District of Columbia Statutes
§ 26-909 — Penalty provisions in contracts prohibited.
District of Columbia·Title 26 Banks and Other Financial Institutions.·Ch. 9 Money Lenders; Licenses.
In any contract made in pursuance of the provisions of this chapter it shall be unlawful to incorporate any provision for liquidated or other damages as a penalty for any default or forfeiture thereunder.
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Legislative History
Feb. 4, 1913, 37 Stat. 660, ch. 26, § 9
Nearby Sections
15
§ 26-1001
Definitions.§ 26-1002
License required.§ 26-1003
Exemptions.§ 26-1004
License qualifications.§ 26-1006
License application.§ 26-1007
Bond or other security device.§ 26-1008
Application fee.§ 26-1009
Issuance of license.§ 26-1011
Special reporting requirements.§ 26-1012
Changes in control of a licensee.§ 26-1013
Examinations.§ 26-1014
Maintenance of records.