Code of the District of Columbia

§ 1–307.61. Definitions.

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.

(2A) "Commissioner" means the Commissioner of the Department of Insurance, Securities, and Banking.

(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.