Chapter 458 — Housing and Community Services Programs; Individual Development Accounts
ORS 458.680 Persons qualifying as account holders
A person who qualifies to become an account holder may enter into an agreement with a fiduciary organization for the establishment of an individual development account.
To become an account holder a person must, in addition to meeting any other qualifications, be a member of a lower income household that has a net worth of less than $20,000.
Every account holder, with support from the fiduciary organization, shall develop a personal development plan to advance account holder self-reliance. The personal development plan must include appropriate coaching, mentorship, social support, financial adequacy training and asset-specific training designed to increase the independence of the person and the person’s household through achievement of the account’s approved purpose.
Notwithstanding subsection (1) of this section, a fiduciary organization may refuse to allow a qualified person to establish an account if establishment of the account would result in the members of a lower income household having more than one account. Notwithstanding subsection (1) of this section, a fiduciary organization shall refuse to allow a qualified person to establish an account if establishment of the account would result in the members of a lower income household having more than two accounts.
Note: See note under 458.670.
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2025 Oregon Revised Statutes — official online source
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Earlier statutory text is available in an ingested published ORS edition.
2025 Oregon Revised Statutes — official online source · active · operative text
Official source2023 Oregon Revised Statutes · active · operative text
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