Except as provided in this chapter, a merchant bank shall have all the powers and authority of a District-chartered bank or District-chartered savings and loan, including powers and authority with respect to investments, loans, fiduciary and trust functions, and transactions; provided, that a merchant bank shall obtain certification as a universal bank before exercising those powers of a universal bank. A merchant bank shall not solicit, receive, or accept money, or its equivalent, on deposit, or engage in deposit-like activity, as a regular business activity. A merchant bank may issue a draft drawn on the merchant bank in the form of a treasurer’s check or cashier’s check. A merchant bank may deposit cash, whether constituting principal or income, in any financial institution inside or outside the District of Columbia. A merchant bank shall notify the Commissioner at least 30 days before the merchant bank establishes an office or branch office where the merchant bank intends to transact the business of the merchant bank. A merchant bank may apply to the Commissioner for certification, chartering, or organization as any other type of financial institution authorized under the District of Columbia Banking Code.
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