District of Columbia § 26-1401.06 Voluntary termination of certification.

District of Columbia Statutes

§ 26-1401.06 — Voluntary termination of certification.

District of Columbia § 26-1401.06

Title 26Banks and Other Financial Institutions.

Ch. 14Universal Bank Certification.

Subch. IIApplication and Certification as a Universal Bank.

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Bluebook

D.C. Code § 26-1401.06 (2026).

Text

A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. A financial institution shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a financial institution’s termination under this section shall be void if the financial institution fails to satisfy the condition to termination under this section.

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A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. A financial institution shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a financial institution’s termination under this section shall be void if the financial institution fails to satisfy the condition to termination under this section.