Title 26 — Banks and Other Financial Institutions.

For the purposes of this chapter, the term: (1) “Applicant” means a person filing an application for a license under this chapter. (2) “Authorized delegate” means an entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or eng…

(a) After the effective date of this chapter [July 18, 2000], no person shall engage in the business of money transmission without obtaining a license issued by the Superintendent [Commissioner] under § 26-1009, except as provided in subsection (d) of this section and in § 26-100…

(a) This chapter shall not apply to: (1) The United States or any department, agency, or instrumentality thereof; (2) The United States Post Office; (3) The District of Columbia government; (4) Banks, bank holding companies, credit unions, building and loan associations, savings …

(a) Each licensee under this chapter shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall hav…

(a) Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issu…

(a) Each application for a license shall be made in writing, under oath, and in a form prescribed by the Superintendent [Commissioner]. (b) For all applicants, each application shall contain: (1) The exact name of the applicant, the applicant’s principal address, any fictitious o…

(a) Each application must be accompanied by a surety bond, irrevocable letter of credit, or such other similar security device acceptable to the Superintendent [Commissioner] in the amount of $50,000. If the applicant proposes to engage in business at more than one location, thro…

Each application must be accompanied by a non-refundable application fee in the amount of $500, plus $25 for each location in the District of Columbia. The maximum amount of application fees required for all locations shall not exceed $2,500. The application fee shall also consti…

(a) Upon the filing of a complete application, the Superintendent [Commissioner] shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The Superintendent [Commissioner] may conduct an on-s…

(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 repor…

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 reorganiza…

(a) Except as provided in this section, no person shall directly or indirectly acquire control of a licensee without the prior written approval of the Superintendent [Commissioner]. In order to obtain approval, a person shall: (1) Notify the Superintendent [Commissioner] 30 days …

(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 w…

(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 ledge…

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 …

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.

(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 stri…

(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 o…

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.

The provisions of subchapter I of Chapter 5 of Title 2 shall apply to any hearing afforded pursuant to this chapter.

(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 vio…

(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 ab…

(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) An…

The Superintendent [Commissioner] is authorized to promulgate rules and regulations to implement this chapter.

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 …

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.

(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 …