(1) "Account" means an individual account established in accordance with ORS 178.300 to 178.360.
(2) "Account owner" means the person who has the right to withdraw funds from the account. The account owner may also be the designated beneficiary of the account.
(3) "Board" means the Oregon 529 Savings Board established under ORS 178.310.
(4) "Designated beneficiary" means, except as provided in ORS 178.350, the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses, or if the designated beneficiary is replaced in accordance with ORS 178.350, the replacement.
(5) "Financial institution" means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this state.
(6) "Higher education institution" means an eligible education institution as defined in section 529(e)(5) of the Internal Revenue Code.
(7) "Internal Revenue Code" means the federal Internal Revenue Code as amended and in effect on April 1, 2021.
(8) "Member of the family" shall have the same meaning as contained in section 529(e) of the Internal Revenue Code.
(9) "Network" means the Oregon 529 Savings Network established under ORS 178.305.
(10) "Nonqualified withdrawal" means a withdrawal from an account that is not a qualified withdrawal.
(11) "Qualified higher education expenses" means tuition and other permitted expenses as set forth in section 529(e) of the Internal Revenue Code for the enrollment or attendance of a designated beneficiary at a higher education institution, expenses associated with registered apprenticeship programs described in section 529(c)(8) of the Internal Revenue Code and amounts paid as principal or interest on a qualified education loan to the extent allowed under section 529(c)(9) of the Internal Revenue Code.
(12) "Qualified withdrawal" means a withdrawal made as prescribed under ORS 178.355 and made:
(a) From an account to pay the qualified higher education expenses of the designated beneficiary;
(b) As the result of the death or disability of the designated beneficiary;
(c) As the result of a scholarship, allowance or payment described in section 135(d)(1)(A), (B) or (C) of the Internal Revenue Code that is received by the designated beneficiary, but only to the extent of the amount of the scholarship, allowance or payment; or
(d) As a rollover or change in the designated beneficiary described in ORS 178.350. [Formerly 348.841; 2016 c.33 §1; 2017 c.527 §1; 2018 c.101 §1; 2019 c.319 §1; 2021 c.456 §1]