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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-C. BANKING AND FINANCIAL INSTITUTONS |
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Chapter 26-C21. OPPORTUNITY ACCOUNTS |
Section 26-C2199. DEFINITIONS
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2199.1For the purpose of this chapter, the following terms have the meaning ascribed in this section:
"Account holder" means a person who is the owner of an opportunity account.
"Administering organization" means an organization that is approved by the Office to implement and administer an opportunity account program.
"Audit report" means a report prepared by an independent certified accounting firm within six (6) months after the close of the administering organization's fiscal year. The report shall include an unqualified opinion and a Statement of Financial Position which shall indicate a positive unrestricted net asset balance.
"District of Columbia median income" means the most recent median income statistic for the District of Columbia published by the United States Department of Housing and Urban Development.
"Financial institution" means any bank, trust company, savings bank, credit union, or savings and loan association with an office in the District of Columbia.
"Fiscal accountability" means an unqualified audit conducted by an independent certified public accountant of an administering organization within the last fifteen (15) months which must include verification that (a) at least one (1) year's operating funds are banked or committed and capable of underwriting opportunity account program services or (b) the administering organization has been in operation for three years or more and demonstrated the ability to successfully sustain its operations.
"Medical emergency" means a debilitating or life-threatening illness.
"Opportunity account" means a financial instrument established pursuant to the Act and, where applicable, the associated matching funds account.
"Opportunity account reserve fund" means the fund created by an administering organization for the purposes of funding the costs incurred in the administration of an opportunity account program and for providing matching funds for opportunity accounts.
"Retirement" means the period after which a person becomes eligible for Social Security benefits.