D.C. Mun. Regs. tit. 20, r. 20-6710

Current through Register Vol. 71, No. 49, December 6, 2024
Rule 20-6710 - PRIVATE TRUST FUNDS
6710.1

An owner may satisfy the requirements of § 6700 by establishing a private trust fund that conforms to the requirements of this section.

6710.2

The trustee shall be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by an agency of the federal government or the District of Columbia.

6710.3

Each trust agreement shall be in the form prescribed by Appendix 67-8 (Trust Agreement) and shall be accompanied by a formal certification of acknowledgement in the specified form.

6710.4

The private trust fund, when established, shall be funded for the full required amount of assurance or funded for part of the required amount of assurance and used in combination with other mechanism(s) that provide the remaining required assurance.

6710.5

If the value of the trust fund is greater than the required amount of assurance, the owner may submit a written request to the Department in accordance with § 5500.4 for release of the excess.

6710.6

If other financial assurance, or combination of assurance mechanisms, as specified in §§ 6703 through 6709, is substituted for all or part of the trust fund, the owner may submit a written request to the Department in accordance with § 5500.4 for release of the excess.

6710.7

Not later than sixty (60) days after receiving a request from the owner for release of funds as specified in §§ 6710.5 or 6710.6, the Department will instruct the trustee in writing to release to the owner the excess funds in the amount specified by the Department.

D.C. Mun. Regs. tit. 20, r. 20-6710

Final Rulemaking published at 43 DCR 2799 (May 24, 1996), incorporating text of Proposed Rulemaking published at 42 DCR 5765, 5778 (October 20, 1995); as amended by Final Rulemaking published at 46 DCR 7699 (October 1, 1999); amended by Final Rulemaking published at 67 DCR 1778 (2/21/2020)