ORS 458.680: Persons qualifying as account holders.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
(1) A person who qualifies to become an account holder may enter into an agreement with a fiduciary organization for the establishment of an individual development account. (2) To become an account holder a person must, in addition to meeting any other qualifications, be a member of a lower income household that has a net worth of less than $20,000. (3) Every account holder, with support from the fiduciary organization, shall develop a personal development plan to advance account holder self-reliance. The personal development plan must include appropriate coaching, mentorship, social support, financial adequacy training and asset-specific training designed to increase the independence of the person and the person’s household through achievement of the account’s approved purpose. (4) Notwithstanding subsection (1) of this section, a fiduciary organization may refuse to allow a qualified person to establish an account if establishment of the account would result in the members of a lower income household having more than one account. Notwithstanding subsection (1) of this section, a fiduciary organization shall refuse to allow a qualified person to establish an account if establishment of the account would result in the members of a lower income household having more than two accounts. [1999 c.1000 §3; 2007 c.765 §3; 2013 c.270 §1; 2021 c.525 §10]
Official history and status
History: Note: See note under 458.670.
Administrative rules citing this section
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — implements
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — authority
- OAR 813-002-0010: Definitions — implements
- OAR 813-002-0010: Definitions — authority
- OAR 813-002-0025: Funding Applications — implements
- OAR 813-002-0025: Funding Applications — authority
- OAR 813-002-0030: Technical Advisory — implements
- OAR 813-002-0030: Technical Advisory — authority
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — implements
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — authority
- OAR 813-002-0055: Fees and Charges — implements
- OAR 813-002-0055: Fees and Charges — authority
- OAR 813-300-0005: Purpose and Objectives — implements
- OAR 813-300-0010: Definitions — implements
- OAR 813-300-0020: Fiduciary Organization Application Process — implements
- OAR 813-300-0030: Fiduciary Organization Application Review — implements
- OAR 813-300-0040: Fiduciary Organization General Responsibilities — implements
- OAR 813-300-0060: Fiduciary Organization Suspension or Revocation of Account Holder Status — implements
- OAR 813-300-0070: Fiduciary Organization Funding — implements
- OAR 813-300-0080: Fiduciary Organization Use of Tax Credit Contributions and Supplemental Funds — implements
- OAR 813-300-0090: Fiduciary Financial Controls; Audit and Repayment Responsibilities — implements
- OAR 813-300-0100: Fiduciary Organization Records and Reporting Requirements — implements
- OAR 813-300-0120: Account Holder Use of Funds — implements
- OAR 813-300-0130: Voluntary Revocation of Fiduciary Organization Role — implements
- OAR 813-300-0150: Tax Credit Contributor — implements
- OAR 813-300-0160: Department Regulation and Enforcement — implements
- OAR 813-300-0170: Administrative Review — implements
This rule cites
No citations extracted.
Cited by
- ORS 458.685: Approved purpose of account; emergency withdrawal; withdrawal upon achievement of account purpose; removal of account holder from program.
- ORS 458.700: Authority of fiduciary organizations; rules.
- OAR 813-300-0010: Definitions
- OAR 813-300-0050: Fiduciary Organization Selection of Account Holders and Designated Beneficiaries
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors458.html