District of Columbia Administrative Code

1804 RECORD KEEPING 1804.1 An operator shall not make any material false or misleading statements or material omissions in its records or any other documents filed with the Commissioner. SOURCE: Final Rulemaking published at 50 DCR 10324, 10328 (December 5, 2003).

1805 DISCLOSURE OF SURCHARGES 1805.1 A disclosure of surcharges on an automated teller machine and point of sale terminal shall be printed or typewritten in the English language. A disclosure of surcharges on an automated teller machine shall be provided electronically. 1805.2 A …

1806 PROOF OF REGISTRATION 1806.1 An operator of an automated teller machine shall affix a registration decal, issued by the Commissioner, to each automated teller machine operated in the District and registered pursuant to the Act. 1806.2 The registration decal required pursuant…

200 APPLICATIONS TO DO BUSINESS 200.1 Any application required by these rules shall be made by filing the Form(s) designated by the section(s) of these rules governing the activity for which approval is being sought. Any application required to be filed with the Commissioner for …

201 APPLICATIONS TO DO BUSINESS GENERALLY 201.1 Any person required to file an application under subsection 200.2 of these rules shall file with the Commissioner a Form 1, which is incorporated into these rules by reference. 201.2 Any financial institution wishing to open a branc…

202 APPLICATIONS FOR DEPOSIT-TAKING CHARTERS 202.1 Any person wishing to organize a bank in the District, other than a national bank, where deposits or savings are received or who wishes to convert from a national bank charter to a District bank charter, shall obtain, pursuant to…

203 APPLICATIONS BY PERSONS, AND REGIONAL BANK HOLDING COMPANIES 203.1 Any person or Regional bank holding company wishing to acquire, pursuant to D.C. Official Code §§ 26-701, et seq., a District bank or District bank holding company shall file with the Commissioner an applicati…

204 APPLICATIONS BY NONREGIONAL BANK HOLDING COMPANIES 204.1 Any nonregional bank holding company applying to acquire, pursuant to D.C. Official Code § 26-706.01 a District bank or District bank holding company shall file with the Commissioner Form 5, incorporated into these rule…

205 LICENSES FOR BRANCHES AND AGENCIES OF FOREIGN BANKS 205.1 No foreign bank shall establish or maintain an agency or branch office unless the Commissioner shall have first recommended approval of an application filed in accordance with subsection 201.2 of these rules, for the e…

206 BRANCHES, ADDITIONAL OFFICES (DISTRICT BANKS AND SAVINGS AND LOANS) AND CERTIFICATES OF AUTHORITY (FOREIGN SAVINGS AND LOANS) 206.1 No financial institution organized under the laws of the District of Columbia shall establish a branch or additional office without prior approv…

2000 SCOPE 2000.1 Unless specified otherwise, these rules shall govern the brokering, arranging, making, funding, and servicing of covered loans and predatory lending protections in the District of Columbia, as governed by the Act. SOURCE: Final Rulemaking published at 49 DCR 107…

2001 COVERED LOANS 2001.1 A lender that makes a covered loan, as defined under section 101(7)(A) of the Act, shall be subject to Title II of the Act and shall remain subject to Title II of the Act in the event the covered loan is sold or assigned to another person with respect to…

2002 MEDIAN FAMILY INCOME 2002.1 For purposes of the Act, the median family income amount for Washington, D.C. shall be the most recent estimate from the Office of Policy and Research Development of the U.S. Department of Housing and Urban Development. 2002.2 The median family in…

2003 NO ENCOURAGEMENT OF DEFAULT 2003.1 No lender shall encourage or recommend that a borrower default on an existing loan or other debt. 2003.2 For purposes of § 2003.1, "default" shall include failure to make any payment when due, without relying on a grace period or late payme…

2004 LIST OF HOME IMPROVEMENT CONTRACTORS 2004.1 For purposes of the Act, a list of home improvement contractors that are bonded and in good standing shall be available from the Department. SOURCE: Final Rulemaking published at 49 DCR 10779, 10781 (November 29, 2002).

2005 RED FLAG WARNING DISCLOSURE NOTICE 2005.1 The "Red Flag" Warning Disclosure Notice ("Notice"), attached in the Appendix, Form 1, shall be used to comply with the notice requirement established in section 211 of the Act and may be used to comply with section 219 of the Act. 2…

2006 MAYOR'S STANDARD FOR ARBITRATION 2006.1 For purposes of this Act, the standard for arbitration shall be policies and procedures of the American Arbitration Association. 2006.2 Arbitration clauses that comply with policies and procedures of the American Arbitration Associatio…

2007 FILING REQUIREMENTS AND PROCEDURES WITH THE DEPARTMENT OF INSURANCE, SECURITIES AND BANKING 2007.1 Within 14 days after the funding of a covered loan, as defined under section 101(7)(A) of the Act, a lender shall submit copies of the settlement statement, the FP 7/C Form fil…

2008 INVESTIGATIONS 2008.1 The Commissioner may initiate an investigation of any person or entity if the Commissioner has reasonable cause to believe that the person or entity has engaged, is engaging, or may engage in one or more of the prohibited predatory lending activities as…

2009 ENFORCEMENT 2009.1 Pursuant to section 302 of the Act, the Department may conduct examinations, initiate investigations, and issue orders pursuant to section 303 of the Act in order to enforce the provisions of the Act. 2009.2 Any findings by the Commissioner of violations s…

2010 PUBLICATION OF FINAL DECISIONS 2010.1 A decision of the Department under D.C. Official Code §§ 2-501 et seq. (2001) shall be enforceable in a court of competent jurisdiction. 2010.2 Final decisions shall be published in the D.C. Register by the Department within 60 days afte…

2011 NOTICE OF ASSIGNEE LIABILITY 2011.1 Any person who sells or assigns a covered loan shall include, with the covered loan a notice, in a form similar to, and containing the same information, as the sample notice found in the Appendix, Form 3. SOURCE: Final Rulemaking published…

2099 DEFINITIONS 2099.1 For the purpose of this chapter, the following terms have the meaning ascribed: "Act" - the Home Loan Protection Act of 2002 (D.C. Law 14-132; D.C. Official Code §§ 26-1151.01 et seq. (2001)). "Department" - the Department of Insurance, Securities and Bank…

2100 SCOPE 2100.1 These regulations shall govern the implementation of the Act including all opportunity accounts in the District of Columbia funded under the Act. They provide the rules for opportunity account participants, the non-profit organizations which seek and are chosen …

2101 FUNCTION OF OPPORTUNITY ACCOUNTS OFFICE, APPLICATION REQUIREMENTS AND PROCEDURES 2101.1 The Opportunity Accounts Office ("Office"), established pursuant to the Act, shall select, on a competitive basis, qualified non-profit organizations to administer the opportunity account…

2102 APPLICANT ORGANIZATION ELIGIBILITY AND ASSESSMENT 2102.1 In order to approve an application, the Office shall determine that the applicant is exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501 (c)(3)). 2102.2 In addition to sec…

2103 FINANCIAL INSTITUTIONS 2103.1 General approval is hereby granted to financial institutions that have a branch office located in the District of Columbia to establish opportunity accounts and opportunity account reserve funds accounts in compliance with the Act. These account…

2104 OFFICE CONTRACT AGREEMENTS 2104.1 Following the selection of a non-profit organization to administer an opportunity account program, the Office shall enter into an agreement with the non-profit organization. In addition to the other requirements of the Office, the agreement …

2105 APPROVED USE OF OPPORTUNITY ACCOUNTS 2105.1 After the required saving and financial management training are both completed, the account holder shall be eligible to purchase the approved asset using both his or her savings and the matching funds. 2105.2 An account holder may …

2106 WITHDRAWALS FROM OPPORTUNITY ACCOUNTS 2106.1 Withdrawals from opportunity accounts for purposes which are not permitted under the Act, these rules, or approved by the administering organization, shall, at a minimum, result in a reduction of the match made available to the pa…

2107 TAXATION AND OTHER CONSEQUENCES 2107.1 Matching funds, spent by or for the benefit of the account holder for a use permitted by the Act and approved by the administering organization, are exempt from taxation under District of Columbia law, provided that any money withdrawn …

2108 DISPOSITION OF OPPORTUNITY ACCOUNT UPON DEATH 2108.1 An account holder shall designate, in writing, a contingent beneficiary at the time the account is established on a form provided by the Office. 2108.2 In the event of the death of the account holder, ownership of the acco…

2199 DEFINITIONS 2199.1 For the purpose of this chapter, the following terms have the meaning ascribed in this section: "Account holder" means a person who is the owner of an opportunity account. "Administering organization" means an organization that is approved by the Office to…

2200 SCOPE 2200.1 Unless specified otherwise, these rules shall govern persons engaged in the transmission of money in the District of Columbia whether it is within the United States or to locations abroad, by any means, including, but not limited to, payment instrument, wire, fa…

2201 REQUIREMENT FOR BUSINESS LOCATION IN THE DISTRICT 2201.1 No licensee shall engage in the transmission of money unless the licensee conducts such business at a location within the District of Columbia approved by the Department or through an authorized delegate approved by th…

2202 WAIVER OF PERMISSIBLE INVESTMENTS AND STATUTORY TRUST 2202.1 An applicant that seeks a waiver of the permissible investments and statutory trust requirement of section 6 of the Act shall file a request for a waiver of the permissible investments and statutory trust requireme…

2203 WAIVER OF LICENSE APPLICATION REQUIREMENTS 2203.1 An applicant that seeks a waiver of any of the license application requirements of section 7(e) of the Act or who seeks to submit substituted information on its license application in lieu of the information required by secti…

2204 SUBSTITUTION OF OTHER SECURITY DEVICE 2204.1 An applicant that seeks to substitute a security device other than a surety bond or irrevocable letter of credit pursuant to section 8(a) of the Act shall file a request for approval for the substituted security device with the De…

2205 DEPOSITING OF CASH, INTEREST-BEARING STOCKS AND BONDS, NOTES, DEBENTURES OR OTHER OBLIGATIONS 2205.1 An applicant that seeks to deposit cash, interest-bearing stocks and bonds, notes, debentures or other obligations, in lieu of a security device, pursuant to section 8(b) of …

2206 ELIMINATION OR REDUCTION OF SECURITY DEVICE 2206.1 An applicant that has ceased money transmission operations in the District of Columbia and proposes a waiver or a reduction of the security device requirements of section 8(c) of the Act shall request a waiver of the securit…

2207 SUBSTITUTION OF SECURITY DEVICE 2207.1 An applicant that has ceased money transmission operations in the District of Columbia and seeks to substitute a letter of credit or other security device in place of the security device that was in place at the time the applicant cease…

2208 INVESTIGATIONS 2208.1 The Department may conduct an on-site investigation of an applicant, and its authorized delegate(s), for a license pursuant to section 10 of the Act. 2208.2 The Department shall charge a fee of sixty dollars ($60) an hour per person including applicable…

2209 ANNUAL RENEWAL REPORT 2209.1 The annual renewal report required under section 11 of the Act shall be in the form set forth in the attached Appendix. 2209.2 Every licensee shall complete the annual renewal report required in § 2209.1 and submit it to the Department at 810 Fir…

2210 CHANGES IN CONTROL OF A LICENSEE 2210.1 In order to request approval for a change in control of a licensee, the applicant shall provide information to the Department as required under §§ 2210.2 and 2210.3. 2210.2 The.application for a change in control shall be made on a for…

2211 EXAMINATIONS 2211.1 The Department may conduct an on-site examination of a licensee and an authorized delegate of the licensee pursuant to section 14 of the Act. 2211.2 Each licensee or its authorized delegate(s) shall be subject to an examination at any time forty-five (45)…

2212 AUTHORIZED DELEGATE CONDUCT 2212.1 The maximum remittance time for an authorized delegate to remit all monies owing to a licensee within the time required in accordance with the terms of the contract between the licensee and the authorized delegate, as set forth in section 1…

2299 DEFINITIONS 2299.1 For the purpose of this chapter, the following terms have the meaning ascribed: Act - The Money Transmitters Act of 2000, effective July 18, 2000 (D.C. Law 13-140; D.C. Official Code §§ 26-1001 et seq. (2001)). Applicant - A person filing an application fo…

2500 GENERAL PROVISIONS 2500.1 The provisions of this chapter were adopted by the District of Columbia Council as the "District of Columbia Consumer Retail Credit Regulations," Regulation No. 71-18, approved June 11, 1971, under the Council's powers to make police regulations for…

2501 TRUTH IN LENDING: FEDERAL LAW AND REGULATIONS 2501.1 Except as otherwise specifically provided in this chapter, the following sections of the federal "Truth in Lending Act" (Pub. L. 90-321, 82 Stat. 146), as amended, are incorporated in this chapter by reference: (a) Section…

2502 REGISTRATION OF RETAIL SELLERS AND FINANCE COMPANIES 2502.1 Any person who is a retail seller or a sales finance company shall register with the Department of Consumer and Regulatory Affairs (Department) as provided in this section. 2502.2 Any person not registered, whose re…