(1) On or before January 31 of each year, a financial institution at which an account holder has created a first-time home buyer savings account shall provide to the account holder a certificate containing the following information:\n(a) The date when the account was created;\n(b) The name of the account holder;\n(c) The amount of funds contributed to the account during the tax year;\n(d) The amount of funds withdrawn from the account during the tax year; and\n(e) Any other information as required by rules adopted by the Department of Revenue.\n(2) A financial institution is not required to:\n(a) Track the use of moneys withdrawn from a first-time home buyer savings account; or\n(b) Allocate funds in a first-time home buyer savings account among joint account holders.\n(3) A financial institution is not responsible or liable for:\n(a) Determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account;\n(b) Determining or ensuring that funds in a first-time home buyer savings account are used for eligible costs; or\n(c) Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.\n(4) Upon unds in a first-time home buyer savings account are used for eligible costs; or\n(c) Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.\n(4) Upon being furnished proof of the death of the account holder and such other information required by the contract governing the first-time home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the first-time home buyer savings account in accordance with the terms of the contract governing the account. [2018 c.109 §8]\nNote:\nSection 9, chapter 109, Oregon Laws 2018, provides:\nSec. 9.\nSections 2 to 8 of this 2018 Act [316.796 to 316.803] apply to tax years beginning on or after January 1, 2019, and before January 1, 2037. [2018 c.109 §9]
Oregon Legal Code