Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 300 - INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA) › Section 813-300-0160 - Department Regulation and Enforcement

Current through Register Vol. 63, No. 7, July 1, 2024
(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.