Opening An Account; Application; Participation Agreement

Link to law: http://arcweb.sos.state.or.us/pages/rules/oars_100/oar_173/173_008.html
Published: 2015

The Oregon Administrative Rules contain OARs filed through November 15, 2015

 

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OREGON 529 SAVINGS BOARD




 

DIVISION 8
OPENING AN ACCOUNT; APPLICATION; PARTICIPATION AGREEMENT

173-008-0000
Opening an Account
(1) To open an account, an applicant must submit to the appropriate plan a completed application, and either make an initial contribution as provided in OAR 173-009-0000 or select a method of contribution permitted by the plan.
(2) An applicant must select from the investment options offered by a plan in which contributions to his/her/its account will be invested. After an account has been opened, the account owner may change the investment options selected for the account only as permitted by section 529 of 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
173-008-0005
Refusal to Open an Account
The Board may refuse to open an account
for reasons that may include but are not necessarily 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 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.
(4) 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.
(5) 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.
(6) The board reserves the
right to refuse applications that it determines to be an abuse of the network or
a plan.
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
173-008-0010
Participation Agreement
(1) 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) Any correspondence with the plan shall be sent to the address indicated in the participant agreement or related plan disclosure materials.
(3) 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

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