ORS 316.803: Obligations of financial institution; provision of certificates to account holders.

(1) On or before January 31 of each calendar year, for calendar years beginning before January 1, 2025, 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:

      (a) The date when the account was created;

      (b) The name of the account holder;

      (c) The amount of funds contributed to the account during the tax year;

      (d) The amount of funds withdrawn from the account during the tax year; and

      (e) Any other information as required by rules adopted by the Department of Revenue.

      (2) A financial institution is not required to:

      (a) Track the use of moneys withdrawn from a first-time home buyer savings account;

      (b) Allocate funds in a first-time home buyer savings account among joint account holders; or

      (c) Designate an account as a first-time home buyer savings account, including in the account contracts or systems of the financial institution.

      (3) An account holder or a joint account holder may designate an account at a financial institution as a first-time home buyer savings account and may designate a proposed first-time home buyer as the qualified beneficiary of the account. The designations required under this subsection shall be made to the Department of Revenue, in a form and manner prescribed by the department. The department may provide a means by which the designations required under this subsection are indicated on an income tax return filed by the account holder.

      (4) A financial institution is not responsible or liable for:

      (a) Determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account;

      (b) Determining or ensuring that funds in a first-time home buyer savings account are used for eligible costs; or

      (c) Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.

      (5) 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.