{"data":{"id":"us-or/ors-348.017","jurisdiction":"us-or","citation":"ORS 348.017","heading":"Requirements for contracts between post-secondary institutions of education and third party financial firms for disbursement and management of financial aid funds.","body":"(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 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.","path":["09 - Education and Culture","30. Education and Culture","Chapter 348 — Student Aid; Education Stability Fund; Planning"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors348.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:13Z","sha256":"cdfa6e7e8f5cc736e9b90897ba01d90a543bcd56b69475f9a34435ed25f54e9e","source_id":"us-or","stale":false,"prev":"us-or/ors-348.015","next":"us-or/ors-348.040"},"notice":"GroundRules: Original legal text. Not legal advice."}