OAR 813-300-0020
Fiduciary Organization Application Process

(1) The Department or its designee from time to time may solicit applications from entities desiring to be authorized as fiduciary organizations. The Department or its designee, in its sole discretion, may choose to consider for approval only proposed fiduciary organizations identified in applications received in response to such solicitations. The Department, in its sole discretion, also may approve fiduciary organizations on its own initiative or consider for approval proposed fiduciary organizations identified in applications received outside of a Department or its designee solicitation.
(2) All applications for approval of a proposed fiduciary organization shall be in writing to the Department or its designee in such form and with such content as the Department or its designee may require. In addition to any other information required by the Department or its designee, an application must include the following:
(a) The name, address, telephone number, Fax number, tax identification number of the proposed fiduciary organization, and key program contact person;
(b) A description of the proposed fiduciary organization entity, its officers, and ownership structure;
(c) Copies of the organic documents of the proposed fiduciary organization and proof, satisfactory to the Department or its designee, that such entity is in good standing and is authorized to transact business in the State of Oregon;
(d) A statement of the proposed fiduciary organization’s capacity to act as a fiduciary organization, including relevant experience;
(e) A description of the geographic area to be served;
(f) A description of the key personnel who will specifically administer the individual development account program in the proposed fiduciary organization;
(g) The proposed program plan of the proposed fiduciary organization;
(h) A description of proposed third-party contractors and others, if any, by which the proposed fiduciary organization intends to accomplish program plan responsibilities;
(i) Signed agreements with one or more financial institutions to hold and operate individual development accounts;
(j) The entity’s proposed program plan budget through the entity’s first full fiscal year of its program plan identifying, at a minimum, projected revenues and expenses.
(k) If applicable, an application for supplemental funding from the Department or its designee for the period of the proposed program plan budget.
(3) The Department or its designee, in its sole discretion, may determine the number of fiduciary organizations to be authorized at any particular time. Consistent with such discretion, and its discretion to solicit, to consider and to initiate applications, the Department or its designee will approve as fiduciary organizations those entities that, in its judgment, best suit the purposes of ORS 458.670 (Definitions for ORS 458.670 to 458.700) through 458.700 (Authority of fiduciary organizations) and these rules.
(4) The Department or its designee, in its sole discretion, may establish time limits upon the duration of any approval of a fiduciary organization.

Source: Rule 813-300-0020 — Fiduciary Organization Application Process, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-300-0020.

Last Updated

Jun. 8, 2021

Rule 813-300-0020’s source at or​.us