ORS 316.796 Definitions

As used in ORS 316.796 to 316.808:

“Account holder” means an individual who establishes a first-time home buyer savings account.

“Allowable closing costs” means disbursements listed in a settlement statement for the purchase of a single family residence by an account holder or a qualified beneficiary.

“Eligible costs” means the down payment and allowable closing costs for the purchase of a single family residence by an account holder or a qualified beneficiary.

“Financial institution” means a bank, a trust company, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a mutual fund, an investment firm or a similar entity authorized to do business in this state.

“First-time home buyer” means an individual who is a resident of this state and has not owned or purchased, either individually or jointly, a single family residence during a period of three years prior to the date of the purchase of a single family residence.

“First-time home buyer savings account” or “account” means an account established as a first-time home buyer savings account that the account holder designates for the purpose of paying or reimbursing eligible costs for the purchase of a single family residence in this state by the account holder or by a qualified beneficiary.

“Qualified beneficiary” means an individual who is designated by an account holder as the account holder’s intended recipient of funds to be withdrawn from a first-time home buyer savings account and used for purposes consistent with ORS 316.796 to 316.808.

“Resident of this state” has the meaning given that term in ORS 316.027.

“Settlement statement” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. 2601 et seq., and regulations thereunder.

“Single family residence” means a residence intended for occupation by a single family unit that is owned and occupied as the principal residence of the account holder or a qualified beneficiary. “Single family residence” includes a manufactured home, residential trailer, mobile home or condominium unit.

“Taxable income” has the meaning given that term in ORS 316.022.