For the purposes of this part, the term:
(1) “Account holder” means a person who is the owner of an opportunity account.
(2) “Administering organization” means an entity that is approved by the Mayor to implement and administer an opportunity account program.
(3) “District of Columbia median income” means the most recent measurement of median income for the District of Columbia published by the United States Department of Housing and Urban Development.
(4) “Financial institution” means a bank, trust company, savings bank, credit union, or savings and loan association with an office in the District of Columbia.
(5) “Medical emergency” means a debilitating or life-threatening illness.
(6) “Opportunity account” means a special savings account established under this part.
(7) “Opportunity Account Office” means the special savings account office established under § 1-307.62.
(8) “Opportunity account program” means a program of an administering organization to administer and oversee opportunity accounts and to encourage the establishment of opportunity accounts.
(9) “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.
(10) “Retirement” means the period commencing upon the eligibility of a person for Social Security benefits.
CREDIT(S)
(Apr. 3, 2001, D.C. Law 13-266, § 2, 48 DCR 1240.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 13-266, the “Opportunity Accounts Act of 2000”, was introduced in Council and assigned Bill No. 13-33, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on November 8, 2000, and December 5, 2000, respectively. Signed by the Mayor on January 5, 2001, it was assigned Act No. 13-556 and transmitted to both Houses of Congress for its review. D.C. Law 13-266 became effective on April 3, 2001.
Delegation of Authority
Delegation of Authority Pursuant to D.C. Law 13-266, the “Opportunity Accounts Act of 2002”, see Mayor's Order 2002-45, March 8, 2002 (49 DCR 2252).