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District of Columbia Code Division VIII. General Laws. § 47-351.05. Competition for banking business.

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

(a) Except as otherwise provided by §§ 47-351.09, 47-351.10, and 47-351.11, the Mayor, or the CFO pursuant to § 47-351.02(c), shall select eligible financial institutions with which to conduct the banking business of the District based on the highest composite score for a bid. If 2 or more eligible financial institutions receive the highest composite score, the Mayor, or the CFO pursuant to § 47-351.02(c), shall select the eligible financial institution with the highest community development score calculated under § 47-351.07.

(b) The Mayor, or the CFO pursuant to § 47-351.02(c), shall calculate the composite score of an eligible financial institution in the following manner:

(1) Eighty percent based upon a financial score, calculated under § 47-351.06; and

(2) Twenty percent based upon a community development score, calculated under § 47-351.07.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-351.05. Competition for banking business. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-351-05/

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