District of Columbia Code
Title 26 - Banks and Other Financial Institutions

Chapter 1 - Banking Institutions in General

§ 26–101. Supervision by Comptroller of Currency — Required reports; power to take possession of bank or company - Except as provided in the District of Columbia Regional Interstate...

§ 26–102. Supervision by Comptroller of Currency — Examinations; applicable federal provisions; establishment and maintenance of reserves - (a) The Comptroller of the Currency, in addition to the...

§ 26–103. Banking businesses to be organized under local or federal provisions; approval of Commissioner of the Department of Insurance, Securities, and Banking required; liquidation of solvent institutions; discontinuance of operation; violations; e... - (a) No banking business shall be done in the District...

§ 26–104. Liability of shareholders — Individual responsibility; applicable federal provisions - (a) The shareholders, on March 4, 1933, of every savings...

§ 26–105. Liability of shareholders — Termination - The additional liability imposed by § 26-104 upon the shareholders...

§ 26–106. Declaration of dividends - Each such savings bank, savings company, banking institution, and trust...

§ 26–107. Restriction on use of words “bank” and “trust company”; violations - (a) No corporation, association, partnership, or individual shall carry on...

§ 26–108. Making or repeating false statements. [Repealed] - Repealed. (Mar. 4, 1933, 47 Stat. 1567, ch. 274, §...

§ 26–109. Applicability of provisions on federal reserve banks to nonmember banks - All acts prohibited by the provisions of § 501 of...

§ 26–110. Authority of notaries public associated with corporations - It shall be lawful for any notary public who is...

§ 26–111. Utility bill payments services - (a) Any financial institution that offers utility bill payment services...

Chapter 1A - Automated Teller Machines

§ 26–131.01. Short title - This chapter may be cited as the “Automated Teller Machine...

§ 26–131.02. Definitions - For the purposes of this chapter, the term: (1) “Access...

§ 26–131.03. Establishment of an automated teller machine or point-of-sale terminal - (a) A District bank, federal bank, District credit union, or...

§ 26–131.04. Satellite device or point-of-sale terminal - (a) A District bank, federal bank, out-of-state bank, District credit...

§ 26–131.05. Evaluation of automated teller machine safety - (a) An operator of, or person controlling, an automated teller...

§ 26–131.06. Lighting of automated teller machine area - (a) A person who controls an access area or a...

§ 26–131.07. Automated teller machine surcharge disclosure - (a) An operator of an automated teller machine in the...

§ 26–131.08. Point-of-sale terminal surcharge disclosure - (a) An operator of a point-of-sale terminal in the District...

§ 26–131.09. Complaints against an operator of an automated teller machine - (a) An operator of an automated teller machine shall clearly...

§ 26–131.10. Registration of automated teller machines - (a) Except as provided in subsections (d) and (e) of...

§ 26–131.11. Record keeping requirements - An operator of an automated teller machine in the District...

§ 26–131.12. Penalties - If the Commissioner finds, after notice and a hearing, that...

§ 26–131.13. Authority of Commissioner to issue rules and regulations - The Commissioner may promulgate rules and regulations to implement the...

Chapter 2 - Building Associations

Subchapter I - General

§ 26–201. Formation; general nature and powers - (a) Any 5 or more persons who desire to form...

§ 26–202. Powers as to stock - Such corporation shall have power, in its certificate of incorporation...

§ 26–203. Bonus to be paid by late subscribers - Any person applying for membership or stock after a month...

§ 26–204. Object; supervision by federal board; strict compliance with provisions required; exception; violations - (a) The object of such corporation shall be the accumulation...

§ 26–206. Foreign associations - (a) No foreign association shall make loans of any kind...

§ 26–207. Advancements — Payments of premiums - The moneys accumulated from time to time shall be offered...

§ 26–208. Advancements — Security - For every advance made as aforesaid a bond in a...

§ 26–209. Advancements — Participation of all shares in profits - The shares advanced upon shall participate equally with the other...

§ 26–210. Advancements — Redemption on failure to bid - Where advances from the funds on hand cannot be made...

§ 26–211. Withdrawal by shareholder - A shareholder shall be entitled to withdraw at any time,...

§ 26–212. Repayment of advances - A shareholder who has been advanced may at any time...

§ 26–213. Forfeiture of stock - Any nonadvanced shareholder failing to pay the instalments due on...

§ 26–214. Foreclosure of advanced shareholder’s security - In case any advanced shareholder shall fail to pay all...

§ 26–215. Purchase of real property - Such corporation shall not invest its fund in any real...

Subchapter II - Federal Securities

§ 26–231. Purchase of federal securities - The board of directors of any building association incorporated or...

§ 26–232. Exchange of securities or real estate for federal bonds - Any building association incorporated or unincorporated, organized and existing under...

Subchapter III - Transfer of Remaining Functions to the Superintendent of Banking and Financial Institutions

§ 26–251. Remaining powers, duties, and functions of Comptroller transferred to Superintendent of Banking and Financial Institutions - Any powers, duties, and functions of the Comptroller of the...

Chapter 3 - Check Cashers

§ 26–301. Definitions - For the purposes of this chapter, the term: (1) “Check”...

§ 26–302. Requirement of license - Except as provided in § 26-303 no person, including a...

§ 26–303. Exemptions - The provisions of the chapter shall not apply to: (1)...

§ 26–304. Form and contents of application for license - (a) An application for a license under this chapter shall...

§ 26–305. Application and license fees - At the time of filing an application under this chapter,...

§ 26–306. Bond to accompany application for license - (a) At the time of filing an application under this...

§ 26–307. Minimum liquid assets required - Each applicant shall demonstrate, in a form satisfactory to the...

§ 26–308. Granting of license; investigations - (a) Upon the filing of an application in proper form,...

§ 26–309. Issuance and form of license - A license to cash checks shall state: (1) The name...

§ 26–310. Display of license - A license issued pursuant to this chapter shall be conspicuously...

§ 26–311. Time and renewal of license - (a) A license issued to a check-cashing business shall remain...

§ 26–311.01. Examinations - (a) The Commissioner, or his or her designated agent, shall...

§ 26–312. Transferability of license - A license issued pursuant to this chapter shall not be...

§ 26–313. Limitation of license - Not more than one location of business or mobile unit...

§ 26–314. License for limited station - Any licensee may open and maintain, within the District, one...

§ 26–315. Change of location of business or area; other miscellaneous activity - A licensee may make a written application, in the form...

§ 26–316. Revocation and suspension of license - (a) The Superintendent [Commissioner] may revoke any license issued pursuant...

§ 26–317. Limitations on fees for cashing checks - (a)(1) Beginning January 1, 2011, no licensee under this chapter...

§ 26–318. Books, accounts, and other records of licensee - Each licensee under this chapter shall keep and use such...

§ 26–319. Limitations on business - (a) No licensee under this chapter shall engage in the...

§ 26–320. Formal investigations - Whenever it appears that an individual or entity licensed or...

§ 26–321. Cease and desist orders - (a) The Superintendent [Commissioner] may institute an administrative cease and...

§ 26–322. Authority of Commissioner to issue rules and regulations - The Superintendent [Commissioner] may promulgate such rules and regulations as...

§ 26–323. Penalties - (a) Any person who violates any provision of this chapter,...

Chapter 4 - Common Trust Funds

§ 26–401. Establishment - Any bank or trust company qualified to act as fiduciary...

§ 26–402. Taxability - (a) A common trust fund, as herein defined, shall not...

§ 26–403. Court accountings - Unless ordered by a court of competent jurisdiction the bank...

§ 26–404. Uniformity of laws - This chapter shall be so interpreted and construed as to...

Chapter 4A - Community Development by Financial Institutions

§ 26–431.01. Short title - This chapter may be cited as the “Community Development Act...

§ 26–431.02. Definitions - For the purposes of this chapter, the term: (1) “CFO”...

§ 26–431.03. Community needs obligation - A financial institution shall have a continuing and affirmative obligation...

§ 26–431.04. Community development plan requirement - (a)(1) A financial institution shall submit a community development plan...

§ 26–431.05. Monitoring compliance with the community development plan - (a) The Commissioner shall monitor whether a financial institution is...

§ 26–431.06. Rating system for community development performance - (a) The Commissioner shall establish, by regulation, a system to...

§ 26–431.07. Examinations in cooperation with other regulators - (a) The Commissioner may enter into cooperative agreements with financial...

§ 26–431.08. Authority of Commissioner to issue rules and regulations - The Commissioner may promulgate rules and regulations to implement the...

Chapter 5 - Credit Unions

Subchapter I - Credit Union Act of 2020

Part A - Definitions

§ 26–501.01. Definitions - For the purposes of this subchapter, the term: (1) "Board"...

Part B - Credit Union Organization

§ 26–502.01. District credit union charter application procedures - (a) An organizing group consisting of 7 or more persons...

§ 26–502.02. Certificate of charter - (a) The following procedures shall apply upon the filing of...

§ 26–502.03. Form of charter statement and bylaws - (a) The bylaws shall include the following provisions: (1) The...

§ 26–502.04. Amendment of charter and bylaws - (a) The charter may be amended by the members at...

§ 26–502.05. Name of District credit union - (a) The name of a District credit union shall include...

§ 26–502.06. Service facilities - (a) A District credit union may change its principal office...

§ 26–502.07. Fiscal year - The fiscal year of each District credit union chartered under...

§ 26–502.08. Application for share and deposit insurance - (a) Each District credit union shall apply for insurance on...

§ 26–502.09. Conducting business outside the District of Columbia - (a) A District credit union may conduct business outside of...

§ 26–502.10. Foreign credit unions - (a) The Commissioner shall allow a foreign credit union to...

Part C - Credit Union Powers

§ 26–503.01. General Powers - A District credit union may: (1) Enter into contracts or...

§ 26–503.02. Incidental powers - A District credit union may exercise all incidental powers as...

§ 26–503.03. Parity - The Commissioner may authorize District credit unions to exercise, and...

Part D - Credit Union Membership

§ 26–504.01. Membership - (a) The board of directors of a District credit union...

§ 26–504.02. Organizations that qualify for District credit union membership - Any incorporated or unincorporated organization, and the organization's employees, may...

§ 26–504.03. Service to low-income consumers - (a) A District credit union, including a District credit union...

§ 26–504.04. School service facilities - (a) For the purposes of this section, the term: (1)...

§ 26–504.05. Retention of membership - Unless the District credit union's bylaws state otherwise, a person...

§ 26–504.06. Liability of members - The members of a District credit union shall not be...

§ 26–504.07. Termination of membership - (a)(1) For the purposes of this section, the term "cause"...

§ 26–504.08. Suspension of services - A District credit union may, for cause, as defined in...

§ 26–504.09. Meetings of members - (a) The annual meeting, and any special meetings, of the...

§ 26–504.10. Special membership meetings - A District credit union's bylaws may prescribe the manner in...

Part E - Credit Union Governance

§ 26–505.01. Authority and duty of a board of directors - (a) The business and affairs of a District credit union...

§ 26–505.02. Election of a board of directors - (a)(1) A board of directors shall: (A) Consist of an...

§ 26–505.03. Appointment of committees - (a) The board of directors shall appoint an audit committee...

§ 26–505.04. Vacancies - (a) A seat on a District credit union's board of...

§ 26–505.05. Compensation of officials - (a)(1) A District credit union may compensate an officer, director,...

§ 26–505.06. Limited liability of directors and officers - (a) No director or officer of a District credit union...

§ 26–505.07. Conflicts of interest - Directors, committee members, and officers shall disclose all existing and...

§ 26–505.08. Officers - (a) The board of directors, at their organizational meeting, shall...

§ 26–505.09. Meetings of directors - (a) The board of directors shall meet on a regular...

§ 26–505.10. Audits - (a) Unless the District credit union has been audited by...

§ 26–505.11. Suspension and removal powers - (a) The board of directors may suspend any member of...

Part F - Member Accounts

§ 26–506.01. Shares and membership shares - (a) Shares and membership shares shall be subscribed to and...

§ 26–506.02. Dividends - (a) The board of directors may, after making provisions for...

§ 26–506.03. Deposit Accounts - (a) A District credit union may accept deposit accounts from...

§ 26–506.04. Withdrawals - (a) Funds in share and deposit accounts may be withdrawn...

§ 26–506.05. Accounts for minors - Payments on share and deposit accounts may be received from...

§ 26–506.06. Joint accounts - (a) A member may designate any person or persons to...

§ 26–506.07. Payable on death accounts - Notwithstanding any other provision of law, a District credit union...

§ 26–506.08. Trust accounts - (a) Share and deposit accounts may be owned by one...

§ 26–506.09. Trust services - A District credit union may accept and execute trusts pursuant...

§ 26–506.10. Liens - (a) The District credit union shall have a lien on...

§ 26–506.11. Reduction in membership shares - (a) The board of directors of a District credit union...

§ 26–506.12. Share and deposit insurance - (a) A District credit union shall apply for and obtain...

§ 26–506.13. Authority to withhold payment - (a) Nothing contained in this subchapter shall be deemed to...

Part G - Loans

§ 26–507.01. Purpose and conditions of loans - A District credit union may issue loans to members for...

§ 26–507.02. Interest rate - Notwithstanding the provisions of any other law in connection with...

§ 26–507.03. Other loan-related charges - (a) Notwithstanding the provisions of any other law in connection...

§ 26–507.04. Loan limit - The board of directors may place a limit on the...

§ 26–507.05. Lines of credit - (a) A District credit union may approve lines of credit...

§ 26–507.06. Participation loans - (a) A District credit union may participate in loans to...

§ 26–507.07. Other loan programs - (a) A District credit union may participate in any guaranteed...

§ 26–507.08. Loans to officials - (a) A District credit union may make loans to its...

Part H - Investments

§ 26–508.01. Authorized investments - (a) A District credit union may invest in: (1) Securities,...

Part I - Change in Corporate Status

§ 26–509.01. Voluntary Liquidation - (a) A District credit union may, by a 2/3 vote...

§ 26–509.02. Voluntary merger of credit unions - (a) A District credit union may, with the written approval...

§ 26–509.03. Credit union conversion - (a) A District credit union may be converted to a...

§ 26–509.04. Bank to credit union conversion - (a) A locally regulated or federally regulated bank may convert...

Part J - Supervision and Regulation

§ 26–510.01. Supervision and regulation of credit unions - The Commissioner shall be responsible for the supervision and regulation...

§ 26–510.02. Deposit of fees in the Securities and Banking Trust Fund - (a) The Commissioner shall deposit into the Securities and Banking...

§ 26–510.03. Powers of Commissioner - (a) The Commissioner may prescribe rules to implement any provision...

§ 26–510.04. Involuntary merger of credit union - (a) Notwithstanding any other provision of law, if the Commissioner...

§ 26–510.05. Involuntary liquidation - (a)(1) If the Commissioner determines that a District credit union...

§ 26–510.06. Conservatorship - (a) If the Commissioner determines that a District credit union...

§ 26–510.07. Examinations - (a) The Commissioner shall examine or cause to be examined...

§ 26–510.08. Records - (a) A District credit union shall maintain all books, records,...

§ 26–510.09. Records of the Department - (a) Information from the records of the Department related to...

§ 26–510.10. Conflicts of interest - (a) In addition to any general conflict of interest statute...

Part K - Tax Exemption; Compliance Review

§ 26–511.01. Tax exemption - (a) Credit unions organized under District law, their property, their...

§ 26–511.02. Compliance review documents - (a) Compliance review documents are privileged and confidential and are...

Subchapter II - General pre-2020

§ 26–521. Conversion of District credit unions into federal credit unions — Procedure - Any credit union organized under the District of Columbia Credit...

§ 26–522. Conversion of District credit unions into federal credit unions — Approval; effect thereof - The Administrator shall approve any such organization certificate meeting such...

§ 26–523. Conversion of District credit unions into federal credit unions — Applicability of federal provisions; fees; liquidation of existing loans; bylaws - Any District of Columbia credit union converting into a federal...

§ 26–524. Repeal of District of Columbia Credit Unions Act - Effective 30 days after August 1, 1964, the District of...

Chapter 5A - Data Match Requirements for Financial Institution

§ 26–531. Definitions - For purposes of this chapter, the term: (1) “Account” means...

§ 26–532. Obligations of financial institutions; fees; liability; penalties - (a) A financial institution doing business in the District shall:...

§ 26–533. Liability of IV-D agency - The IV-D agency shall disclose a person’s financial records obtained...

Chapter 5B - Administration of the Banking Code

Subchapter I - General Provisions

§ 26–551.01. Short title - This chapter may be cited as the “General Provisions of...

§ 26–551.02. Definitions - For the purposes of this chapter, the term: (1) “Affiliate”...

Subchapter II - Abolishment of Department of Banking and Financial Institutions; Commissioner of the Department of Banking and Financial Institutions

§ 26–551.03. Administration of the District of Columbia Banking Code - (a) Repealed. (b) The Department shall administer the provisions of...

§ 26–551.04. Appointment of the Commissioner of the Department of Banking and Financial Institutions. [Repealed] - Repealed. (June 9, 2001, D.C. Law 13-308, § 104, 48...

§ 26–551.05. General powers and responsibilities of the Commissioner - (a) The Commissioner shall: (1) Administer the District of Columbia...

Subchapter III - Financial Institutions Advisory Board

§ 26–551.06. Establishment of the Financial Institutions Advisory Board - There is established a Financial Institutions Advisory Board (“Board”). The...

§ 26–551.07. Members of the Financial Institutions Advisory Board; compensation - (a) The Board shall be comprised of 15 members. The...

§ 26–551.08. Organization and operation of the Board - (a) The Board shall be organized, shall operate, and may...

§ 26–551.09. Weight of advice of the Board - If the Commissioner does not follow advice of the Board...

Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner

§ 26–551.10. Examinations of financial institutions - (a) The Commissioner shall hire and commission examiners who shall...

§ 26–551.11. Reports on financial institutions - (a) Unless otherwise provided by the District of Columbia Banking...

§ 26–551.12. Initiation of formal investigation of a financial institution - (a) If the Commissioner determines that a financial institution is...

§ 26–551.13. Notice of charges; hearing; final order - (a) The Commissioner shall formally initiate an investigation of a...

§ 26–551.14. Notification of other government agencies - (a) If the Commissioner finds in the Commissioner’s final order...

§ 26–551.15. Modification or rescission of orders - The Commissioner may modify or rescind a final order issued...

§ 26–551.16. Cease and desist order - (a) The Commissioner may issue and serve upon the financial...

§ 26–551.17. Temporary cease and desist order - (a) Along with a notice of charges, or after the...

§ 26–551.18. Confidentiality of information - (a) Except as provided in subsection (b) of this section...

§ 26–551.19. Enforcement of Department order, subpoena, or notice of charges - The Commissioner may, through the Corporation Counsel, apply to the...

§ 26–551.20. Judicial review - (a) Within 10 days after service of a temporary cease...

§ 26–551.21. Penalty for violation of final order - A person who violates an outstanding and effective final order...

Subchapter V - Generally Prohibited Activities

§ 26–551.22. Prohibition of fraud - A financial institution shall not engage in a fraudulent activity...

Subchapter VI - Miscellaneous Provisions

§ 26–551.23. Rulemaking - The Commissioner may issue rules implementing this chapter, pursuant to...

§ 26–551.25. Validity of prior law - A decision, order, interpretation, agreement, policy statement, opinion, regulation or...

Chapter 6 - Special Account for Office of Banking and Financial Institutions

§ 26–601. Definitions. [Repealed] - Repealed. (Mar. 20, 1998, D.C. Law 12-60, § 1802, 44...

§ 26–602. Establishment of special account. [Repealed] - Repealed. (Mar. 20, 1998, D.C. Law 12-60, § 1803, 44...

§ 26–603. Fees credited to the special account. [Repealed] - Repealed. (Mar. 20, 1998, D.C. Law 12-60, § 1804(1), 44...

Chapter 6A - International Banking

§ 26–631. Definitions - For the purposes of this chapter, the term: (1) “Banking...

§ 26–632. Construction of legal and financial terms used in chapter - Legal and financial terms used in this chapter refer to...

§ 26–633. Application of the District of Columbia Banking Code - (a) An international banking corporation having an office in the...

§ 26–634. Requirements for international banking corporation activities - (a) An international banking corporation may transact a banking business,...

§ 26–635. Scope of license; permissible activities of international banking corporations - (a)(1) An international banking corporation licensed by the Commissioner may...

§ 26–636. Applications for licenses; approval or disapproval - (a)(1) Before being licensed by the Commissioner to transact a...

§ 26–637. Registered office and agent - (a) An international banking corporation authorized to establish and maintain...

§ 26–638. Assets to be held in the District of Columbia - (a) Upon and after establishing an international branch or international...

§ 26–639. Financial certification; restrictions on investments, loans, and acceptances - (a) Before opening an office in the District of Columbia,...

§ 26–640. Reports and records - (a) An international banking corporation that maintains one or more...

§ 26–641. Examinations; enforcement powers; fees and assessments - (a)(1) The Commissioner may make such public or private investigations...

§ 26–642. Voluntary dissolutions; involuntary dissolutions and liquidations - (a) An international banking corporation that proposes to terminate the...

§ 26–643. Commissioner’s powers; regulations - (a) The Commissioner shall have all of the powers granted...

Chapter 7 - Interstate Banking and Branching

Subchapter I - Regional Interstate Banking

§ 26–701. Definitions. [Repealed] - Repealed. (Nov. 23, 1985, D.C. Law 6-63, § 2, 32...

§ 26–702. Regional bank holding company acquisitions - (a) A regional bank holding company may acquire a District...

§ 26–702.01. Duties; Council review of rules - (a) Repealed; (b) The Superintendent [Commissioner of Insurance, Securities, and...

§ 26–703. Exceptions - A District of Columbia bank holding company, a District of...

§ 26–704. Review of applications - (a) Any person who conducts or seeks to conduct a...

§ 26–705. Prohibited acts - (a) Except as otherwise expressly permitted by applicable federal or...

§ 26–706. Applicable laws, rules, and regulations - Any District of Columbia bank that is controlled by a...

§ 26–706.01. Alternative entry by acquisition - (a) Notwithstanding any other provisions of this subchapter, 90 days...

§ 26–707. Enforcement - (a) An action for equitable or any other appropriate relief...

§ 26–707.01. Insurance - (a) Any bank or trust company established or created pursuant...

§ 26–707.02. Penalties - (a) Any company violating any provision of this subchapter or...

§ 26–708. Nonseverability. [Repealed] - Repealed. (Apr. 11, 1986, D.C. Law 6-107, § 2(i), 33...

§ 26–709. Review of impact - (a) Three years after November 23, 1985, the committee of...

§ 26–710. Applicability - (a) Except as expressly provided, the following laws shall not...

§ 26–711. Use of women-owned banks - (a) Recipients of District of Columbia government contracts are encouraged...

§ 26–712. Administrative procedure; cease and desist orders - (a)(1) If, in the opinion of the Superintendent [Commissioner of...

§ 26–713. Hearings - Any administrative hearing held in accordance with this subchapter shall...

§ 26–714. Enforcement - Any order issued pursuant to this subchapter may be enforced...

Subchapter II - Interstate Banking and Branching

§ 26–731. Findings - The Council of the District of Columbia hereby finds and...

§ 26–732. Definitions - For the purposes of this subchapter, the term: (1) “Acquire”...

§ 26–733. De novo branching or acquisition of a branch into a state other than the District - (a) With the approval of the Superintendent [Commissioner of the...

§ 26–734. Interstate branching by de novo entry or acquisition into the District - (a) An out-of-state bank (“applicant”) that does not maintain a...

§ 26–735. Additional authority of Superintendent [Commissioner] - (a) The Superintendent [Commissioner] may conduct examinations of any branch...

§ 26–736. Interstate merger transactions by a District state bank - (a) With the permission of the Superintendent [Commissioner], a District...

§ 26–737. Interstate merger transactions by an out-of-state bank with a District bank; retention of branches by resulting bank - (a) A District bank may engage with an out-of-state bank...

§ 26–738. Additional authority of Superintendent [Commissioner] - (a) The Superintendent [Commissioner] may conduct examinations of any branch...

§ 26–739. Establishment of agency agreements between affiliated depository institutions - A District state bank that is a subsidiary of a...

§ 26–740. Enforcement - If the Superintendent [Commissioner] determines that any law of the...

§ 26–741. Rules - (a) The Superintendent [Commissioner], pursuant to subchapter I of Chapter...

Chapter 8 - Joint Accounts; Adverse Claimants; Trust Accounts

§ 26–801. Deposits or shares of stock in names of 2 or more persons; payments or deliveries; liability of bank - Except as provided in §§ 19-602.21 to 19-602.26, when a...

§ 26–802. Property in boxes, vaults or held for safekeeping for 2 or more persons; right of access or delivery; liability of bank - When a safety deposit box or vault shall have been...

§ 26–803. Notice of adverse claim to deposit - Notice to any bank or trust company doing business in...

§ 26–804. Payment of trust accounts on death of trustee - Whenever a deposit, savings account, or share account, which is...

Chapter 8A - Merchant Banks

Subchapter I - General Provisions

§ 26–831.01. Short title - This chapter may be cited as the “Merchant Bank Act...

§ 26–831.02. Definitions - For the purposes of this chapter, the term: (1) “Affiliate”...

Subchapter II - Application and Certification as a Merchant Bank

§ 26–831.03. Application for merchant bank charter; review and approval or disapproval of application - (a) A person described in § 26-833.09(a) may apply for...

§ 26–831.04. Issuance of certificate of authority - If the Commissioner approves the application of an applicant to...

§ 26–831.05. Revocation or subsequent limitation of certificate of authority - If a merchant bank fails to maintain the standards and...

§ 26–831.06. Voluntary termination of certification of authority - An applicant that is chartered as a merchant bank under...

Subchapter III - Powers and Authority of a Merchant Bank

§ 26–831.07. Powers of merchant banks; limits on powers - (a) Except as provided in this chapter, a merchant bank...

Subchapter IV - Structure and Organization of a Merchant Bank; Capital Requirements

§ 26–831.08. Capital requirements of a merchant bank - (a) The minimum amount of initial capital for a merchant...

§ 26–831.09. Structure and organization of merchant banks - (a) A merchant bank may be organized as a corporation,...

§ 26–831.10. Policies of merchant bank’s business activities - (a) The board of directors of a merchant bank, if...

Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Merchant Banks

§ 26–831.11. Liquidation of merchant banks in general - A merchant bank shall not be liquidated except as provided...

§ 26–831.12. Commissioner taking possession of merchant banks - (a) Subject to § 26-1401.15 as it relates to the...

§ 26–831.13. Resumption of business by a merchant bank - A merchant bank of which the Commissioner takes possession or...

§ 26–831.14. Appointment of a receiver for a merchant bank - (a) The Commissioner may petition the Superior Court to appoint...

§ 26–831.15. Receiver duties and powers - (a) Subject to Superior Court approval, a receiver shall: (1)...

§ 26–831.16. Lien on property or assets; voidable transfer - (a) Except as provided in subsection (c) of this section,...

§ 26–831.17. Maintenance and disposal of records by receiver - (a) With the approval of the Superior Court, a receiver...

§ 26–831.18. Conservator; appointment; bond and security; qualifications; expenses - (a) If any of the grounds under § 26-833.12 authorizing...

§ 26–831.19. Conservator; rights, powers, and privileges - (a) Under the supervision of the Commissioner, the conservator shall...

§ 26–831.20. Authority of conservator to borrow money; purpose - (a) With the prior approval of the Commissioner, the conservator...

§ 26–831.21. Termination of conservatorship - (a) If the Commissioner determines that termination of the conservatorship...

Subchapter VI - Miscellaneous Provisions

§ 26–831.22. Rules - The Commissioner may prescribe rules governing the activities of merchant...

Chapter 9 - Money Lenders; Licenses

§ 26–901. Businesses required to procure license and pay tax; appointment of resident agent; service of process or notice - (a) It shall be unlawful and illegal to engage in...

§ 26–902. Applications for license — Contents; grant; notice of filing; protest and hearing; power to reject - Applications for license to conduct such business must be made...

§ 26–903. Applications for license — Bond; actions thereon; use of certified copy; renewal and refiling - Each application shall be accompanied by a bond to the...

§ 26–904. Register to be kept; contents; inspection; annual statements - Every person, firm, voluntary association, joint-stock company, incorporated society, or...

§ 26–905. Maximum rate of interest; fees and charges covered; deduction from principal prohibited; statement and receipts furnished borrower; amount of loans; violations - No such person, firm, voluntary association, joint-stock company, incorporated society,...

§ 26–906. Complaints; investigation; suspension, revocation, or denial of license - Any complaint against a licensee or applicant shall be made...

§ 26–907. Violations - (a) A person violating any provision of this chapter shall,...

§ 26–908. Fees allowed on foreclosure - In any foreclosure on any loan made under this chapter...

§ 26–909. Penalty provisions in contracts prohibited - In any contract made in pursuance of the provisions of...

§ 26–910. Exemption of certain persons and businesses; service of process thereupon - (a) Nothing contained in this chapter shall be held to...

§ 26–911. Enforcement; rules and regulations - The enforcement of this chapter shall be intrusted to the...

§ 26–912. Exemption of certain loans; severability - (a) No provision of this chapter shall apply with respect...

Chapter 10 - Money Transmissions

§ 26–1001. Definitions - For the purposes of this chapter, the term: (1) “Applicant”...

§ 26–1002. License required - (a) After the effective date of this chapter [July 18,...

§ 26–1003. Exemptions - (a) This chapter shall not apply to: (1) The United...

§ 26–1004. License qualifications - (a) Each licensee under this chapter shall at all times...

§ 26–1005. Permissible investments and statutory trust - (a) Each licensee under this chapter shall at all times...

§ 26–1006. License application - (a) Each application for a license shall be made in...

§ 26–1007. Bond or other security device - (a) Each application must be accompanied by a surety bond,...

§ 26–1008. Application fee - Each application must be accompanied by a non-refundable application fee...

§ 26–1009. Issuance of license - (a) Upon the filing of a complete application, the Superintendent...

§ 26–1010. Renewal of license and annual report - (a) The annual fee for renewal of a license shall...

§ 26–1011. Special reporting requirements - Within 15 days of the occurrence of any of the...

§ 26–1012. Changes in control of a licensee - (a) Except as provided in this section, no person shall...

§ 26–1013. Examinations - (a) The Superintendent [Commissioner] may in his discretion conduct an...

§ 26–1014. Maintenance of records - (a) Each licensee, shall make, keep and preserve the following...

§ 26–1015. Suspension or revocation of licenses - After notice and hearing, the Superintendent [Commissioner] may suspend or...

§ 26–1016. Authorized delegate contracts - A Licensee which purposes to conduct licensed activities through an...

§ 26–1017. Authorized delegate conduct - (a) An authorizing delegate shall not make any fraudulent or...

§ 26–1018. Revocation or suspension of authorized delegates - (a) If, after notice and a hearing, the Superintendent [Commissioner]...

§ 26–1019. Licensee liability - The liability of a licensee to any person for a...

§ 26–1020. Hearings and procedures - The provisions of subchapter I of Chapter 5 of Title...

§ 26–1021. Civil penalties - (a) Any person who violates any provision of this chapter,...

§ 26–1022. Enforcement - (a) The Superintendent [Commissioner] may institute an administrative cease and...

§ 26–1023. Criminal penalties - (a) Any person who knowingly and willfully violates any provision...

§ 26–1024. Promulgation of rules - The Superintendent [Commissioner] is authorized to promulgate rules and regulations...

§ 26–1025. Consent to jurisdiction - Any licensee, authorized delegate, or other person who knowingly engages...

§ 26–1026. Multiple licenses - Any person licensed under this chapter shall not be required...

§ 26–1027. Receipts - (a) A licensee who receives money or equivalent value for...

Chapter 11 - Mortgage Lenders and Brokers

§ 26–1101. Definitions - For the purposes of this chapter, the term: (1) “Borrower”...

§ 26–1102. Exemptions - The provisions of this chapter shall not apply to: (1)...

§ 26–1103. License requirements - (a)(1) No person shall engage in business as a mortgage...

§ 26–1104. Issuance of license - (a) When an applicant for a license files the application...

§ 26–1105. Acquisition of control; application - (a) Except as provided in this section, no person shall...

§ 26–1106. Rejection of license application - (a)(1) If an applicant does not meet the requirements of...

§ 26–1107. License expiration and renewal; annual fee - (a)(1) A license issued under this chapter shall expire on...

§ 26–1108. Change of place of business - (a) A licensee may not change the place of business...

§ 26–1109. Record keeping requirements - (a) Each licensee shall keep and make available to the...

§ 26–1110. Annual report - (a) Each mortgage lender or mortgage broker required to be...

§ 26–1111. Surrender of license - (a) A licensee may surrender a license by sending to...

§ 26–1112. Examinations and investigations - (a) The Superintendent [Commissioner], or his or her designated agent,...

§ 26–1113. Required loan disclosures - (a)(1) A licensee who offers to make or procure a...

§ 26–1114. Prohibited practices - (a) No mortgage broker, mortgage lender, mortgage loan originator, or...

§ 26–1115. Escrow accounts - (a) All moneys required by a mortgage lender to be...

§ 26–1116. Advertising - No mortgage lender, mortgage broker, mortgage loan originator, or loan...

§ 26–1117. Evasive business tactics - (a) If the Commissioner finds that the conduct of any...

§ 26–1118. Suspension, revocation, and enforcement - (a) The Superintendent [Commissioner] may suspend or revoke the license...

§ 26–1119. Hearing procedures - (a) A person to whom an order is issued pursuant...

§ 26–1120. Limitation on name of mortgage business - A mortgage lender, mortgage broker, mortgage loan originator, or loan...

§ 26–1120.01. Confidential information - (a) To assist in the performance of the Commissioner’s duties...

§ 26–1120.02. Nationwide Mortgage Licensing System and Registry reporting requirements - (a) The Commissioner shall regularly report violations of this chapter,...

§ 26–1120.03. Nationwide Mortgage Licensing System and Registry information challenge process - The Commissioner shall establish a process whereby licensees may challenge...

§ 26–1121. Authority of Commissioner to issue rules and regulations - The Superintendent [Commissioner of the Department of Insurance, Securities, and...

Chapter 11A - Home Loan Protection

Subchapter I - Definitions; Federally Regulated and Supervised Entities and Fannie Mae and Freddie Mac

§ 26–1151.01. Definitions - For the purposes of this chapter, the term: (1) “Annual...

§ 26–1151.02. Federally regulated, supervised, and insured entities and the Federal National Mortgage Association and Federal Home Loan Corporation - (a) Nothing in subchapter II of this chapter shall be...

Subchapter II - Prohibited Practices

§ 26–1152.01. Applicability - This subchapter shall only apply to a covered loan as...

§ 26–1152.02. Insufficient repayment ability - (a) A lender shall not make a covered loan if...

§ 26–1152.03. Restrictions on the financing of single-premium credit insurance - A lender shall not sell any individual or group credit...

§ 26–1152.04. Restriction on financing origination/discount points and fees - If a lender refinances a loan secured by the same...

§ 26–1152.05. No encouragement of default - A lender shall not recommend or encourage the borrower to...

§ 26–1152.06. Unfair steering or improper use of credit scores - (a) A lender shall not steer, counsel, or direct any...

§ 26–1152.07. Failing to report favorable payment record - A lender or its servicer shall report a borrower’s favorable...

§ 26–1152.08. Home improvement contracts - (a) A lender shall not pay a contractor under a...

§ 26–1152.09. No increase in interest rate upon default - A lender shall not make a covered loan that includes...

§ 26–1152.10. Charges in bad faith - A lender shall not charge and retain fees paid by...

§ 26–1152.11. Failure to timely send disclosure notice - (a) In making a covered loan, a lender shall send...

§ 26–1152.12. Prepayment premium, fee or charge - A lender shall not include in a covered loan or...

§ 26–1152.13. Limitations on balloon payments - A lender shall not make a covered loan that provides...

§ 26–1152.14. No call provision - A lender shall not make a covered loan that includes...

§ 26–1152.15. No negative amortization - A lender shall not make a covered loan with a...

§ 26–1152.16. No advance payments - A lender shall not make a covered loan that includes...

§ 26–1152.17. No advance waivers - A provision in a covered loan whereby a borrower waives...

§ 26–1152.18. No oppressive mandatory arbitration clause - (a) A mandatory arbitration clause in a note, lien, instrument,...

§ 26–1152.19. Homeownership counseling - A lender shall inform a borrower of his or her...

§ 26–1152.20. Broker licensor - Upon initiation of a business relationship with a mortgage broker,...

§ 26–1152.21. Filing requirements - (a) Within 14 days following the funding of a covered...

§ 26–1152.22. Suspect settlement service providers - The Mayor may create and maintain a public list of...

§ 26–1152.23. Median family income - The Mayor shall periodically publish or make available to lenders...

Subchapter III - Violations and Remedies; Enforcement and Civil Liability

§ 26–1153.01. Violations and remedies - (a) The Mayor or any borrower under a covered loan...

§ 26–1153.02. Enforcement - The Mayor may conduct examinations and investigations, and issue orders...

§ 26–1153.03. Administrative penalties - (a) If the Mayor determines that a person has violated...

§ 26–1153.04. Final decision - A decision of the Mayor under § 26-1153.03 shall be...

§ 26–1153.05. Assignee liability - (a) Any person who purchases or is otherwise assigned a...

Subchapter IV - Rulemaking

§ 26–1154.01. Rulemaking authority - The Mayor shall promulgate rules in accordance with Chapter 5...

Subchapter V - Applicability

§ 26–1155.01. Applicability - (a) Subchapters I through III of this chapter shall apply...

Chapter 11B - Nationwide Mortgage Licensing System Conformity

§ 26–1161.01. Definitions - For the purposes of this chapter, the term: (1) “Applicant”...

§ 26–1161.02. Unique identifier required - Each licensee and registrant under the Banking Code shall register...

§ 26–1161.03. Form and contents of application - (a) An application shall be filed on a form prescribed...

§ 26–1161.04. Background checks - The Commissioner may use the NMLS as an agent for...

§ 26–1161.05. Confidential information - To assist in the performance of the Commissioner’s duties under...

§ 26–1161.06. Renewal - (a) A license or registration issued under this chapter shall...

§ 26–1161.07. Application fees - (a) When filing an application, each applicant shall pay the...

§ 26–1161.08. NMLS reporting requirements - The Commissioner shall regularly report violations of the Banking Code,...

§ 26–1161.09. NMLS information challenge process - The Commissioner shall establish by rule a process whereby applicants,...

§ 26–1161.10. Authority of Commissioner to issue regulations - The Commissioner, pursuant to subchapter I of Chapter 5 of...

§ 26–1161.11. Sunset - Section 26-1161.03(b) shall expire 2 years after March 7, 2015....

Chapter 12 - Savings and Loan Acquisition

§ 26–1201. Definitions - For the purposes of this chapter, the term: (1) “Acquire”...

§ 26–1202. Authorization of regional acquisitions - (a) A regional association, regional savings and loan holding company,...

§ 26–1203. Authorization of regional branches - (a) Ninety days after October 12, 1988, a regional association...

§ 26–1204. Conditions for regional acquisitions and regional branches - (a) When not inconsistent with federal law, the Superintendent [Commissioner]...

§ 26–1205. Authorization of nonregional acquisitions - (a) Ninety days after October 12, 1988, a nonregional association...

§ 26–1206. Review of applications - (a) Prior to deciding whether to grant approval of the...

§ 26–1207. Prohibitions - (a) Except as otherwise expressly permitted by this chapter or...

§ 26–1208. District status - (a) A District association that is controlled by a savings...

§ 26–1209. Rules - The Superintendent [Commissioner] shall, pursuant to subchapter I of Chapter...

§ 26–1210. Continued operations of existing associations and savings and loan holding companies - (a) This chapter shall not be construed to require divestiture...

§ 26–1211. Status after conversion - (a) An association’s status as a regional association shall not...

§ 26–1212. Insurance - Following an acquisition pursuant to this chapter, the deposits of...

§ 26–1213. Federal exclusion - This chapter shall not be construed to: (1) Grant the...

§ 26–1214. Cooperative agreements and examinations - (a) The Superintendent [Commissioner] shall examine all nonfederal District associations...

§ 26–1215. Remedies - (a) The Superintendent [Commissioner] shall report violations of any provision...

§ 26–1216. Registered agent - (a) Each association or savings and loan holding company making...

§ 26–1217. Use of minority-owned savings and loan associations - (a) Recipients of the District of Columbia government contracts are...

Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations

Subchapter I - General

§ 26–1301. Manner of formation; purposes - Corporations may be formed within the District of Columbia for...

§ 26–1304. Organization certificate; execution; contents - The persons referred to in § 26-1301 shall, under their...

§ 26–1305. Charter of incorporation — Power of Council to grant or refuse - This certificate shall be presented to the Council of the...

§ 26–1306. Charter of incorporation — Notice of application - Previous to the presentation of the said certificate to the...

§ 26–1307. Charter of incorporation — Recording; certificate to be obtained from Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] - If the charter be granted as aforesaid, it, together with...

§ 26–1308. Reports to Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] - All companies organized under this chapter, or which shall, under...

§ 26–1309. Powers of companies; liability as trustee - All companies organized under this chapter are hereby declared to...

§ 26–1310. Appointment as fiduciary - In all cases in which application shall be made to...

§ 26–1311. Oath as fiduciary - Whenever any corporation operating under this Code shall be appointed...

§ 26–1311.01. Automatic substitution of fiduciaries - (a) For the purpose of this section, the term: (1)...

§ 26–1312. Stock, property, and liability to be security when fiduciary - When any court shall appoint the said company a trustee,...

§ 26–1313. Existing companies; certificate of intention to comply with provisions - Any safe deposit company, trust company, surety or guaranty company,...

§ 26–1314. Real property held and conveyed by companies - Any company operating under this chapter may lease, purchase, hold,...

§ 26–1315. Duration of charter - The charters for incorporations named in this chapter and granted...

§ 26–1316. Capital stock — Amount; payment; deposit with Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] - The capital stock of every such company shall be at...

§ 26–1317. Capital stock — Calls; sale on failure to pay money subscribed - It shall be lawful for such company to call for...

§ 26–1318. Annual reports — Publication; contents; verification - Every such company shall annually, within 20 days after the...

§ 26–1319. Annual reports — Liability of directors or trustees - If any company fails to comply with the provisions of...

§ 26–1320. Wilful false swearing; misappropriation - Any wilful false swearing in regard to any certificate or...

§ 26–1321. Stock deemed personal estate; transfer; contents of certificates - The stock of such company shall be deemed personal estate,...

§ 26–1322. Liability of stockholders - All stockholders of every company incorporated under this chapter, or...

§ 26–1323. Payment of stock to be in money only; exception - Nothing but money shall be considered as payment of any...

§ 26–1324. Election of, and management of company by, directors or trustees - The stock, property, and concerns of such company shall be...

§ 26–1325. Officers; security authorized - There shall be a president of the company, who shall...

§ 26–1326. Power to make bylaws; purposes thereof - The directors or trustees shall have power to make such...

§ 26–1327. Liability of directors or trustees on declaration of dividends — Conditions - If the directors or trustees of any company shall declare...

§ 26–1328. Liability of directors or trustees on declaration of dividends — Exemption - If any of the directors or trustees shall object to...

§ 26–1329. Directors or trustees personally liable when liabilities exceed assets - If the liabilities of any company shall at any time...

§ 26–1330. Fiduciary not liable as stockholder; liability of estate and funds - No person holding stock in such company as personal representative,...

§ 26–1331. Increase or decrease of capital stock - (a) Any corporation which may be formed under this chapter...

§ 26–1332. Copy of certificate as evidence - A copy of any certificate of incorporation filed in pursuance...

§ 26–1333. Security required for performance of fiduciary duties; liability thereon - No bond or other collateral security, except as hereinafter stated,...

§ 26–1334. Powers of probate court - The court having probate jurisdiction, or any judge thereof, shall...

§ 26–1335. Compliance required of foreign corporations or companies - No corporation or company organized by virtue of the laws...

§ 26–1336. Right of Congress to amend or repeal chapter; remedies preserved - Congress may at any time alter, amend, or repeal this...

Subchapter II - Existing Trust Companies; Perpetual Succession of Trust Companies

§ 26–1351. Existing title insurance companies may become perpetual - Any company formed prior to January 1, 1902, agreeably to...

§ 26–1352. Trust companies to have perpetual succession - Any company transacting the business of a trust company and...

Chapter 14 - Universal Bank Certification

Subchapter I - General Provisions

§ 26–1401.01. Short title - This chapter may be cited as the “Universal Bank Certification...

§ 26–1401.02. Definitions - For the purposes of this chapter, the term: (1) “Affiliate”...

Subchapter II - Application and Certification as a Universal Bank

§ 26–1401.03. Application to be certified as a universal bank; review and approval or disapproval of application - (a) A financial institution may apply to be certified as...

§ 26–1401.04. Issuance of certificate of authority - If the Commissioner approves the application of a financial institution...

§ 26–1401.05. Revocation or subsequent limitation of certificate of authority - If a universal bank fails to maintain the standards and...

§ 26–1401.06. Voluntary termination of certification - A financial institution that is certified as a universal bank...

Subchapter III - Powers and Authority of Universal Banks

§ 26–1401.07. Preexisting powers of universal banks - A universal bank may exercise any power that it was...

§ 26–1401.08. Parity of powers of universal bank - (a) The Commissioner may authorize a universal bank to exercise...

§ 26–1401.09. Specific powers of universal banks - (a) Subject to applicable laws, regulations, and any required approval...

§ 26–1401.10. Necessary or convenient powers - Unless otherwise prohibited by law or regulation, a universal bank...

§ 26–1401.11. Reasonably related and incidental activities - (a) Subject to any applicable District or federal licensing or...

Subchapter IV - Limitations, and Exceptions to Limitations, on Powers of Universal Banks

§ 26–1401.12. Limitations on loan power of universal banks - (a) A universal bank shall not make loans under §...

§ 26–1401.13. Limitations on investment powers of universal bank - (a)(1) A universal bank shall not acquire an equity interest...

§ 26–1401.14. Exceptions to limitations on investment powers of universal banks - The percentage limitations in § 26-1401.13 shall not apply to,...

§ 26–1401.15. Limits on insurance and securities powers of universal banks - (a)(1) If a universal bank is permitted to engage in...

Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks

§ 26–1401.16. Liquidation of universal banks in general - A universal bank shall not be liquidated except as provided...

§ 26–1401.17. Commissioner taking possession of universal banks - (a) Subject to § 26-1401.15 as it relates to the...

§ 26–1401.18. Resumption of business by a universal bank - A universal bank of which the Commissioner takes possession or...

§ 26–1401.19. Appointment of a receiver for a universal bank - (a) The Commissioner may petition the Superior Court to appoint...

§ 26–1401.20. Receiver duties and powers - (a) Subject to Superior Court approval, a receiver shall: (1)...

§ 26–1401.21. Lien on property or assets; voidable transfer - (a) Except as provided in subsection (c) of this section,...

§ 26–1401.22. Maintenance and disposal of records by receiver - (a) With the approval of the Superior Court, a receiver...

§ 26–1401.23. Conservator; appointment; bond and security; qualifications; expenses - (a) If any of the grounds under § 26-1401.19 authorizing...

§ 26–1401.24. Conservator; rights, powers, and privileges - (a) Subject to the supervision of the Commissioner, the conservator...

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District of Columbia Code Title 26 - Banks and Other Financial Institutions

District of Columbia Code
Title 26 - Banks and Other Financial Institutions