77th OREGON LEGISLATIVE ASSEMBLY--2013 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 1922
 
                         House Bill 2316
 
Sponsored by Representative BUCKLEY (Presession filed.)
 
 
                             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.
 
  Exempts pension income from determinations of income and net
worth for purposes of qualification to be account holder of
individual development account.
 
                        A BILL FOR AN ACT
Relating to individual development accounts; amending ORS 458.670
  and 458.680.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 458.670, as amended by section 26, chapter 31,
Oregon Laws 2012, 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, 2011; 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 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 { + , not including pension income as defined in ORS
316.157, + } 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 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 and may consider other income data
periodically published by other federal or Oregon agencies.
  (6) 'Resident of this state' has the meaning given that term in
ORS 316.027.
  SECTION 2. ORS 458.680 is amended to read:
  458.680. (1) A person who qualifies to become an account holder
may enter into an agreement with a fiduciary organization for the
establishment of an individual development account.
  (2) To become an account holder a person must, in addition to
meeting any other qualifications, be a member of a lower income
household that has a net worth of less than $20,000. As used in
this subsection, 'net worth' means the value of all assets owned
in whole or part by household members, other than equity in a
residence and in one vehicle, minus the total debts and
obligations of household members, all as measured at the time
that the person applies to establish the account. { +  'Net
worth' does not include pension income as defined under ORS
316.157. + }
  (3) Every account holder, with support from the fiduciary
organization, shall develop a personal development plan to
advance account holder self-reliance. The personal development
plan must include appropriate coaching, mentorship, social
support, financial adequacy training and asset-specific training
designed to increase the independence of the person and the
person's household through achievement of the account's approved
purpose.
  (4) Notwithstanding subsection (1) of this section, a fiduciary
organization may refuse to allow a qualified person to establish
an account if establishment of the account would result in the
members of a lower income household having more than one account.
Notwithstanding subsection (1) of this section, a fiduciary
organization shall refuse to allow a qualified person to
establish an account if establishment of the account would result
in the members of a lower income household having more than two
accounts.
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