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Can you summarize 16 DCMR 2?
CONSUMERS, COMMERCIAL PRACTICES, AND CIVIL INFRACTIONS > LOANING MONEY
Short Summary
The provided legal document content consists of various regulations and requirements related to loaning money in the District of Columbia. It covers the licensing requirements for individuals and entities engaged in the business of loaning money, distinguishing between Class A and Class B licenses based on the interest rates charged. The document outlines the application process for obtaining a money lender’s license, including the submission of necessary information and a bond. It also requires disclosure of interests in other businesses and licenses held by the applicant. The document further specifies the conduct expected from licensees, such as using the correct business name, displaying the license certificate, and not holding multiple classes of licenses simultaneously. Additionally, the document outlines the duties of licensees towards borrowers, including providing clear loan terms, issuing receipts for payments, and endorsing paid notes. The regulations also cover repossession of property accepted as collateral, requiring licensees to follow specific procedures and provide notice to borrowers. Insurance requirements for borrowers are also addressed, with provisions for delivering insurance policies and charging premiums. The document further mentions the maintenance of transaction registers by licensees, recording loan details and related information. Penalties for non-compliance or violation of the regulations include fines, imprisonment, and potential license revocation. Overall, these regulations aim to ensure proper conduct and protection of borrowers in money lending activities in the District of Columbia.
Whom does it apply to?
Individuals, firms, associations, and corporations engaged in the business of loaning money in the District of Columbia
What does it govern?
Loaning money, money lender's licenses, interest rates, repossession of property
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
A person violating any provision of this chapter may be fined three hundred dollars ($300), imprisoned for not less than thirty (30) days, or more than ninety (90) days, or both. Money lender's licenses may also be subject to revocation for any violation of this chapter.
Jurisdiction
Washington, D.C.