§ 31–107. Department of Insurance, Securities, and Banking funding.

(a) Control of the Insurance Regulatory Trust Fund, and all monies required to be deposited therein, pursuant to Chapter 7 of this title, is transferred to the Department.

(b) Repealed.

(b-1) Repealed.

(b-2)(1) There is established within the General Fund of the District of Columbia a trust fund designated as the Securities and Banking Regulatory Trust Fund ("Fund"), which shall be administered by the Mayor, through the Commissioner.

(2) All licensing fees, fines, and any other fees imposed, assessed, and collected for securities regulation and banking regulation shall be deposited into the Fund.

(3) Money in the Fund, in order of priority shall be:

(A) Used for the expenses of the Securities and Banking Bureau in the discharge of its administrative and regulatory duties as prescribed by law; and

(B) On October 1 of each year, converted to local funds revenue in the amount of $11.63 million.

(c) The administrative costs of the Department, including the compensation of the Commissioner and the Department’s central administrative staff, shall be charged on a pro-rata basis to each of the respective Bureau trust funds in a manner reflecting the central administrative costs associated with the operation of each Bureau. In no circumstances shall monies collected and deposited pursuant to the statutory funding requirements of the District of Columbia Securities Act, the Investment Advisors Act, and the Insurance Regulatory Trust Fund Act, be commingled or used to fund the regulatory activities of a bureau other than the bureau regulating the activities for which the respective funds were established.

(d) The Mayor shall submit to the Council, as part of the annual budget, a budget for the Department and a request for an appropriation for expenditures from the Insurance Regulatory Trust Fund and the Securities and Banking Regulatory Trust Fund. The Mayor’s request shall be based on an estimated projection of the expenditures necessary to perform the administration and regulatory functions of the Department. This estimate shall include, but not be limited to, expenditures for salaries, fringe benefits, overhead charges, travel, training, supplies, technical, professional, and any and all other services necessary to discharge the duties and responsibilities of this subchapter.

(May 21, 1997, D.C. Law 11-268, § 8, 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 3(g), 51 DCR 2817; Sept. 24, 2010, D.C. Law 18-223, § 2112(d), 57 DCR 6242; Sept. 14, 2011, D.C. Law 19-21, § 9039, 58 DCR 6226; Oct. 30, 2018, D.C. Law 22-168, § 2262, 65 DCR 9388; Sept. 6, 2023, D.C. Law 25-50, § 2002, 70 DCR 10366.)

Prior Codifications

1981 Ed., § 35-127.

Section References

This section is referenced in § 31-5041.02.

Effect of Amendments

D.C. Law 15-166, in subsec. (a), substituted “Department” for “Department of Insurance and Securities Regulation”; added subsec. (b-1); and, in subsec. (d), substituted “, the Security Regulatory Trust Fund, and the Banking Regulatory Trust Fund” for “and the Security Regulatory Trust Fund”.

D.C. Law 18-223 repealed subsecs. (b) and (b-1); added subsec. (b-2); and, in subsec. (d), substituted “and the Securities and Banking Regulatory Trust Fund” for “, the Securities Regulatory Trust Fund, and the Banking Regulatory Trust Fund”.

D.C. Law 19-21, in subsec. (b-2), substituted “all proceeds from licensure and any funds” for “all funds”.

Emergency Legislation

For temporary (90 days) amendment of this section, see § 2262 of Fiscal Year 2019 Budget Support Congressional Review Emergency Act of 2018 (D.C. Act 22-458, Oct. 3, 2018, 65 DCR 11212).

For temporary (90 days) amendment of this section, see § 2262 of Fiscal Year 2019 Budget Support Emergency Act of 2018 (D.C. Act 22-434, July 30, 2018, 65 DCR 8200).

For temporary (90 day) amendment of section, see § 3(g) 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(d) of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).

References in Text

The “District of Columbia Securities Act”, referred to in (c), is the Act of August 30, 1964, 78 Stat. 620, Pub. L. 88-503, which is codified primarily as § 3-3601 et seq.

The “Investment Advisors Act”, referred to in (c), is D.C. Law 9-216, which is codified as § 3-3701 et seq.

The “Insurance Regulatory Trust Fund Act”, referred to in (c), is D.C. Law 10-40, which is codified as § 31-1201 et seq.