D.C. Mun. Regs. tit. 16, r. 16-200

Current through Register Vol. 71, No. 37, September 13, 2024

Rule 16-200 - GENERAL PROVISIONS

200.1

The provisions of this chapter apply to all persons engaged in the District of Columbia in the business of loaning money, except the following:

(a) National banks;

(b) Licensed bankers;

(c) Trust companies;

(d) Savings banks; and

(e) Building and loan associations.

200.2

For purposes of this chapter, the term "1901 Act" means §§ 1178, 1179 and 1180 of the Act of March 1, 1901, as amended.

200.3

For purposes of this chapter, the term "1913 Act" means the Act of February 4, 1913, as amended.

200.4

A person is "engaged in the business of loaning money" in the District if that person holds out, by the maintenance of a place of business in the District or in any other manner, that a loan or loans of money may be effected by or through the person so holding out, plus the performance in the District by that person of one or more acts which result in the making or in the collection of a loan of money. (See: Horning v. D.C., 254 U.S. 135, 65 L.Ed. 185)

200.5

In no event shall any provision of the 1913 Act or the regulations promulgated pursuant to that act apply with respect to any loan or to the making of any loan:

(a) To any corporation that is unable to plead any statutes against usury in any action;

(b) Secured on real estate located outside of the District of Columbia;

(c) To a borrower residing, doing business, or incorporated outside of the District of Columbia; or

(d) Greater than twenty-five thousand dollars ($ 25,000).

D.C. Mun. Regs. tit. 16, r. 16-200

AUTHORITY: Unless otherwise noted, the authority for this chapter is §§ 1178, 1179 and 1180 of the Act approved CDCR 16-201 (2004)