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Current through October 23, 2012
(a)(1) The Commissioner may make such public or private investigations or examinations inside or outside the District of Columbia concerning an international banking corporation licensed to maintain an international branch, international agency, or international representative office in the District of Columbia, as the Commissioner considers necessary to carry out the duties of the Commissioner relating to the international branch, international agency, or international representative office.
(2) For the purpose of an investigation, examination, or proceeding under this section, the Commissioner may administer oaths and affirmations, subpoena witnesses, compel attendance of witnesses, take evidence, require written statements, and require the production of records relating to the activities of the branch, agency, or representative office which the Commissioner considers relevant or material. The Commissioner may require that certified copies of any records be provided to the Commissioner at the Commissioner's office.
(3) The international banking corporation which is the subject of an investigation, examination, or proceeding shall:
(A) Make its records relating to the activities of the branch, agency, or representative office available to the Commissioner in readable form;
(B) Provide necessary personnel and equipment, including assistance in the analysis of computer-generated records;
(C) Provide copies or computer printouts of records when requested;
(D) Furnish unrestricted access to all areas of its principal place of business in the District of Columbia or wherever the applicable records may be located; and
(E) Otherwise cooperate with the Commissioner.
(4) Upon application of the Commissioner, a court of competent jurisdiction may issue to a person refusing to obey a subpoena issued under this section an order requiring that the person appear before the Commissioner, or any officer designated by the Commissioner, to produce the records ordered or to give evidence concerning the matter under investigation or in question. The failure to obey the order of the court may be punished by the court as a contempt of court.
(5) An international banking corporation licensed to maintain an international branch, international agency, or international representative office in the District of Columbia shall pay the Commissioner the actual cost of any examination of the licensee, as such cost is determined by the Commissioner. Failure by the licensee to pay such cost within 30 days of receipt of demand from the Commissioner shall automatically suspend the license until the costs are paid.
(6) For the purposes of this section, the term "records" include, books; papers; correspondence; memoranda; agreements; diaries; logs; notes; ledgers; journals; visual, audio, machine-readable, magnetic, or electronic recordings; computer printouts and software; and any other documents.
(b)(1) Upon a finding that an international banking corporation or its international agency, international branch, or international representative office subject to this chapter may be acting in an unsafe or unsound manner or in violation of a District of Columbia Banking Code law, rule, regulation, or written condition, or is otherwise engaging in conduct that may be grounds for the issuance of a cease and desist order under the District of Columbia Banking Code, the Commissioner may issue a cease and desist order or take any other action authorized under the District of Columbia Banking Code.
(2)(A) The Commissioner may suspend or revoke a license issued to an international banking corporation under this chapter for any reason which would be sufficient grounds for the Commissioner to deny an application for the license. The Commissioner may also suspend or revoke a license if the Commissioner finds that the licensee or any director, officer, partner, controlling shareholder, trustee, employee, agent, or representative of the licensee has: (i) made any material misstatement in the application, or (ii) violated or failed to comply with any of the provisions of this chapter applicable to the licensee or any of the regulations or orders of the Commissioner under this chapter. The Commissioner may prescribe, by regulation, additional conditions or standards under which the license of an international agency, international branch, or international representative office may be suspended or revoked.
(B) The Commissioner may, for good cause shown, suspend a license for a period not exceeding 30 days, pending investigation.
(C) Except as provided in this section, no license shall be revoked or suspended except after notice and a hearing.
(D) A licensee may surrender a license by delivering to the Commissioner written notice that it thereby surrenders the license, but the surrender shall not affect the licensee's civil or criminal liability for acts committed before the surrender.
(E) A license shall remain in force and effect until it shall have been surrendered, revoked, or suspended in accordance with the provisions of this chapter. The Commissioner may reinstate a suspended license or issue a new license to a licensee whose license shall have been revoked if an original application for the license could be approved.
(F) If the Commissioner revokes or suspends a license issued under this chapter, a written order of revocation or suspension shall be immediately executed in duplicate. The Commissioner shall file one copy in his or her office and shall immediately serve the other copy upon the licensee.
(G) If a license is surrendered by an international banking corporation or is suspended or revoked by the Commissioner, all rights and privileges of the international banking corporation under the license shall immediately cease. If the license is suspended or revoked, it shall be surrendered to the Commissioner within 24 hours after the written order has been mailed by the Commissioner to the registered office of the international banking corporation as it appears on the records of the Department, or has been personally delivered to an officer, director, employee, or agent of the international banking corporation who is physically present in the District of Columbia. The Commissioner shall prescribe, by regulation, procedures for the orderly cessation of business by an international banking corporation in a manner which is not harmful to the interests of its customers or of the public.
(3) The Commissioner may, at his or her discretion, take possession of the business and property in the District of Columbia of an international banking corporation as provided in this chapter.
(c) The Commissioner may establish, by regulation, such fees as the Commissioner determines are appropriate for applications and documents filed with the Commissioner under this chapter. Upon written notice by the Commissioner of the total amount of such assessment, the licensee shall become liable for, and shall pay, the assessment to the Commissioner.
(Apr. 3, 2001, D.C. Law 13-268, § 12, 48 DCR 1251.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 13-268, see notes following § 26-631.
