2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1201. Definitions

§ 26–1201. Definitions.
For the purposes of this chapter, the term:
(1) “Acquire” means:
(A) The merger or consolidation of 1 association with another association or with a savings and loan holding company or the merger of 1 savings and loan holding company with another savings and loan holding company;
(B) The acquisition by an association or savings and loan holding company of direct or indirect ownership or control of voting shares of an association or of a savings and loan holding company if, after the acquisition, the association or savings and loan holding company making the acquisition will directly or indirectly own or control more than 5% of any class of voting shares of the other association or savings and loan holding company;
(C) The direct or indirect acquisition by an association or a savings and loan holding company of all or substantially all of the assets of another association or savings and loan holding company; or
(D) Any other action that would result in direct or indirect control by an association or savings and loan holding company of another association or savings and loan holding company.
(2) “Association” means a mutual or capital stock savings and loan association, building and loan association, or savings bank chartered under the laws of any 1 of the states or by the Federal Home Loan Bank Board pursuant to the federal act.
(3) “Branch” or “branch office” means any office or other fixed location where an association has the authority to accept deposits and make loans, except:
(A) An automatic teller machine, point of sale terminal, or other similar unmanned electronic banking facility at which deposits may be accepted;
(B) An office located outside the United States;
(C) A loan production office or representative office;
(D) A service corporation office where deposits are not accepted; or
(E) Any other fixed location where deposits are not accepted.
(4) “Company” means “company” as defined in 12 U.S.C. § 1730a(a)(1)(C) [repealed] (“National Housing Act”).
(5) “Control” means “control” as defined in 12 U.S.C. § 1730a(a)(2) [repealed].
(6) “Deposit” means any demand, time, or savings deposit, savings share account, withdrawable or repurchasable share, investment certificate, or other savings account or savings deposit account made by an individual, corporation, partnership, state or federal governmental unit, or any other organization, without regard to the location of the depositor. The term “deposit” shall not include a deposit by a foreign government, foreign official institution, or other associations. For purposes of this chapter, determination of deposits shall be made by reference to regulatory reports made by or to state or federal regulatory authorities.
(7) “District” means the District of Columbia.
(8) “District association” means an association organized under the laws of the District or a federal association that:
(A) Has its principal place of business in the District;
(B) Is not controlled by a company other than a District association, a District savings and loan holding company, a regional association, or a regional savings and loan holding company; and
(C) Has more than 80% of its total deposits other than deposits located in branch offices acquired pursuant to an emergency supervisory acquisition under federal law, held in branch offices located in the region.
(9) “District savings and loan holding company” means a savings and loan holding company that:
(A) Has its principal place of business in the District;
(B) Is not controlled by a company other than District association, District savings and loan holding company, regional association, or regional savings and loan holding company; and
(C) Has more than 80% of the total deposits held by all of its association subsidiaries, other than association subsidiaries acquired pursuant to an emergency supervisory acquisition under federal law, held by association subsidiaries in branch offices located within the region.
(10) “Federal act” means the Home Owners’ Loan Act of 1933, approved June 13, 1933 (48 Stat. 128; 12 U.S.C. 1461 et seq.).
(11) “Federal association” means an association chartered by the Federal Home Loan Bank Board pursuant to the federal act.
(12) “Low- and moderate-income area” means any area within the District that the Superintendent [Commissioner], by rule, designates as a low- and moderate-income area after consideration of the income levels of residents within the area and the mix and locations of the levels of income of residents within the area.
(13) “Nonregional association” means any association that is neither a District association nor a regional association.
(14) “Nonregional savings and loan holding company” means any savings and loan holding company that is neither a District savings and loan holding company nor a regional savings and loan holding company.
(15) “Person” means an individual or a company.
(16) “Principal place of business of an association” means the state in which the aggregate deposits of the association are the largest.
(17) “Principal place of business of a savings and loan holding company” means the state where the total deposits held by the offices of the association subsidiaries of the savings and loan holding company are the largest.
(18) “Region” means the states of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia, and the District.
(19) “Regional association” means an association other than a District association, organized under the laws of 1 of the states in the region or under the laws of the United States that:
(A) Has its principal place of business in a state in the region other than the District;
(B) Is not controlled by a company other than a regional association or a regional savings and loan holding company; and
(C) Has more than 80% of its total deposits, other than deposits located in branch offices or association subsidiaries acquired pursuant to 12 U.S.C. § 1730a(m) [repealed] (“Garn-St. Germain Act”), or comparable provisions in federal or state law, held by association subsidiaries in branches located within the region.
(20) “Regional savings and loan holding company” means a savings and loan holding company other than a District savings and loan holding company that:
(A) Has its principal place of business in a state in the region;
(B) Is not controlled by a company other than a regional association or a regional savings and loan holding company; and
(C) Has more than 80% of the total deposits of its association subsidiaries, other than association subsidiaries acquired pursuant to 12 U.S.C. § 1730a(m) [repealed] or comparable provisions in federal or state law, held by association subsidiaries in branches located within the region.
(21) “Savings and loan holding company” means any company that directly or indirectly controls an association or any other company which is a savings and loan holding company.
(22) “Service corporation” means any corporation, the majority of the capital stock of which is owned by 1 or more associations, that engages, directly or indirectly, in any activity which may be engaged in by a service corporation under the laws of 1 of the states or under the laws of the United States.
(23) “State” means any state of the United States or the District.
(24) “Subsidiary” means “subsidiary” as defined in 12 U.S.C. § 1730a(a)(1)(H) [repealed].
(25) “Superintendent” means the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking].
(26) “Target development area” means any low- and moderate-income area within the District or any area which the Superintendent [Commissioner], by rule, designates as an underserved area.
(27) “Target economic development project” means any commercial, industrial, residential real estate, business, or other economic development activity that the Superintendent [Commissioner], in consultation with the Council and the District of Columbia Office of Business and Economic Development (“OBED”), determines to be beneficial to residents in low- and moderate-income areas or small businesses in low- and moderate-income areas based on policies set forth in the District of Columbia Comprehensive Plan of 1984, effective April 10, 1984 (D.C. Law 5-76; 31 DCR 1049), and placing special emphasis on economic development project activity in economically distressed areas which have been historically underserved.
(28) “Underserved area” means any area which the Superintendent [Commissioner], in consultation with the Council and OBED designates as an “underserved area” based on the availability of deposit, loan, and credit services within the area to satisfy housing and small business needs or the availability and need for other financial services within the area.
(29) “Women-owned” means that at least 51% of the savings and loan association is owned by a woman or women who make the policy decisions and actually manage day-to-day operations.
(Oct. 12, 1988, D.C. Law 7-175, § 2, 35 DCR 6133; Mar. 16, 1989, D.C. Law 7-187, § 3(a), 35 DCR 8648.)
Prior Codifications
1981 Ed., § 26-901.
Section References
This section is referenced in § 26-1211.
References in Text
“ 12 U.S.C. § 1730a,” referred to in (4), (5), (19)(C), (20)(C), and (24), was repealed by Pub. L. 101-73, title IV, § 407, August 9, 1989, 103 Stat. 363.
The Home Owners’ Loan Act of 1933, approved June 13, 1933, referred to in (10), as amended, is referred to as “The Home Owners’ Loan Act”.
The “Federal Home Loan Bank Board”, referred to in paragraphs (2) and (11), has been abolished. For provisions relating to the abolition of the Federal Home Loan Bank Board and the transfer of functions, personnel and property of that agency, see §§ 401 to 406 of Pub. L. 101-73, set out as a note under 12 U.S.C. § 1437.