to the new, similar sections. Where appropriate, annotations to former sections have also been retained under corresponding sections in the amended article. Uniform Commercial Code Comment Source: Former Section 1-101. Changes from former law: Subsection (b) is new. It is added in order to make the structure of Article 1 parallel with that of the other articles of the Uniform Commercial Code. 1. Each other article of the Uniform Commercial Code (except Articles 10 and 11) may also be cited by its own short title. See Sections 2-101, 2A-101, 3-101, 4-101, 4A-101, 5-101, 6-101, 7-101, 8-101, and 9-101.
DC Code § 28:1-102 (2021)
2021 District of Columbia Code|Title 28 - Commercial Instruments and Transactions. [Enacted title]|Subtitle I - Uniform Commercial Code|Article 1 - General Provisions|Part I - General Provisions|§ 28:1-102. Scope of article

This article applies to a transaction to the extent that it is governed by another article of this subtitle.  (Apr. 27, 2013, D.C. Law 19-299, § 2, 60 DCR 2634.)  Section References This section is referenced in § 28:2A-519. Uniform Commercial Code Comment Source: New. 1. This section is intended to resolve confusion that has occasionally arisen as to the applicability of the substantive rules in this article. This section makes clear what has always been the case — the rules in Article 1 apply to transactions to the extent that those transactions are governed by one of the other articles of the Uniform Commercial Code. See also Comment 1 to Section 1-301.