Chapter 413 Oregon Laws 2011

AN ACT

SB 16

Relating to Oregon 529 College Savings Board; amending ORS 348.849 and 348.873.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 348.849 is amended to read:

348.849. (1) There is established the Oregon 529 College Savings Board to administer ORS 348.841 to 348.873.

(2) The board shall consist of:

(a) The State Treasurer[, who shall serve as the board chairperson] or a designee of the State Treasurer;

(b) A member of the State Board of Higher Education, to be selected by the State Board of Higher Education;

(c) A representative of accredited private colleges and universities located in this state, who shall be appointed by the State Treasurer; and

(d) Two public members, who by reason of their education and experience are qualified to serve, and who shall be appointed by the State Treasurer.

(3) The State Treasurer shall designate the board chairperson from among the members of the board. The chairperson shall serve at the pleasure of the State Treasurer.

[(3)(a)] (4)(a) The board member who is a member of the State Board of Higher Education shall serve at the pleasure of the State Board of Higher Education but may not serve on the board following the end of the member’s term on the State Board of Higher Education.

(b) The representative of private colleges and universities and the public members of the board shall serve at the pleasure of the State Treasurer for a term of office of three years. These members of the board may be reappointed to subsequent terms.

[(4)] (5) The State Treasurer and the Oregon University System shall provide staff and assistance to the board in the administration of the Oregon 529 College Savings Network as directed by the board.

[(5)] (6) A member of the board is entitled to compensation and expenses as provided in ORS 292.495.

[(6)] (7) A majority of the members of the board constitutes a quorum for the transaction of business.

SECTION 2. ORS 348.873 is amended to read:

348.873. The Oregon 529 College Savings Board shall publish [a biennial] an annual report to the Governor and the Legislative Assembly detailing the board’s activities. [The report shall be prepared on or before February 1 of each odd-numbered year.] The board shall submit the report to the Governor and the Legislative Assembly on or before March 15 of each year.

Approved by the Governor June 17, 2011

Filed in the office of Secretary of State June 17, 2011

Effective date January 1, 2012

__________