2019 District of Columbia Code
Title 26 - Banks and Other Financial Institutions.
Chapter 9 - Money Lenders; Licenses.
§ 26–903. Applications for license — Bond; actions thereon; use of certified copy; renewal and refiling.

Each application shall be accompanied by a bond to the District of Columbia in the penal sum of $5,000, with 2 or more sufficient sureties, and conditioned that the obligor will not violate any law relating to such business. The execution of any such bond by a fidelity or surety company authorized by the laws of the United States to transact business therein shall be equivalent to the execution thereof by 2 sureties, and such company, if excepted to, shall justify in the manner required by law of fidelity and surety companies. If any person shall be aggrieved by the misconduct of any such licensed person, firm, voluntary association, joint-stock company, incorporated society, or corporation, or by his, their, or its violation of any law relating to such business, and shall recover a judgment therefor, such person or his personal representative or heirs or distributees may, after a return unsatisfied either in whole or in part of any execution issued upon such judgment, maintain an action in his own name upon such bond herein required in any court having jurisdiction of the amount claimed. The Mayor of the District of Columbia shall furnish to anyone applying therefor a certified copy of any such bond filed with him, upon the payment of a fee of $.25, and such certified copy shall be prima facie evidence in any court that such bond was duly executed and delivered by the person, firm, voluntary association, joint-stock company, incorporated society, or corporation whose names appear thereon. Said bond shall be renewed and refiled annually in October of each year, or the licensed person, firm, voluntary association, joint-stock company, incorporated society, or corporation shall within 30 days thereafter, cease doing business, and their license shall be revoked by the said Mayor, but said bond until renewed and refiled as aforesaid shall be and remain in full force and effect. The Mayor may waive the bonding requirements of this section, if alternative surety arrangements are secured, in cases involving parties specified in § 26-910.

(Feb. 4, 1913, 37 Stat. 658, ch. 26, § 3; Apr. 9, 1997, D.C. Law 11-171, § 2(a), 43 DCR 4484.)

1981 Ed., § 26-703.

1973 Ed., § 26-603.

For temporary amendment of section, see § 2(a) of the Community Development Corporations Money Lender License Tax Exemption Congressional Recess Emergency Amendment Act of 1996 (D.C. Act 11-399, October 9, 1996, 43 DCR 5695), § 2(a) of the Community Development Corporations Money Lender License Tax Exemption Congressional Review Emergency Amendment Act of 1996 (D.C. Act 11-473, December 30, 1996, 44 DCR 195), and § 2(a) of the Community Development Corporations Money Lender License Tax Exemption Congressional Review Emergency Amendment Act of 1997 (D.C. Act 12-54, March 31, 1997, 44 DCR 2216).

This section originated at a time when local government powers were delegated to a Board of Commissioners of the District of Columbia (see Acts Relating to the Establishment of the District of Columbia and its Various Forms of Governmental Organization in Volume 1). Section 401 of Reorganization Plan No. 3 of 1967 (see Reorganization Plans in Volume 1) transferred all of the functions of the Board of Commissioners under this section to a single Commissioner. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.