Network participation for higher education expenses
- • contribution limits
- • fees
(1) An account owner may establish an account by making an initial contribution to the Oregon 529 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 178.300 (Definitions for ORS 178.300 to 178.360) to 178.360 (Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations).
(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 and may be deposited as provided in ORS 305.796 (Election to contribute refund to account in Oregon 529 Savings Network).
(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 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.
(7) This section applies only to accounts established for qualified higher education expenses. [Formerly 348.857]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information