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


(1)

On or before January 31 of each year, 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:

(a)

The date when the account was created;

(b)

The name of the account holder;

(c)

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

(d)

The amount of funds withdrawn from the account during the tax year; and

(e)

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

(2)

A financial institution is not required to:

(a)

Track the use of moneys withdrawn from a first-time home buyer savings account; or

(b)

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

(3)

A financial institution is not responsible or liable for:

(a)

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

(b)

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

(c)

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

(4)

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]
Note: Section 9, chapter 109, Oregon Laws 2018, provides:
Sec. 9. Sections 2 to 8 of this 2018 Act [316.796 (Definitions) to 316.803 (Obligations of financial institution)] apply to tax years beginning on or after January 1, 2019, and before January 1, 2037. [2018 c.109 §9]

Source
Last accessed
May. 15, 2020