 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 26. INSURANCE, SECURITIES, AND BANKING |
|
SubTilte 26-C. BANKING AND FINANCIAL INSTITUTONS |
|
Chapter 26-C20. PREDATORY LENDING |
Section 26-C2001. COVERED LOANS
-
2001.1A lender that makes a covered loan, as defined under section 101(7)(A) of the Act, shall be subject to Title II of the Act and shall remain subject to Title II of the Act in the event the covered loan is sold or assigned to another person with respect to actions taken prior to the sale or assignment of the covered loan.
2001.2The purchase or assignment of a covered loan, as defined under section 101(7)(A) of the Act, by a federally-regulated lender shall not relieve the originating lender, or previous purchaser or assignee, if any, of any liability with respect to a violation of the Act.
2001.3A federally regulated lender that purchases a mortgage loan that was a covered loan under section 101(7)(A) of the Act at the time of origination shall be subject to section 102 of the Act with respect to the purchased mortgage loan if the purchased mortgage loan meets the definition of a covered loan under section 101(7)(B) of the Act.
2001.4A covered loan, as defined under section 101(7)(A) of the Act, that is purchased by a federally regulated lender and subsequently sold or assigned to a person other than a federally regulated lender, shall be a covered loan, as defined under section 101(7)(A) of the Act, with respect to the purchaser or assignee, and the purchaser or assignee shall only be liable for complying with Title II of the Act with respect to the covered loan, when applicable, for acts taken by the purchaser or assignee subsequent to the purchase or assignment of the covered loan from the federally regulated lender.
2001.5A covered loan, as defined under section 101(7)(B) of the Act, that is sold or assigned to a person other than a federally regulated lender, shall be a covered loan, as defined under section 101(7)(A) of the Act, with respect to the purchaser or assignee, and the purchaser or assignee shall only be liable for complying with Title II of the Act with respect to the covered loan, when applicable, for acts taken by the purchaser or assignee subsequent to the purchase or assignment of the covered loan from the federally regulated lender.