District of Columbia § 26-1004 License qualifications.

District of Columbia Statutes

§ 26-1004 — License qualifications.

District of Columbia § 26-1004

Title 26Banks and Other Financial Institutions.

Ch. 10Money Transmissions.

This text of District of Columbia § 26-1004 (License qualifications.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-1004 (2026).

Text

(a)Each licensee under this chapter shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $50,000 per location or authorized delegate located in the District of Columbia, as applicable. The maximum net worth required for all locations shall not exceed $500,000.

(b)Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants shall, at the time of the filing of an application for a license under this chap

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(a) Each licensee under this chapter shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $50,000 per location or authorized delegate located in the District of Columbia, as applicable. The maximum net worth required for all locations shall not exceed $500,000.

(b) Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be registered or qualified to do business in the District of Columbia.