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The Oregon Administrative Rules contain OARs filed through April 15, 2013

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OREGON 529 COLLEGE SAVINGS BOARD

DIVISION 6

ELIGIBILITY

173-006-0000

Account Owner

Any person, including a custodian under UGMA/UTMA, who is legally able to contract under applicable state law and who meets federal and state legal requirements governing the network, is eligible to establish an account.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.841 & 348.873
Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; Administrative correction 11-10-03; 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

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) Except as described in OAR 173-006-0005(4) below, there is no limit on the number of accounts that may be opened for one designated beneficiary by different account owners.

(4) Unless the board directs otherwise, if an account is established by an account owner for a designated beneficiary in a plan when an account already exists in that plan or in another plan under the network having that same designated beneficiary and same account owner, then the subsequently established account will be closed and the current market value of the account, along with any fee that has been paid with respect to that account, will be returned to the account owner as soon as administratively reasonable following discovery of such subsequently established account.

(5) 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

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