2007 ORS § 348.841¹
Definitions for ORS 348.841 to 348.873

As used in ORS 348.841 (Definitions for ORS 348.841 to 348.873) to 348.873 (Report to Governor and Legislative Assembly):

(1) "Account" means an individual account established in accordance with ORS 348.841 (Definitions for ORS 348.841 to 348.873) to 348.873 (Report to Governor and Legislative Assembly).

(2) "Account owner" means the person who has the right to withdraw funds from the account. The account owner may also be the designated beneficiary of the account.

(3) "Board" means the Oregon 529 College Savings Board established under ORS 348.849 (Oregon 529 College Savings Board).

(4) "Designated beneficiary" means, except as provided in ORS 348.867 (Designated beneficiary of account), the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses, or if the designated beneficiary is replaced in accordance with ORS 348.867 (Designated beneficiary of account), the replacement.

(5) "Financial institution" means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this state.

(6) "Higher education institution" means an eligible education institution as defined in section 529(e)(5) of the Internal Revenue Code.

(7) "Internal Revenue Code" means the federal Internal Revenue Code.

(8) "Member of the family" shall have the same meaning as contained in section 529(e) of the Internal Revenue Code.

(9) "Network" means the Oregon 529 College Savings Network established under ORS 348.841 (Definitions for ORS 348.841 to 348.873) to 348.873 (Report to Governor and Legislative Assembly).

(10) "Nonqualified withdrawal" means a withdrawal from an account that is not a qualified withdrawal.

(11) "Qualified higher education expenses" means tuition and other permitted expenses as set forth in section 529(e) of the Internal Revenue Code for the enrollment or attendance of a designated beneficiary at a higher education institution.

(12) "Qualified withdrawal" means a withdrawal made as prescribed under ORS 348.870 (Account withdrawals) and made:

(a) From an account to pay the qualified higher education expenses of the designated beneficiary;

(b) As the result of the death or disability of the designated beneficiary;

(c) As the result of a scholarship, allowance or payment described in section 135(d)(1)(A), (B) or (C) of the Internal Revenue Code that is received by the designated beneficiary, but only to the extent of the amount of the scholarship, allowance or payment; or

(d) As a rollover or change in the designated beneficiary described in ORS 348.867 (Designated beneficiary of account). [1999 c.746 §1; 2001 c.12 §1; 2003 c.280 §6; 2007 c.843 §12]

Note: 348.841 (Definitions for ORS 348.841 to 348.873) to 348.873 (Report to Governor and Legislative Assembly) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 348 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.