(2) The Oregon 529 Savings Network shall consist of:
(a) A higher education qualified tuition savings program:
(A) That increases the ability of families and individuals to save for higher education.
(B) In which the earnings on contributions of network participants are exempt from state income taxation.
(C) That utilizes the private sector to administer and invest the contributions to the network under the guidance of the Oregon 529 Savings Board.
(D) In which the contributions and earnings are held by the network in trust for the benefit of designated beneficiaries and account owners for the uses and purposes set forth in ORS 178.300 to 178.360, and for no other benefit, use or purpose.
(b) A qualified ABLE program established under ORS 178.380, under which individuals with disabilities may establish ABLE accounts to be used for disability-related expenses. [Formerly 348.844]