Code of the District of Columbia

§ 26–707.02. Penalties.

(a) Any company violating any provision of this subchapter or any rule issued pursuant to it shall be subject to a penalty of not more than $100 per day for each day the violation continues unless a different penalty is specified in this subchapter for the violation, in which case the specified penalty shall apply. Any penalty imposed shall be recovered in a civil action in the name of the District of Columbia.

(b) Any company wilfully violating this subchapter or any rule or regulation issued pursuant to this subchapter shall be subject to a penalty of not more than $1,000 a day for each day the violation continues unless a different penalty is specified in this subchapter for the violation, in which case the specified penalty shall apply.

(c) The Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] shall report violations to the Corporation Counsel who may institute a civil action therefor on behalf of the District of Columbia.

(d) Any applicant that fails to comply with requirements concerning filing with the Superintendent [Commissioner] and the Council prior to filing with the Federal Reserve Board shall be fined $500 per day for each day the violation continues, but in no event shall the fine imposed by this subsection exceed $5,000, except that no fine or penalty under this subsection shall be assessed for failure to comply with this section if the application concerns an acquisition under circumstances constituting an emergency, pursuant to 12 U.S.C. § 1842(b), or where the applicant believes, in good faith, that the application concerns such an acquisition, so long as the applicant, as soon as practicable before or after filing with the Federal Reserve Board, files a copy of the application and any notice of approval or disapproval by the Federal Reserve Board with the Superintendent [Commissioner].


(Nov. 23, 1985, D.C. Law 6-63, § 8b; as added Apr. 11, 1986, D.C. Law 6-107, § 2(h), 33 DCR 1168.)

Prior Codifications

1981 Ed., § 26-807.2.

Editor's Notes

Because of the codification of D.C. Law 11-142 as subchapter II of Chapter 8 subchapter II of Chapter 7, 2001 Ed., and designation of the preexisting text as subchapter I, “subchapter” has been substituted for “chapter” throughout (a) and (b).