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 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). Notwithstanding ORS 458.670 (Definitions for ORS 458.670 to 458.700) (5) and 458.680 (Persons qualifying as account holders) (2), 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 this section and ORS 458.685 (Approved purpose of account), 458.690 (Required account features) and 458.695 (Selection 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 selected to administer moneys directed by the state to individual development account purposes or receiving tax deductible contributions shall provide the Housing and Community Services Department with an annual report of the fiduciary organization’s individual development account program activity. The report shall be filed no later than 90 days after the end of the fiscal year of the fiduciary organization. The report shall 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) A fiduciary organization that is the account owner of a savings network account for higher education under 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):
(a) May make a qualified withdrawal only at the direction of the designated beneficiary and only after the savings network account of the account holder that was established for the designated beneficiary has been reduced to a balance of zero exclusively through qualified withdrawals by the designated beneficiary; and
(b) May make nonqualified withdrawals only if the savings network account of the account holder that was established for the designated beneficiary has a balance of less than $100 or if the account holder or designated beneficiary has granted permission to make the withdrawal. Moneys received by a fiduciary organization from a nonqualified withdrawal made under this paragraph must be used for individual development account purposes.
(6) The department may make all reasonable and necessary rules to ensure fiduciary organization compliance with this section and ORS 458.685 (Approved purpose of account) and 458.695 (Selection 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]
Note: See note under 458.670 (Definitions for ORS 458.670 to 458.700).
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