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Can you summarize DCCO Title 26, Chapter 10?
Banks and Other Financial Institutions. > Money Transmissions.
Short Summary
This legal document governs the business of money transmission in the District of Columbia. It requires any person engaging in the business of money transmission to obtain a license issued by the Superintendent. The license allows the licensee to conduct their business at one or more locations owned by the licensee or through authorized delegates. The document outlines the requirements for applying for a license for banks and other financial institutions engaged in money transmissions in the District of Columbia. It also specifies the obligations and responsibilities for authorized delegates in the context of money transmissions and other financial activities. The document provides guidelines for the maintenance of records for licensees engaged in money transmissions and outlines the process for revoking or suspending authorized delegates. It also establishes penalties for violations of the provisions outlined in the document. Overall, these documents aim to regulate and ensure compliance in the money transmission industry in the District of Columbia.
Whom does it apply to?
Entities engaged in money transmissions in the District of Columbia.
What does it govern?
The legal document governs the business of money transmission in the District of Columbia.
What are exemptions?
Exemptions include the United States, the United States Post Office, the District of Columbia government, banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks organized under the laws of any state, the District of Columbia or the United States, provided they do not issue or sell payment instruments through authorized delegates who are not banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks. Additionally, the provision of electronic transfer of government benefits for any federal or District of Columbia governmental agency or by a contractor on behalf of the United States or the District of Columbia government is also exempted. Authorized delegates of a licensee, acting within the scope of authority conferred by a written contract, are not required to obtain a license pursuant to this chapter.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington, D.C.