Oregon Revised Statutes Executive Branch; Organization § 178.340

(1) Except as permitted in section 529 of the Internal Revenue Code,  1 no person other than the Oregon 529 Savings Board or a financial institution in which Oregon 529 Savings Network funds have been invested shall have the right to direct the investment of any contributions to or earnings from the network.

(2) The network, the board, each board member and the State of Oregon may not insure any account or guarantee any rate of return or any interest rate on any contribution. The network, the board, each board member and the State of Oregon may not be liable for any loss incurred by any person as a result of participating in the network.

(3) The board, in the exercise of its sole discretion and without liability, may remove the network's funds from any financial institution and reinvest the funds in a similar or different investment alternative at another financial institution pursuant to a contract, agreement or arrangement entered into under ORS 178.315 (4).

(4) This section applies only to accounts established for qualified higher education expenses.