Or. Admin. Code § 813-300-0040

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-300-0040 - Fiduciary Organization General Responsibilities

(1) All entities must satisfy applicable legal standards, including these rules as modified from time to time as well as orders and other directives of the Department or its designee, and be authorized in writing by the Department or its designee, prior to and during all times that such entities function as fiduciary organizations.

(2) Authorized fiduciary organizations must operate in a manner consistent with the program plan and organizational documents submitted by them to the Department or its designee as approved by the Department or designee. Fiduciary organizations may amend program plans and organizational documents from time to time with the prior written approval of the Department or its designee. The Department or its designee, from time to time, also may require changes to a program plan.

(3) Subject to Department or its designee approval, fiduciary organizations may engage third-party contractors or otherwise partner with others to perform program plan duties. Any contract or other agreement between a fiduciary organization and a third-party contractor or other partner must provide that the terms thereof and performance by the parties is subject to applicable law, these rules as amended from time to time, and the orders and directives of the Department or its designee.

(4) Fiduciary organizations assume full responsibility to the Department or its designee for operation of their program plan and the use of tax credit contributions and supplemental funds from the Department or its designee. Such assumption does not limit the Department's or its designee's rights or powers with respect to, or the responsibility of, third-party contractors, fiduciary organization partners, account holders, designated beneficiaries, or others.

(5) The program plan duties of a fiduciary organization include, but are not necessarily limited to:

(a) Complying with applicable law, including these rules as amended from time to time, and orders and other directives of the Department or its designee;

(b) Preparing, updating, and complying with an applicable program plan as authorized by the Department or its designee;

(c) Correlating with account holders and designated beneficiaries in preparing and effecting the preparation of appropriate personal development plans consistent with the program plan;

(d) Managing personal development plans including where relevant, but not limited to, counseling account holders and designated beneficiaries, providing financial and asset literacy training, and conducting required verification and compliance activities;

(e) Arranging for, coordinating with, remunerating, auditing, and otherwise ensuring compliance by appropriate third-party contractors and others;

(f) Marketing to, evaluating applications by, and signing individual development account agreements with appropriate potential account holders;

(g) Establishing agreements with appropriate financial institutions to operate IDA accounts;

(h) Marketing tax credits, soliciting contributions, and providing other funding as necessary to cover those and other program plan costs including, without limitation, the management of personal development programs and the matching of IDA deposits by account holders;

(i) Maintaining records with respect to all program plan activities in a manner satisfactory to the Department and its designee, and providing the Department and its designee access to such records as required by the Department and its designee;

(j) Providing annual reports of IDA activity acceptable to the Department or its designee within 90 days after the end of the fiscal year of the fiduciary organization;

(k) Providing such other informational reporting to the Department as the Department or its designee may require in the form and at the times required by the Department or its designee; and

(l) Fully complying with all verification requirements of the Department or its designee, in a timely manner.

Or. Admin. Code § 813-300-0040

OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03; OHCS 1-2003, f. & cert. ef. 4-4-03; OHCS 7-2018, amend filed 05/30/2018, effective 5/30/2018; OHCS 4-2024, amend filed 04/03/2024, effective 4/3/2024

Statutory/Other Authority: ORS 456.555, ORS 456.625 & ORS 458.700

Statutes/Other Implemented: ORS 315.271 & ORS 458.670 - 458.700