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Can you summarize DCCO Title 26, Chapter 8A?
Banks and Other Financial Institutions. > Merchant Banks.
Short Summary
This legal document governs the application process for obtaining a merchant bank charter. It applies to individuals or entities described in 26-833.09(a) who wish to apply for a merchant bank charter. The document outlines the requirements and conditions that must be met in order for the Commissioner to approve the application. These include the applicant’s authorization to act as a financial institution, good standing with the Department and appropriate financial institutions agencies, adequate capitalization, absence of significant weaknesses, compliance with applicable regulations and rules, and agreement to comply with orders and conditions imposed by the Commissioner. The Commissioner must also determine that the applicant will act in a safe and sound manner and that issuing a merchant bank charter to the applicant will serve the public interest. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Individuals or entities described in 26-833.09(a) who wish to apply for a merchant bank charter
What does it govern?
The application process for obtaining a merchant bank charter
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Washington, D.C.