{"data":{"id":"us-dc/d.c.-code-47-351.13","jurisdiction":"us-dc","citation":"D.C. Code § 47-351.13","heading":"Protection of District funds at risk.","body":"(a)\nThe 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:\n(1)\nA financial institution fails to return a deposit upon demand or upon the termination of or pursuant to the terms of an agreement;\n(2)\nA financial institution fails to pay a valid check, draft, or warrant issued by the Mayor, or the CFO pursuant to § 47-351.02(c);\n(3)\nA financial institution fails to honor a request for the electronic transfer of District funds;\n(4)\nA financial institution fails to account for a check, draft, warrant, order, deposit, certificate, or money that the District entrusts to it;\n(5)\nA financial institution fails to return an investment under the terms of an agreement or upon the termination of an agreement;\n(6)\nA financial institution fails to perform under the terms of an agreement involving banking business;\n(7)\nA financial institution fails to maintain the required collateral pursuant to § 47-351.08;\n(8)\nA court or a federal, District, or state banking regulator orders a financial institution to refrain from making payments on its liabilities;\n(9)\nA court or a federal, District, or state banking regulator appoints a conservator or receiver for the financial institution;\n(10)\nThe Mayor, or the CFO pursuant to § 47-351.02(c), determines that the financial institution is financially unsound;\n(11)\nA financial institution fails to comply with this subchapter; or\n(12)\nAny 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.\n\n(b)\nIf 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:\n(1)\nWithdraw or demand the return of District funds immediately;\n(2)\nTake action to seize all collateral provided under section 9;\n(3)\nLiquidate collateral and retain proceeds in the amount equal to District funds held by the financial institution plus liquidation costs;\n(4)\nDirect the financial institution to immediately stop performing any financial services for the District;\n(5)\nTerminate any agreement relating to banking business;\n(6)\nRemove the financial institution from the eligible bidder’s list; or\n(7)\nTake other action deemed necessary for the protection of District funds.","path":["Title 47. Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]","Chapter 3. Budget and Financial Management; Borrowing; Deposit of Funds.","Subchapter III-A. Financial Institutions Deposits and Investments."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/47-351.13","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"6afdbd53503c85dba3fecfdc81cacd604d50f8cbcc6680413d8d12729faf7275","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-47-351.12","next":"us-dc/d.c.-code-47-351.14"},"notice":"GroundRules: Original legal text. Not legal advice."}