This text of Oregon § 316.803 (Obligations of financial institution; provision of certificates to account holders) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(1)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:
(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(d)The amount of funds withdrawn from the account during the tax year; and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(a)Track the use of moneys withdrawn from a first-time home buyer savings account;
(b)Allocate funds in a first-time home buyer savings account
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(1) 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:
(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(d) The amount of funds withdrawn from the account during the tax year; and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(a) Track the use of moneys withdrawn from a first-time home buyer savings account;
(b) Allocate funds in a first-time home buyer savings account among joint account holders; or
(c) Designate an account as a first-time home buyer savings account, including in the account contracts or systems of the financial institution.
(3) 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.
(4) 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.
(5) 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.