{"data":{"id":"us-dc/d.c.-code-26-831.03","jurisdiction":"us-dc","citation":"D.C. Code § 26-831.03","heading":"Application for merchant bank charter; review and approval or disapproval of application.","body":"(a)\nA person described in § 26-833.09(a) may apply for a merchant bank charter by filing a written application with the Commissioner. The application shall include such information as the Commissioner may require by regulation and shall be on such forms and in accordance with such procedures as the Commissioner may prescribe by regulation.\n\n(b)\nAn application submitted under subsection (a) of this section shall be approved or disapproved in writing by the Commissioner within 60 days after a complete application is submitted to the Commissioner. The Commissioner and the applicant may agree to extend the review period for an additional 60 days.\n\n(c)\nThe Commissioner shall not issue a merchant bank charter to the applicant unless:\n(1)\nThe applicant is authorized under its articles of incorporation or other organizational documents to act as a financial institution;\n(2)\nThe applicant is in good standing with the Department and there is no investigatory or enforcement action pending against the applicant by the Department;\n(3)\nThe applicant is in good standing with appropriate financial institutions agencies and there is no investigatory or enforcement action pending against the applicant by an appropriate financial institutions agency;\n(4)\nThe applicant is well capitalized and will maintain a capital level as required by this chapter and as the Commissioner may require as appropriate for the purposes of safety and soundness;\n(5)\nThe applicant does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that are moderately severe or unsatisfactory, as determined by the Commissioner, based upon the Commissioner’s assessment of the applicant’s capital adequacy of liquidity, and sensitivity to market risk;\n(6)\nThe most recent examination that the applicant has received from its federal appropriate financial institutions agency, if any, indicates that the applicant is in compliance with applicable federal law and regulation;\n(7)\nThe applicant agrees to comply with applicable regulations and rules promulgated by the Commissioner;\n(8)\nThe applicant agrees to comply with any lawful order of the Commissioner and with any conditions imposed by the Commissioner in connection with the approval of an application, including additional requirements imposed on the applicant that the Commissioner determines are necessary for the protection of the shareholders or creditors of the applicant or of the general public;\n(9)\nThe applicant agrees to comply with any written agreement entered into with the Commissioner in connection with the approval of an application;\n(10)\nThe Commissioner determines that it is reasonable to believe that the applicant will act in a safe and sound manner and maintain a safe and sound condition; and\n(11)\nThe Commissioner determines that issuing a merchant bank charter to the applicant will serve the public interest.","path":["Title 26. Banks and Other Financial Institutions.","Chapter 8A. Merchant Banks.","Subchapter II. Application and Certification as a Merchant Bank."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/26-831.03","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"14a1460cae51abbaa3e55c58e5f032b3d7303cf560d768ef65ad80163ba0ceed","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-831.02","next":"us-dc/d.c.-code-26-831.04"},"notice":"GroundRules: Original legal text. Not legal advice."}