§ 26–733. De novo branching or acquisition of a branch into a state other than the District.

(a) With the approval of the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking], a District state bank may establish and maintain a de novo branch or acquire a branch in a state other than the District.

(b) A District state bank (“applicant”) desiring to branch into a state other than the District under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a branching fee of $500 to the Superintendent [Commissioner]. If, within 30 days after receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient resources to branch into a state other than the District, the Superintendent [Commissioner] shall approve the application.

(c) In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the branch is proposed to be located.

(d) If the Superintendent [Commissioner] fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent [Commissioner] may extend this 30-day review period for an additional 30 days upon a showing of good cause.

(e) A District state bank that branches into a state other than the District may exercise, at that branch, all rights and powers permitted to banks chartered by that state unless the Superintendent [Commissioner] determines that the exercise of such rights or powers would threaten the safety and soundness of the District bank.

(June 13, 1996, D.C. Law 11-142, § 4, 43 DCR 2159.)

Prior Codifications

1981 Ed., § 26-853.

Temporary Legislation

Section 2(a) of D.C. Law 11-257 amended (a) to read as follows.

“(a) No person shall engage in business as a mortgage lender or mortgage broker, or both, or hold himself or herself out to the public to be a mortgage lender or mortgage broker for 150 days after the effective date of this chapter, unless such person has first obtained a license under this chapter.”

Section 4(b) of D.C. Law 11-257 provided that the act shall expire after 225 days of its having taken effect.

Editor's Notes

Fees credited to the Office of Banking and Financial Institutions Enterprise Fund: Section 1804(3) of D.C. Law 12-60 provided that all fees received pursuant to § 26-853(b) 1981 Ed. shall be credited to the Office of Banking and Financial Institutions Enterprise Fund.