Section 26-C402. APPLICATIONS OTHER THAN FROM BANK HOLDING COMPANIES

 

402.1Upon the filing of a complete application required by section 201 on Form 1 or section 202 of these rules on Form 2, the procedures in this section shall apply.

 

402.2The Commissioner shall make either a favorable or unfavorable recommendation on the application and explain the reasons for his or her recommendation.

 

402.3The Commissioner shall transmit to the Council his or her recommendation, a copy of the application, and any other relevant information or submissions within ninety (90) days after receipt of the application.

 

402.4The Commissioner may extend this ninety (90) day period for up to an additional sixty (60) days.

 

402.5No entity for which federal deposit insurance is required shall commence operations until the applicant has submitted evidence that the insurance has been obtained.

 

402.6No applicant shall commence business until its application is approved.

 

source

Final Rulemaking published at 35 DCR 6276 (August 19, 1988).

EditorNote

Pursuant to D.C. Law 17-59, the Bank Charter Modernization Amendment Act of 2007, effective December 11, 2007, (D.C. Official Code § 26-704) the requirement for the Commissioner to transmit a recommendation to the Council, a copy of the application, and any other relevant information within ninety (90) days of the receipt of an application, pursuant to subsection 402.3 was repealed.