Title 26 — Banks and Other Financial Institutions.

This chapter may be cited as the “Universal Bank Certification Act of 2000”.

For the purposes of this chapter, the term: (1) “Affiliate” shall have the same meaning as set forth in § 26-551.02(1). (2) “Appropriate federal financial institutions agency” shall have the same meaning as set forth in § 26-551.02(2). (3) “Bank holding company” shall have the sa…

(a) A financial institution may apply to be certified as a universal bank by filing a written application with the Commissioner. The application shall include such information as the Commissioner may require by regulation. The application shall be on such forms, and shall be prep…

If the Commissioner approves the application of a financial institution to become certified as a universal bank, the Commissioner shall issue to the financial institution a certificate of authority stating that the financial institution is certified as a universal bank under this…

If a universal bank fails to maintain the standards and requirements of § 26-1401.03(c), the Commissioner shall, by order, revoke or limit the exercise of the powers of the universal bank.

A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written appro…

A universal bank may exercise any power that it was authorized to exercise under the District of Columbia Banking Code before its certification as a universal bank.

(a) The Commissioner may authorize a universal bank to exercise a power that may be exercised by any other state bank, state or federally chartered savings bank, state or federally chartered savings and loan association, or federally charted national bank. (b)(1) A universal bank…

(a) Subject to applicable laws, regulations, and any required approval of the Commissioner or other regulators, a universal bank may: (1) Establish eligibility requirements and the types and terms of deposits that the universal bank may solicit and accept; (2) Make, sell, purchas…

Unless otherwise prohibited by law or regulation, a universal bank may exercise all powers necessary or convenient to effect the purposes for which the universal bank is organized or to further a business, activity, or operation in which the universal bank is lawfully engaged. Th…

(a) Subject to any applicable District or federal licensing or regulatory requirements, a universal bank may engage, directly or through a subsidiary, in activities that are reasonably related or incident to the lawful and authorized purposes, activities, operations, or business …

(a) A universal bank shall not make loans under § 26-1401.09(a)(2) through the universal bank, or a subsidiary of the universal bank, in an aggregate amount that exceeds 20% of the universal bank’s capital; provided, that: (1) For the purposes of computing this limitation, loans …

(a)(1) A universal bank shall not acquire an equity interest in a profit-participation project under § 26-1401.09(a)(4) in an aggregate amount that exceeds 20% of the universal bank’s capital; provided, that an investment described in § 26-1401.14 shall not be included computatio…

The percentage limitations in § 26-1401.13 shall not apply to, and a universal bank may invest without limitation in, any of the following: (1) Stocks or obligations of a corporation organized for business development by the District, the United States, or a District or federal a…

(a)(1) If a universal bank is permitted to engage in the business of insurance or securities under any authority granted by this chapter, the insurance and securities activities of the universal bank shall be subject to the regulation and supervision of the Department and appropr…

A universal bank shall not be liquidated except as provided by this chapter or in accordance with the order of a court of competent jurisdiction.

(a) Subject to § 26-1401.15 as it relates to the functional regulatory authority of the Commissioner with respect to the liquidation or rehabilitation of an insurance subsidiary or holding company affiliate, the Commissioner may take possession of the business and property of a u…

A universal bank of which the Commissioner takes possession or which is operating under restrictions imposed by the Commissioner may be permitted by the Commissioner to resume business in accordance with the provisions of this chapter and subject to such conditions as may be impo…

(a) The Commissioner may petition the Superior Court to appoint a receiver for a universal bank if there is a reasonable basis to believe the universal bank: (1) Has violated a law, rule, regulation, a condition imposed by the Commissioner in connection with the approval of an ap…

(a) Subject to Superior Court approval, a receiver shall: (1) Take possession of the books, records, and assets of the universal bank and collect all debts, dues, and claims belonging to the universal bank; (2) Sue, defend, compromise, arbitrate, or otherwise settle all claims in…

(a) Except as provided in subsection (c) of this section, the transfer of, or a lien on, the property or assets of the universal bank shall be voidable by the receiver if the transfer or lien was: (1) Made or created within one year before the date the universal bank is ordered i…

(a) With the approval of the Superior Court, a receiver may dispose of records of the universal bank in receivership that are obsolete and unnecessary to the continued administration of the receivership. (b) The receiver may retain the records of the universal bank and the receiv…

(a) If any of the grounds under § 26-1401.19 authorizing a request for the appointment of a receiver exist or if the Commissioner determines that it is necessary to conserve the assets of a universal bank for the benefit of the depositors, investors, or other creditors of the ban…

(a) Subject to the supervision of the Commissioner, the conservator shall take possession of the books, records, and assets of the bank and shall take any action necessary to conserve the assets of the universal bank pending further disposition of the business of the universal ba…

(a) While a universal bank is in conservatorship, the Commissioner may require the conservator to set aside and make available for withdrawal by depositors or investors and payment to other creditors, ratably, amounts that the Commissioner determines may be used safely and soundl…

(a) With the prior approval of the Commissioner, the conservator of a universal bank may borrow money to aid in the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends. (b) With the prior approval of the Commissioner, the conserva…

(a) If the Commissioner determines that termination of the conservatorship and resumption of the transaction of the universal bank’s business by the universal bank can be achieved and maintained in a safe and sound manner and is otherwise in the public interest, the Commissioner …

A universal bank may operate under the articles of incorporation and bylaws which were in effect before the universal bank’s certification as a universal bank or under subsequently amended articles of incorporation and bylaws which are consistent with the provisions and purposes …

(a) A universal bank may purchase the assets of, merge with, acquire, or be acquired by, a financial institution, or the holding company of a financial institution, only after a written application to the Commissioner and the written approval of the application by the Commissione…

The Commissioner may establish fees for the filing of documents, the processing of applications, and other services provided by the Commissioner or the Department under this chapter.

The Commissioner may prescribe rules governing the activities of universal banks and implementing this chapter, pursuant to subchapter I of Chapter 5 of Title 2.