D.C. Mun. Regs. tit. 26, r. 26-C3016

Current through Register Vol. 72, No. 2, January 10, 2025

Rule 26-C3016 - NOTIFICATION OF SIGNIFICANT EVENTS BY LICENSEE

3016.1

A licensee shall notify the Commissioner, in writing, within ten (10) business days, of the occurrence of any of the following events:

(a) The filing for bankruptcy or reorganization by the licensee;

(b) The existence of any material fact or condition if that fact or condition:

(1) Has a significant negative impact on the licensee's financial condition and ability to maintain the financial requirements prescribed in this chapter;

(2) Precludes the licensee from fulfilling its contractual obligations; or

(3) Prevents the licensee from operating in a manner consistent with the Act, these regulations, and in the best interests of District consumers;

(c) Settlement or resolution of any civil action or proceeding against the licensee involving fraud, misrepresentation, or wrongful taking of property;

(d) Receipt of notification of the initiation of any action against the licensee by the District of Columbia Office of the Attorney General or of any other state or federal agency, and the reasons therefor;

(e) Receipt of notification of license denial, cease an d desist order, initiation of suspension or revocation proceedings, issuance of formal orders of suspension or revocation or other imposed disciplinary action, or other formal or informal regulatory action, from any state or federal agency against the licensee, and the reasons there for; or

(f) A charge of or conviction of the licensee or a person who exercises control over a licensee of any criminal offense involving financial services or financial services related to the business; or any charge involving fraud, false statements or omissions, theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion.

D.C. Mun. Regs. tit. 26, r. 26-C3016

Final Rulemaking published at 65 DCR 8395 (8/10/2018)