Title 26 — Banks and Other Financial Institutions.
22 chapters · 372 sections in this title.
D.C. Code § 26-901 Businesses required to procure license and pay tax; appointment of resident agent; service of process or notice
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(a) It shall be unlawful and illegal to engage in the District of Columbia in the business of loaning money upon which a rate of interest greater than 6% per annum is charged on any security of any kind, direct or collateral, tangible or intangible, without procuring license; and…
D.C. Code § 26-902 Applications for license — Contents; grant; notice of filing; protest and hearing; power to reject
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Applications for license to conduct such business must be made in writing to the Mayor of the District of Columbia, and shall contain the full names and addresses of applicants, if natural persons, and in the case of firms and voluntary associations, the full names and addresses …
D.C. Code § 26-903 Applications for license — Bond; actions thereon; use of certified copy; renewal and refiling
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Each application shall be accompanied by a bond to the District of Columbia in the penal sum of $5,000, with 2 or more sufficient sureties, and conditioned that the obligor will not violate any law relating to such business. The execution of any such bond by a fidelity or surety …
D.C. Code § 26-904 Register to be kept; contents; inspection; annual statements
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Every person, firm, voluntary association, joint-stock company, incorporated society, or corporation conducting such business shall keep a register, approved by said Mayor, showing in English, the amount of money loaned, the date when loaned and when due, the person to whom loane…
D.C. Code § 26-905 Maximum rate of interest; fees and charges covered; deduction from principal prohibited; statement and receipts furnished borrower; amount of loans; violations
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No such person, firm, voluntary association, joint-stock company, incorporated society, or corporation shall charge or receive a greater rate of interest upon any loan made by him or it that exceeds the lawful rate in the District of Columbia set by Chapter 33 of Title 28 on the …
D.C. Code § 26-906 Complaints; investigation; suspension, revocation, or denial of license
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Any complaint against a licensee or applicant shall be made in writing to the Mayor and the Mayor, on the basis of a written complaint or his or her initiative, may conduct an investigation. Pursuant to the investigation, the Mayor may suspend, revoke, or deny a license to any ap…
D.C. Code § 26-907 Violations
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(a) A person violating any provision of this chapter shall, upon conviction, be fined $300, imprisoned for not less than 30 days or more than 90 days, or both. In addition, the court may order any person violating this chapter to make restitution for the value of property illegal…
D.C. Code § 26-908 Fees allowed on foreclosure
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In any foreclosure on any loan made under this chapter no charges for attorneys’ or agents’ fees shall be made or collected which will exceed 10% of the amount found due in such foreclosure proceedings.
D.C. Code § 26-909 Penalty provisions in contracts prohibited
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In any contract made in pursuance of the provisions of this chapter it shall be unlawful to incorporate any provision for liquidated or other damages as a penalty for any default or forfeiture thereunder.
D.C. Code § 26-910 Exemption of certain persons and businesses; service of process thereupon
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(a) Nothing contained in this chapter shall be held to apply to the legitimate business of national banks, licensed bankers, licensed mortgage brokers, licensed mortgage lenders, any person exempt from licensure under § 26-1102 if the activity involves making or brokering a mortg…
D.C. Code § 26-911 Enforcement; rules and regulations
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The enforcement of this chapter shall be intrusted to the Mayor of the District of Columbia, and the Council of the District of Columbia is hereby authorized and empowered to make all rules and regulations necessary in its judgment for the conduct of such business and the enforce…
D.C. Code § 26-912 Exemption of certain loans; severability
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(a) No provision of this chapter shall apply with respect to any loan, or to the making of any loan: (1) To any corporation which is unable to plead any statutes against usury in any action; (2) Repealed; (3) Secured on real estate located outside of the District of Columbia; (4)…