813-300-0160 Department Regulation and Enforcement (1) The Department and its designee may limit, suspend or revoke its authorization of a fiduciary organization. In addition to, or in lieu of, such action, the Department or its designee may require the fiduciary organization to take appropriate remedial action including, without limitation, to complete any or all IDA's current at the time of revocation, to return supplemental funds to the Department or its designee, to transfer contributions as required by the Department or its designee, and to meet such other requirements and submit to such audits and reviews as the Department and its designee deems appropriate. (2) The Department and its designee may refuse to approve any proposed fiduciary organization action requiring such approval. The Department and its designee also may condition its approval of any proposed fiduciary organization action requiring such approval. (3) The Department or its designee may require fiduciary organizations to terminate or revise contracts or other engagements with any financial institution, third-party contractor or other program plan partner. (4) The Department or its designee may require the revocation of any individual development account. The Department or its designee may require the transfer of any individual development account, including related deposits, from one fiduciary organization to another or to such other fiduciary as the Department or its designee determines to be appropriate. (5) The Department and its designee may audit any fiduciary organization, any third-party contractor, and any other program plan partner. The Department and its designee also may inspect and copy IDA program documents in the possession or under the control of such entities including, without limitation, any individual development account, any contract or other IDA program agreement, and any personal development plan. (6) The Department or its designee may suspend, revoke or require modifications in personal development plans. (7) The Department or its designee, on its own initiative or at the request of an aggrieved party, may review fiduciary organization decisions with respect to individual development accounts, including but not limited to decisions to withdraw matching funds from individual development accounts or to suspend or revoke matching deposits. (8) The Department or its designee may suspend, overturn or modify fiduciary organization decisions with respect to individual development accounts including, but not limited to funding decisions. (9) The Department or its designee, on its own initiative or at the request of any aggrieved party, may review other fiduciary organization decisions with respect to program plan matters including, without limitation, decisions made through third-party contractors and other program plan partners. (10) The Department or its designee may suspend, overturn or modify fiduciary organization program plan decisions. (11) The Department and its designee may take such other action to regulate and enforce compliance with the IDA program, including these rules, as the Department and its designee determines to be necessary or appropriate. (12) Factors that the Department or its designee may consider in taking any regulatory or enforcement action under these rules may include, but are not limited to the following: (a) Those factors identified in these rules for the authorization of fiduciary organizations; (b) A person or entity's compliance with these rules and other relevant law; (c) The efficient and effective operation of the IDA program; (d) The integrity of account management; and (e) The best interests of account holders and designated beneficiaries. Statutory/Other Authority: ORS 456.555 & ORS 456.625 Statutes/Other Implemented: ORS 315.271, ORS 458.670 - 458.700 & ORS 458.685 (2)(b) History: OHCS 4-2024, amend filed 04/03/2024, effective 04/03/2024 OHCS 7-2022, amend filed 03/08/2022, effective 03/18/2022 OHCS 8-2021, temporary amend filed 09/24/2021, effective 09/25/2021 through 03/23/2022 OHCS 7-2018, amend filed 05/30/2018, effective 05/30/2018 OHCS 1-2003, f. & cert. ef. 4-4-03 OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03