D.C. Code § 41-156.02
This is the official text of D.C. Code § 41-156.02, part of District of Columbia’s Code — part of the compiled statutory law of District of Columbia, published by the state as "Code." Browse the sections below, each linked to its official government source.
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§ 41-156.02. Dormancy charge.
Official statutory text
(a) A holder may deduct a dormancy charge from property required to be paid or delivered to the Administrator if:
(1) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
(2) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) of this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner. A deduction of $10 a year for maintaining property valued at $50 or less, or $20 a year for maintaining property valued at more than $50, or other amounts established by the Administrator by rule, is not unconscionable, although a higher charge, if permitted under subsection (a) of this section, may be proper considering all relevant factors.
(1) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
(2) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) of this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner. A deduction of $10 a year for maintaining property valued at $50 or less, or $20 a year for maintaining property valued at more than $50, or other amounts established by the Administrator by rule, is not unconscionable, although a higher charge, if permitted under subsection (a) of this section, may be proper considering all relevant factors.
Status: in_force · Read it on the official government site
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