reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1010. Renewal of license and annual report

§ 26–1010. Renewal of license and annual report.
(a) The annual fee for renewal of a license shall be $500, plus $25 for each location in the District of Columbia, but not to exceed a maximum aggregate amount of $2,500. The renewal term of a license shall be one calendar year.
(b) The renewal fee shall be accompanied by a report, in a form prescribed by rule by the Superintendent [Commissioner], which form shall be sent by the Superintendent [Commissioner] to each licensee no later than 3 months immediately preceding December 31 of each year. The licensee must include in its annual renewal report:
(1) A copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder’s equity and statement of changes in financial position, or, in the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee’s audited annual financial statement;
(2) The number of payment instruments sold by the licensee in the District of Columbia, the dollar amount of those instruments, and the dollar amount of those instruments currently outstanding for the most recent quarter for which data is available prior to the date of the filing of the renewal application, but in no event more than 120 days prior to the renewal date;
(3) Any material changes to any of the information submitted by the licensee on its original application which have not previously been reported to the Superintendent [Commissioner] on any other report required to be filed under this chapter;
(4) A list of the licensee’s permissible investments; and
(5) A list of the locations within the District of Columbia at which business regulated by this chapter is being conducted by either the licensee or its authorized delegate.
(July 18, 2000, D.C. Law 13-140, § 11, 47 DCR 3431.)
Section References
This section is referenced in § 26-1013.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1011. Special reporting requirements

§ 26–1011. Special reporting requirements.
Within 15 days of the occurrence of any of the events listed below, a licensee shall file a written report with the Superintendent [Commissioner] describing the event and its expected impact on the licensee’s activities in the District:
(1) The filing for bankruptcy or reorganization by the licensee;
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensees’ money transmission activities;
(3) Any felony indictment of the licensee or any of its key officers or directors related to money transmission activities; or
(4) Any felony conviction of the licensee or any of its key officers or directors related to money transmission activities.
(July 18, 2000, D.C. Law 13-140, § 12, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1013. Examinations

§ 26–1013. Examinations.
(a) The Superintendent [Commissioner] may in his discretion conduct an on-site examination of a licensee upon 45 days written notice to the licensee. The licensee shall pay all reasonably incurred costs of the examination. The on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of another state. The Superintendent [Commissioner], in lieu of an on-site examination, may accept the examination report of an agency of another state; or a report prepared by an independent accounting firm; and reports so accepted shall be considered for all purposes as an official report of the Superintendent [Commissioner].
(b) The Superintendent [Commissioner] may (1) request financial data from a licensee in addition to that required under § 26-1010 or (2) conduct an on-site examination of a licensee, authorized delegate or location of a licensee within the District of Columbia without prior notice to the authorized delegate or licensee if the Superintendent [Commissioner] has a reasonable basis to believe that the licensee or authorized delegate is not in compliance with this chapter. When the Superintendent [Commissioner] examines an authorized delegate’s operations, the authorized delegate shall pay all reasonably incurred costs of the examination. When the Superintendent [Commissioner] examines a licensee’s location within the District of Columbia, the licensee shall pay all reasonably incurred costs of the examination.
(July 18, 2000, D.C. Law 13-140, § 14, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1014. Maintenance of records

§ 26–1014. Maintenance of records.
(a) Each licensee, shall make, keep and preserve the following books, accounts and other records for a period of 3 years:
(1) A record of each payment instrument sold;
(2) A general ledger containing all assets, liability, capital, income and expense accounts, which general ledger shall be posted at least monthly;
(3) Settlement sheets received from authorized delegates;
(4) Bank statements and bank reconciliation records;
(5) Records of outstanding payment instruments;
(6) Records of each payment instrument paid within the 3 year period;
(7) A list of the names and addresses of all of the licensee’s authorized delegates; and
(8) Records it is required to maintain pursuant to 31 C.F.R. Part 103.
(b) Maintenance of such documents as are required by this section in a photographic, electronic, or other similar form shall constitute compliance with this section.
(c) Records may be maintained at a location other than within the District of Columbia so long as they are made accessible to the Superintendent [Commissioner] within 7 days of written notice by the Superintendent [Commissioner].
(July 18, 2000, D.C. Law 13-140, § 15, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1015. Suspension or revocation of licenses

§ 26–1015. Suspension or revocation of licenses.
After notice and hearing, the Superintendent [Commissioner] may suspend or revoke a licensee’s license if the Superintendent [Commissioner] finds that:
(1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;
(2) The licensee’s net worth becomes inadequate and the licensee, after 10 days written notice from the Superintendent [Commissioner], fails to take such steps as the Superintendent [Commissioner] deems necessary to remedy such deficiency;
(3) The licensee knowingly violates any material provision of this chapter or any rule or order validly promulgated by the Superintendent [Commissioner] under authority of this chapter;
(4) The licensee is conducting its business in an unsafe or unsound manner;
(5) The licensee is insolvent;
(6) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(7) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;
(8) The licensee refuses to permit the Superintendent [Commissioner] to make any examination authorized by this chapter;
(9) The licensee willfully fails to make any report required by this chapter; or
(10) The licensee has willfully violated any provision of the regulations set forth at 31 C.F.R. Part 103.
(July 18, 2000, D.C. Law 13-140, § 16, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1016. Authorized delegate contracts

§ 26–1016. Authorized delegate contracts.
A Licensee which purposes to conduct licensed activities through an authorized delegate shall authorize each delegate to operate pursuant to an express written contract appointing the person as its delegate with authority to engage in money transmission on behalf of the licensee.
(July 18, 2000, D.C. Law 13-140, § 17, 47 DCR 3431.)
Section References
This section is referenced in § 26-1001 and § 26-1003.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1017. Authorized delegate conduct

§ 26–1017. Authorized delegate conduct.
(a) An authorizing delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the Superintendent [Commissioner].
(b) All money transmission or sale or issuance of payment instrument activities conducted by authorized delegates shall be strictly in accordance with the licensee’s written procedures provided to the authorized delegate.
(c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. An authorized delegate who fails to remit all money owing to a licensee within the time required shall be liable to the licensee for treble damages. The Superintendent [Commissioner] shall have the discretion to set, by regulation, the maximum remittance time.
(d) An authorized delegate is deemed to consent to inspection by the Superintendent [Commissioner], with or without prior notice to the licensee or authorized delegate, of the books and records of the authorized delegate when the Superintendent [Commissioner] has a reasonable basis to believe that the licensee or authorized delegate is not in compliance with this chapter.
(e) An authorized delegate is under a duty to act only as authorized under the contract with the licensee. An authorized delegate who exceeds its authority is subject to cancellation of its contract and further disciplinary action by the Superintendent [Commissioner].
(f) All funds, less fees, received by an authorized delegate of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized delegate for transmission shall, from the time such funds are received by such authorized delegate until such time when the funds or an equivalent amount are remitted by the authorized delegate to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized delegate commingles any such funds with any other funds or property owned or controlled by the authorized delegate, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
(g) An authorized delegate shall report to the licensee the theft or loss of payment instruments within 24 hours from the time it knew or should have known of the theft or loss.
(July 18, 2000, D.C. Law 13-140, § 18, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1018. Revocation or suspension of authorized delegates

§ 26–1018. Revocation or suspension of authorized delegates.
(a) If, after notice and a hearing, the Superintendent [Commissioner] finds that an authorized delegate of a licensee or any director, officer, employee, or controlling person of the authorized delegate (1) has violated any provision of this chapter or of any rule or regulation or order issued under this chapter, (2) has engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission, (3) has willfully violated any provision of the regulations set forth in 31 C.F.R. Part 103, or (4) has made, or caused to be made in any application or report filed with the Superintendent [Commissioner] or in any proceeding before the Superintendent [Commissioner], any statement which was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact which is required to be stated therein, the Superintendent [Commissioner] may issue an order suspending or barring the authorized delegate from continuing to be, or becoming, an authorized delegate of any licensee during the period for which the order is in effect. Upon issuance of the order, the licensee shall terminate its relationship with the authorized delegate according to the terms of the order.
(b) An authorized delegate to whom an order is issued under this section may apply to the Superintendent [Commissioner] to modify or rescind such order. The Superintendent [Commissioner] shall not grant such application unless the Superintendent [Commissioner] finds that it is in the public interest to do so and that it is reasonable to believe that such person will, if such person is permitted to resume being an authorized delegate of a licensee, comply with all applicable provisions of this chapter and of any regulation or order issued under this chapter.
(July 18, 2000, D.C. Law 13-140, § 19, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1019. Licensee liability

§ 26–1019. Licensee liability.
The liability of a licensee to any person for a money transmission conducted by the licensee, or an authorized delegate of the licensee, on behalf of the person shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased.
(July 18, 2000, D.C. Law 13-140, § 20, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1020. Hearings and procedures

§ 26–1020. Hearings and procedures.
The provisions of subchapter I of Chapter 5 of Title 2 shall apply to any hearing afforded pursuant to this chapter.
(July 18, 2000, D.C. Law 13-140, § 21, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1021. Civil penalties

§ 26–1021. Civil penalties.
(a) Any person who violates any provision of this chapter, any rule or regulation or order issued or promulgated 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) The Corporation Counsel for the District of Columbia may bring proceedings to recover all amounts due to the District under this section.
(c) The Superintendent [Commissioner], in the exercise of his reasonable judgment, is authorized to compromise, settle, and collect civil penalties with or from any person for violations of any provision of this chapter, or of any rule, regulation or order issued or promulgated pursuant to this chapter.
(July 18, 2000, D.C. Law 13-140, § 22, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1022. Enforcement

§ 26–1022. Enforcement.
(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 or an authorized delegate has violated, is violating, or is about to violate any provision of this chapter or any rule, regulation or order imposed by the Superintendent [Commissioner], or written agreement entered into with the 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 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, or authorized delegate to cease and desist the violation.
(d) The Superintendent [Commissioner] may issue and serve upon the licensee, or person required to be licensed, or authorized delegate a final cease and desist order if:
(1) The licensee or person or authorized delegate 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 or authorized delegate served with the notice of charges fails to appear at the hearing, in which case the licensee or person or authorized delegate 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. 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.
(July 18, 2000, D.C. Law 13-140, § 23, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1023. Criminal penalties

§ 26–1023. Criminal penalties.
(a) Any person who knowingly and willfully violates any provision of this chapter for which a penalty is not specifically provided shall be guilty of a misdemeanor and, on conviction thereof, shall be fined not more than $5,000, or imprisoned for more than 1 year, or both.
(b) Any person who knowingly and willfully makes a material, false statement in any document filed or required to be filed under this chapter with the intent to deceive the recipient of the document shall be guilty of a felony and, on conviction thereof, shall be fined not more than $10,000, or imprisoned for not more than 3 years, or both.
(c) Any person who engages in the business of money transmission without a license as provided herein shall be guilty of a felony and, on conviction thereof, shall be fined not more than $25,000, or imprisoned for not more than 5 years, or both.
(July 18, 2000, D.C. Law 13-140, § 24, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1024. Promulgation of rules

§ 26–1024. Promulgation of rules.
The Superintendent [Commissioner] is authorized to promulgate rules and regulations to implement this chapter.
(July 18, 2000, D.C. Law 13-140, § 25, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1025. Consent to jurisdiction

§ 26–1025. Consent to jurisdiction.
Any licensee, authorized delegate, or other person who knowingly engages in business activities that are regulated under this chapter, with or without filing an application, is deemed to have consented to the jurisdiction of the courts of the District of Columbia for all actions arising under this chapter.
(July 18, 2000, D.C. Law 13-140, § 26, 47 DCR 3431.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1026. Multiple licenses

§ 26–1026. Multiple licenses.
Any person licensed under this chapter shall not be required to obtain a separate license to engage in cashing of checks in the District of Columbia under Chapter 3 of this title.
(July 18, 2000, D.C. Law 13-140, § 27, 47 DCR 3431.)
Emergency Legislation
For temporary addition of a new Chapter 13 of Title 26, comprised of §§ 26-1301 through 26-1306 1981 Ed., see § 12(a)-(f) of the Child Support and Welfare Reform Compliance Second Emergency Amendment Act of 1998 (D.C. Act 12-439, November 10, 1998, 45 DCR 6110), § 12(a)-(f) of the Child Support and Welfare Reform Compliance Legislative Review Emergency Amendment Act of 1998 (D.C. Act 12-503, February 2, 1999, 45 DCR 8495), and § 12(a)-(f) of the Child Support and Welfare Reform Compliance Second Congressional Review Emergency Amendment Act of 1998 (D.C. Act 12-600, January 20, 1999, 46 DCR 1239).
For temporary (90-day) addition of §§ 26-1301 to 26-1306 1981 Ed., see § 201(a) to (f) of the Child Support and Welfare Reform Compliance Emergency Amendment Act of 1999 (D.C. Act 13-126, August 4, 1999, 46 DCR 6606).
For temporary (90-day) addition of §§ 26-1301 to 26-1306 1981 Ed., see § 201(a) to (f) of the Child Support and Welfare Reform Compliance Legislative Review Emergency Amendment Act of 1999 (D.C. Act 13-177, November 2, 1999, 46 DCR 9678).
For temporary (90-day) addition of §§ 26-1301 to 26-1306 1981 Ed., see § 201(a) to (f) of the Child Support and Welfare Reform Compliance Congressional Review Emergency Amendment Act of 1999 (D.C. Act 13-241, January 11, 2000, 47 DCR 581).
Temporary Legislation
Section 13 of D.C. Law 12-210 and § 201 of D.C. Law 13-57 ( 46 DCR 8894) each added sections designated as §§ 26-1301 to 26-1306 1981 Ed., relating to data match requirements for financial institutions. Section 15(b) of D.C. Law 12-210 and § 401(b) of D.C. Law 13-57 each provide that their respective act shall expire after 225 days of its having taken effect.
Section 15(b) of D.C. Law 12-210 and § 401(b) of D.C. Law 13-57 each provide that their respective act shall expire after 225 days of having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 10 - Money Transmissions › § 26–1027. Receipts

§ 26–1027. Receipts.
(a) A licensee who receives money or equivalent value for a money transmission shall provide an itemized receipt to the customer that clearly states the amount of money or the equivalent value presented by the customer for the money transmission and the fees charged by the money transmission licensee.
(b) If the licensee fixes, when the money transmission is initiated, the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided by subsection (a) of this section shall disclose the rate of exchange for the transaction and any limit on the length of time that the payment will be made at that fixed rate of exchange.
(c) If a licensee does not fix the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided under subsection (a) of this section shall disclose that the rate of exchange for the money transmission will be set when the person designated by the customer to receive the money takes possession of the money.
(d) For the purposes of this section:
(1) Money is deemed to have been transmitted when it is available to the person designated by the customer, whether or not the designated person has taken possession of the money.
(2) The term “fees” shall not include revenue that a licensee or its authorized delegate generates, in connection with a money transmission, in converting the money of the government into the money of another government.
(July 18, 2000, D.C. Law 13-140, § 27a; as added Mar. 12, 2011, D.C. Law 18-315, § 3, 57 DCR 12412.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1106. Rejection of license application

§ 26–1106. Rejection of license application.
(a)(1) If an applicant does not meet the requirements of § 26-1103, the Superintendent [Commissioner] shall:
(A) Immediately notify the applicant in writing of this fact;
(B) Return the bond filed under § 26-1103; and
(C) Refund the license fee.
(2) The Superintendent [Commissioner] shall, subject to the appropriations process, keep the investigation fee and application fee.
(b) Within 30 days after the Superintendent [Commissioner] denies an application, the Superintendent [Commissioner] shall:
(1) Issue a written decision containing the reasons upon which the denial was based;
(2) Send a copy of the decision to the applicant; and
(3) Advise the applicant of a right to a hearing which shall be held in accordance with subchapter I of Chapter 5 of Title 2.
(c)(1) An applicant who seeks a hearing on a license application denial shall file a written request for a hearing within 45 days following receipt of the written decision for denial.
(2) A hearing date established in response to the filing of a notice under this subsection may be postponed only once for a period of up to 30 days after the initial hearing date.
(Sept. 9, 1996, D.C. Law 11-155, § 7, 43 DCR 4213.)
Prior Codifications
1981 Ed., § 26-1006.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1108. Change of place of business

§ 26–1108. Change of place of business.
(a) A licensee may not change the place of business for which a license is issued unless the licensee:
(1) Notifies the Superintendent [Commissioner] in writing of the proposed change; and
(2) Receives the written consent of the Superintendent [Commissioner].
(b) The application for a change of place of business shall be approved unless the Superintendent [Commissioner] finds that the applicant has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with all applicable laws and regulations.
(c) Notwithstanding subsection (a)(2) of this section, if the Superintendent [Commissioner] does not approve or disapprove of the proposed change of place of business within 30 days of the mailing of the notice required under subsection (a)(1) of this section, the proposed change of place of business shall be deemed approved.
(d) After approval, the applicant for a change of place of business shall give written notice to the Superintendent [Commissioner] within 10 days after the commencement of business at the additional or relocated office.
(e) Every licensee shall notify the Superintendent [Commissioner], in writing of the closing of any office not less than 10 days before such closing, and of the name, address, and position of each new principal, officer, member, partner, or director not more than 10 days after such new principal, officer, member, partner, or director assumes such position. Every licensee shall also provide such other information with respect to any such changes as the Superintendent [Commissioner] may reasonably require.
(Sept. 9, 1996, D.C. Law 11-155, § 9, 43 DCR 4213.)
Prior Codifications
1981 Ed., § 26-1008.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1109. Record keeping requirements

§ 26–1109. Record keeping requirements.
(a) Each licensee shall keep and make available to the Superintendent [Commissioner] at the licensee’s place of business any books and records that the Superintendent [Commissioner], by rule or regulation, requires to enable the Superintendent [Commissioner] to enforce this chapter and any rule or regulation adopted under this chapter.
(b) Each mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first occurs, copies of the note, settlement statement, truth-in-lending disclosure, and such other papers or records relating to the loan as may be required by rule or regulation.
(c) On approval of the Superintendent [Commissioner], a licensee need not keep at the licensee’s place of business any books and records otherwise required by the Superintendent [Commissioner] under subsection (a) of this section if the licensee:
(1) Is a federally approved seller-servicer; or
(2)(A) Makes the books and records available to the Superintendent [Commissioner] at the licensee’s place of business within 5 business days of the Superintendent’s [Commissioner’s] official request; and
(B) Retains the records for at least 60 months in a storage facility disclosed to the Superintendent [Commissioner].
(d) Each independent contractor or mortgage broker required to be licensed under this chapter shall retain for at least 3 years after a mortgage loan is made the original contract for his or her compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers or records as may be required by rule or regulation.
(Sept. 9, 1996, D.C. Law 11-155, § 10, 43 DCR 4213; July 18, 2009, D.C. Law 18-38, § 2(f), 56 DCR 4290.)
Prior Codifications
1981 Ed., § 26-1009.
Effect of Amendments
D.C. Law 18-38, in subsec. (d), substituted “independent contractor or mortgage broker” for “mortgage broker”.
Emergency Legislation
For temporary (90 day) amendment of section, see § 2(f) of Mortgage Lender and Broker Emergency Amendment Act of 2008 (D.C. Act 17-617, December 22, 2008, 56 DCR 189).
For temporary (90 day) amendment of section, see § 2(f) of Mortgage Lender and Broker Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-31, March 16, 2009, 56 DCR 2327).
Temporary Legislation
Section 2(f) of D.C. Law 17-350, in subsec. (d), substituted “independent contractor or mortgage broker” for “mortgage broker”.
Section 5(b) of D.C. Law 17-350 provided that the act shall expire after 225 days of its having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1110. Annual report

§ 26–1110. Annual report.
(a) Each mortgage lender or mortgage broker required to be licensed under this chapter shall annually, on or before March 31, file a written report with the Superintendent [Commissioner] containing such information as the Superintendent [Commissioner] may require concerning the licensee’s operations during the preceding calendar year as to each licensed place of business. Reports shall be accompanied by a sworn affidavit and in the form prescribed by the Superintendent [Commissioner] who shall make and publish annually an analysis and recapitulation of the reports.
(b) Annual reports shall include:
(1) The number and total dollar amount of mortgage loans which were originated or purchased by the licensee in the District during each fiscal year for which a valid license is maintained by the licensee;
(2) The number and dollar amount of all loans where the applicant filed notices of intent to foreclose in the last year, including the borrower’s:
(A) Address;
(B) Tract income level;
(C) Racial characteristics; and
(D) Census tract where the property is located; and
(3) The number of loans brokered, originated, made, and serviced under Chapter 11A of this title.
(c) Any information relating to mortgage loans required to be maintained under subsection (b) of this section shall be itemized in order to disclose for each such item:
(1) The number and dollar amount of mortgage loans made to mortgagors who did not, at the time of execution of the mortgage, intend to reside in the property securing the mortgage; and
(2) The number and dollar amount of mortgage loans and completed application involving mortgagors or mortgage applicants grouped according to census tract, income level, racial characteristics and gender.
(Sept. 9, 1996, D.C. Law 11-155, § 11, 43 DCR 4213; May 7, 2002, D.C. Law 14-132, § 601(a)(2), 49 DCR 2551).)
Prior Codifications
1981 Ed., § 26-1010.
Effect of Amendments
D.C. Law 14-132 made nonsubstantive changes in subsecs. (b)(1) and (b)(2)(D); and added subsec. (b)(3).
Emergency Legislation
For temporary (90 day) amendment of section, see § 601(a)(2) of Home Loan Protection Emergency Act of 2002 (D.C. Act 14-295, March 1, 2002, 49 DCR 2534).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1111. Surrender of license

§ 26–1111. Surrender of license.
(a) A licensee may surrender a license by sending to the Superintendent [Commissioner] the license and a written statement that the license is surrendered.
(b) The surrender of a license does not affect any civil or criminal liability of a licensee for acts committed before the license was surrendered.
(Sept. 9, 1996, D.C. Law 11-155, § 12, 43 DCR 4213.)
Prior Codifications
1981 Ed., § 26-1011.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1115. Escrow accounts

§ 26–1115. Escrow accounts.
(a) All moneys required by a mortgage lender to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the mortgage lender, and shall not be commingled with other funds of the mortgage lender.
(b) No licensed mortgage lender shall require any borrower who, on the date of execution of the loan or financial transaction, has made a down payment equaling 20% or more of the total purchase price of the property or who has an equity interest in the property equal to, or greater than, 20% of the fair market value of the property, to make advance payments of the real estate taxes or casualty insurance premiums to enable the mortgage lender to have funds on hand for disbursement for payment of such taxes or insurance premiums. Licensed mortgage lenders shall provide such borrowers with a separate statement, in writing, which clearly and conspicuously sets forth the right to pay such taxes and insurance premiums directly. Nothing contained in this subsection shall be construed to prohibit a licensed mortgage lender from obtaining, during any period during which the loan is in default and in consideration for the lender not exercising some or all of the remedies to which it is entitled, a written agreement from the borrower to make such advance payments to enable the mortgage lender to have funds on hand for disbursement from payment of such taxes or insurance premiums.
(c) No licensed mortgage lender shall require any borrower to pay any money in escrow to defray future taxes and insurance premiums, or for any other purposes, in connection with a subordinate mortgage loan, except where escrows for such purposes are not being maintained in connection with the mortgage loan superior to such subordinate mortgage loans.
(Sept. 9, 1996, D.C. Law 11-155, § 16, 43 DCR 4213.)
Prior Codifications
1981 Ed., § 26-1015.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1116. Advertising

§ 26–1116. Advertising.
No mortgage lender, mortgage broker, mortgage loan originator, or loan officer required to be licensed under this chapter shall use, or cause to be published, any advertisement which:
(1) Contains any false, misleading, or deceptive statement or representation; or
(2) Identifies the mortgage lender, mortgage broker, mortgage loan originator, or loan officer by any name other than the name set forth on the license issued by the Superintendent [Commissioner].
(Sept. 9, 1996, D.C. Law 11-155, § 17, 43 DCR 4213; July 18, 2009, D.C. Law 18-38, § 2(j), 56 DCR 4290.)
Prior Codifications
1981 Ed., § 26-1016.
Effect of Amendments
D.C. Law 18-38, in the introductory language, substituted “mortgage lender, mortgage broker, mortgage loan originator, or loan officer” for “mortgage lender or mortgage broker”; and, in par. (2), substituted “mortgage lender, mortgage broker, mortgage loan originator, or loan officer” for “lender or broker”.
Emergency Legislation
For temporary (90 day) amendment of section, see § 2(j) of Mortgage Lender and Broker Emergency Amendment Act of 2008 (D.C. Act 17-617, December 22, 2008, 56 DCR 189).
For temporary (90 day) amendment of section, see § 2(j) of Mortgage Lender and Broker Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-31, March 16, 2009, 56 DCR 2327).
Temporary Legislation
Section 2(j) of D.C. Law 17-350, in the lead-in text, substituted “mortgage lender, mortgage broker, mortgage loan originator, or loan officer” for “mortgage lender or mortgage broker”; and, in par. (2), substituted “mortgage lender, mortgage broker, mortgage loan originator, or loan officer” for “lender or broker”.
Section 5(b) of D.C. Law 17-350 provided that the act shall expire after 225 days of its having taken effect.
Editor's Notes
Section 3 of D.C. Law 18-38 provided: “Sec. 3. Applicability. Except for section 2(c)(1), (g), (j), and (o), this act shall not apply until the Commissioner of the Department of Insurance, Securities, and Banking has promulgated rules implementing this act.”
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1117. Evasive business tactics

§ 26–1117. Evasive business tactics.
(a) If the Commissioner finds that the conduct of any other business conceals a violation or evasion of this chapter, any rule or regulation adopted under this chapter, or any law regulating mortgage loan lending in the District, the Commissioner may issue a written order to a licensee or person required to be licensed under this chapter to:
(1) Stop doing business at any place in which the other business is conducted or solicited; or
(2) Stop doing business in association or conjunction with the other business.
(b) A licensee or person required to be licensed under this chapter who violates an order of the Commissioner issued under this section shall be subject to the penalties provided by § 26-1118.
(c) The Commissioner may request the Attorney General of the District of Columbia to take appropriate action for the enforcement of an order issued under this section.
(Sept. 9, 1996, D.C. Law 11-155, § 18, 43 DCR 4213; July 18, 2009, D.C. Law 18-38, § 2(k), 56 DCR 4290.)
Prior Codifications
1981 Ed., § 26-1017.
Section References
This section is referenced in § 26-1119.
Effect of Amendments
D.C. Law 18-38 substituted “Commissioner” for “Superintendent”; in subsecs. (a) and (b), substituted “licensee or person required to be licensed under this chapter” for “licensee”; and, in subsec. (c), substituted “Attorney General” for “Corporation Counsel”.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1119. Hearing procedures

§ 26–1119. Hearing procedures.
(a) A person to whom an order is issued pursuant to § 26-1117 or § 26-1118 shall be given reasonable notice and the opportunity for a hearing as provided in this section. Upon the issuance of any order, the Commissioner shall notify the respondent, applicant, licensee, or person required to be licensed that the order has been entered and the reasons for the order. The order shall include a statement that the respondent, applicant, licensee, or person required to be licensed may submit a written request for a hearing within 20 days of receipt of the order.
(b) The order under subsection (a) of this section shall be served by hand or by certified mail, return receipt requested at the last known address of the person required to be licensed or the last known address maintained in the Department of Insurance and Securities and Banking records for the applicant or licensee.
(c) If the person to whom an order has been issued fails to request a hearing within 20 days of receipt or delivery of the order, the person shall be deemed in default and the order shall, on the 21st day, become permanent and remain in full force and effect until and unless later modified or vacated by the Commissioner.
(Sept. 9, 1996, D.C. Law 11-155, § 20, 43 DCR 4213; May 7, 2002, D.C. Law 14-132, § 601(a)(5), 49 DCR 2551; July 18, 2009, D.C. Law 18-38, § 2(m), 56 DCR 4290.)
Prior Codifications
1981 Ed., § 26-1019.
Effect of Amendments
D.C. Law 14-132, rewrote subsec. (a); and added subsec. (d). Subsec. (a) had read as follows: “(a) Before the Superintendent takes any action under § 26-1117 or § 26-1118, the Superintendent shall give the licensee an opportunity for a hearing.”
D.C. Law 18-38 rewrote the section.
Emergency Legislation
For temporary (90 day) amendment of section, see § 601(a)(5) of Home Loan Protection Emergency Act of 2002 (D.C. Act 14-295, March 1, 2002, 49 DCR 2534).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1120. Limitation on name of mortgage business

§ 26–1120. Limitation on name of mortgage business.
A mortgage lender, mortgage broker, mortgage loan originator, or loan officer may not do business under any trade name that misrepresents or tends to misrepresent that the mortgage lender is:
(1) A bank, trust company, or savings bank;
(2) A savings and loan association;
(3) A credit union; or
(4) An insurance company.
(Sept. 9, 1996, D.C. Law 11-155, § 21, 43 DCR 4213; July 18, 2009, D.C. Law 18-38, § 2(n), 56 DCR 4290.)
Prior Codifications
1981 Ed., § 26-1020.
Effect of Amendments
D.C. Law 18-38 substituted “mortgage lender, mortgage broker, mortgage loan originator, or loan officer” for “mortgage lender or mortgage broker”.
Emergency Legislation
For temporary (90 day) amendment of section, see § 2(l) of Mortgage Lender and Broker Emergency Amendment Act of 2008 (D.C. Act 17-617, December 22, 2008, 56 DCR 189).
For temporary (90 day) amendment of section, see § 2(l) of Mortgage Lender and Broker Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-31, March 16, 2009, 56 DCR 2327).
Temporary Legislation
Section 2(l) of D.C. Law 17-350 substituted “mortgage lender, mortgage broker, mortgage loan originator, or loan officer” for “mortgage lender or mortgage broker”.
Section 5(b) of D.C. Law 17-350 provided that the act shall expire after 225 days of its having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1120.01. Confidential information

§ 26–1120.01. Confidential information.
(a) To assist in the performance of the Commissioner’s duties under this chapter, the Commissioner may:
(1) Share documents, materials, or other information, including confidential and privileged documents, materials, or information subject to this chapter, with other local, state, federal, and international regulatory agencies, with the Conference of State Bank Supervisors, SRR, NMLSR, their affiliates, or subsidiaries, or with state, federal, and international law enforcement authorities; provided, that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information;
(2) Receive documents, materials, or information, including confidential and privileged documents, materials, or other information, from the Conference of State Bank Supervisors, SRR, NMLSR, their affiliates, or subsidiaries, or from regulatory and law enforcement officials of foreign or other domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information;
(3) Enter into agreements with the entities set forth in paragraph (1) of this subsection governing sharing and use of information consistent with this chapter;
(4) Authorize a national criminal background check and submission of fingerprints and other identifying information, submitted through the NMLSR, and other information with, and receive criminal history record information from, the NMLSR, the Metropolitan Police Department, and the Federal Bureau of Investigation for the purposes of facilitating determinations regarding eligibility for licensure under this chapter; or
(5) Contract with a third party, including the SRR, the Conference of State Bank Supervisors, or its affiliates or subsidiaries, to perform any functions, including the collection of licensing and processing fees, collection of contact information and other identifying information, fingerprints, written consent to a criminal background check, personal history and experience, and conduct of examinations related to mortgage loan originator, loan officer, mortgage lender, or mortgage broker activities, that the Commissioner may consider appropriate.
(Sept. 9, 1996, D.C. Law 11-155, § 21a; as added July 18, 2009, D.C. Law 18-38, § 2(o), 56 DCR 4290.)
Section References
This section is referenced in § 26-1120.02.
Editor's Notes
Section 3 of D.C. Law 18-38 provided: “Sec. 3. Applicability. Except for section 2(c)(1), (g), (j), and (o), this act shall not apply until the Commissioner of the Department of Insurance, Securities, and Banking has promulgated rules implementing this act.”
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1120.02. Nationwide Mortgage Licensing System and Registry reporting requirements

§ 26–1120.02. Nationwide Mortgage Licensing System and Registry reporting requirements.
(a) The Commissioner shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the NMLSR. The reports shall be subject to the provisions of § 26-1120.01.
(b) Each licensee shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require.
(Sept. 9, 1996, D.C. Law 11-155, § 21b; as added July 18, 2009, D.C. Law 18-38, § 2(o), 56 DCR 4290.)
Editor's Notes
Section 3 of D.C. Law 18-38 provided: “Sec. 3. Applicability. Except for section 2(c)(1), (g), (j), and (o), this act shall not apply until the Commissioner of the Department of Insurance, Securities, and Banking has promulgated rules implementing this act.”
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 11 - Mortgage Lenders and Brokers › § 26–1120.03. Nationwide Mortgage Licensing System and Registry information challenge process

§ 26–1120.03. Nationwide Mortgage Licensing System and Registry information challenge process.
The Commissioner shall establish a process whereby licensees may challenge information entered into the NMLSR by the Commissioner.
(Sept. 9, 1996, D.C. Law 11-155, § 21c; as added July 18, 2009, D.C. Law 18-38, § 2(o), 56 DCR 4290.)
Editor's Notes
Section 3 of D.C. Law 18-38 provided: “Sec. 3. Applicability. Except for section 2(c)(1), (g), (j), and (o), this act shall not apply until the Commissioner of the Department of Insurance, Securities, and Banking has promulgated rules implementing this act.”