(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(d) The amount of funds withdrawn from the account during the tax year; and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(a) Track the use of moneys withdrawn from a first-time home buyer savings account;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. [2018 c.109 §8; 2024 c.53 §6]
Note: Section 9, chapter 109, Oregon Laws 2018, provides:
Sec. 9. ORS 316.796 to 316.803 [series became 316.796 to 316.808] apply to tax years beginning on or after January 1, 2019, and before January 1, 2042. [2018 c.109 §9; 2025 c.562 §24]