For the purposes of this subchapter, the term:
(1) “Associate Commissioner for Securities and Banking” means the Associate Commissioner of the Securities and Banking Bureau.
(2) “Commissioner” means the Commissioner of the Department of Insurance, Securities, and Banking, who shall be the chief executive officer of the Department of Insurance, Securities, and Banking.
(3) “Department” means the Department of Insurance, Securities, and Banking.
(4) “Deputy Commissioner” means the Deputy Commissioner of the Department of Insurance, Securities, and Banking.
(5) “District of Columbia Banking Code” means the statutory provisions concerning banking and financial institutions codified in Title 26, laws administered by the Commissioner, and rules and regulations promulgated under those statutory provisions and laws.
(6) “Insurance Bureau” means the office overseeing the regulation of insurance, insurers, and health maintenance organizations.
(6A) "Licensee" means the holder of a SLS license.
(6B) "Ombudsman" means the position of Student Loan Ombudsman established within the Department by § 31-106.01.
(7) “Securities and Banking Bureau” means the office administering the District of Columbia Banking Code and overseeing the regulation of securities.
(8) "Student education loan" means a loan obtained for personal use to finance education or other school-related expenses.
(9) "Student loan borrower" means a resident of the District of Columbia who has received or agreed to pay a student education loan, or a person who shares legal responsibility with such a resident for the repayment of a student education loan.
(10) "Student loan servicer" means a person or entity, whether located within or outside the District, responsible for the servicing of a student education loan of a student loan borrower.
(11) "Student loan servicing" means the process of collecting payments and interest and performing other administrative tasks associated with maintaining a student education loan. The term "student loan servicing" includes:
(A) Receiving any scheduled periodic payments from a student loan borrower or notification of payments;
(B) Applying payments to the student loan borrower's account pursuant to the terms of the student education loan or contract governing the servicing;
(C) Maintaining account records for the student education loan during a period when no payment is required on the loan; and
(D) Communicating with the student loan borrower regarding the student education loan; and having other interactions to assist a student loan borrower, including activities to help prevent default on obligations arising from a student education loan.
(12) "SLS license" means the business license issued by the Department pursuant to § 31-106.02 that is required for a student loan servicer.
(May 21, 1997, D.C. Law 11-268, § 7c; May 21, 1997, D.C. Law 11-268, § 2, 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 3(a), 51 DCR 2817; Apr. 13, 2005, D.C. Law 15-354, § 98, 52 DCR 2638; Sept. 24, 2010, D.C. Law 18-223, § 2112(a), 57 DCR 6242; Feb. 18, 2017, D.C. Law 21-214, § 2(a), 63 DCR 15334.)
Prior Codifications1981 Ed., § 35-121.
Effect of AmendmentsD.C. Law 15-166 redesignated par. (1) as paragraph (1B); in the redesignated par. (1B), substituted “Commissioner of the Department of Insurance, Securities, and Banking” for “Commissioner of Insurance and Securities”; rewrote par. (1); added par. (1A); and in par. (2), substituted “Department of Insurance, Securities, and Banking” for “Department of Insurance and Securities Regulation”. Prior to amendment, par. (1) had read as follows: “(1) ‘Commissioner’ means the Commissioner of Insurance and Securities, who shall be the chief executive officer of the Department of Insurance and Securities Regulation.”
D.C. Law 15-354 validated a previously made technical correction.
D.C. Law 18-223 rewrote the section.
Emergency LegislationFor temporary (90 day) amendment of section, see § 3(a) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
For temporary (90 day) amendment of section, see § 2112(a) of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).
Short TitleShort title: Section 2111 of D.C. Law 18-223 provided that subtitle K of title II of the act may be cited as the “Department of Insurance, Securities, and Banking Reorganization Amendment Act of 2010”.