Oregon Administrative Rules|Section 813-300-0060 - Fiduciary Organization Suspension or Termination of Account Holders

                                                
Current through Register Vol. 60, No. 12, December 1, 2021 
(1) Subject to these rules, fiduciary organizations, for cause, may suspend or terminate a person's status as an account holder or designated beneficiary and may suspend or terminate any related IDA and personal development plan.
 
(2) Factors that fiduciary organizations may consider as sufficient cause for any such suspension or termination include the following:
(a) If an account holder or designated beneficiary moves from the area where the personal development program is conducted or is otherwise unable to continue in the personal development program;
 
(b) A material misrepresentation or omission by the account holder or designated beneficiary to the fiduciary organization in the application or otherwise;
 
(c) A material failure by the account holder or designated beneficiary to comply with applicable law, these rules, orders or directives of the Department or its designee, the terms of the IDA or the terms of the personal development plan;
 
(d) Ineligibility of the account holder or designated beneficiary; and
 
(e) Failure by the account holder or designated beneficiary to cooperate reasonably with the fiduciary organization or its third-party contractors or other partners in the performance or evaluation of the personal development plan or in the performance, evaluation, or audit of the IDA and the funds related thereto.
 
(3) In conjunction with the termination of any person's status as an account holder based on factors identified above in Section 813-300-0060(2)(a), (b), or (c), all matching IDA deposits and all interest earned on such matching IDA deposits shall revert to the fiduciary organization.
 
(4) In conjunction with the termination of any person's status as an account holder or designated beneficiary based on other factors identified or allowed in section 813-300-0060(2), fiduciary organizations may rescind any right or interest of account holders in, and assume sole ownership of, any or all matching IDA deposits and the interest earned on such matching IDA deposits.
 
(5) Fiduciary organizations must provide thirty (30) days written notice to an account holder and any designated beneficiary receiving assistance through the account holder's personal development plan, and to the Department or its designee before suspending or terminating the person's status as an account holder. The notice must include a provision satisfactory to the Department advising the account holder of his or her right to obtain administrative review by the Department or its designee of any determination by the fiduciary organization to suspend or terminate his/her status as an account holder. The administrative review provision also must advise the account holder and any designated beneficiary receiving assistance through the account holder's personal development plan of their right to obtain administrative review by the Department or its designee of any determination by the fiduciary organization to suspend or terminate the related personal development plan or to rescind any right or interest of the account holder in, and to assume sole ownership of, any or all matching IDA deposits and the interest earned on such matching IDA deposits.
 
(6) A fiduciary organization may provide a shorter written notice of suspension or termination if the fiduciary organization identifies in the notice the exigent circumstances reasonably requiring such shorter notice period.
 
Or. Admin. R. 813-300-0060
OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03; OHCS 1-2003, f. & cert. ef. 4-4-03; OHCS 13-2007(Temp), f. & cert. ef. 10-2-07 thru 3-30-08; OHCS 2-2008, f. &cert. ef. 3-18-08; OHCS 7-2018, amend filed 05/30/2018, effective 5/30/2018; OHCS 8-2021, temporary amend filed 09/24/2021, effective 9/25/2021 through 3/23/2022
Statutory/Other Authority: ORS 456.555, 456.625 & 458.700
 
Statutes/Other Implemented: ORS 315.271 & 458.670 - 458.700
This section was updated on 10/11/2021 by overlay.