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Can you summarize DCCO Title 31, Chapter 1, SubChapter I?
Department of Insurance, Securities, and Banking. > Establishment of the Department of Insurance, Securities, and Banking.
Short Summary
The provided legal document content covers various aspects related to the establishment, organization, and operation of the Department of Insurance, Securities, and Banking in the District of Columbia. It defines key positions within the Department and clarifies terms related to the District of Columbia Banking Code, Insurance Bureau, Licensee, Securities and Banking Bureau, Student education loan, Student loan borrower, Student loan servicer, and SLS license. The document establishes the Department as a cabinet level agency under the supervision of the Commissioner. It transfers functions and duties related to insurance, securities, and banking regulation to the Department, assigning regulatory responsibilities to the Commissioner and the respective bureaus. The document also addresses the appointment and responsibilities of the Commissioner, including the authority to employ staff and exercise emergency powers during public health emergencies. It governs the transfers of positions, property, records, and funds between various government departments, consolidating them under the Department of Insurance, Securities, and Banking. The document establishes the Securities and Banking Bureau and the position of Associate Commissioner for Securities and Banking. It also establishes the position of the Student Loan Ombudsman within the Department, outlining their responsibilities and qualifications. Additionally, the document sets forth licensure and reporting requirements for student loan servicers operating in the District of Columbia, including the application process, license renewal, and grounds for revocation or suspension. It grants emergency authority to the Commissioner during declared public emergencies, empowering them to issue emergency rulemaking, orders, or bulletins to address the circumstances arising from the emergency. The document also governs the funding and administration of the Department, including the control of trust funds and the submission of a budget for the Department’s expenses. Overall, the legal document content provides a comprehensive framework for the establishment, organization, and regulation of the Department of Insurance, Securities, and Banking in the District of Columbia.
Whom does it apply to?
Department of Insurance, Securities, and Banking, Commissioner, Associate Commissioner for Securities and Banking, Deputy Commissioner, Ombudsman, Licensee, Student loan borrowers, Student loan servicers
What does it govern?
Establishment and organization of the Department of Insurance, Securities, and Banking, appointment and responsibilities of the Commissioner, transfers of positions, property, records, and funds, licensure and reporting requirements for student loan servicers, emergency authority of the Commissioner
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Washington, D.C.