Title 26 — Banks and Other Financial Institutions.

For the purposes of this chapter, the term: (1) “Check” means any check, draft, money order, personal money order, or other instrument for the transmission or payment of money. (2) “Check cashing” means the exchange of a check for money delivered to the presenter at the time and …

Except as provided in § 26-303 no person, including a person doing so on May 12, 1998, shall engage in the business of cashing checks for consideration without first obtaining a license from the Superintendent [Commissioner] pursuant to this chapter. No separate license under thi…

The provisions of the chapter shall not apply to: (1) Banks, credit unions, trust companies, building and loan associations, and savings and loan associations organized under the laws of the United States or of the District of Columbia or authorized to do business in the District…

(a) An application for a license under this chapter shall be in writing under oath in the form prescribed by the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking]. (b) The application shall include: (1) If the applicant is an individual, the ap…

At the time of filing an application under this chapter, each applicant shall pay to the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] a non-refundable license fee of $300, except that an applicant for a license to maintain one or more limi…

(a) At the time of filing an application under this chapter, each applicant shall file with the Superintendent [Commissioner of Insurance, Securities, and Banking] a bond in the sum of $5,000 for each location and mobile unit from which the applicant proposes in the application t…

Each applicant shall demonstrate, in a form satisfactory to the Superintendent, [Commissioner] the availability of capital of at least $25,000 for the operation of the business of each location and mobile unit from which the applicant proposes in the application to conduct busine…

(a) Upon the filing of an application in proper form, including the required fee and accompanying documents, the Superintendent [Commissioner] shall issue to the applicant a license to engage in the cashing of checks in the District of Columbia, unless the Superintendent [Commiss…

A license to cash checks shall state: (1) The name of the licensee; (2) The names of the members of the licensee (if applicable); (3) The date of issuance and of expiration of the license; (4) The date and state of incorporation of the licensee (if applicable); (5) If the busines…

A license issued pursuant to this chapter shall be conspicuously displayed in the place of business of the licensee or, in the case of a mobile unit, upon the mobile unit.

(a) A license issued to a check-cashing business shall remain in full force and effect through the 31st day of December following its date of issuance, unless earlier surrendered, suspended, or revoked. (b) If an application for a renewal license, along with a license renewal fee…

(a) The Commissioner, or his or her designated agent, shall examine the affairs, business, premises, and records of each licensee at least once in every 3-year period and at any other time that the Commissioner considers necessary or provides by regulation. (b) Each licensee shal…

A license issued pursuant to this chapter shall not be transferable or assignable.

Not more than one location of business or mobile unit shall be maintained under the same license. More than one license may be issued to the same licensee upon compliance with this chapter for each new license.

Any licensee may open and maintain, within the District, one or more limited stations for the purpose of cashing checks for the particular group or groups specified in the license authorizing each limited station. A separate license shall be issued for each limited station mainta…

A licensee may make a written application, in the form prescribed by the Superintendent [Commissioner], to the Superintendent [Commissioner] for leave to change the licensee’s location of business, or in the case of a mobile unit, the area in which the mobile unit is authorized t…

(a) The Superintendent [Commissioner] may revoke any license issued pursuant to this chapter if, after notice and a hearing, the Superintendent [Commissioner] finds that the licensee has: (1) Committed any fraudulent acts, engaged in any dishonest activities, or made any misrepre…

(a)(1) Beginning January 1, 2011, no licensee under this chapter shall directly or indirectly charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of: (A) Two percent of the face amount of the paym…

Each licensee under this chapter shall keep and use such books, accounts, and other records as the Superintendent [Commissioner] shall require to carry into effect the provisions of this chapter and any rules and regulations issued by the Superintendent [Commissioner] under this …

(a) No licensee under this chapter shall engage in the business of discounting of notes, bills of exchange, checks, or other evidences of indebtedness, nor shall such a discounting business be conducted on the same premises where the licensee is conducting business pursuant to th…

Whenever it appears that an individual or entity licensed or required to be licensed under this chapter has violated or is violating any law, agreement, order, rule, or regulation or has engaged in an unsafe or unsound practice, the Superintendent [Commissioner] may issue an orde…

(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 has violated, is violating, or is about to violate any provisi…

The Superintendent [Commissioner] may promulgate such rules and regulations as deemed necessary and appropriate to implement the provisions of this chapter.

(a) Any person who violates any provision of this chapter, any rule or regulation adopted 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) Any person …