District of Columbia § 47-351.13 Protection of District funds at risk.

District of Columbia Statutes

§ 47-351.13 — Protection of District funds at risk.

District of Columbia § 47-351.13

Title 47Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]

Ch. 3Budget and Financial Management; Borrowing; Deposit of Funds.

Subch. III-AFinancial Institutions Deposits and Investments.

This text of District of Columbia § 47-351.13 (Protection of District funds at risk.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 47-351.13 (2026).

Text

(a)The Mayor, or the CFO pursuant to § 47-351.02(c) , may take the action provided for in subsection (b) of this section to protect District funds if:

(1)A financial institution fails to return a deposit upon demand or upon the termination of or pursuant to the terms of an agreement;

(2)A financial institution fails to pay a valid check, draft, or warrant issued by the Mayor, or the CFO pursuant to § 47-351.02(c) ;

(3)A financial institution fails to honor a request for the electronic transfer of District funds;

(4)A financial institution fails to account for a check, draft, warrant, order, deposit, certificate, or money that the District entrusts to it;

(5)A financial institution fails to return an investment under the terms of an agreement or upon the termination of

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(a) The Mayor, or the CFO pursuant to § 47-351.02(c) , may take the action provided for in subsection (b) of this section to protect District funds if:

(1) A financial institution fails to return a deposit upon demand or upon the termination of or pursuant to the terms of an agreement;

(2) A financial institution fails to pay a valid check, draft, or warrant issued by the Mayor, or the CFO pursuant to § 47-351.02(c) ;

(3) A financial institution fails to honor a request for the electronic transfer of District funds;

(4) A financial institution fails to account for a check, draft, warrant, order, deposit, certificate, or money that the District entrusts to it;

(5) A financial institution fails to return an investment under the terms of an agreement or upon the termination of an agreement;

(6) A financial institution fails to perform under the terms of an agreement involving banking business;

(7) A financial institution fails to maintain the required collateral pursuant to § 47-351.08 ;

(8) A court or a federal, District, or state banking regulator orders a financial institution to refrain from making payments on its liabilities;

(9) A court or a federal, District, or state banking regulator appoints a conservator or receiver for the financial institution;

(10) The Mayor, or the CFO pursuant to § 47-351.02(c) , determines that the financial institution is financially unsound;

(11) A financial institution fails to comply with this subchapter; or

(12) Any other action has occurred or is impending which the Mayor, or the CFO pursuant to § 47-351.02(c) , decides would place District funds in jeopardy.

(b) If the Mayor, or the CFO pursuant to § 47-351.02(c) , determines that any condition under subsection (a) of this section exists, the Mayor, or the CFO pursuant to § 47-351.02(c) , may, without any further action:

(1) Withdraw or demand the return of District funds immediately;

(2) Take action to seize all collateral provided under section 9;

(3) Liquidate collateral and retain proceeds in the amount equal to District funds held by the financial institution plus liquidation costs;

(4) Direct the financial institution to immediately stop performing any financial services for the District;

(5) Terminate any agreement relating to banking business;

(6) Remove the financial institution from the eligible bidder’s list; or

(7) Take other action deemed necessary for the protection of District funds.