2017 ORS 458.670¹
Definitions for ORS 458.670 to 458.700

Caution-flag-2-25x25
This section is amended
Effective June 2, 2018
Relating to connection to federal tax law; creating new provisions; amending ORS 178.300, 238A.005, 238A.125, 238A.150, 238A.170, 238A.230, 238A.370, 238A.400, 238A.410, 238A.415, 238A.430, 238A.435, 305.230, 305.494, 305.690, 305.842, 314.011, 314.306, 315.004, 316.012, 316.147, 316.157, 317.010, 317.097, 317.267, 458.670 and 657.010; repealing ORS 317.716 and 317.717; and prescribing an effective date.

As used in this section and ORS 458.675 (Legislative findings) to 458.700 (Authority of fiduciary organizations), unless the context requires otherwise:

(1) “Account holder” means a resident of this state who:

(a) Is 12 years of age or older;

(b) Is a member of a lower income household; and

(c) Has established an individual development account with a fiduciary organization.

(2) “Fiduciary organization” means an organization selected under ORS 458.695 (Selection of fiduciary organizations) to administer state moneys directed to individual development accounts and that is:

(a) A nonprofit, fund raising organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code as amended and in effect on December 31, 2016; or

(b) A federally recognized Oregon Indian tribe that is located, to a significant degree, within the boundaries of this state.

(3) “Financial institution” means:

(a) An organization regulated under ORS chapters 706 to 716 or 723; or

(b) In the case of individual development accounts established for the purpose described in ORS 458.685 (Approved purpose of account) (1)(c), a financial institution as defined in ORS 178.300 (Definitions for ORS 178.300 to 178.355).

(4) “Individual development account” means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.

(5) “Lower income household” means a household having an income equal to or less than the greater of the following:

(a) 80 percent of the median household income for the area as determined by the Housing and Community Services Department. In making the determination, the department shall give consideration to any data on area household income published by the United States Department of Housing and Urban Development.

(b) 200 percent of the poverty guidelines as determined by the Housing and Community Services Department. In making the determination, the department shall give consideration to poverty guidelines published by the United States Department of Health and Human Services and may consider other income data periodically published by other federal or Oregon agencies.

(6) “Resident of this state” has the meaning given that term in ORS 316.027 (“Resident” defined). [1999 c.1000 §1; 2001 c.648 §3; 2007 c.765 §2; 2008 c.45 §16; 2009 c.5 §26; 2009 c.63 §1; 2009 c.541 §22; 2009 c.909 §29; 2010 c.82 §31; 2011 c.7 §26; 2012 c.31 §26; 2013 c.377 §26; 2014 c.52 §28; 2015 c.442 §20; 2016 c.33 §24; 2017 c.527 §25]

Note: 458.670 (Definitions for ORS 458.670 to 458.700) to 458.700 (Authority of fiduciary organizations) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 458 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

1 Legislative Counsel Committee, CHAPTER 458—Housing and Community Services Programs; Individual Development Accounts, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors458.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.