reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 29 - Fiduciary Security Transfers › § 28–2908. Territorial application

§ 28–2908. Territorial application.
(a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.
(b) This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in the District of Columbia in connection with the acquisition, disposition, assignment or transfer of a security by or to a fiduciary and of a person who guarantees in the District of Columbia the signature of a fiduciary in connection with such a transaction.
(Aug. 30, 1964, 78 Stat. 674, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-2908.
1973 Ed., § 28-2908.
Editor's Notes
Uniform Law: This section is based upon § 8 of the Uniform Act for Simplification of Fiduciary Security Transfers.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 29 - Fiduciary Security Transfers › § 28–2909. Tax obligations

§ 28–2909. Tax obligations.
This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of the District of Columbia.
(Aug. 30, 1964, 78 Stat. 674, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-2909.
1973 Ed., § 28-2909.
Editor's Notes
Uniform Law: This section is based upon § 9 of the Uniform Act for Simplification of Fiduciary Security Transfers.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3102. Insolvency

§ 28–3102. Insolvency.
(a) A debtor is insolvent if the sum of the debtor’s debts is greater than all of the debtor’s assets, at a fair valuation.
(b) A debtor who is generally not paying his or her debts as they become due is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) of this section if the sum of the partnership’s debts is greater than the aggregate, at a fair valuation, of all of the partnership’s assets, and the sum of the excess of the value of each general partner’s nonpartnership assets over the partner’s nonpartnership debts.
(d) Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this chapter.
(e) Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3102.
Editor's Notes
Uniform Law: This section is based upon § 2 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3103. Value

§ 28–3103. Value.
(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred, or an antecedent debt is secured or satisfied. Value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s business to furnish support to the debtor or another person.
(b) For the purposes of sections 28-3104(a)(2) and 28-3105, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
(c) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3103.
Cross References
Attachment and garnishment, actions for fraudulent conveyance, see §§ 16-501 and 16-529.
Landlord and tenant, fraudulent attornment, see § 42-3232.
Editor's Notes
Uniform Law: This section is based upon § 3 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3104. Transfers fraudulent as to present and future creditors

§ 28–3104. Transfers fraudulent as to present and future creditors.
(a) A transfer made, or obligation incurred, by a debtor is fraudulent as to a creditor, whether the creditor’s claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:
(1) With actual intent to hinder, delay, or defraud any creditor of the debtor; or
(2) Without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:
(A) Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(B) Intended to incur, or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor’s ability to pay as they became due.
(b) In determining actual intent under subsection (a)(1) of this section, consideration may be given, among other factors, to whether:
(1) The transfer or obligation was to an insider;
(2) The debtor retained possession or control of the property transferred after the transfer;
(3) The transfer or obligation was disclosed or concealed;
(4) Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;
(5) The transfer was of substantially all the debtor’s assets;
(6) The debtor absconded;
(7) The debtor removed or concealed assets;
(8) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;
(9) The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;
(10) The transfer occurred shortly before or shortly after a substantial debt was incurred; and
(11) The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3104.
Section References
This section is referenced in § 28-3103, § 28-3108, and § 28-3109.
Editor's Notes
Uniform Law: This section is based upon § 4 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3105. Transfers fraudulent as to present creditors

§ 28–3105. Transfers fraudulent as to present creditors.
(a) A transfer made, or obligation incurred, by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
(b) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3105.
Section References
This section is referenced in § 28-3103, § 28-3108, and § 28-3109.
Editor's Notes
Uniform Law: This section is based upon § 5 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3106. When transfer is made or obligation is incurred

§ 28–3106. When transfer is made or obligation is incurred.
For the purposes of this chapter:
(1) A transfer is made:
(A) With respect to an asset that is real property other than a fixture, including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
(B) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee.
(2) If applicable law permits the transfer to be perfected as provided in paragraph (1) of this section and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action.
(3) If applicable law does not permit the transfer to be perfected as provided in paragraph (1) of this section, the transfer is made when it becomes effective between the debtor and the transferee.
(4) A transfer is not made until the debtor has acquired rights in the asset transferred.
(5) An obligation is incurred:
(A) If oral, when it becomes effective between the parties; or
(B) If evidenced by a writing, when the writing executed by the obligor is delivered to, or for the benefit of, the obligee.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773; Apr. 9, 1997, D.C. Law 11-255, § 27(c), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3106.
Editor's Notes
Uniform Law: This section is based upon § 6 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3107. Remedies of creditors

§ 28–3107. Remedies of creditors.
(a) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in section 28-3108, may obtain:
(1) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim;
(2) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by sections 16-501 through 16-584;
(3) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure:
(A) An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
(B) Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
(C) Any other relief the circumstances may require.
(b) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3107.
Section References
This section is referenced in § 28-3108.
Editor's Notes
Uniform Law: This section is based upon § 7 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3108. Defenses, liability, and protection of transferee

§ 28–3108. Defenses, liability, and protection of transferee.
(a) A transfer or obligation is not voidable under section 28-3104(a)(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
(b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under section 28-3107(a)(1), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c) of this section, or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(1) The first transferee of the asset or the person for whose benefit the transfer was made; or
(2) Any subsequent transferee other than a good-faith transferee or obligee who took for value or from any subsequent transferee or obligee.
(c) If the judgment under subsection (b) of this section is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(d) Notwithstanding voidability of a transfer or an obligation under this chapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(1) A lien on, or a right to retain, any interest in the asset transferred;
(2) Enforcement of any obligation incurred; or
(3) A reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under section 28-3104(a)(2) or section 28-3105 if the transfer results from:
(1) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2) Enforcement of a security interest in compliance with sections 28:9-101 through 28:9-507.
(f) A transfer is not voidable under section 28-3105(b):
(1) To the extent the insider gave new value to, or for the benefit of, the debtor after the transfer was made unless the new value was secured by a valid lien;
(2) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3108.
Section References
This section is referenced in § 28-3107.
Editor's Notes
Uniform Law: This section is based upon § 8 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3109. Extinguishment of cause of action

§ 28–3109. Extinguishment of cause of action.
A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought:
(1) Under section 28-3104(a)(1), within 4 years after the transfer was made or the obligation was incurred or, if later, within 1 year after the transfer or obligation was, or could reasonably have been discovered by the claimant;
(2) Under section 28-3104(a)(2) or section 28-3105(a), within 4 years after the transfer was made or the obligation was incurred; or
(3) Under section 28-3105(b), within 1 year after the transfer was made or the obligation was incurred.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3109.
Editor's Notes
Uniform Law: This section is based upon § 9 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3110. Supplementary provisions

§ 28–3110. Supplementary provisions.
Unless displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the laws relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement the provisions of this chapter.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3110.
Editor's Notes
Uniform Law: This section is based upon § 10 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31 - Fraudulent Conveyances › § 28–3111. Uniformity of application and construction

§ 28–3111. Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)
Prior Codifications
1981 Ed., § 28-3111.
Editor's Notes
Uniform Law: This section is based upon § 11 of the Uniform Fraudulent Transfer Act.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 31A - Dishonored Checks › § 28–3151. Definitions

§ 28–3151. Definitions.
For the purposes of this chapter, the term “merchant” means a person who does or would sell, lease, or transfer, either directly or indirectly, consumer goods or services, or a person who does or would supply the goods or services which are or would be the subject matter of a trade practice.
(May 12, 2006, D.C. Law 16-93, § 2, 53 DCR 1645; Mar. 25, 2009, D.C. Law 17-353, § 301, 56 DCR 1117.)
Effect of Amendments
D.C. Law 17-353 added this section to Title 28, an enacted title of the District of Columbia Official Code.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3302. Rate of interest not expressed and on judgments

§ 28–3302. Rate of interest not expressed and on judgments.
(a) The rate of interest in the District upon the loan or forbearance of money, goods, or things in action in the absence of expressed contract, is 6% per annum.
(b) Interest, when authorized by law, on judgments or decrees against the District of Columbia, or its officers, or its employees acting within the scope of their employment, is at the rate of not exceeding 4% per annum.
(c) The rate of interest on judgments and decrees, where the judgment or decree is not against the District of Columbia, or its officers, or its employees acting within the scope of their employment or where the rate of interest is not fixed by contract, shall be 70% of the rate of interest set by the Secretary of the Treasury pursuant to section 6621 of the Internal Revenue Code of 1986, approved October 22, 1986 (100 Stat. 2744; 26 U.S.C. § 6621), for underpayments of tax to the Internal Revenue Service, rounded to the nearest full percent, or if exactly 1/2 of 1%, increased to the next highest full percent; provided, that a court of competent jurisdiction may lower the rate of interest under this subsection for good cause shown or upon a showing that the judgment debtor in good faith is unable to pay the judgment. In the case of the judgments entered prior to the effective date of the Consumer Credit Interest Rate Amendment Act of 1981, that are not satisfied until after the effective date of the Consumer Credit Interest Rate Amendment Act of 1981, the rate of interest thereon shall be the rate of interest prescribed in this subsection from the effective date of the Consumer Credit Interest Rate Amendment Act of 1981, until the date of satisfaction.
(Aug. 30, 1964, 78 Stat. 765, Pub. L. 88-509, § 1; Mar. 10, 1982, D.C. Law 4-70, § 2, 28 DCR 5236; June 4, 1982, D.C. Law 4-112, § 9, 29 DCR 1687; Dec. 16, 1987, D.C. Law 7-61, § 2, 34 DCR 7089; Mar. 9, 1988, D.C. Law 7-82, § 2, 34 DCR 8117.)
Prior Codifications
1981 Ed., § 28-3302.
1973 Ed., § 28-3302.
Section References
This section is referenced in § 2-359.09, § 31-1101, § 31-4450, § 32-509, and § 32-1204.
Cross References
Domestic life companies, merger or consolidation, dissenting shareholders, see § 31-4450.
Family and medical leave, complaints, review, see § 32-509.
Government procurement, remedies, interest, see § 2-359.09.
Insurance premium finance companies, application of law, see § 31-1101.
Money lenders, interest and charges, limitations, see § 26-901 et seq.
Parental leave, administrative enforcement procedure, relief, see § 32-1204.
Pawnbrokers, excessive consideration prohibited, see § 47-2884.10.
References in Text
The “Consumer Credit Interest Rate Amendment Act of 1981”, referred to throughout subsection (c), is D.C. Law 4-70.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3303. Usury defined

§ 28–3303. Usury defined.
If a person or corporation contracts in the District,
(1) verbally, to pay a greater rate of interest than 6% per annum, or
(2) in writing, to pay a greater rate than is permitted under section 28-3301, 28-3308, under Chapter 36 of this subtitle, or under § 26-301 et seq., the creditor shall forfeit the whole of the interest so contracted to be received.
This section does not affect sections 26-901 to 26-912 .
(Aug. 30, 1964, 78 Stat. 675, Pub. L. 88-509, § 1; Dec. 17, 1971, 85 Stat. 665, Pub. L. 92-200, § 2; May 12, 1998, D.C. Law 12-111, § 25(a), 45 DCR 1782.)
Prior Codifications
1981 Ed., § 28-3303.
1973 Ed., § 28-3303.
Cross References
Institutions of higher education, pleading usury as a defense, see § 28-3315.
Pawnbrokers, excessive consideration prohibited, see § 47-2884.10.
References in Text
Sections 26-901 to 26-912, referred to in the last paragraph of this section, refer to the Act of Feb. 4, 1913, as amended, and as translated to the 2001 edition. D.C. Law 18-378 amended and enacted into law Title 29.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3304. Action to recover usury paid

§ 28–3304. Action to recover usury paid.
If a person or corporation in the District directly or indirectly takes or receives a greater amount of interest than is declared by this chapter to be lawful, whether in advance or not, the person or corporation paying the same may within one year after the date of payment sue for and recover the amount of the unlawful interest so paid.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3304.
1973 Ed., § 28-3304.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3305. Unlawful interest credited on principal debt

§ 28–3305. Unlawful interest credited on principal debt.
In an action upon a contract for the payment of money with interest at a rate forbidden by law, any payment of interest that may have been made on account of the contract is deemed to be payment made on account of the principal debt; and judgment shall be rendered for no more than the balance found due after deducting and properly crediting the interest so paid. A bona fide indorsee of negotiable paper purchased before due is not affected by any usury exacted by a former holder of the paper unless he had notice of the usury before his purchase.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3305.
1973 Ed., § 28-3305.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3306. Parties compelled to testify

§ 28–3306. Parties compelled to testify.
When in an action to recover a debt the defendant claims that payment of unlawful interest on the debt has been made to the plaintiff or those under whom he claims, which the defendant is entitled to have credited on the principal of the debt, the plaintiff or the party who received the unlawful interest may be examined as a witness to prove the payment, and may not be excused from testifying in relation thereto. A creditor who is made defendant in a proceeding for discovery as to payments of unlawful interest made to him may not be excused from answering.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3306.
1973 Ed., § 28-3306.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3307. Council of the District of Columbia authorized to exempt certain mortgages and loans

§ 28–3307. Council of the District of Columbia authorized to exempt certain mortgages and loans.
The Council of the District of Columbia is authorized from time to time to provide by regulation for the exemption from the provisions of this chapter of any mortgage or loan insured or guaranteed under the National Housing Act or Chapter 37 of Title 38, United States Code, the interest rate of which is subject to regulation by an officer or agency of the Federal Government. The Council is further authorized to amend or repeal any such regulation at any time, but no such amendment or repeal shall affect any such loan or mortgage lawfully made or committed to be made while such exemption is in effect.
(Aug. 20, 1970, 84 Stat. 828, Pub. L. 91-385, § 2(a); Apr. 9, 1997, D.C. Law 11-255, § 27(d), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3307.
1973 Ed., § 28-3307.
References in Text
The National Housing Act, referred to in the first sentence of this section, is codified in 12 U.S.C. § 1701 et seq.
Change in Government
This section originated at a time when local government powers were delegated to the District of Columbia Council and to a Commissioner of the District of Columbia. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3309. Council of the District of Columbia authorized to exempt certain loans, and to change rates of interest

§ 28–3309. Council of the District of Columbia authorized to exempt certain loans, and to change rates of interest.
The Council of the District of Columbia is authorized from time to time to provide by regulation for (1) the exemption from the provisions of this chapter of any loan or financial transaction, and (2) the change of any interest rate specified in this chapter. The Council is further authorized to amend or repeal any such regulation at any time, but no such amendment or repeal relating to any exemption made under authority of this section shall affect any such loan or financial transaction lawfully made or entered into while such exemption is in effect.
(Dec. 29, 1973, 87 Stat. 945, Pub. L. 93-229, § 1(a); Apr. 9, 1997, D.C. Law 11-255, § 27(f), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3309.
1973 Ed., § 28-3309.
Change in Government
This section originated at a time when local government powers were delegated to the District of Columbia Council and to a Commissioner of the District of Columbia. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of the Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3310. Consumer protections

§ 28–3310. Consumer protections.
(a)(1) A lender who receives scheduled periodic payments on more than 5 loans or financial transactions in a calendar year shall furnish to the borrower, upon request, but not more than 2 times a year, a statement, in writing stating the amount of:
(A) payments credited to reducing the principal;
(B) payments credited to interest;
(C) the remaining unpaid principal balance;
(2) A lender who receives scheduled periodic payments on more than 5 loans or financial transactions in a calendar year shall furnish to the borrower, at least 6 months and not more than 12 months prior to maturity of the loan or financial transaction, or, if the loan or financial transaction is for a period of less than 1 year, halfway through the loan period, a statement, in writing, stating the following:
(A) in the case of a loan or financial transaction which contains a schedule of payments under which each payment is not equal to, or substantially equal to, the other payments or if the intervals between payments are not substantially equal, the date or event upon which maturity occurs, and the projected principal loan balance that will be due at maturity of the loan or financial transaction; and
(B) in the case of a loan or financial transaction where the interest rate is not fixed for the term of the loan, the projected principal loan balance that will be due at maturity, assuming no change in the interest rate, and the conditions under which the interest rate may change and what limits or restrictions, if any, apply to changes in the interest rate.
(b) No delinquent or late charge shall be contracted for or received which does not meet all of the following requirements:
(1) the delinquency shall have continued for at least 10 calendar days;
(2) a delinquent or late charge shall not have already been charged for the same delinquent or late periodic installment; and
(3) the delinquent or late charge shall not exceed 5% of the total amount of the delinquent or late periodic installment of principal and interest.
(Mar. 14, 1984, D.C. Law 5-62, § 4, 31 DCR 114.)
Prior Codifications
1981 Ed., § 28-3310.
Section References
This section is referenced in § 28-3301.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3312. Unlawful practices

§ 28–3312. Unlawful practices.
It shall be a violation of this chapter for any lender to:
(1) misrepresent as to a material fact;
(2) fail to state a material fact;
(3) disparage the services or business of another by false or misleading representations of material facts;
(4) advertise or offer services without the intent to provide them or without the intent to provide them as advertised or offered;
(5) include in the loan or financial transaction agreement an acceleration clause under which any part or all of the unpaid balance of the loan or financial transaction not yet matured may be declared due and payable for any reason other than due to default by the borrower in the payment or in accordance with another term of the agreement; or
(6) include in the loan or financial transaction agreement any provision by which the borrower waives any right accruing to him under the provisions of this chapter.
(Mar. 14, 1984, D.C. Law 5-62, § 4, 31 DCR 114; Apr. 9, 1997, D.C. Law 11-255, § 27(g), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3312.
Section References
This section is referenced in § 28-3301.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3313. Penalties

§ 28–3313. Penalties.
Any lender who wilfully violates any provision of this chapter shall, upon conviction thereof, be fined not more than the amount set forth in [§ 22-3571.01] or imprisoned for not more than 1 year, or both.
(Mar. 14, 1984, D.C. Law 5-62, § 4, 31 DCR 114; June 11, 2013, D.C. Law 19-317, § 285(b), 60 DCR 2064.)
Prior Codifications
1981 Ed., § 28-3313.
Section References
This section is referenced in § 28-3301.
Effect of Amendments
The 2013 amendment by D.C. Law 19-317 substituted “not more than the amount set forth in [§ 22-3571.01]” for “not more than $1,000”.
Emergency Legislation
For temporary (90 days) amendment of this section, see § 285(b) of the Criminal Fine Proportionality Emergency Act of 2013 (D.C. Act 20-45, April 1, 2013, 60 DCR 5400, 20 DCSTAT 1300).
Editor's Notes
Applicability of D.C. Law 19-317: Section 401 of D.C. Law 19-317 provided that the act shall apply only to offenses committed on or after June 11, 2013.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3314. Right of action

§ 28–3314. Right of action.
Any borrower who suffers a violation of any provision of this chapter by any lender may bring an action in the Superior Court of the District of Columbia to recover, or obtain, or enforce any of the following:
(1) reasonable attorney’s fees;
(2) actual and punitive damages; or
(3) any other relief which the court deems proper.
(Mar. 14, 1984, D.C. Law 5-62, § 4, 31 DCR 114; Apr. 9, 1997, D.C. Law 11-255, § 27(h), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3314.
Section References
This section is referenced in § 28-3301.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 33 - Interest and Usury › § 28–3315. Exemption of institutions of higher learning from usury law

§ 28–3315. Exemption of institutions of higher learning from usury law.
Any institution of higher education located in the District of Columbia and described in the first sentence of section 101(a) of the Higher Education Amendments, approved October 7, 1998 (112 Stat. 1385; 20 U.S.C. § 1001(a) ) (other than District of Columbia Teachers’ College, Federal City College, Gallaudet College, and Howard University) may borrow money at such rates of interest as the institution may determine, without regard to the restrictions of any usury law applicable in the District of Columbia, and shall not plead any statutes against usury in any action.
(July 2, 2011, D.C. Law 18-378, § 3(i)(3), 58 DCR 1720.)
Prior Codifications
2001 Ed., § 29-631.
1981 Ed., § 29-820.
1973 Ed., § 29-421.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 35 - Statute of Frauds › § 28–3501. Estate created otherwise than by deed

§ 28–3501. Estate created otherwise than by deed.
An estate, attempted to be created for a greater term than one year in real estate, other than by deed, is an estate by sufferance.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3501.
1973 Ed., § 28-3501.
Cross References
Estates in land, written instruments, requirements, see §§ 42-306 and 42-522.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 35 - Statute of Frauds › § 28–3502. Special promise to answer for debt or default of another

§ 28–3502. Special promise to answer for debt or default of another.
An action may not be brought to charge an executor or administrator upon a special promise to answer damages out of his own estate, or to charge the defendant upon a special promise to answer for the debt, default, or miscarriage of another person, or to charge a person upon an agreement made upon consideration of marriage, or upon a contract or sale of real estate, of any interest in or concerning it, or upon an agreement that is not to be performed within one year from the making thereof, unless the agreement upon which the action is brought, or a memorandum or note thereof, is in writing, which need not state the consideration and signed by the party to be charged therewith or a person authorized by him.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3502.
1973 Ed., § 28-3502.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 35 - Statute of Frauds › § 28–3503. Declaration, grant, and assignment of trust

§ 28–3503. Declaration, grant, and assignment of trust.
A declaration or creation of trust or confidence of real estate which is not in writing, signed by the party who is by law enabled to declare the trust or by his last will in writing, is void.
A grant or assignment of a trust or confidence which is not in writing, signed by the party granting or assigning it, or by his last will, is void.
Where a conveyance is made of real estate by which a trust or confidence is or may arise or result by the implication or construction of law, or is transferred or extinguished by an act or operation of law, the trust or confidence is of the same effect as it would have been if this section had not been enacted.
(Aug. 30, 1964, 78 Stat. 676, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3503.
1973 Ed., § 28-3503.
Cross References
Estates, conveyances, see § 42-301 et seq.
Estates in land, see § 42-501 et seq.
Mortgages and deeds of trust, see § 42-801 et seq.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 35 - Statute of Frauds › § 28–3504. New promise or acknowledgment of contract — Action against joint contractors

§ 28–3504. New promise or acknowledgment of contract — Action against joint contractors.
In an action upon a simple contract, an acknowledgement, or promise, by words only is not sufficient evidence of a new or continuing contract whereby to take the case out of the operation of the statute of limitations or to deprive a party of the benefit thereof unless the acknowledgement, or promise, is in writing, signed by the party chargeable thereby. This section does not alter or take away, or lessen the effect of a payment of principal or interest made by any person. In actions against two or more joint contractors, or executors, or administrators, if it appears at the trial, or otherwise, that the plaintiff, though barred by the statute of limitations as to one or more of the defendants, is nevertheless entitled to recover against any other defendant by virtue of a new acknowledgment, or promise, or otherwise, judgment may be given for the plaintiff as to that defendant. An indorsement or memorandum of a payment written or made upon a promissory note, bill of exchange, or other writing, by or on behalf of the party to whom the payment is to be made, is not sufficient proof of the payment so as to take the case out of the operation of the statute of limitations.
(Aug. 30, 1964, 78 Stat. 677, Pub. L. 88-509, § 1; Apr. 9, 1997, D.C. Law 11-255, § 27(i), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3504.
1973 Ed., § 28-3504.
Cross References
States of limitations, see § 12-301 et seq.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 35 - Statute of Frauds › § 28–3505. New promise or acknowledgement of debt incurred during infancy

§ 28–3505. New promise or acknowledgement of debt incurred during infancy.
An action may not be maintained to charge a person upon an acknowledgment of, or promise to pay, a debt contracted during infancy, made after full age, except for necessaries, unless the acknowledgement or promise is in writing signed by the party to be charged therewith. This section does not affect ratification by conduct.
(Aug. 30, 1964, 78 Stat. 677, Pub. L. 88-509, § 1.)
Prior Codifications
1981 Ed., § 28-3505.
1973 Ed., § 28-3505.
Cross References
Age of majority, contracts, see § 28:1-103.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 36 - Direct Motor Vehicle Installment Loans › § 28–3601. Direct motor vehicle installment loans

§ 28–3601. Direct motor vehicle installment loans.
The provisions of the Act approved April 22, 1960 (Public Law 86-431, 74 Stat. 69; D.C. Code, 1967 Ed., Chapter 9 of Title 40, [Chapter 6 of Title 50, 2001 Ed.]), covering installment sales of motor vehicles, as amended, and the regulations issued thereunder, shall apply to the extent appropriate to, a direct installment loan, secured by a security interest in a motor vehicle, made by a federally insured bank or savings and loan association doing business in the District of Columbia, subject to section 28-3602 .
(Dec. 17, 1971, 85 Stat. 666, Pub. L. 92-200, § 4.)
Prior Codifications
1981 Ed., § 28-3601.
1973 Ed., § 28-3601.
Cross References
Automobile Consumer Protection Act, see § 50-501.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 36 - Direct Motor Vehicle Installment Loans › § 28–3602. Finance charge

§ 28–3602. Finance charge.
Such a bank or savings and loan association may contract for and receive interest at the rate provided for in Chapter 33 of this subtitle, or, in lieu of such interest, a finance charge which, if expressed as an annual percentage rate, does not exceed a rate of 21% per annum on the unpaid balances of principal.
(Dec. 17, 1971, 85 Stat. 667, Pub. L. 92-200, § 4; Mar. 10, 1982, D.C. Law 4-70, § 4, 28 DCR 5236.)
Prior Codifications
1981 Ed., § 28-3602.
1973 Ed., § 28-3602.
Section References
This section is referenced in § 28-3601.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 36 - Direct Motor Vehicle Installment Loans › § 28–3603. Definitions

§ 28–3603. Definitions.
As used in this chapter, “finance charge” and “annual percentage rate” shall have the respective meanings under the provisions of the Truth-in-Lending Act (82 Stat. 146 et seq.; 15 U.S.C. 1601 et seq.) and the regulations and interpretations thereunder; and “federally insured bank or savings and loan association” means an insured bank as defined in section 3 of the Federal Deposit Insurance Act or an “insured institution” as defined in section 401 of the National Housing Act.
(Dec. 17, 1971, 85 Stat. 667, Pub. L. 92-200, § 4.)
Prior Codifications
1981 Ed., § 28-3603.
1973 Ed., § 28-3603.
References in Text
Section 3 of the Federal Deposit Insurance Act and section 401 of the National Housing Act, both referred to in this section, are codified in 12 U.S.C. §§ 1813 and 1724, respectively. 12 U.S.C. § 1724 was repealed by Pub. L. 101-73, title IV, § 407, August 9, 1989, 103 Stat. 363.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 38 - Consumer Protections › Subchapter I - General › § 28–3801. Scope — Limitation on agreements and practices

§ 28–3801. Scope — Limitation on agreements and practices.
This subchapter applies to actions to enforce rights arising from a consumer credit sale or a direct installment loan.
(Dec. 17, 1971, 85 Stat. 668, Pub. L. 92-200, § 4; June 17, 2020, D.C. Law 23-98, § 2(a)(2), 67 DCR 3923.)
Prior Codifications
1981 Ed., § 28-3801.
1973 Ed., § 28-3801.
Cross References
Automobile Consumer Protection Act, see § 50-501.
Consumer protection procedures, unlawful trade practices, see § 28-3904.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 38 - Consumer Protections › Subchapter I - General › § 28–3802. Definitions

§ 28–3802. Definitions.
As used in this chapter —
(1) “revolving credit account” means a revolving credit account as defined in section 28-3701 of this subtitle;
(2) “consumer credit sale” means a sale of goods or services in which —
(A) a credit is granted by a person who regularly engages as a seller in credit transactions of the same kind;
(B) the buyer is a natural person;
(C) the goods or services are purchased primarily for a personal, family, household, or agricultural purpose;
(D) either the debt is payable in installments or a finance charge is made; and
(E) the amount financed does not exceed $25,000.
The term includes any contract in the form of a bailment or lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the property and services involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the property upon full compliance with his obligations under the contract.
(3) “direct installment loan” means a direct installment loan as that term is used in section 28-3308 and does not include a loan secured on real estate or a direct motor vehicle installment loan covered by Chapter 36 of this subtitle.
(4) “cross collateral” means an arrangement wherein a seller in a “consumer credit sale” secures a debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as a security for the previous debt.
(Dec. 17, 1971, 85 Stat. 669, Pub. L. 92-200, § 4; Apr. 9, 1997, D.C. Law 11-255, § 27(l), 44 DCR 1271; Apr. 20, 1999, D.C. Law 12-264, § 27(a), 46 DCR 2118.)
Prior Codifications
1981 Ed., § 28-3802.
1973 Ed., § 28-3802.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 38 - Consumer Protections › Subchapter I - General › § 28–3803. Balloon payments

§ 28–3803. Balloon payments.
With respect to a consumer credit sale or direct installment loans except for revolving credit accounts:
(1) No creditor shall at any time enter into an agreement which contains or anticipates a schedule of payments under which any one payment is not equal or substantially equal to all other payments, excluding any final payment which is less than the average of previous payments or any down payment received by the creditor contemporaneously with or prior to the consummation of the transaction, or under which the intervals between any consecutive payments differ substantially.
(2) Notwithstanding any provision of this section, where a consumer’s livelihood is dependent upon seasonal or intermittent income, the parties may agree in a separate writing that one or more payments or the intervals between one or more payments may be reduced or expanded in accordance with the needs of the consumer if such payments are expressly related to the consumer’s income. The separate writing shall contain a conspicuous notice directly above the signature line stating: “I waive my right to have all payments to be made under this agreement in substantially equal amounts”.
(3) In the event that the provisions of paragraph (2) of this subsection apply, the consumer shall have the right at any time, without further cost or obligation, to revise the schedule of payments to conform both as to amounts and intervals to the average of all installments and intervals.
(Dec. 17, 1971, 85 Stat. 669, Pub. L. 92-200, § 4; Apr. 9, 1997, D.C. Law 11-255, § 27(m), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 28-3803.
1973 Ed., § 28-3803.
Section References
This section is referenced in § 28-3909.
Cross References
Consumer protection procedures, restraining prohibited acts, see § 28-3909.
2023 District of Columbia Code › Title 28 - Commercial Instruments and Transactions. [Enacted title] › Chapter 38 - Consumer Protections › Subchapter I - General › § 28–3804. Assignment of earnings and authorization to confess judgment prohibited

§ 28–3804. Assignment of earnings and authorization to confess judgment prohibited.
(a) A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of an obligation arising out of a consumer credit sale or direct installment loan.
(b) A creditor may not take or accept from the consumer a warrant or power of attorney or other authorization for the creditor, or other person acting on his behalf, to confess judgment arising out of a consumer credit sale or direct installment loan.
(c) An assignment of earnings or an authorization in violation of this section is subject to the provisions of section 28-3813(d)(1) of this subtitle.
(Dec. 17, 1971, 85 Stat. 670, Pub. L. 92-200, § 4.)
Prior Codifications
1981 Ed., § 28-3804.
1973 Ed., § 28-3804.