(a) With the approval of the Superintendent, 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 and pay a branching fee of $500 to the Superintendent. If, within 30 days after receipt of the application, the Superintendent determines that the applicant possesses sufficient resources to branch into a state other than the District, the Superintendent shall approve the application.
(c) In reviewing the application, the Superintendent 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 fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent 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 determines that the exercise of such rights or powers would threaten the safety and soundness of the District bank.
CREDIT(S)
(June 13, 1996, D.C. Law 11-142, § 4, 43 DCR 2159.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 26-853.
Temporary Amendments of Section
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 provides that the act shall expire after 225 days of its having taken effect.
Legislative History of Laws
For legislative history of D.C. Law 11-142, see Historical and Statutory Notes following § 26-731.
Law 11-257, the “Mortgage Lender and Broker Act of 1996 Time Extension Temporary Amendment Act of 1996,” was introduced in Council and assigned Bill No. 11-922, which was retained by CounciL. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. It was assigned Act No. 11-507 and transmitted to both Houses of Congress for its review. D.C. Law 11-257 became effective on April 9, 1997.
Miscellaneous 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.