(a) The date when the account was created;

(b) The name of the account holder;

(c) The amount of funds contributed to the account during the tax year;

(d) The amount of funds withdrawn from the account during the tax year; and

(e) Any other information as required by rules adopted by the Department of Revenue.

(2) A financial institution is not required to:

(a) Track the use of moneys withdrawn from a first-time home buyer savings account; or

(b) Allocate funds in a first-time home buyer savings account among joint account holders.

(3) A financial institution is not responsible or liable for:

(a) Determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account;

(b) Determining or ensuring that funds in a first-time home buyer savings account are used for eligible costs; or

(c) Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.

(4) Upon being furnished proof of the death of the account holder and such other information required by the contract governing the first-time home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the first-time home buyer savings account in accordance with the terms of the contract governing the account. [2018 c.109 §8]

Note: Section 9, chapter 109, Oregon Laws 2018, provides:

Sec. 9. Sections 2 to 8 of this 2018 Act [316.796 to 316.803] apply to tax years beginning on or after January 1, 2019, and before January 1, 2037. [2018 c.109 §9]