{"data":{"id":"us-or/ors-316.803","jurisdiction":"us-or","citation":"ORS 316.803","heading":"Obligations of financial institution; provision of certificates to account holders.","body":"(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:\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holder;\n      (c) The amount of funds contributed to the account during the tax year;\n      (d) The amount of funds withdrawn from the account during the tax year; and\n      (e) Any other information as required by rules adopted by the Department of Revenue.\n      (2) A financial institution is not required to:\n      (a) Track the use of moneys withdrawn from a first-time home buyer savings account;\n      (b) Allocate funds in a first-time home buyer savings account among joint account holders; or\n      (c) Designate an account as a first-time home buyer savings account, including in the account contracts or systems of the financial institution.\n      (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.\n      (4) 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      (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.","path":["08 - Revenue and Taxation","29. Revenue and Taxation","Chapter 316 — Personal Income Tax"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors316.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:13Z","sha256":"1d3e86d5b7822ae002710d50f086e4200cd4f57404bb0b3707a551bb13cb59bb","source_id":"us-or","stale":false,"prev":"us-or/ors-316.802","next":"us-or/ors-316.805"},"notice":"GroundRules: Original legal text. Not legal advice."}