This chapter may be cited as the "General Provisions of the 21st Century Financial Modernization Act of 2000".
(June 9, 2001, D.C. Law 13-308, § 101, 48 DCR 3244.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 13-308, the "21st Century Financial Modernization Act of 2000", was introduced in Council and assigned Bill No. 13-867, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on November 8, 2000, and December 5, 2000, respectively. Signed by the Mayor on January 26, 2001, it was assigned Act No. 13-597 and transmitted to both Houses of Congress for its review. D.C. Law 13-308 became effective on June 9, 2001.
For the purposes of this chapter, the term:
(1) "Affiliate" means a financial institution holding company under federal law or a subsidiary or service corporation of a financial institution holding company.
(2) "Appropriate federal financial institutions agency" means the federal agency with statutory authority over the financial institution activities of a financial institution.
(3) "Bank" means an institution that engages in the business of banking, including a trust company, savings bank, savings and loan association, and credit union.
(4) "Bank holding company" shall have the same meaning as set forth in section 2(a) of the Bank Holding Company Act of 1956, approved May 9, 1956 (70 Stat. 133; 12 § U.S.C. 1841(a)).
(5) "Business of banking" means activities and transactions involving banking, including: (A) receiving deposits, paying checks, and lending money; (B) activities of a bank which are supervised by the Commissioner; and (C) activities incidental, necessary, or convenient to banking.
(6) "Capital" means capital deposits, surplus, and undivided earnings.
(7) "Commissioner" means the Commissioner of the Department of Insurance, Securities, and Banking.
(7A) "Controlling interest" means:
(A) More than 50% of the total voting power of all classes of stock of a corporation or more than 50% of the total fair market value of all classes of stock of a corporation;
(B) More than 50% of the capital or profits in a partnership, association, or other unincorporated entity; or
(C) More than 50% of the beneficial interests in a trust.
(8) "Credit union" means a financial institution organized as a cooperative association with a limited membership and operating with insurance provided by the National Credit Union Administration.
(9) "Department" means the Department of Insurance, Securities, and Banking.
(10) "Director" means a director or trustee of an organization or a person with functions similar to the functions of a director or trustee.
(11) "District" means the District of Columbia.
(12) "District bank" means a bank chartered or organized under the District of Columbia Banking Code and under the authority and supervision of the Commissioner or a bank authorized to do business under the laws of the District.
(13) "District credit union" means a credit union chartered or organized under the District of Columbia Banking Code and under the authority and supervision of the Commissioner or a credit union authorized to do business under the laws of the District.
(14) "District of Columbia Banking Code" means the statutory provisions concerning banking and financial institutions which are codified in Title 26 of the District of Columbia Official Code, laws administered by the Commissioner, and rules and regulations promulgated under those statutory provisions and laws.
(15) "District savings institution" means a savings institution chartered or organized under the District of Columbia Banking Code and under the authority and supervision of the Commissioner or a savings institution authorized to do business under the laws of the District.
(16) "Executive officer" means a person who participates or has authority to participate, other than in the capacity of a director, in major policymaking functions of a financial institution, whether or not the person has an official title or receives compensation from the financial institution. The term "executive officer" shall not include a person who may exercise discretion in the performance of duties and functions, including discretion in the making of loans, if the person's exercise of discretion is limited by policy standards adopted by the board of directors of the financial institution and the person does not participate in major policymaking functions of the financial institution. The chair of the board, the president, chief executive officer, chief operating officer, chief financial officer, every executive vice president of a financial institution, and the senior trust officer of a trust company shall be presumed to be executive officers unless the person is excluded, by resolution of the board of directors or by the bylaws of the financial institution, from participating, other than in the capacity of a director, in major policymaking functions of the financial institution and the person does not actually participate in major policymaking functions of the financial institution.
(17) "Federal agency" means an agency of the United States of America.
(18) "Financial institution" means a bank, savings institution, credit union, foreign bank, trust company, non-depository financial institution, or any other person which is regulated, supervised, examined, or licensed by the Department of Insurance, Securities, and Banking; which has applied to be regulated, supervised, examined, or licensed by the Department of Insurance, Securities, and Banking; which is subject to the regulation, supervision, examination, or licensure by the Department of Insurance, Securities, and Banking; or which is engaged in an activity covered by the District of Columbia Banking Code.
(19) "Non-depository financial institution" means a financial institution that is engaged in a regulated activity and that is not a bank or credit union.
(20) "Order" means an approval, consent, authorization, exemption, denial, prohibition, requirement, or other administrative action.
(21) "Person" means an individual, corporation, trust, joint venture, company, association, firm, partnership, society, joint stock company, pool syndicate, sole proprietorship, unincorporated organization, fiduciary business, or any other similar entity.
(22) "Regulated activity" means an activity authorized and regulated under the District of Columbia Banking Code and under the authority and supervision of the Commissioner.
(23) "Savings institution" means a savings and loan association or savings bank.
(24) "Subsidiary" means a company in which a person owns at least a majority of the shares or equity interest or which the person controls.
(June 9, 2001, D.C. Law 13-308, § 102, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(a), 51 DCR 2817; June 20, 2012, D.C. Law 19-143, § 201(a), 59 DCR 4069.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 15-166, in pars. (7), (9), and (18), substituted "Department of Insurance, Securities, and Banking" for "Department of Banking and Financial Institutions".
D.C. Law 19-143 added par. (7A).
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 2(a) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
Legislative History of Laws
For Law 13-308, see notes following § 26-551.01.
For Law 15-166, see notes following § 26-131.02.
Law 19-143, the "DISB Fingerprint-Based Background Check Authorization Act of 2012", was introduced in Council and assigned Bill No. 19-198, which was referred to the Committee on Public Services and Consumer Affairs. The Bill was adopted on first and second readings on March 6, 2012, and April 17, 2012, respectively. Signed by the Mayor on April 29, 2012, it was assigned Act No. 19-346 and transmitted to both Houses of Congress for its review. D.C. Law 19- 143 became effective on June 20, 2012.
