TERMINATION OF AN ACCOUNT
Termination of an Account
(1) For all Network Plans, the account owner may terminate an account at any time. The board may terminate an account in accordance with the provisions of the participation agreement or in accordance with the Act or OAR chapter 173. If the board determines that an account owner or a designated beneficiary has provided false or misleading information to the board or a higher education institution with respect to an account or has acted in a manner that adversely affects the integrity of the network or a plan, the board may terminate the account. The remaining account balance will be distributed to the account owner, and the contributions and earnings thereon may be subject to federal and any applicable state income tax.
(2) The board may terminate an account in accordance with the provisions of the participation agreement or in accordance with the Act or OAR chapter 173 if the account balance drops below a point at which there are insufficient funds to cover the appropriate account fees, or a level at which determined by the board.
Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.841(9), 348.870(3) & 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
State Archives • 800 Summer St. NE • Salem, OR 97310