(1) An individual may create a first-time home buyer savings account with a financial institution to be used to pay or reimburse the account holder’s eligible costs related to the purchase of a single family residence by entering into a first-time home buyer savings account agreement with the financial institution.

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(2) An individual may jointly own a first-time home buyer savings account with another person if the joint account holders are both first-time home buyers and file a joint income tax return.

(3) An individual may not be the account holder of more than one first-time home buyer savings account.

(4) Only cash may be contributed to a first-time home buyer savings account. Subject to the limitations of ORS § 316.798 (4), persons other than the account holder may contribute funds to a first-time home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time home buyer savings account.

(5) The account holder may not use funds held in a first-time home buyer savings account to pay expenses of administering the account, except that the financial institution that administers the account may deduct a service fee from the account.

(6) An account holder may withdraw all or part of the funds from a first-time home buyer savings account and deposit the funds in a new first-time home buyer savings account held by a different financial institution or the same financial institution.

(7) No financial institution is required to offer first-time home buyer savings accounts to customers of the institution. [2018 c.109 § 3]