ORS 458.700: Authority of fiduciary organizations; rules.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
(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 and 458.685. 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 (5) and 458.680 (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 and 458.675 to 458.700. (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 and 458.675 to 458.700. [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] COMMUNITY DEVELOPMENT PROJECTS
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 813-300-0005: Purpose and Objectives — authority
- OAR 813-300-0010: Definitions — implements
- OAR 813-300-0010: Definitions — authority
- OAR 813-300-0020: Fiduciary Organization Application Process — implements
- OAR 813-300-0020: Fiduciary Organization Application Process — authority
- OAR 813-300-0030: Fiduciary Organization Application Review — implements
- OAR 813-300-0030: Fiduciary Organization Application Review — authority
- OAR 813-300-0040: Fiduciary Organization General Responsibilities — implements
- OAR 813-300-0040: Fiduciary Organization General Responsibilities — authority
- OAR 813-300-0060: Fiduciary Organization Suspension or Revocation of Account Holder Status — implements
- OAR 813-300-0070: Fiduciary Organization Funding — implements
- OAR 813-300-0070: Fiduciary Organization Funding — authority
- 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 813-300-0090: Fiduciary Financial Controls; Audit and Repayment Responsibilities — authority
- OAR 813-300-0100: Fiduciary Organization Records and Reporting Requirements — implements
- OAR 813-300-0100: Fiduciary Organization Records and Reporting Requirements — authority
- OAR 813-300-0120: Account Holder Use of Funds — implements
- OAR 813-300-0130: Voluntary Revocation of Fiduciary Organization Role — implements
- OAR 813-300-0130: Voluntary Revocation of Fiduciary Organization Role — authority
- OAR 813-300-0150: Tax Credit Contributor — implements
- OAR 813-300-0150: Tax Credit Contributor — authority
- OAR 813-300-0160: Department Regulation and Enforcement — implements
- OAR 813-300-0170: Administrative Review — implements
- OAR 813-300-0170: Administrative Review — authority
This rule cites
- ORS 458.680 — resolved
- 458.685 — resolved
- ORS 458.670 — resolved
- 458.675 — resolved
- 458.700 — resolved
Cited by
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors458.html