D.C. Mun. Regs. tit. 26, r. 26-C2207
An applicant that has ceased money transmission operations in the District of Columbia and seeks to substitute a letter of credit or other security device in place of the security device that was in place at the time the applicant ceased money transmission operations in the District of Columbia, pursuant to the requirements of section 8(c) of the Act, shall request approval from the Department.
The request for approval to substitute another security device pursuant to § 2207.1 shall be made in writing and shall include an explanation of the reason(s) the applicant is seeking a substitution. The request also shall include a calculation of the applicant's outstanding payment instruments in the District of Columbia.
Upon receipt of a request for approval filed pursuant to § 2207.2, the Department shall compare the applicant's total dollar volume of outstanding payment instruments in the District of Columbia to both the applicant's posted bond or other security device and the applicant's proposed substituted security device. In addition, the Department shall determine if just and reasonable cause exists for a substitution and if a substitution pursuant to § 2207.2 would be consistent with the purposes of the Act.
Within sixty (60) days of receipt of a request pursuant to § 2207.2 and upon completion of the review pursuant to § 2207.3, the Department shall determine whether to approve the substitution of another security device of the applicant to take the place of the applicant's security device in place at the time the applicant ceases money transmission operations in the District of Columbia.
D.C. Mun. Regs. tit. 26, r. 26-C2207