(1) An account owner may establish an account by making an initial contribution to the Oregon 529 College Savings Network in the name of the designated beneficiary. Once a contribution is made it becomes part of the network and subject to the provisions of ORS 348.841 to 348.873.
(2) Any person may make a contribution to an account once an account is opened.
(3) Contributions to an account shall be made only in cash.
(4) Total contributions to all accounts established on behalf of a particular beneficiary may not exceed those reasonably necessary to provide for the qualified higher education expenses of the designated beneficiary. The Oregon 529 College Savings Board shall establish maximum contribution limits applicable to network accounts and shall require the provision of any information from the account owner and the designated beneficiary that the board deems necessary to establish these limits.
(5) Separate records and accounting shall be required for each account and reports shall be made no less frequently than annually to the account owner.
(6) The board may collect application, account or administrative fees to defray the costs of the network. [1999 c.746 §6; 2001 c.12 §5; 2003 c.280 §10]
Note: See note under 348.841.
Section: Previous 348.841 348.844 348.845 348.849 348.853 348.855 348.856 348.857 348.860 348.863 348.865 348.867 348.869 348.870 348.873 NextLast modified: August 7, 2008