Source: https://development.code.dccouncil.us/dc/council/code/sections/47-4506.html
Timestamp: 2019-04-23 04:29:50+00:00

Document:
D.C. Law Library - § 47–4506. Implementation of the Program.
↪ § 47–4506. Implementation of the Program.
(a) The Chief Financial Officer shall implement the Program through use of one or more financial organizations as account depositories and managers. Under the Program, individuals may establish accounts directly with an account depository.
(9) Other benefits to the District of Columbia or its residents included in the proposal, including fees payable to the District of Columbia to pay the expenses of the operation of the Program.
(2) Keep adequate records of each account, keep each account segregated from each other account, and provide the Chief Financial Officer with the information necessary to prepare the statements required by § 47-4503.
(4) If there is more than one program manager, provide the Chief Financial Officer with the information necessary to determine compliance with § 47-4503.
(9) Ensure that any description of the Program, whether in writing or through the use of other media, is consistent with the marketing plan developed by the Chief Financial Officer.
(e) The Chief Financial Officer may provide that an audit may be conducted of the operations and financial positions of the program depository or manager at any time if the Chief Financial Officer has reason to be concerned about the financial position, the recordkeeping practices, or the status of accounts of the program depository and manager.
(f) During the term of a contract with a program manager, the Chief Financial Officer shall conduct an examination of the manager and its handling of accounts. The examination shall be conducted at least biennially if the manager is not otherwise subject to periodic examination by the Mayor, the Federal Deposit Insurance Corporation, or other similar entity.
(4) Existing accounts held by the depository shall remain subject to all oversight and reporting requirements established by the Chief Financial Officer.
(h) If the Chief Financial Officer terminates a financial organization as a program manager or depository, the Chief Financial Officer shall cause the accounts to be transferred to another financial organization that is selected as a program manager or depository and into investment instruments as similar to the original instruments as possible.
(2) Shall not loan, transfer, or use the assets of the Program for any other purpose than as provided in this chapter.
This section is referenced in § 47-4505.
For temporary (90 day) amendment of section, see § 2(d) of College Savings Program Emergency Act of 2002 (D.C. Act 14-374, May 20, 2002, 49 DCR 5114).
For temporary (90 day) amendment of section, see § 2402(g) of Fiscal Year 2003 Budget Support Amendment Emergency Act of 2002 (D.C. Act 14-544, December 4, 2002, 49 DCR 11700).
For temporary (90 day) repeal of section, see § 2402(g) of the Fiscal Year 2003 Budget Support Amendment Congressional Review Emergency Act of 2003 (D.C. Act 15-27, February 24, 2003, 50 DCR 2151).
For temporary (90 day) amendment of section, see § 2402(g) of Fiscal Year 2003 Budget Support Amendment Second Congressional Review Emergency Act of 2003 (D.C. Act 15-103, June 20, 2003, 50 DCR 5499).
For temporary (225 day) amendment of section, see § 2(d) of College Savings Program Temporary Act of 2002 (D.C. Law 14-186, October 1, 2002, law notification 49 DCR 9244).

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