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District of Columbia Code Division I. Government of District. § 4-681.06. Distribution of funds.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)(1)(A) An enrollee shall be entitled to a dedicated share of money in the Fund pursuant to § 4-681.03 only upon reaching the age of majority, or, subject to subparagraph (B) of this paragraph, upon becoming disabled, and only if the enrollee is a current District resident, and meets all other requirements set forth in this chapter.

(B) For an enrollee to be entitled to the funds described in subparagraph (A) of this paragraph before reaching the age of majority due to do becoming disabled, the enrollee must file a disability certification.

(2) The amount of money to which an enrollee will be entitled at the age of majority, or following receipt by the Chief Financial Officer of a disability certification, shall be the amounts designated in the Fund pursuant to § 4-681.02(b), less any amounts expended pursuant to § 4-681.02(d)(2) through (3).

(b)(1) A distribution of the funds from the Fund may be used only by the enrollee and only for:

(A) Education; academic or vocational;

(B) Ownership of a District business;

(C) Investment in a District business;

(D) Ownership of a District residential or commercial property; or

(E) Retirement investments, including stocks, bonds, shares, and other similar growth investments.

(2) No funds may be distributed unless the enrollee certifies, in accordance with rules issued by the Chief Financial Officer, that the enrollee is a bona fide resident of the District and that the distributed funds shall be used for a purpose listed in paragraph (1) of this subsection.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 4-681.06. Distribution of funds. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-4-681-06/

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