(1) Notwithstanding ORS 315.271, a fiduciary organization selected under ORS 458.695 may qualify as the recipient of account contributions that qualify the contributor for a tax credit under ORS 315.271 only if the fiduciary organization structures the accounts to have the following features:
(a) The fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization. The fiduciary organization shall maintain on deposit in the account not less than $1 nor more than $5 for each $1 deposited by the account holder.
(b) The matching deposits by the fiduciary organization to the individual development account are placed in:
(A) A savings account jointly held by the account holder and the fiduciary organization and requiring the signatures of both for withdrawals;
(B) A savings account that is controlled by the fiduciary organization and is separate from the savings account of the account holder; or
(C) In the case of an account established for the purpose described in ORS 458.685 (1)(c), a college savings network account under ORS 348.841 to 348.873, in which the fiduciary organization is the account owner as defined in ORS 348.841.
(2) Account holders may not accrue more than $3,000 of matching funds under subsection (1) of this section from state-directed moneys in any 12-month period. A fiduciary organization may designate a lower amount as a limit on annual matching funds. A fiduciary organization shall maintain on deposit sufficient funds to cover the matching deposit agreements for all individual development accounts managed by the organization.
(3) The Housing and Community Services Department shall adopt rules to establish a maximum total amount of state-directed moneys that may be deposited as matching funds into an individual development account. [1999 c.1000 §5; 2001 c.648 §5; 2003 c.280 §19; 2007 c.765 §5]
Note: 458.690 is repealed January 2, 2016. See section 9, chapter 765, Oregon Laws 2007.
Note: See note under 458.670.
Section: Previous 458.650 458.655 458.660 458.670 458.675 458.680 458.685 458.690 458.695 458.700 458.705 458.710 458.715 458.720 458.725 NextLast modified: August 7, 2008