Or. Admin. Code § 173-008-0005

Current through Register Vol. 64, No. 1, January 1, 2025

Section 173-008-0005 - Refusal to Open an Account

For all Network Plans, the Board may refuse to open an account for reasons that may include but are not limited to the following:

(1) The applicant is not an eligible account owner.

(2) The applicant has not provided all of the information required by the application.

(3) The applicant is attempting to open an account for a designated beneficiary that is not qualified under the Code or the Act.

(4) For the College Savings Plan, the total account balance of all accounts in the network for the same designated beneficiary is (or would be when taking into account a contribution being made) greater than the maximum limit established by the board pursuant to OAR 173-009-0015. The network shall accept contributions for accounts for that designated beneficiary (including contributions establishing new accounts), in the order of their receipt until the maximum account balance limit for that designated beneficiary has been reached.

(5) For the ABLE Plan, an account already exists for the designated beneficiary or the account owner.

(6) Entering into a participation agreement between the board and the applicant violates any federal securities or state "blue sky" laws or any other federal or state law.

(7) The Board determines that, for any other reason, it would be advisable to limit the number of accounts in the network or the plan under which the account is being opened.

(8) The board reserves the right to refuse applications that it determines to be an abuse of the network or a plan.

(9) Custodian: For the ABLE Plan, an individual's agent under power of attorney, parent or legal guardian may open and manage an account for a qualified account owner and beneficiary.

Or. Admin. Code § 173-008-0005

QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02; QTSB 3-2002, f. & cert. ef. 10-29-02; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10; CSB 1-2013(Temp), f. 6-12-13, cert. ef. 7-1-13 thru 12-28-13; CSB 2-2013, f. & cert. ef. 12-19-13; OSB 1-2016, f. & cert. ef. 7/28/2016

Stat. Auth.: ORS 348.853(2)

Stats. Implemented: ORS 348.841(2), 348.857(4) & 348.853(2)