Section 26-C2600. GENERAL PROVISIONS

 

2600.1The provisions of this chapter apply to all persons engaged in the District of Columbia in the business of loaning money, except the following:

 

(a)National banks;

 

(b)Licensed bankers;

 

(c)Trust companies;

 

(d)Savings banks; and

 

(e)Building and loan associations.

 

2600.2For purposes of this chapter, the term "1901 Act" means §§ 1178, 1179 and 1180 of the Act of March 1, 1901, as amended.

 

2600.3For purposes of this chapter, the term "1913 Act" means the Act of February 4, 1913, as amended.

 

2600.4A person is "engaged in the business of loaning money" in the District if that person holds out, by the maintenance of a place of business in the District or in any other manner, that a loan or loans of money may be effected by or through the person so holding out, plus the performance in the District by that person of one or more acts which result in the making or in the collection of a loan of money. (See Horning v. District of .Columbia, 254 U.S. 135 (1920)).

 

2600.5In no event shall any provision of the 1913 Act or the regulations promulgated pursuant to that act apply with respect to any loan or to the making of any loan:

 

(a)To any corporation that is unable to plead any statutes against usury in any action;

 

(b)Secured on real estate located outside of the District of Columbia;

 

(c)To a borrower residing, doing business, or incorporated outside of the District of Columbia; or

 

(d)Greater than twenty-five thousand dollars ($ 25,000).

 

authority

Unless otherwise noted, the authority for this chapter is §§ 1178, 1179 and 1180 of the Act approved March 3, 1901 (31 Stat 1377, ch. 854), and An Act approved February 4, 1913 (37 Stat 657, ch. 26; D.C. Official Code § 26-901 et seq.) (2001).

source

Introduction and §§ 1(a), (b) and (i) of Regulations for the conduct of the business of loaning money, Commissioners' Order 275,403/13, promulgated September 6, 1949, 5Q DCRR Introduction, §§1 (a), (b) and (i), Special Edition (September 21, 1970); as amended by § 3 of the Money Lenders Licensing Amendment Act of 1986, D.C. Law 6-188, 33 DCR 7687 (December 12, 1988).