Bill Text: OR HB2299 | 2013 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Relating to Oregon 529 College Savings Network accounts; appropriating money.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Enrolled - Dead) 2013-06-26 - Steiner Hayward served notice of possible reconsideration. [HB2299 Detail]

Download: Oregon-2013-HB2299-Amended.html

---

     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

HA to HB 2299

LC 1906/HB 2299-1

                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2299

   By COMMITTEE ON HIGHER EDUCATION AND WORKFORCE DEVELOPMENT

                             March 4

  On page 1 of the printed bill, line 9, delete 'State Treasurer'
and insert 'Oregon 529 College Savings Board'.
  In line 12, delete 'State Treasurer' and insert 'Oregon 529
College Savings Board'.
  On page 2, line 34, delete 'State Treasurer' and insert '
Oregon 529 College Savings Board'.
  On page 3, delete lines 27 through 45.
  On page 4, delete lines 1 through 21 and insert:
  '  { +  SECTION 5. + }  { +  (1) Within 30 days after receiving
information about the birth of a child from the State Registrar
of the Center for Health Statistics under section 2 of this 2013
Act, the Oregon 529 College Savings Board shall notify the
parents of the child whose birth information was received of the
opportunity to open an account under ORS 348.857 for the benefit
of their child as designated beneficiary of the account.
  ' (2) Notice shall be sent to the address of the mother as
received from the state registrar and must include, at a minimum,
the following:
  ' (a) The purpose of the account;
  ' (b) Actions the parents must take to establish an account;
and
  ' (c) How, when and for what purposes qualified withdrawals
from the account may be made.
  ' (3) Upon receipt of an acknowledgment from one or both
parents of a child on whose behalf a notice was sent under this
section that one or both parents want to establish an account for
their child as designated beneficiary, and upon compliance with
all other requirements preliminary to establishing an account, as
set forth by the Oregon 529 College Savings Board by rule, an
account shall be established as described in this section and ORS
348.857.
  ' (4)(a) A parent who is younger than 18 years of age at the
time an account is established under subsection (3) of this
section must have a person who is 18 years of age or older serve
as the account owner unless the parent has been emancipated by
judgment of the court under ORS 419B.550 to 419B.558.
  ' (b) Upon reaching 18 years of age, a parent may apply to the
board to be designated as account owner of the account.
  ' (5) If a parent was an Oregon resident at the time of the
birth of a child of the parent and the child was born outside of
Oregon, the parent may apply to the board to establish an account
under this section, provided the parent is an Oregon resident at
the time of application.
  ' (6)(a) The board may, upon determining that a child for whom
an account has not been established under this section has been
lawfully adopted, send notice as provided in subsection (2) of
this section to the adoptive parents.
  ' (b) If an account has already been established under this
section for the adopted child and the current account owner
agrees, the adoptive parents may apply to the board to change the
designated account owners, if different from the adoptive
parents, to the adoptive parents.
  ' (c) The provisions of this section apply to accounts
established for an adopted child under this subsection.
  ' (7) The board may adopt rules to administer this section. + }
' .
                         ----------