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Oregon Bulletin

February 1, 2014

Oregon 529 College Savings Board, Chapter 173

Rule Caption: Allow duplicate accounts (i.e., accounts that have same owner and the same beneficiary).

Adm. Order No.: CSB 2-2013

Filed with Sec. of State: 12-19-2013

Certified to be Effective: 12-19-13

Notice Publication Date: 9-1-2013

Rules Amended: 173-006-0005, 173-008-0005

Subject: The Oregon 529 College Savings Board is amending its administrative rules in order to allow duplicate accounts in the Oregon 529 College Savings Network (“Network”). These rule changes are needed to leverage an industry interface that provides data sharing between each plan in the Network.

Rules Coordinator: Michael Parker—(503) 373-1903

173-006-0005

Designated Beneficiary

(1) There are no restrictions on the age of a designated beneficiary nor any required relationship between the account owner and the designated beneficiary of an account.

(2) At any one time there shall be only one account owner and one designated beneficiary per account.

(3) There is no limit on the number of accounts that may be opened for one designated beneficiary by different account owners.

(4) An account owner may also be the designated beneficiary of an account.

Stat. Auth.: ORS 348.853(2)

Stats. Implemented: ORS 348.857(4)

Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02; QTSB 3-2002, f. & cert. ef. 10-29-02; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10; CSB 1-2013(Temp), f. 6-12-13, cert. ef. 7-1-13 thru 12-28-13; CSB 2-2013, f. & cert. ef. 12-19-13

173-008-0005

Refusal to Open an Account

The Board may refuse to open an account for reasons that may include but are not necessarily limited to the following:

(1) The applicant is not an eligible account owner.

(2) The applicant has not provided all of the information required by the application.

(3) The total account balance of all accounts in the network for the same designated beneficiary is (or would be when taking into account a contribution being made) greater than the maximum limit established by the board pursuant to OAR 173-009-0015. The network shall accept contributions for accounts for that designated beneficiary (including contributions establishing new accounts), in the order of their receipt until the maximum account balance limit for that designated beneficiary has been reached.

(4) Entering into a participation agreement between the board and the applicant violates any federal securities or state “blue sky” laws or any other federal or state law.

(5) The Board determines that, for any other reason, it would be advisable to limit the number of accounts in the network or the plan under which the account is being opened.

(6) The board reserves the right to refuse applications that it determines to be an abuse of the network or a plan.

Stat. Auth.: ORS 348.853(2)

Stats. Implemented: ORS 348.841(2), 348.857(4) & 348.853(2)

Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02; QTSB 3-2002, f. & cert. ef. 10-29-02; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10; CSB 1-2013(Temp), f. 6-12-13, cert. ef. 7-1-13 thru 12-28-13; CSB 2-2013, f. & cert. ef. 12-19-13

Notes
1.) This online version of the OREGON BULLETIN is provided for convenience of reference and enhanced access. The official, record copy of this publication is contained in the original Administrative Orders and Rulemaking Notices filed with the Secretary of State, Archives Division. Discrepancies, if any, are satisfied in favor of the original versions. Use the OAR Revision Cumulative Index found in the Oregon Bulletin to access a numerical list of rulemaking actions after November 15, 2013.

2.) Copyright Oregon Secretary of State: Terms and Conditions of Use

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

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