Section 26-C2103. FINANCIAL INSTITUTIONS

 

2103.1General approval is hereby granted to financial institutions that have a branch office located in the District of Columbia to establish opportunity accounts and opportunity account reserve funds accounts in compliance with the Act. These accounts shall be opened and managed under an agreement with an administering organization.

 

2103.2Financial institutions establishing any opportunity account or opportunity account reserve fund account shall certify to the Office, on a form prescribed by the Office and accompanied by any documentation required by the Office, that the account has been established and that funds have been deposited into the account.

 

2103.3A financial institution establishing an opportunity account shall:

 

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

 

(b)Permit deposits to be made in the name of the account holder alone or in an administering organization on behalf of the account holder;

 

(c)Provide at least the rate of interest for similar accounts in the financial institution; and

 

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

 

source

Final Rulemaking published at 49 DCR 4983, 4987-4988 (May 31 2002).