District of Columbia § 26-1005 Permissible investments and statutory trust.

District of Columbia Statutes

§ 26-1005 — Permissible investments and statutory trust.

District of Columbia § 26-1005

Title 26Banks and Other Financial Institutions.

Ch. 10Money Transmissions.

This text of District of Columbia § 26-1005 (Permissible investments and statutory trust.) 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 § 26-1005 (2026).

Text

(a)Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the Superintendent [Commissioner] if the dollar volume of a licensee’s outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to § 26-1007 .

(b)Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments

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(a) Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the Superintendent [Commissioner] if the dollar volume of a licensee’s outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to § 26-1007 .

(b) Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments in the event of the bankruptcy of the licensee.