HB 3314

Abstract

Directs State Registrar of Center for Health Statistics to send to Department of Consumer and Business Services each calendar quarter names of children born in Oregon to residents of this state. Establishes Oregon Bright Futures Fund. Directs department to create cohort account within fund for all children born each calendar quarter. Permits financial institutions to opt in to participation. Directs department to establish designated beneficiary account at participating financial institution for each child. Directs department to deposit moneys into each designated beneficiary account. Allows use of moneys in designated beneficiary accounts for payment of qualified post-secondary education expenses. Allows contributions to cohort and designated beneficiary accounts. Allows linkage to private financial accounts. Establishes Financial Institution Community Education Fund. Specifies purposes of fund. Permits participating financial institutions to contribute to fund. Directs department to report to Legislative Assembly in 2018 and 2019 on implementation of Act. Exempts funds maintained by department under Act from public funds depository requirements. Declares emergency, effective on passage.