(1) When contracting with third party financial firms for disbursement and management services of financial aid funds, or for management of financial accounts, the governing board or governing entity of a public or private post-secondary institution of education that enrolls one or more students who receive state or federal financial aid shall review and approve a contract after considering guidelines and policies established and recommended by the United States Consumer Financial Protection Bureau and the United States Department of Education.\n(2) A contract between a public or private post-secondary institution of education and a third party financial firm for services described in subsection (1) of this section may not permit:\n(a) Revenue sharing;\n(b) The third party financial firm to charge a fee for the initial disbursement of the financial aid funds in an academic term to the student in a paper check or in an electronic funds transfer;\n(c) The third party financial firm to charge a transaction fee for debit or similar transactions from an account; or\n(d) The third party financial firm to charge a fee for inactivity in an account.\n(3) A public or private post-secondary harge a transaction fee for debit or similar transactions from an account; or\n(d) The third party financial firm to charge a fee for inactivity in an account.\n(3) A public or private post-secondary institution of education that contracts with a third party financial firm shall, after redacting from the contract information exempted from disclosure under ORS 192.311 to 192.478:\n(a) Make the contract available for public inspection; and\n(b) Publish the contract on the website operated by or for the public or private post-secondary institution of education. [2015 c.633 §2]\nNote:\nSee note under 348.015.
Oregon Legal Code