Title 26, Banks and Other Financial Institutions.

A lender shall inform a borrower of his or her right to obtain counseling in connection with a covered loan. A Red Flag Warning Disclosure Notice shall satisfy this requirement.

Upon initiation of a business relationship with a mortgage broker, a lender shall verify that each mortgage broker with whom it does business in connection with making a covered loan is licensed or otherwise authorized to do business in the District. After verifying that the brok…

(a) Within 14 days following the funding of a covered loan, a lender otherwise subject to the jurisdiction of the Mayor shall submit to the Mayor a loan package including copies of the following documents: (1) The settlement statement; (2) The FP-7 Form filed with the Recorder of…

The Mayor may create and maintain a public list of lenders and other settlement service providers, including real estate agents and appraisers, who have been found by a court to have engaged in a systematic pattern or practice of fraud or in operations in violation of the require…

The Mayor shall periodically publish or make available to lenders median family income for Washington, D.C. that may be relied upon by lenders for purposes of this chapter.

(a) The Mayor or any borrower under a covered loan may recover damages for a lender’s violation of § 26-1151.02 or subchapter II of this chapter. (b) Notwithstanding subsection (a) of this section, if the violation of § 26-1151.02 or subchapter II of this chapter was caused by th…

The Mayor may conduct examinations and investigations, and issue orders to enforce the provisions of this chapter, with respect to lenders over which it otherwise has jurisdiction. The Mayor may examine any relevant instrument, document, account, book, record, or file of a lender…

(a) If the Mayor determines that a person has violated this chapter, the Mayor may impose one or more of the following penalties: (1) A civil penalty imposed as follows: (A) $1,000 for the first violation; (B) For the second and each subsequent violation occurring within a 24-mon…

A decision of the Mayor under § 26-1153.03 shall be a final order for the purposes of subchapter I of Chapter 5 of Title 2, and shall be enforceable in a court of competent jurisdiction. The Mayor shall publish the final decisions, subject to redaction or modification to preserve…

(a) Any person who purchases or is otherwise assigned a covered loan shall be subject to all claims and defenses with respect to the covered loan that the borrower could assert against the originator of the covered loan, unless the purchaser or assignee demonstrates, by a prepond…

The Mayor shall promulgate rules in accordance with Chapter 5 of Title 2, to carry out the purposes of this chapter. The rules shall be promulgated within 90 days of May 7, 2002.

(a) Subchapters I through III of this chapter shall apply 60 days after the effective date of the regulations promulgated by the Mayor pursuant to this chapter. (b) The provisions of this chapter shall be interpreted and applied to the fullest extent practical in a manner consist…

For the purposes of this chapter, the term: (1) “Applicant” means a person filing an initial or renewal application for licensure or registration under the Banking Code. (2) “Application” means an initial or renewal application for licensure or registration under the Banking Code…

Each licensee and registrant under the Banking Code shall register with and maintain a valid unique identifier issued by the NMLS.

(a) An application shall be filed on a form prescribed by the Commissioner. (b) Solely for purposes of and as needed for participating in the NMLS, the Commissioner is authorized to waive or modify by rule any requirements for applications, fees, or renewals in Chapter 1A, 3, 9, …

The Commissioner may use the NMLS as an agent for requesting information from and distributing information to: (1) The Federal Bureau of Investigation; (2) The Department of Justice; or (3) Other law enforcement agency, regulatory agency, or credit reporting agency.

To assist in the performance of the Commissioner’s duties under this chapter, the Commissioner may: (1) Share documents, materials, or other information, including confidential and privileged documents, materials, or information subject to this chapter, with state, federal, and i…

(a) A license or registration issued under this chapter shall expire on a date to be determined by the Commissioner. A license or registration may thereafter be renewed for one-year term extensions as provided by this section. (b) Before a license expires, the applicant may renew…

(a) When filing an application, each applicant shall pay the applicable fees prescribed by the Commissioner and any third-party fees. Any fees paid in connection with the processing of an application shall be non-refundable. (b) The Commissioner may increase or decrease the fees …

The Commissioner shall regularly report violations of the Banking Code, as well as enforcement actions and other relevant information, to the NMLS. The reports shall be subject to the provisions of § 26-1161.05.

The Commissioner shall establish by rule a process whereby applicants, licensees, and registrants may challenge information entered into the NMLS by the Commissioner.

The Commissioner, pursuant to subchapter I of Chapter 5 of Title 2 [§ 2-501 et seq.], may issue rules to implement the provisions of this chapter.

Section 26-1161.03(b) shall expire 2 years after March 7, 2015.

For the purposes of this chapter, the term: (1) “Acquire” means: (A) The merger or consolidation of 1 association with another association or with a savings and loan holding company or the merger of 1 savings and loan holding company with another savings and loan holding company;…

(a) A regional association, regional savings and loan holding company, District association, or District savings and loan holding company may acquire a District association or District savings and loan holding company on the approval of the Superintendent [Commissioner], if and o…

(a) Ninety days after October 12, 1988, a regional association or a regional savings and loan holding company may obtain a certificate of authority to establish, maintain, and acquire branches in the District on approval of the Superintendent [Commissioner]. (b) Before granting a…

(a) When not inconsistent with federal law, the Superintendent [Commissioner] shall require each association or savings and loan holding company seeking to make an acquisition under § 26-1202 or seeking to branch under § 26-1203 to file information applicable to the nature of the…

(a) Ninety days after October 12, 1988, a nonregional association or a nonregional savings and loan holding company may acquire, on the approval of the Superintendent [Commissioner]: (1) A District association that has been in existence on January 1, 1988, and continuously operat…

(a) Prior to deciding whether to grant approval of the application under § 26-1202, § 26-1203, or § 26-1205, the Superintendent [Commissioner] shall accept public comment on the application and shall hold a public hearing on the application, according to procedures established by…

(a) Except as otherwise expressly permitted by this chapter or other applicable District or federal law, an association or savings and loan holding company that is not a District association or District savings and loan holding company or is not a regional association or regional…

(a) A District association that is controlled by a savings and loan holding company other than a District savings and loan holding company shall be subject and entitled to the benefit of all laws of the District and the rules promulgated pursuant to laws relating to the acquisiti…

The Superintendent [Commissioner] shall, pursuant to subchapter I of Chapter 5 of Title 2, issue proposed rules to implement the provisions of this chapter. The proposed rules shall be submitted to the Council for a 45-day review period, excluding Saturdays, Sundays, legal holida…

(a) This chapter shall not be construed to require divestiture by an association or a savings and loan holding company that acquired its subsidiary District association or District savings and loan holding company prior to October 12, 1988. (b) This chapter shall not require a re…

(a) An association’s status as a regional association shall not be affected by the association’s conversion, after October 12, 1988, from a federal charter to a charter issued by a state in the region or by the association’s conversion from a state charter to a federal charter, s…

Following an acquisition pursuant to this chapter, the deposits of any resulting association doing business in the District shall be insured by either the Federal Deposit Insurance Corporation pursuant to 12 U.S.C. § 1811 et seq., or the Federal Savings and Loan Insurance Corpora…

This chapter shall not be construed to: (1) Grant the Superintendent [Commissioner] or any other District agency jurisdiction over a federal association or any merger or consolidation of a federal association in which an association chartered by the District is not a party; or (2…

(a) The Superintendent [Commissioner] shall examine all nonfederal District associations controlled by an association or savings and loan holding company and all District branches controlled by an association or savings and loan holding company. (b) The Superintendent [Commission…

(a) The Superintendent [Commissioner] shall report violations of any provision of this chapter to the Corporation Counsel. The Corporation Counsel may institute a civil action on behalf of the District for equitable or any other appropriate relief, including the imposition of civ…

(a) Each association or savings and loan holding company making an application to the Superintendent [Commissioner] under § 26-1202 or § 26-1203 shall include in that application a statement identifying a registered agent and registered office for the association or savings and l…

(a) Recipients of the District of Columbia government contracts are encouraged to use federally and District chartered minority-owned savings and loan associations certified by the Small and Local Business Opportunity Commission in accordance with subchapter IX-A of Chapter 2 of …

Corporations may be formed within the District of Columbia for the purposes hereinafter mentioned in the following manner: Any number of natural persons, citizens of the United States, not less than 25, may associate themselves together to form a company for the purpose of carryi…

The persons referred to in § 26-1301 shall, under their hands and seals, execute before some officer in said District competent to take the acknowledgment of deeds, an organization certificate, which shall specifically state: (1) The name of the corporation; (2) The purposes for …

This certificate shall be presented to the Council of the District of Columbia, which shall have power and discretion to grant or refuse to said persons a charter of incorporation upon the terms set forth in the said certificate and the provisions of this chapter.

Previous to the presentation of the said certificate to the said Council of the District of Columbia, notice of the intention to apply for such charter shall be inserted in 2 newspapers of general circulation, printed in the District of Columbia, at least 4 times a week for 3 wee…

Commissioner of the Department of Insurance, Securities, and Banking If the charter be granted as aforesaid, it, together with the certificate of the Council of the District of Columbia granting the same indorsed thereon, shall be filed for record in the Office of the Recorder of…