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The Oregon Administrative Rules contain OARs filed through November 15, 2016
 
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OREGON 529 SAVINGS BOARD

 

DIVISION 8

OPENING AN ACCOUNT; APPLICATION; PARTICIPATION AGREEMENT

173-008-0000

Opening an Account

(1) For all Network Plans, to open an account, an applicant must complete the appropriate plan application, and designate a contribution method as required by the appropriate plan.

(2) For all Network Plans, an applicant must select from the investment options offered by a plan. After an account has been opened, the account owner may change the investment options selected for the account as permitted by the Code.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.857(1), 348.860(1) & 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; OSB 1-2016, f. & cert. ef. 7-28-16

173-008-0005

Refusal to Open an Account

For all Network Plans, the Board may refuse to open an account for reasons that may include but are not 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 applicant is attempting to open an account for a designated beneficiary that is not qualified under the Code or the Act.

(4) For the College Savings Plan, 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.

(5) For the ABLE Plan, an account already exists for the designated beneficiary or the account owner.

(6) 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.

(7) 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.

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

(9) Custodian: For the ABLE Plan, an individual’s agent under power of attorney, parent or legal guardian may open and manage an account for a qualified account owner and beneficiary.

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; OSB 1-2016, f. & cert. ef. 7-28-16

173-008-0010

Participation Agreement

(1) For all Network Plans, an account owner must enter into a participation agreement for each account by completing and signing an application, which incorporates the participation agreement by reference or requires that the account owner acknowledge having received and read the current participation agreement. The participation agreement sets forth terms and conditions under which the account owner participates in a plan. The participation agreement may be amended by the board at any time and from time to time.

(2) For all Network Plans, any correspondence to a plan in the network shall be sent to the address indicated in the appropriate plan’s participant agreement or related plan’s disclosure materials.

(3) For all Network Plans, the plan manager may take action on behalf of and receive materials on behalf of the plan it manages.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 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; Administrative correction 4-15-03; 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; OSB 1-2016, f. & cert. ef. 7-28-16

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