ORS 316.803 Obligations of financial institution; provision of certificates to account holders

On or before January 31 of each calendar year, for calendar years beginning before January 1, 2025, a financial institution at which an account holder has created a first-time home buyer savings account shall provide to the account holder a certificate containing the following information:

The date when the account was created;

The name of the account holder;

The amount of funds contributed to the account during the tax year;

The amount of funds withdrawn from the account during the tax year; and

Any other information as required by rules adopted by the Department of Revenue.

A financial institution is not required to:

Track the use of moneys withdrawn from a first-time home buyer savings account;

Allocate funds in a first-time home buyer savings account among joint account holders; or

Designate an account as a first-time home buyer savings account, including in the account contracts or systems of the financial institution.

An account holder or a joint account holder may designate an account at a financial institution as a first-time home buyer savings account and may designate a proposed first-time home buyer as the qualified beneficiary of the account. The designations required under this subsection shall be made to the Department of Revenue, in a form and manner prescribed by the department. The department may provide a means by which the designations required under this subsection are indicated on an income tax return filed by the account holder.

A financial institution is not responsible or liable for:

Determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account;

Determining or ensuring that funds in a first-time home buyer savings account are used for eligible costs; or

Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.

Upon being furnished proof of the death of the account holder and such other information required by the contract governing the first-time home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the first-time home buyer savings account in accordance with the terms of the contract governing the account. [2018 c.109 §8; 2024 c.53 §6]

Sec. 9. ORS 316.796 to 316.803 [series became 316.796 to 316.808] apply to tax years beginning on or after January 1, 2019, and before January 1, 2042.