reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–315. Change of location of business or area; other miscellaneous activity

§ 26–315. Change of location of business or area; other miscellaneous activity.
A licensee may make a written application, in the form prescribed by the Superintendent [Commissioner], to the Superintendent [Commissioner] for leave to change the licensee’s location of business, or in the case of a mobile unit, the area in which the mobile unit is authorized to be operated, stating the reasons for the proposed change. If the Superintendent [Commissioner] approves the application, the Superintendent [Commissioner] shall issue a revised license in accordance with this chapter, stating the new location of the licensee or, in the case of a mobile unit, the new area in which the mobile unit may be operated. The revised license shall be for the same term as the original license to which the Superintendent [Commissioner] made the requested change. The fee for a revised license due to a change of location of business or area shall be $50.
(May 12, 1998, D.C. Law 12-111, § 16, 45 DCR 1782.)
Prior Codifications
1981 Ed., § 26-1115.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–316. Revocation and suspension of license

§ 26–316. Revocation and suspension of license.
(a) The Superintendent [Commissioner] may revoke any license issued pursuant to this chapter if, after notice and a hearing, the Superintendent [Commissioner] finds that the licensee has:
(1) Committed any fraudulent acts, engaged in any dishonest activities, or made any misrepresentation in any business transaction;
(2) Been convicted of a felony under the laws of the District or the laws of any state or the United States;
(3) Violated any provisions of the banking laws of the District or any rules or regulations promulgated thereunder, or has violated any other law in the course of dealings as a licensee;
(4) Made a material misstatement in the application for a license under this chapter;
(5) Demonstrated incompetency or untrustworthiness to act as a licensee;
(6) Violated any provision of this chapter or of any implementing regulation; or
(7) Failed to satisfy any of the criteria for obtaining a license as set out in §§ 26-306, 26-307, or 26-308.
(b) A hearing for the purposes of this section shall be held in accordance with subchapter I of Chapter 5 of Title 2. Pending a hearing for the revocation of any license issued pursuant to this chapter, the Superintendent [Commissioner] may suspend the license for a period not to exceed 30 days if the Superintendent [Commissioner] determines that such a suspension is in the public interest and that one or more grounds for revocation of a license, as set forth in subsection (a) of this section, exist.
(c) Whenever the Superintendent [Commissioner] suspends or revokes a license issued pursuant to this chapter, the Superintendent [Commissioner] shall immediately execute a written order stating the grounds for the suspension or revocation. On the date the order is executed, the Superintendent [Commissioner] shall serve a copy thereof on the licensee either personally or by mailing the same to the last known address of the licensee.
(May 12, 1998, D.C. Law 12-111, § 17, 45 DCR 1782.)
Prior Codifications
1981 Ed., § 26-1116.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–317. Limitations on fees for cashing checks

§ 26–317. Limitations on fees for cashing checks.
(a)(1) Beginning January 1, 2011, no licensee under this chapter shall directly or indirectly charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of:
(A) Two percent of the face amount of the payment instrument or $3, if the payment instrument is issued by the federal government or a state or local government;
(B) Ten percent of the face amount of a payment instrument or $5, if the payment instrument is a personal check or money order; or
(C) Four percent of the face amount of the payment instrument or $5, for any other type of payment instrument.
(2) A licensee may charge a customer an additional one-time membership fee not to exceed $5.
(b) The fees for cashing a check shall be evidenced by a receipt. Such receipt shall be presented to the purchaser upon completion of the transaction.
(May 12, 1998, D.C. Law 12-111, § 18, 45 DCR 1782; Nov. 24, 2007, D.C. Law 17-42, § 2(b), 54 DCR 9988; Mar. 12, 2011, D.C. Law 18-315, § 2, 57 DCR 12412.)
Prior Codifications
1981 Ed., § 26-1117.
Effect of Amendments
D.C. Law 17-42, in subsec. (a), deleted the sentence: “An additional verification, handling, and documentation processing fee may be charged, pursuant to § 26-319, for a personal check held for deferred deposit.”
D.C. Law 18-315 rewrote subsec. (a), which had read as follows: “(a) No licensee under this chapter shall directly or indirectly charge or collect in fees or charges for cashing a check a sum to exceed 5% of the face value of a government or payroll check, 7% of the face value of an insurance check, 10% of the face value of a personal check or money order, or $4, whichever is greater. Each licensee shall conspicuously post, in both English and Spanish, and at all times display in every location and upon every mobile unit licensed under this chapter, a schedule of fees and charges permitted hereunder, which schedule shall be approved by the Superintendent prior to posting.”
Effective Dates
Section 4 of D.C. Law 17-42 provided: “This act shall take effect following the certification by the Chief Financial Officer, through a revised quarterly revenue estimate for fiscal year 2008, that local funds exceed the annual revenue estimates incorporated in the fiscal year 2008 budget and financial plan in an amount sufficient to account for its fiscal effect. The Chief Financial Officer shall set aside revenue to account for the cost of fully implementing this act.”
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–318. Books, accounts, and other records of licensee

§ 26–318. Books, accounts, and other records of licensee.
Each licensee under this chapter shall keep and use such books, accounts, and other records as the Superintendent [Commissioner] shall require to carry into effect the provisions of this chapter and any rules and regulations issued by the Superintendent [Commissioner] under this chapter. Every licensee shall preserve such books, accounts, and records for at least 3 years.
(May 12, 1998, D.C. Law 12-111, § 19, 45 DCR 1782.)
Prior Codifications
1981 Ed., § 26-1118.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–319. Limitations on business

§ 26–319. Limitations on business.
(a) No licensee under this chapter shall engage in the business of discounting of notes, bills of exchange, checks, or other evidences of indebtedness, nor shall such a discounting business be conducted on the same premises where the licensee is conducting business pursuant to this chapter.
(b) No licensee shall at any time cash or advance any monies on a post dated check.
(c) Repealed.
(May 12, 1998, D.C. Law 12-111, § 20, 45 DCR 1782; Nov. 24, 2007, D.C. Law 17-42, § 2(c), 54 DCR 9988.)
Prior Codifications
1981 Ed., § 26-1119.
Effect of Amendments
D.C. Law 17-42 repealed subsec. (c).
Effective Dates
Section 4 of D.C. Law 17-42 provided: “This act shall take effect following the certification by the Chief Financial Officer, through a revised quarterly revenue estimate for fiscal year 2008, that local funds exceed the annual revenue estimates incorporated in the fiscal year 2008 budget and financial plan in an amount sufficient to account for its fiscal effect. The Chief Financial Officer shall set aside revenue to account for the cost of fully implementing this act.”
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–320. Formal investigations

§ 26–320. Formal investigations.
Whenever it appears that an individual or entity licensed or required to be licensed under this chapter has violated or is violating any law, agreement, order, rule, or regulation or has engaged in an unsafe or unsound practice, the Superintendent [Commissioner] may issue an order to conduct a formal investigation of such person. The Superintendent [Commissioner] may cause any investigation, or portion of such investigation, to be conducted by a District or federal law enforcement agency by making the request for assistance from such agency.
(May 12, 1998, D.C. Law 12-111, § 21, 45 DCR 1782.)
Prior Codifications
1981 Ed., § 26-1120.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–321. Cease and desist orders

§ 26–321. Cease and desist orders.
(a) The Superintendent [Commissioner] may institute an administrative cease and desist proceeding if the Superintendent [Commissioner] determines that a licensee or person required to have a license under this chapter has violated, is violating, or is about to violate any provision of this chapter or any rule, regulation, order, or condition imposed by the Mayor or Superintendent [Commissioner], or written agreement entered into with the Mayor or Superintendent [Commissioner], pursuant to this chapter.
(b)(1) A cease and desist proceeding shall be initiated by the issuance of a notice of charges which shall contain a statement of facts describing the alleged violation or violations.
(2) The notice of charges shall set a date, time, and place at which a hearing will be held to determine whether a cease and desist order should be issued against a licensee or person required to have a license. The hearing date shall be no earlier than 30 days and no later than 60 days after the date of service of the notice, unless otherwise prescribed by the Superintendent [Commissioner] or the hearing officer.
(c) A cease and desist order may require the person licensed, or required to be licensed, to cease and desist the violation or violations.
(d) The Superintendent [Commissioner] may issue and serve upon the licensee, or person required to be licensed, a final cease and desist order if:
(1) The licensee or person agrees to settle the proceeding by consenting to the order as negotiated by the Superintendent [Commissioner], prior to the commencement of the hearing;
(2) The licensee or person served with the notice of charges fails to appear at the hearing, in which case the licensee or person shall be deemed to have consented to the order as issued; or
(3) Substantial evidence in the hearing record supports the determination of the Superintendent [Commissioner] that the violation or violations specified in the notice of charges has transpired.
(e) A final cease and desist order shall become effective 10 days after the service of the order in accordance with subsection (d) of this section, except that a final cease and desist order which has been issued upon consent shall become effective upon the date specified in the order. In any case, a final cease and desist order shall remain in effect until it is stayed, modified, terminated, or set aside by the Superintendent [Commissioner] or a reviewing court.
(f) A hearing for purposes of this section shall be held in accordance with subchapter I of Chapter 5 of Title 2.
(May 12, 1998, D.C. Law 12-111, § 22, 45 DCR 1782.)
Prior Codifications
1981 Ed., § 26-1121.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–322. Authority of Commissioner to issue rules and regulations

§ 26–322. Authority of Commissioner to issue rules and regulations.
The Superintendent [Commissioner] may promulgate such rules and regulations as deemed necessary and appropriate to implement the provisions of this chapter.
(May 12, 1998, D.C. Law 12-111, § 23, 45 DCR 1792.)
Prior Codifications
1981 Ed., § 26-1122.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 3 - Check Cashers › § 26–323. Penalties

§ 26–323. Penalties.
(a) Any person who violates any provision of this chapter, any rule or regulation adopted 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) Any person who cashes any check in the District of Columbia without a license issued pursuant to this chapter shall, in addition to the penalty prescribed in subsection (a) of this section, be liable to the District government in an amount equal to all license fees that would have been paid had the person obtained such a license.
(c) The Corporation Counsel may bring proceedings to recover all amounts due to the District under this section.
(May 12, 1998, D.C. Law 12-111, § 24, 45 DCR 1792.)
Prior Codifications
1981 Ed., § 26-1123.
Emergency Legislation
For temporary (90 day) amendment of section, see § 201 of the Child Support and Welfare Reform Compliance Emergency Amendment Act of 2001 (D.C. Act 13-446, November 7, 2000, 47 DCR 9213).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4 - Common Trust Funds › § 26–401. Establishment

§ 26–401. Establishment.
Any bank or trust company qualified to act as fiduciary in the District of Columbia may, subject to such rules and regulations as may be promulgated from time to time by the Board of Governors of the Federal Reserve System under the provisions of § 92a of Title 12, United States Code , as amended, pertaining to the collective investment of trust funds by national banks, establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries; and may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the written consent of its cofiduciaries to such investment.
(Oct. 27, 1949, 63 Stat. 938, ch. 767, § 1.)
Prior Codifications
1981 Ed., § 26-301.
1973 Ed., § 26-701.
Editor's Notes
Uniform Law: This section is based upon § 1 of the Uniform Common Trust Fund Act.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4 - Common Trust Funds › § 26–402. Taxability

§ 26–402. Taxability.
(a) A common trust fund, as herein defined, shall not be subject to any tax imposed by Chapter 18 of Title 47, and for the purpose of said subchapter shall not be deemed to be a corporation.
(b) The net income of a common trust fund shall be computed in the same manner and on the same basis as in the case of an individual. Each participant in a common trust fund shall include, in computing its net income, its proportionate share of the net income of such fund, whether or not distributed to it, and the amount so included in the net income of a participant shall be taxable to such participant, or its beneficiaries, in the manner and to the extent provided in subchapter IX of Chapter 18 of Title 47, as if any amount not distributed to the participant during its taxable year actually had been so distributed.
(c) No gain or loss shall be realized by a common trust fund upon the admission or withdrawal of a participant, or upon the admission or withdrawal of any interest of a participant. The withdrawal of any participating interest by a participant shall be treated as a sale or exchange of such interest by such participant.
(d) Every bank or trust company maintaining a common trust fund shall make a return under oath for the taxable year of such fund.
(e) If the taxable year of a common trust fund is different from that of a participant therein, the proportionate share of the net income of such fund to be included in computing the net income of such participant for its taxable year shall be based upon the net income of such fund for its taxable year ending within the taxable year of such participant.
(Oct. 27, 1949, 63 Stat. 938, ch. 767, § 2.)
Prior Codifications
1981 Ed., § 26-302.
1973 Ed., § 26-702.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4 - Common Trust Funds › § 26–403. Court accountings

§ 26–403. Court accountings.
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.
(Oct. 27, 1949, 63 Stat. 938, ch. 767, § 3; July 29, 1970, 84 Stat. 572, Pub. L. 91-358, title I, § 155(c) (34).)
Prior Codifications
1981 Ed., § 26-303.
1973 Ed., § 26-703.
Editor's Notes
Uniform Law: This section is based upon § 2 of the Uniform Common Trust Fund Act.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4 - Common Trust Funds › § 26–404. Uniformity of laws

§ 26–404. Uniformity of laws.
This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of the District of Columbia with the law of those states which enact the Uniform Common Trust Fund Act.
(Oct. 27, 1949, 63 Stat. 939, ch. 767, § 4.)
Prior Codifications
1981 Ed., § 26-304.
1973 Ed., § 26-704.
Editor's Notes
Uniform Law: This section is based upon § 3 of the Uniform Common Trust Fund Act.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4A - Community Development by Financial Institutions › § 26–431.01. Short title

§ 26–431.01. Short title.
This chapter may be cited as the “Community Development Act of 2000”.
(June 9, 2001, D.C. Law 13-308, § 401, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4A - Community Development by Financial Institutions › § 26–431.03. Community needs obligation

§ 26–431.03. Community needs obligation.
A financial institution shall have a continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income area, consistent with the safe and sound operation of the financial institution.
(June 9, 2001, D.C. Law 13-308, § 403, 48 DCR 3244.)
Section References
This section is referenced in § 26-431.06.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4A - Community Development by Financial Institutions › § 26–431.05. Monitoring compliance with the community development plan

§ 26–431.05. Monitoring compliance with the community development plan.
(a) The Commissioner shall monitor whether a 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 safe and sound operation of the financial institution.
(b) The Commissioner shall issue an annual report to the Mayor and the Council on each financial institution’s compliance with its community development plan. In the annual report, the Commissioner shall include an assessment of the community reinvestment performance of each financial institution using the applicable methodology set forth in the Community Reinvestment Act and shall include the rating for each financial institution under the system developed under § 26-431.06.
(c) The CFO shall issue an annual report to the Mayor and the Council on which deposit-receiving institutions received contracts for deposits of District funds, excluding funds associated with District debt financings, with a summary of the terms of the contract and the amounts deposited.
(June 9, 2001, D.C. Law 13-308, § 405, 48 DCR 3244; Mar. 11, 2015, D.C. Law 20-226, § 2(c), 62 DCR 255.)
Section References
This section is referenced in § 26-431.04.
Effect of Amendments
The 2015 amendment by D.C. Law 20-226 added (c).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4A - Community Development by Financial Institutions › § 26–431.06. Rating system for community development performance

§ 26–431.06. Rating system for community development performance.
(a) The Commissioner shall establish, by regulation, a system to rate the community development performance of a financial institution. The system shall include the following rating categories:
(1) Outstanding record of performance in meeting the credit needs of its local communities;
(2) Highly satisfactory record of performance in meeting the credit needs of its local communities;
(3) Satisfactory record of performance in meeting the credit needs of its local communities;
(4) Needs to improve record of performance in meeting the credit needs of its local communities; and
(5) Substantial noncompliance in meeting the credit needs of its local communities.
(b) The Commissioner shall consider the compliance of the financial institution with the community development plan submitted under § 26-431.03 in assessing and rating the community development performance of the financial institution.
(c) The CFO, when evaluating the community development plan of a deposit-receiving institution shall review the rating category or score assigned to the deposit-receiving institution’s plan by the applicable financial supervisory agency and shall publish the final review on its website.
(d) The CFO shall receive public comments during a 30-day public comment period when reviewing and evaluating the community development plan of a deposit-receiving institution.
(e) The CFO shall consider in the evaluation done pursuant to subsection (c) of this section whether a deposit-receiving institution is engaged in discriminatory, unfair, or deceptive lending practices as determined by federal agencies under the Equal Credit Opportunity Act, approved October 28, 1974 (88 Stat. 1521; 15 U.S.C. § 1691 et seq.), and the Fair Housing Act, approved September 13, 1988 (82 Stat. 81; 42 U.S.C. §§ 3601 et seq.), and their implementing regulations, or under Chapter 11A of this title [§ 26-1151.01et seq.], or Chapter 39 of Title 28 [§ 28-3901et seq.], and their implementing regulations.
(f) To apply for a deposit services contract with the District government, a financial institution must receive at least a “satisfactory” rating on its most recent CRA exam.
(June 9, 2001, D.C. Law 13-308, § 406, 48 DCR 3244; Mar. 11, 2015, D.C. Law 20-226, § 2(d), 62 DCR 255.)
Section References
This section is referenced in § 26-431.05.
Effect of Amendments
The 2015 amendment by D.C. Law 20-226 added (c) through (f).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4A - Community Development by Financial Institutions › § 26–431.07. Examinations in cooperation with other regulators

§ 26–431.07. Examinations in cooperation with other regulators.
(a) The Commissioner may enter into cooperative agreements with financial institutions regulators in jurisdictions other than the District, including federal regulators, for the coordination of, or joint participation, in a community performance evaluation and the amount and assessment of fees for the examination or actions related to the examination.
(b) The Commissioner may accept evaluations performed under the agreements described in subsection (a) of this section.
(June 9, 2001, D.C. Law 13-308, § 407, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 4A - Community Development by Financial Institutions › § 26–431.08. Authority of Commissioner to issue rules and regulations

§ 26–431.08. Authority of Commissioner to issue rules and regulations.
The Commissioner may promulgate rules and regulations to implement the provisions of this chapter pursuant to subchapter I to Chapter 5 of Title 2.
(June 9, 2001, D.C. Law 13-308, § 408, 48 DCR 3244.)
Cross References
Banking institutions organized under federal statute, application of District law, see § 26-710.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.03. Form of charter statement and bylaws

§ 26–502.03. Form of charter statement and bylaws.
(a) The bylaws shall include the following provisions:
(1) The name of the District credit union;
(2) The field of membership of the District credit union;
(3) Qualifications for membership in the District credit union, including the minimum number of shares, the payment of an entrance or membership fee, if any, required for membership, and the policies for expelling a member;
(4) The number of directors, the length of terms a director may serve, and the permissible term length of any interim director;
(5) The qualifications for eligibility to serve on the District credit union's board;
(6) The number of District credit union employees that may serve on the board, if any;
(7) The frequency of regular meetings of the board and the manner in which members of the board are to be notified of those meetings;
(8) The powers and duties of board officers;
(9) The timing of the annual membership meeting;
(10) The manner in which vacancies shall be filled, which shall be either until a successor is elected at the next membership meeting or for the remainder of the unexpired term;
(11) The manner in which members may call a special membership meeting;
(12) The manner in which members are to be notified of membership meetings;
(13) The number of members constituting a quorum at a membership meeting and at a meeting of the board of directors;
(14) Provisions, if any, for the indemnification of directors, officers, employees, and others by the District credit union, if not included in the articles of incorporation; and
(15) Any other provision required by the Commissioner by rule.
(b) The Commissioner may provide a model District credit union charter statement and model District credit union bylaws consistent with this subchapter, which may be used by District credit union organizers in preparing a District credit union charter application.
(May 6, 2020, D.C. Law 23-86, § 203, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.04. Amendment of charter and bylaws

§ 26–502.04. Amendment of charter and bylaws.
(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.
(May 6, 2020, D.C. Law 23-86, § 204, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.05. Name of District credit union

§ 26–502.05. Name of District credit union.
(a) The name of a District credit union shall include the phrase "credit union". No District credit union may adopt a name identical to the name of any other federal or foreign credit union doing business in the District, or a name similar to the name of any federal or foreign credit union doing business in the District that will be misleading or cause confusion.
(b) No person, other than a District credit union, a federal credit union, a foreign credit union, an association of credit unions, or an organization or corporation whose membership or ownership is limited to credit unions or credit union organizations may:
(1) Use a name or title containing the phrase "credit union" or any derivation thereof;
(2) Represent itself as a credit union; or
(3) Conduct business as a credit union.
(May 6, 2020, D.C. Law 23-86, § 205, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.06. Service facilities

§ 26–502.06. Service facilities.
(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.
(May 6, 2020, D.C. Law 23-86, § 206, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.07. Fiscal year

§ 26–502.07. Fiscal year.
The fiscal year of each District credit union chartered under this subchapter shall end on December 31.
(May 6, 2020, D.C. Law 23-86, § 207, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.08. Application for share and deposit insurance

§ 26–502.08. Application for share and deposit insurance.
(a) Each District credit union shall apply for insurance on its shares and deposits, as provided by NCUA or comparable insurance approved by the Commissioner. Any District credit union insured by NCUA shall comply with all federal requirements that apply to credit unions insured by NCUA, notwithstanding any contrary provisions of this subchapter.
(b)(1) A District credit union that has lost its commitment for share and deposit insurance shall, within 30 days of having lost that commitment, begin to liquidate, merge with an insured credit union, or apply in writing to the Commissioner for additional time to obtain another insurance commitment.
(2) The Commissioner may grant extensions of time to obtain a new insurance commitment upon satisfactory evidence that the District credit union is not operating in an unsafe or unsound manner and that the District credit union has made, or is making, a substantial effort to obtain a new insurance commitment, including substantial effort to achieve conditions necessary to obtain such a commitment.
(c) No person shall be granted a certificate of charter by the Commissioner to form a District credit union unless the person has obtained a commitment for insurance for its share and deposit accounts.
(d) The Commissioner may make reports of condition and examination findings available to, and may accept any report of examination made on behalf of, the appropriate insuring organization.
(e) A District credit union shall not be subject to this section if that District credit union's debt and equity capital consist primarily of funds from other credit unions and membership shares issued by another District credit union.
(May 6, 2020, D.C. Law 23-86, § 208, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part B - Credit Union Organization › § 26–502.09. Conducting business outside the District of Columbia

§ 26–502.09. Conducting business outside the District of Columbia.
(a) A District credit union may conduct business outside of the District upon approval from the Commissioner. The Commissioner shall approve a District credit union's request to conduct business outside of the District if:
(1) The non-District jurisdiction permits the District credit union to conduct business in that jurisdiction; and
(2) The Commissioner does not identify any safety or soundness implications with the expanding operations.
(b)(1) If the laws or regulations governing credit unions in a non-District jurisdiction permit a District credit union operating in that jurisdiction to exercise additional powers not expressly permitted under this subchapter, a District credit union conducting business in that non-District jurisdiction may request permission from the Commissioner to exercise those additional powers in the District. The Commissioner shall approve the exercise of additional power unless there are demonstrable safety and soundness implications.
(2) The District credit union may exercise the additional power referenced in this subsection in the District if the Commissioner approves the District credit union's request to exercise additional power within 60 days after receiving a completed request. The request shall be deemed disapproved if the Commissioner does not act within 60 days after receiving a completed request.
(c) The Commissioner may enter into supervisory agreements or other agreements with credit union regulators in other states or jurisdictions to prescribe the applicable rules governing the powers and authorities of foreign branches and other facilities of District credit unions.
(May 6, 2020, D.C. Law 23-86, § 209, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part C - Credit Union Powers › § 26–503.02. Incidental powers

§ 26–503.02. Incidental powers.
A District credit union may exercise all incidental powers as permitted by law and within the purposes stated in this subchapter, which are convenient, suitable, or necessary to enable the District credit union to carry out the purposes of this subchapter.
(May 6, 2020, D.C. Law 23-86, § 302, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part C - Credit Union Powers › § 26–503.03. Parity

§ 26–503.03. Parity.
The Commissioner may authorize District credit unions to exercise, and the Commissioner may establish conditions or limitations for the exercise of, any of the powers conferred upon federal credit unions and upon foreign credit unions operating in the District.
(May 6, 2020, D.C. Law 23-86, § 303, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.01. Membership

§ 26–504.01. Membership.
(a) The board of directors of a District credit union shall determine the membership of the District credit union, which shall consist of persons who have been duly admitted as members.
(b) Each person otherwise eligible for membership to become or remain a member of a District credit union shall purchase and maintain a share, share draft, or share certificate account in the minimum amount required by the District credit union.
(c) A member may make an initial installment on the purchase of a membership share and complete the purchase by no more than 6 months from the payment of the first installment.
(d) If the balance in any of a member's accounts is less than the minimum balance required for a membership share, the member shall restore the balance to the minimum within 6 months of having fallen below the minimum balance, or the membership may be terminated pursuant to § 26-504.07.
(e) In the case of a joint account, each joint account holder may apply for membership, and, if the District credit union's bylaws so provide, each member may maintain the joint account only so long as the balance is at least equal to the membership share amount for each member. A joint account does not entitle the joint account holder to a vote.
(f) Each member is entitled to one vote, regardless of the number of shares held by that member.
(May 6, 2020, D.C. Law 23-86, § 401, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.02. Organizations that qualify for District credit union membership

§ 26–504.02. Organizations that qualify for District credit union membership.
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.
(May 6, 2020, D.C. Law 23-86, § 402, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.04. School service facilities

§ 26–504.04. School service facilities.
(a) For the purposes of this section, the term:
(1) "School" means any accredited educational institution.
(2) "Student" means an individual enrolled in a school.
(3) "Student service facility" means a District credit union facility that provides in-school financial services and offers financial education to students.
(b) A District credit union may, upon agreement with a school's governing body, open and maintain a student service facility.
(May 6, 2020, D.C. Law 23-86, § 404, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.05. Retention of membership

§ 26–504.05. Retention of membership.
Unless the District credit union's bylaws state otherwise, a person who has become a member of a District credit union in accordance with this subchapter may remain a member of that District credit union until that person chooses to withdraw from the membership of the District credit union, or is terminated under § 26-504.07.
(May 6, 2020, D.C. Law 23-86, § 405, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.06. Liability of members

§ 26–504.06. Liability of members.
The members of a District credit union shall not be personally or individually liable for the payment of the District credit union's debts solely by virtue of their membership in the District credit union.
(May 6, 2020, D.C. Law 23-86, § 406, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.07. Termination of membership

§ 26–504.07. Termination of membership.
(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.
(May 6, 2020, D.C. Law 23-86, § 407, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.08. Suspension of services

§ 26–504.08. Suspension of services.
A District credit union may, for cause, as defined in § 26-504.07, suspend certain services to a District credit union member under a policy adopted by the District credit union's board of directors. Members whose service is suspended may maintain a share account and continue to vote at annual and special meetings.
(May 6, 2020, D.C. Law 23-86, § 408, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.09. Meetings of members

§ 26–504.09. Meetings of members.
(a) The annual meeting, and any special meetings, of the members of the District credit union shall be held in accordance with the District credit union's bylaws.
(b) There shall be no voting by proxy, except on the election of the board of directors, proposals for merger, or proposals for voluntary dissolution. All voting on the election of directors shall be by ballot, but when there is no contest, written ballots need not be cast. A member may vote by absentee ballot, mail ballot, or other method if the bylaws so provide.
(c) A member who is less than 18 years of age may not vote or hold office in the District credit union.
(d) An organization having membership in a District credit union may be represented and have its vote cast by an officer of the organization or a designated agent authorized by the organization's governing body. A copy of the authorization shall be provided to the District credit union before a vote is cast by a designated agent of the organization.
(May 6, 2020, D.C. Law 23-86, § 409, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part D - Credit Union Membership › § 26–504.10. Special membership meetings

§ 26–504.10. Special membership meetings.
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.
(May 6, 2020, D.C. Law 23-86, § 410, 67 DCR 3476.)
2023 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 › § 26–505.01. Authority and duty of a board of directors

§ 26–505.01. Authority and duty of a board of directors.
(a) The business and affairs of a District credit union shall be managed by the board of directors of the District credit union. The duties of the board of directors of a District credit union include the following duties:
(1) The board of directors shall:
(A) Set the par value of shares, if any, of the District credit union;
(B) Set the minimum number of shares, if any, required for membership;
(C) Designate those persons or positions authorized to execute or certify documents or records on behalf of the District credit union;
(D) Authorize the purchase of adequate fidelity and insurance coverage for officers, directors, committee members, and employees, and for losses caused by persons outside the District credit union for which the District credit union may be liable;
(E) Authorize the employment and compensation of the chief executive officer;
(F) Approve an annual operating budget for the District credit union;
(G) Authorize the conveyance or lease of real property;
(H) Review and approve the annual audit;
(I) Appoint any committees the board considers necessary;
(J) Establish conditions under which a member may be removed for cause, as defined in § 26-504.07; and
(K) Perform any other duties, or authorize any other actions, that are not inconsistent with this subchapter or the District credit union's bylaws.
(2) The board of directors shall:
(A) Establish policies under which the District credit union may borrow, lend, and invest money to carry on the functions of the District credit union;
(B) Act upon applications for membership in the District credit union;
(C) Establish the loan policies under which loans may be approved;
(D) Determine the amount that may be loaned to a member together with the terms and conditions of the loan;
(E) Declare dividends on shares and set the rate of interest on deposits; and
(F) Approve the charge-off of District credit union losses.
(b) The duties listed in subsection (a)(1) of this section shall not be delegated by the District credit union's board of directors. The duties listed subsection (a)(2) of this section may be delegated to a committee, officer, or employee of the District credit union with appropriate reporting to the board.
(May 6, 2020, D.C. Law 23-86, § 501, 67 DCR 3476.)
2023 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 › § 26–505.02. Election of a board of directors

§ 26–505.02. Election of a board of directors.
(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.
(May 6, 2020, D.C. Law 23-86, § 502, 67 DCR 3476.)