D.C. Code § 41-158.01

Current through codified legislation effective September 18, 2024
Section 41-158.01 - Deposit of funds by Administrator
(a) The Administrator shall deposit all funds received under this subtitle, including proceeds from the sale of property under Part 7, into an account in the General Fund designated the Unclaimed Property Account. For each fiscal year, the Administrator shall designate an amount in the Unclaimed Property Account to be held for the payment of claims that reflects the Administrator's reasonable estimate of the value of claims that will be asserted under this subtitle during the fiscal year. Funds in the Unclaimed Property Account that exceed this designated amount may be used to pay the costs of administering the unclaimed property program established in this subtitle and to satisfy the District's cash flow needs during the fiscal year.
(b) All assets, liabilities, and unexpended balances of funds in the trust fund created by section 123 of the Uniform Disposition of Unclaimed Property Act of 1980, effective March 5, 1981 (D.C. Law 3-160; D.C. Official Code § 41-123 ), shall be transferred to the Unclaimed Property Account established under subsection (a) of this section on the applicability date of this subtitle.

D.C. Code § 41-158.01

Added by D.C. Law 24-45,§ VII-A-7048, 68 DCR 010163, eff. 11/13/2021.