Section 26-C2900. SCOPE

 

2900.1Unless specified otherwise, these regulations shall apply to the Collateral Support Program, the Loan Participation Program, and the Innovation Finance Program, which are implemented pursuant to Section 105(a)(2), (3) and (12) of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; D.C. Official Code §§ 26-551.05 (a)(2), (a)(3) and (a)(12)).

 

2900.2The Department of Insurance, Securities and Banking may, in its discretion, outsource the loan underwriting process to a qualified non-profit organization or financial institution.

 

2900.3The Commissioner of the Department of Insurance, Securities and Banking may waive provisions of these rules upon good cause shown, provided the waiver is consistent with the State Small Business Credit Initiative (“SSBCI”) requirements from the United States Department of the Treasury.

 

2900.4All forms prescribed or authorized by this chapter can be found on the Department website at http://disb.dc.gov/page/small-business-lending-state-small-business-credit-initiative-ssbci.

 

2900.5       The Collateral Support Program, the Loan Participation Program, and the Innovation Finance Program, collectively known as the District SSBCI Programs, will implement the federal SSBCI program and will only use federal monies in their implementation.

 

 

authority

Section 105(c) of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; D.C. Official Code § 26-551.05(c) (2012 Repl.)).

source

Final Rulemaking published at 61 DCR 9181 (September 5, 2014).