Or. Admin. Code § 813-300-0130

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-300-0130 - Voluntary Revocation of Fiduciary Organization Role

(1) Any fiduciary organization may request the consent of the Department and its designee to revocation of the fiduciary organization's program plan and its authorization as a fiduciary organization by giving written notice of such request at least 30 days prior to the requested date of revocation.

(2) In determining whether or not to provide its consent to revocation of authorization of a fiduciary organization, the Department and its designee may consider factors including, but not limited to the following:

(a) The financial and organizational capacity of the fiduciary organization to continue;

(b) The impact of the revocation upon account holders and designated beneficiaries;

(c) The past performance of the fiduciary organization;

(d) The current eligibility of the fiduciary organization;

(e) The ability and willingness of the fiduciary organization to transfer account holder IDAs and related personal development plans, and the management and funding of same, to other fiduciary organizations;

(f) The ability and willingness of the fiduciary organization to transfer tax credit contributions, supplemental funds, and other moneys to other fiduciary organizations in support of the transfer of account holder IDAs and related personal development plans;

(g) Whether or not the fiduciary organization has delivered to the Department or its designee any unused tax credit contributions, supplemental funds and any other moneys.

(3) The Department and its designee may create a plan for winding down the IDA program operations of fiduciary organization no longer willing and able to perform responsibilities of an fiduciary organization, including terms and conditions for transferring account holders to other fiduciary organizations.

Or. Admin. Code § 813-300-0130

OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03; OHCS 1-2003, f. & cert. ef. 4-4-03; OHCS 7-2018, amend filed 05/30/2018, effective 5/30/2018; OHCS 4-2024, amend filed 04/03/2024, effective 4/3/2024

Statutory/Other Authority: ORS 456.555, ORS 456.625 & ORS 458.700

Statutes/Other Implemented: ORS 315.271 & ORS 458.670 - 458.700