Chapter 1. Department of Insurance, Securities, and Banking.

Subchapter I. Establishment of the Department of Insurance, Securities, and Banking.

§ 31–101. Definitions.

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, § 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 Codifications

1981 Ed., § 35-121.

Effect of Amendments

D.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 Legislation

For 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 Title

Short 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”.

§ 31–102. Establishment of the Department of Insurance, Securities, and Banking.

The Department, under the supervision of the Commissioner, is established as a cabinet level agency of the District government.

(May 21, 1997, D.C. Law 11-268, § 3, 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 3(b), 51 DCR 2817; Apr. 13, 2005, D.C. Law 15-354, § 40(a), 52 DCR 2638.)

Prior Codifications

1981 Ed., § 35-122.

Section References

This section is referenced in § 31-1131.02 and § 31-3171.01.

Effect of Amendments

D.C. Law 15-166 rewrote the section which had read as follows: “Pursuant to § 1-204.04(b), the Council establishes the Department of Insurance and Securities Regulation as a cabinet level agency of the executive branch of the Government of the District of Columbia, under the supervision of the Commissioner of Insurance and Securities.”

D.C. Law 15-354, in the section heading, validated a previously made technical correction.

Emergency Legislation

For temporary (90 day) amendment of section, see § 3(b) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).

§ 31–103. Functions and duties.

(a) The functions and duties contained and referenced herein are transferred to the Department and shall be performed by the following major organizational components of the Department.

(1) All duties and responsibilities in respect to the regulation of life and health and property and casualty insurance, insurers, and health maintenance organizations that heretofore have been given to the Mayor, the Superintendent of Insurance, or the Insurance Administrator, by virtue of various District of Columbia laws, shall be assumed by the Commissioner of Insurance and Securities who shall exercise those regulatory responsibilities through the Insurance Bureau.

(2) All functions and duties assigned to the Public Service Commission in Chapter 36 [repealed] of Title 3 and Chapter 37 [repealed] of Title 3, shall be assumed by the Commissioner, who shall exercise those regulatory responsibilities through the Securities and Banking Bureau.

(3) Pursuant to §§ 26-551.03 and 26-551.05, the Commissioner, through the Securities and Banking Bureau, shall administer the District of Columbia Banking Code, as defined in § 26-551.02(14).

(b) The Mayor, at his or her discretion, may transfer the regulatory functions and duties of other executive offices and agencies to the Department.

(May 21, 1997, D.C. Law 11-268, § 4, 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 3(c), 51 DCR 2817; Apr. 13, 2005, D.C. Law 15-354, § 40(b), 52 DCR 2638; Sept. 24, 2010, D.C. Law 18-223, § 2112(b), 57 DCR 6242.)

Prior Codifications

1981 Ed., § 35-123.

Effect of Amendments

D.C. Law 15-166, in subsec. (a), deleted “of Insurance and Securities” following “Commissioner” in par. (2), and added par. (3).

D.C. Law 15-354, in subsec. (a)(3), substituted “Banking Code, as defined in § 26-551.02(14)” for “Banking Code”.

D.C. Law 18-223, in subsec. (a)(2), substituted “Securities and Banking Bureau” for “Securities Bureau”; and, in subsec. (a)(3), substituted “Securities and Banking Bureau” for “Banking Bureau”.

Emergency Legislation

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

§ 31–104. Commissioner of the Department of Insurance, Securities, and Banking.

(a) The Commissioner shall be appointed by the Mayor, with the advice and consent of the Council, pursuant to § 1-204.22(1).

(1) Notwithstanding the provisions of § 1-611.07(c) [repealed], the rate of pay for the Commissioner or for any other position in the Department for which the Mayor deems it necessary, may exceed the rate of pay for the Mayor.

(2) The Mayor shall submit a resolution to the Council for a 45-day period of review, excluding Saturdays, Sundays, holidays, and periods of Council recess, indicating the proposed rate of pay for the Commissioner and for each other employee in the Department. A resolution which has not been approved or disapproved, in whole or part, within the prescribed period of 45 days shall be deemed approved by the Council.

(b) The Commissioner shall employ staff as needed, in accordance with annual appropriations.

§ 31–105. Transfers.

(a) All positions, property, records, and unexpended balances of appropriations, allocations, assessments, and other funds available or to be made available to the Department of Consumer and Regulatory Affairs and the Public Service Commission relating to the duties and functions assigned herein, are transferred to the Department.

(b) All powers, duties, and functions transferred to the Department of Banking and Financial Institutions under § 26-551.03, are hereby transferred to the Department of Insurance, Securities, and Banking.

(c) All positions, property, records, and unexpended balances of appropriations, allocations, assessments, and other funds available or to be made available to the Department of Banking and Financial Institutions under § 26-551.03, are hereby transferred to the Department.

§ 31–106. Organization.

(a) The Commissioner, as the chief executive officer of the Department is authorized to organize the personnel and property transferred herein within any organizational unit of the Department as the Commissioner deems appropriate.

(b)(1) The Securities and Banking Bureau is established to oversee the regulation of securities under the supervision of the Commissioner and administer the District of Columbia Banking Code.

(2) The position of Associate Commissioner for Securities and Banking is hereby established to administer the Banking Bureau under the supervision of the Commissioner.

(May 21, 1997, D.C. Law 11-268, § 7, 44 DCR 1730; June 11, 2004, D.C. Law 15-166, § 3(f), 51 DCR 2817; Sept. 24, 2010, D.C. Law 18-223, § 2112(c), 57 DCR 6242.)

Prior Codifications

1981 Ed., § 35-126.

Effect of Amendments

D.C. Law 15-166 designated the text of the existing section as subsection (a); in subsec. (a), substituted “Commissioner” for “Commissioner of Insurance and Securities” and substituted “Department” for “Department of Insurance and Securities Regulation”; and added subsec. (b).

D.C. Law 18-223 rewrote subsec. (b)(1); and, in subsec. (b)(2), substituted “Associate Commissioner for Securities and Banking” for “Director of the Bureau of Banking and Financial Institutions”. Prior to amendment, subsec. (b)(1) read as follows: “(b)(1) The Bureau of Banking and Financial Institutions is hereby established to administer the District of Columbia Banking Code under supervision of the Commissioner.”

Emergency Legislation

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

§ 31–106.01. Student Loan Ombudsman.

(a) There is established within the Department the position of the Student Loan Ombudsman.

(b)(1) The Ombudsman shall be:

(A) Appointed by the Commissioner of the Department;

(B) A District resident within 180 days of appointment; and

(2) If a vacancy in the position of Ombudsman occurs as a consequence of removal, resignation, disability, death, or other reason, the Commissioner shall appoint an Ombudsman to fill the vacancy within 90 days of the occurrence of the vacancy.

(1) Assist in the enforcement of the licensing provisions of § 31-106.02, including the referral of actions to the Office of the Attorney General for the District of Columbia for the enforcement of an order of the Commissioner pursuant to § 31-106.02 or other authority of the Commissioner related to a licensee or a person required to have a license under this subchapter;

(2) Receive, review, and attempt to resolve any complaints from a student loan borrower, including attempts to resolve such complaints in collaboration with student loan servicers, and any other participants in student-loan lending, including those entities engaging student loan borrowers about existing student debt;

(3) Compile and analyze data on student loan borrower complaints;

(4) Develop and provide information to assist student loan borrowers in understanding their rights and responsibilities under the terms of the student loan borrower's student education loan;

(5) Monitor the actions that student loan servicers take to ensure that student loan borrowers are informed of their rights and responsibilities under the terms of the student loan borrower's student education loan in a transparent, accessible, and timely manner;

(6) Make recommendations to the Commissioner for resolving problems and concerns of student loan borrowers;

(7) Analyze and monitor the development and implementation of federal and local laws, regulations, and policies relating to student loan borrowers;

(8) Upon the request and written consent of a student loan borrower, review the student education loan history of the student loan borrower; provided, that the student loan borrower has provided documentation of the student loan borrower's student education loan history;

(9) By October 1, 2017, establish, publicize, and maintain an education course to assist student loan borrowers in understanding their student education loans, which shall include:

(A) Educational presentations;

(B) Explanations of key loan terms;

(D) Monthly payment obligations, including:

(i) Income-based repayment options;

(ii) Loan forgiveness; and

(iii) Disclosure requirements; and

(E) Other educational materials that the Commissioner considers necessary or appropriate;

(10) By October 1, 2017, develop a student loan borrower bill of rights;

(11) Conduct an examination of the activities of each student loan servicer at least once every 3 years, and as the Commissioner considers necessary;

(12) Charge each student loan servicer an examination fee, which shall be assessed in an amount set by the Mayor; and

(13) Take any other action required by the Commissioner.

(d) Beginning March 1, 2018, and by March 1 of each year thereafter, the Commissioner shall submit an annual report to the Mayor and the Council on the Ombudsman's activities, as required or authorized by this section, of the previous year, which shall include the number of educational presentations held across the city, the number of residents in attendance for the educational presentations, and the number of complaints received and the action taken to resolve the complaints.

(e) The Ombudsman shall not:

(1) Disclose personally identifiable information regarding a student loan borrower without the written consent of the student loan borrower;

(2) Disclose the identity of a person who brings a complaint or provides information to the Ombudsman without the person's consent, unless the Commissioner determines that disclosure is necessary to further the resolution of a complaint or an investigation;

(3) Provide legal advice or legal representation; or

(4) Be held personally liable for the good-faith performance of his or her responsibilities or duties under this section or rules issued pursuant to this section; except, that no immunity shall extend to criminal acts, or other acts that violate District or federal law.

§ 31–106.02. Student loan servicer; licensure and reporting requirements.

(a) Except as provided in subsection (b) of this section, no person or entity shall operate as a student loan servicer in the District, directly or indirectly, without first obtaining a SLS license pursuant to this section.

(b) The following persons and entities shall be exempt from the requirements of subsection (a) of this section:

(1) A bank, trust company, or other loan company doing business under the authority of, or in accordance with, a license, certificate, or charter issued by the United States or any state, district, territory, or commonwealth of the United States that is authorized to transact business in the District;

(2) A federally chartered savings and loan association, federal savings bank, or federal credit union that is authorized to transact business in the District;

(3) A savings and loan association, savings bank, or credit union organized under the laws of the District or any other state that is authorized to transact business in the District; or

(4) A public postsecondary educational institution or a private nonprofit postsecondary educational institution servicing a student loan it extended to a student loan borrower.

(c)(1) Except as provided in subsection (b) of this section, a person or entity seeking to operate as a student loan servicer in the District shall apply for a SLS license by submitting to the Department:

(A) A completed application, in a form and manner prescribed by the Commissioner, that is signed under penalty of perjury;

(B) Application fees and other fees as prescribed by the Commissioner;

(C) Three years of audited financial statements prepared in accordance with generally accepted accounting principles and acceptable to the Department that show a net worth of at least $250,000;

(D) A surety bond in an amount determined by the Mayor to be used for the recovery of damages incurred by a student loan borrower as the result of a licensee's noncompliance with the requirements of this subchapter or the recovery of fees or expenses levied against a licensee pursuant to this subchapter; and

(E) Any other information the Commissioner considers necessary and appropriate as prescribed by rules issued pursuant to § 31-106.03.

(2) An applicant shall notify the Department in writing of any change in the information provided in the applicant's application for an initial SLS license or a renewal within 10 business days of the change having occurred. The failure to timely notify the Department of a change in the accuracy of the application may result in the denial of the application.

(d) The Commissioner shall issue a SLS license if the application meets all the requirements for licensure prescribed this subchapter and by the Commissioner by rule.

(e)(1)(A) A SLS license issued pursuant to this section before November 1 of a given year shall expire on December 31 of that same year, unless renewed or earlier surrendered, suspended, or revoked.

(B) A SLS license issued pursuant to this section on or after November 1 of a given year shall expire on December 31 of the following year, unless renewed or earlier surrendered, suspended, or revoked.

(2) No later than 15 days after a licensee ceases to engage in the business of being a student loan servicer, the licensee shall surrender the SLS license to the Commissioner, along with a signed notice of the surrender.

(3) The signed notice of surrender shall provide the:

(A) Location where the records of the licensee will be stored;

(B) Name, address, and telephone number of an individual authorized to provide access to the records; and

(f) The surrender of a SLS license does not toll or eliminate a licensee's civil or criminal liability arising from acts or omissions occurring before the surrender of the SLS license, including any administrative actions undertaken by the Commissioner to revoke or suspend the SLS license.

(g)(1)(A) A SLS license may be renewed for a term prescribed by the Commissioner upon the timely filing of an application, along with all required documents and the payment of fees, as required by this section, or rules issued pursuant to this section.

(B) If an application for a renewal of a SLS license has been filed with the Department on or before the date the current SLS license expires, the current SLS license shall continue in full force and effect until the Commissioner issues a renewal or notifies the licensee in writing that the licensee's application for renewal has been denied, including the grounds for the denial.

(C) The Commissioner may deny an application for renewal of a SLS license on any ground that the Commissioner may deny an application for an initial SLS license.

(2) A SLS license shall not be transferable or assignable.

(h)(1) The Commissioner may revoke any license issued pursuant to this subchapter if, after notice and a hearing, the Commissioner finds that the licensee has:

(A) Committed any fraudulent acts, engaged in any dishonest activities, or made any misrepresentation in any business transaction;

(B) Been convicted of a felony under the laws of the District of Columbia, any state, or the United States;

(C) Violated any applicable banking laws of the District of Columbia, or any rules or regulations issued pursuant to any of those laws, or has violated any other law in the course of dealings as a licensee;

(D) Made a material misstatement in the application for a license under this subchapter;

(E) Demonstrated incompetency or untrustworthiness to act as a licensee;

(F) Violated any provision of this subchapter or of any implementing regulation; or

(G) Failed to satisfy any of the criteria for obtaining a license as set out in this subchapter.

(2) Whenever the Commissioner revokes a license issued pursuant to this subchapter, the Commissioner shall issue a written order setting forth the grounds for revocation, with a copy to be served on the licensee either personally or by mail to the last known address of the licensee.

(i) Pending the hearing required by subsection (h) of this section, the Commissioner may suspend the license for a period not to exceed 30 days if the Commissioner determines that the suspension is in the public interest and that one or more grounds for revocation of a license, as set forth in subsection (h) of this section, exist. Whenever the Commissioner suspends a license pursuant to this subsection, the Commissioner shall issue a written notice to the licensee setting forth, with particularity, the grounds for suspension and the licensee's right to a hearing, with a copy to be served on the licensee either personally or by mail to the last known address of the licensee.

(j)(1) Beginning January 30, 2018, and by January 30th, each year thereafter, a licensee shall file an annual report with the Commissioner, which shall include the number of loans that were sold, assigned, or transferred in the preceding calendar year and any other information that the Commissioner reasonably requires concerning the business operations conducted by the licensee during the preceding calendar year.

(2) The Department shall provide a copy of each report to the Mayor and the Council and make the reports available to the public by publishing them on the Department's website.

§ 31–106.03. Rules.

Within 180 days of February 18, 2017, the Mayor, pursuant to subchapter I of Chapter 5 of Title 2, shall issue rules to implement of provisions of §§ 31-106.01 and 31-106.02.

§ 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 $12.63 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; Sept. 18, 2024, D.C. Law 25-217, § 6112, 71 DCR 9990.)

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 § 6112 of Fiscal Year 2025 Budget Support Emergency Act of 2024 (D.C. Act 25-506, July 15, 2024, 71 DCR 8406).

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.

§ 31–108. Abolition of Insurance Administration.

The Insurance Administration in the Department of Consumer and Regulatory Affairs as currently organized is abolished.

Subchapter II. Regulations Under the Gramm-Leach-Bliley Act.

§ 31–121. Regulations.

The Commissioner may promulgate rules, regulations, and orders as are necessary or appropriate to conform to the Gramm-Leach-Bliley Act, approved November 12, 1999 (113 Stat. 1338; codified in scattered sections of the U.S. Code), or regulations promulgated thereunder.