ORS 348.017
Requirements for contracts between post-secondary institutions of education and third party financial firms for disbursement and management of financial aid funds

(1)

When contracting with third party financial firms for disbursement and management services of financial aid funds, or for management of financial accounts, the governing board or governing entity of a public or private post-secondary institution of education that enrolls one or more students who receive state or federal financial aid shall review and approve a contract after considering guidelines and policies established and recommended by the United States Consumer Financial Protection Bureau and the United States Department of Education.

(2)

A contract between a public or private post-secondary institution of education and a third party financial firm for services described in subsection (1) of this section may not permit:

(a)

Revenue sharing;

(b)

The third party financial firm to charge a fee for the initial disbursement of the financial aid funds in an academic term to the student in a paper check or in an electronic funds transfer;

(c)

The third party financial firm to charge a transaction fee for debit or similar transactions from an account; or

(d)

The third party financial firm to charge a fee for inactivity in an account.

(3)

A public or private post-secondary institution of education that contracts with a third party financial firm shall, after redacting from the contract information exempted from disclosure under ORS 192.311 (Definitions for ORS 192.311 to 192.478) to 192.478 (Exemption for Judicial Department):

(a)

Make the contract available for public inspection; and

(b)

Publish the contract on the website operated by or for the public or private post-secondary institution of education. [2015 c.633 §2]
Note: See note under 348.015 (Definitions).

Source: Section 348.017 — Requirements for contracts between post-secondary institutions of education and third party financial firms for disbursement and management of financial aid funds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors348.­html.

348.005
Policy on student financial aid 348.007
Financial aid eligibility for students with modified or extended diplomas 348.015
Definitions 348.017
Requirements for contracts between post-secondary institutions of education and third party financial firms for disbursement and management of financial aid funds 348.100
Student loan information provided to students enrolled in institutions of higher education 348.105
Loan obligations enforceable against minor 348.180
Definitions 348.183
Legislative intent 348.205
Oregon Opportunity Grant program 348.250
Procedure for awarding grants under ORS 348.260 348.260
Oregon Opportunity Grant 348.263
Award of moneys from Oregon Opportunity Grant program to reward student persistence and encourage degree completion 348.266
Opportunity Grant Fund 348.267
Marketing of tax credit 348.268
Scholarships for current or former members of National Guard 348.270
Scholarships for children of public safety officers 348.272
Scholarships for current or former foster children 348.280
Award of scholarships under ORS 348.270 and 348.272 348.290
Financial aid to study barbering, hairdressing, manicure and esthetics 348.295
Scholarships for culturally and linguistically diverse teacher candidates 348.303
Scholars for a Healthy Oregon Initiative 348.394
Definitions for ORS 348.394 to 348.406 348.398
Department of Education authority 348.401
Grant eligibility 348.403
Stipend eligibility 348.406
Speech-Language Pathologist Training Fund 348.440
Definitions for ORS 348.444 and 348.448 348.444
Nursing Faculty Loan Repayment Program 348.448
Program eligibility 348.470
Legislative findings 348.500
Purpose 348.505
“Financial aid” defined 348.511
Office of Student Access and Completion 348.520
Duties of director 348.530
Powers 348.560
Staff 348.563
Authority of Higher Education Coordinating Commission to require fingerprints 348.570
Funds in State Treasury 348.576
STEM Fund 348.580
Agreements with community foundations 348.582
Definitions 348.584
Provision of information about affordability and value of institutions of higher education 348.586
Prohibited promotional activities for institutions of higher education 348.590
Continuous appropriation of certain funds 348.592
Loan cancellation insurance 348.594
Definitions for ORS 348.594 to 348.615 348.596
Purpose of ORS 348.594 to 348.615 348.597
Applicability of ORS 348.594 to 348.615 348.601
Degree Authorization Account 348.603
Duties of commission relating to degree authorization and nondegree programs 348.604
Exemption from ORS 348.594 to 348.615 348.605
Restrictions and duties of exempted schools 348.606
Prohibition on conferring or offering of degree before approval obtained 348.607
Fee for exemption application 348.608
Certification by exempt school 348.609
Representation of possession of academic degree 348.612
Probation or suspension or revocation of approval 348.613
Bond or letter of credit requirement for schools approved to confer academic degree 348.615
Appeal procedure 348.616
Minimum criteria for certification of employer program 348.618
Requirements for program certification application 348.621
Requirements for tax credit certification application 348.696
Education Stability Fund 348.702
Oregon Growth Account 348.716
Oregon Education Fund 348.748
Short title 348.750
Definitions 348.751
Textbook affordability plan 348.752
Coordination of OER Program 348.756
Report on OER Program 348.757
Designation of courses whose materials consist of open or free textbooks or other low-cost course materials 348.900
Needs assessment for health care occupations 348.910
Applied baccalaureate degrees 348.950
Education Commission of the States 348.992
Criminal penalty
Green check means up to date. Up to date

Current through early 2024

§ 348.017’s source at oregon​.gov