§ 1-307.65. Financial institution establishment of opportunity accounts.

Current through October 23, 2012

(a) A financial institution shall not establish an opportunity account for an account holder unless the establishment of the account by the financial institution is approved by the Mayor. The Mayor may grant general approval to a financial institution to establish an opportunity account for any person meeting specified standards.

(b) A financial institution may establish an opportunity account reserve fund account if the establishment of the account by the financial institution is approved by the Mayor. The Mayor may grant general approval to a financial institution to establish an opportunity account reserve fund account for any organization meeting specified standards.

(c) A financial institution establishing an opportunity account shall certify to the Mayor, on a form to be prescribed by the Mayor and accompanied by any documentation required by the Mayor, that an opportunity account has been established and that funds have been deposited into the account.

(d) A financial institution establishing an opportunity account reserve fund account shall certify to the Mayor, on a form to be prescribed by the Mayor and accompanied by any documentation required by the Mayor, that an opportunity account reserve fund account has been established and that funds have been deposited into the account.

(e) A financial institution establishing an opportunity account shall:

(1) Maintain the account in the name of the account holder alone or in a subaccount of an escrow or custodial account in the name of the administering organization;

(2) Permit deposits to be made in the account by the account holder or an organization on behalf of the account holder;

(3) Provide at least the market rate of interest for the account; and

(4) Permit the account holder, or, if in an escrow or custodial account, the administering organization, to withdraw money from the account.

                
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(Apr. 3, 2001, D.C. Law 13-266, § 6, 48 DCR 1240; June 12, 2003, D.C. Law 14-310, § 2(b), 50 DCR 1092.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments

D.C. Law 14-310 rewrote par. (4) of subsec. (e) which had read as follows:

"(4) Permit the account holder or, if in an escrow or custodial account, the administering organization to withdraw money from the account."

Legislative History of Laws

For Law 13-266, see notes following § 1-307.61.

For Law 14-310, see notes following § 1-307.63.