Requirements for contracts between post-secondary institutions of education and third party financial firms for disbursement and management of financial aid funds
(1) When contracting with third party financial firms for disbursement and management services of financial aid funds, or for management of financial accounts, the governing board or governing entity of a public or private post-secondary institution of education that enrolls one or more students who receive state or federal financial aid shall review and approve a contract after considering guidelines and policies established and recommended by the United States Consumer Financial Protection Bureau and the United States Department of Education.
(2) A contract between a public or private post-secondary institution of education and a third party financial firm for services described in subsection (1) of this section may not permit:
(a) Revenue sharing;
(b) The third party financial firm to charge a fee for the initial disbursement of the financial aid funds in an academic term to the student in a paper check or in an electronic funds transfer;
(c) The third party financial firm to charge a transaction fee for debit or similar transactions from an account; or
(d) The third party financial firm to charge a fee for inactivity in an account.
(3) A public or private post-secondary institution of education that contracts with a third party financial firm shall, after redacting from the contract information exempted from disclosure under ORS 192.311 (Definitions for ORS 192.311 to 192.478) to 192.478 (Exemption for Judicial Department):
(a) Make the contract available for public inspection; and
(b) Publish the contract on the website operated by or for the public or private post-secondary institution of education. [2015 c.633 §2]
Note: See note under 348.015 (Definitions).
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