D.C. Code § 1-307.68

Current through codified legislation effective September 18, 2024

Section 1-307.68 - Use of opportunity account funds

(a) An account holder may withdraw his or her opportunity account funds or matching funds for any of the following purposes, if approved by the administering organization:

(1) To pay educational costs for the account holder or a spouse, domestic partner, father, mother, child, or dependent of the account holder at an accredited institution of higher education;

(2) To pay job training costs for the account holder or a spouse, domestic partner, father, mother, child, or dependent of the account holder at an accredited or licensed training program;

(3) To purchase a primary residence;

(4) To pay for major repairs or improvements to a primary residence;

(5) To fund start-up costs of a business for the account holder or a spouse, domestic partner, father, mother, child, or dependent of the account holder;

(6) Repealed.

(7) To pay for costs and expenses incurred during retirement;

(8) To purchase a federally qualified individual retirement account if such purchase takes place not earlier than 5 years after the establishment of the opportunity account; and

(9) To pay for any cost, expense, or item authorized by a rule issued pursuant to § 1-307.73.

(b) If an account holder withdraws opportunity account funds or matching funds for a purpose not allowed by this part:

(1) the account holder shall lose his or her matching funds and the matching funds shall be returned to the District of Columbia and administering organization in the same amounts as the matching funds were provided;

(2) the account holder shall be removed from the opportunity account program; and

(3) all funds deposited by the account holder into the opportunity account shall be returned to the account holder. The Mayor may establish, by rule, an opportunity for an account holder to reinstate funds to his or her opportunity account or matching funds account after an unlawful withdrawal before the penalties in this subsection shall take effect.

D.C. Code § 1-307.68

Amended by D.C. Law 23-149,§ VI-A-6002, 67 DCR 10493, eff. 12/3/2020.

Amended by D.C. Act 23-405,§ III-301, 67 DCR 9400, eff. 8/19/2020.

Apr. 3, 2001, D.C. Law 13-266, § 9, 48 DCR 1240; June 19, 2001, D.C. Law 13-313, § 26(c), (d), 48 DCR 1873; May 27, 2020, D.C. Act 23-326, § 301(c), 0 DCR 0.