ORS 458.700
Authority of fiduciary organizations

  • rules

(1)

Subject to Housing and Community Services Department rules, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, including marketing to participants, soliciting additional matching contributions, counseling account holders, providing financial literacy education, and conducting required verification and compliances activities. The fiduciary organization may establish program provisions as the organization believes necessary to ensure account holder compliance with the provisions of ORS 458.680 (Persons qualifying as account holders) and 458.685 (Approved purpose of account). A fiduciary organization may establish income and net worth limitations for account holders that are lower than the income and net worth limitations established by ORS 458.670 (Definitions for ORS 458.670 to 458.700) (5) and 458.680 (Persons qualifying as account holders) (2).

(2)

A fiduciary organization may act in partnership with other entities, including businesses, government agencies, nonprofit organizations, community development corporations, community action programs, housing authorities and congregations to assist in the fulfillment of fiduciary organization responsibilities under ORS 458.670 (Definitions for ORS 458.670 to 458.700) and 458.675 (Legislative findings) to 458.700 (Authority of fiduciary organizations).

(3)

A fiduciary organization may use a reasonable portion of moneys allocated to the individual development account program for administration, operation and evaluation purposes.

(4)

A fiduciary organization shall provide the Housing and Community Services Department with an annual report of the fiduciary organization’s individual development account program activity. The report must be filed no later than 90 days after the end of the fiscal year of the fiduciary organization. The report must include, but is not limited to:

(a)

The number of individual development accounts administered by the fiduciary organization;

(b)

The amount of deposits and matching deposits for each account;

(c)

The purpose of each account;

(d)

The number of withdrawals made; and

(e)

Any other information the department may require for the purpose of making a return on investment analysis.

(5)

The department may make all reasonable and necessary rules to ensure fiduciary organization compliance with ORS 458.670 (Definitions for ORS 458.670 to 458.700) and 458.675 (Legislative findings) to 458.700 (Authority of fiduciary organizations). [1999 c.1000 §7; 2001 c.648 §6; 2003 c.280 §20; 2007 c.765 §10; 2015 c.701 §10; 2015 c.843 §§22,23; 2021 c.525 §13]
Note: See note under 458.670 (Definitions for ORS 458.670 to 458.700).

Source: Section 458.700 — Authority of fiduciary organizations; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors458.­html.

458.210
Community development corporations
458.215
Local capacity building program
458.220
Community development corporation grants and assistance
458.225
Preference for certain community development corporations
458.235
Rules
458.240
Effect of law on other community development corporations
458.305
Legislative findings
458.310
Housing revitalization program
458.352
Manufactured dwelling park preservation loan program
458.356
Manufactured dwelling replacement loans
458.358
Manufactured dwelling decommissioning and disposing grants
458.362
Manufactured housing advisory committee
458.366
Manufactured Home Preservation Fund
458.375
Rental housing assistance for very low income elderly persons
458.377
Elderly Rental Assistance Fund
458.380
Housing for Mental Health Fund
458.390
Rental assistance program for youth and young adults at risk of homelessness
458.392
Long-Term Rent Assistance Fund
458.405
Legislative findings
458.410
Purposes
458.415
Rules
458.420
Conveyance of certain state real property for low-income housing
458.425
Restriction on conveyance of certain state real property
458.430
Authority of state to lease property not owned by state
458.440
Authorization to lease
458.445
Authority to relinquish title to property
458.450
Approval required by governing body where property located
458.460
Bidding procedure for multiple applicants
458.480
Definitions
458.485
Local Innovation and Fast Track Housing Program
458.490
Local Innovation and Fast Track Housing Program Fund
458.505
Community action agency network as delivery system for federal antipoverty programs
458.510
Energy Crisis Trust Fund
458.515
Oregon Housing Stability Council to advise and assist department regarding low income home energy assistance
458.525
Duties of Oregon Housing Stability Council in coordinating and monitoring homelessness relief efforts
458.528
Policy on homelessness
458.530
Policy on hunger
458.532
Hunger Task Force
458.540
Short title for ORS 458.530 to 458.545
458.545
Task force powers and duties
458.600
Policy and intent
458.605
Findings
458.610
Definitions for ORS 458.600 to 458.665
458.620
Oregon Housing Fund
458.625
Housing Development Grant Program
458.630
Housing Development and Guarantee Account
458.650
Emergency Housing Account
458.655
Home Ownership Assistance Account
458.658
Assistance for organizations supporting homeownership for persons of color
458.660
Agricultural Worker Housing Development Account
458.665
General Housing Account
458.670
Definitions for ORS 458.670 to 458.700
458.675
Legislative findings
458.680
Persons qualifying as account holders
458.685
Approved purpose of account
458.690
Required account features
458.695
Selection of fiduciary organizations
458.700
Authority of fiduciary organizations
458.705
Legislative findings
458.715
Duties of Oregon Housing Stability Council regarding Community Development Incentive Project Fund
458.720
Community Development Incentive Project Fund
458.725
Fund appropriation and expenditure guidelines
458.730
Department use of financing mechanisms
458.735
Department review of projects
458.740
Project facilitation
Green check means up to date. Up to date