75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 380
 
                         House Bill 2258
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor Theodore R.
  Kulongoski for Housing and Community Services Department)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Changes definition of 'lower income household' for purposes of
statutes relating to individual development accounts.
 
                        A BILL FOR AN ACT
Relating to individual development accounts; amending ORS
  458.670.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 458.670, as amended by section 16, chapter 45,
Oregon Laws 2008, is amended to read:
  458.670. As used in this section and ORS 458.675 to 458.700,
unless the context requires otherwise:
  (1) 'Account holder' means a resident of this state who:
  (a) Is 12 years of age or older;
  (b) Is a member of a lower income household; and
  (c) Has established an individual development account with a
fiduciary organization.
  (2) 'Fiduciary organization' means an organization selected
under ORS 458.695 to administer state moneys directed to
individual development accounts and that is:
  (a) A nonprofit, fund raising organization that is exempt from
taxation under section 501(c)(3) of the Internal Revenue Code as
amended and in effect on December 31, 2007; or
  (b) A federally recognized Oregon Indian tribe that is located,
to a significant degree, within the boundaries of this state.
  (3) 'Financial institution' means:
  (a) An organization regulated under ORS chapters 706 to 716,
722 or 723; or
  (b) In the case of individual development accounts established
for the purpose described in ORS 458.685 (1)(c), a financial
institution as defined in ORS 348.841.
  (4) 'Individual development account' means a contract between
an account holder and a fiduciary organization, for the deposit
of funds into a financial institution by the account holder, and
the deposit of matching funds into the financial institution by
the fiduciary organization, to allow the account holder to
accumulate assets for use toward achieving a specific purpose
approved by the fiduciary organization.
  (5) 'Lower income household' means a household having an income
equal to or less than { +  the greater of the following:
  (a)  + }80 percent of the median household income for the area
as determined by the Housing and Community Services Department.
In making the determination, the department shall give
consideration to any data on area household income published by
the United States Department of Housing and Urban Development.
   { +  (b) 200 percent of the area poverty guidelines as
determined by the Housing and Community Services Department. In
making the determination, the department shall give consideration
to poverty guidelines published by the United States Department
of Health and Human Services. + }
  (6) 'Resident of this state' has the meaning given that term in
ORS 316.027.
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