OR SB465

Sets a new maximum of $20,000 for total state-directed matching funds that may accrue in an individual development account, replacing the previous $6,000 annual limit

Removes the 12-month period restriction on matching fund accumulation, allowing account holders more flexibility in building savings over time

Eliminates the requirement for the Housing and Community Services Department to adopt rules establishing a maximum total amount for state-directed matching funds, replacing it with a statutory cap

Requires fiduciary organizations to maintain sufficient funds on deposit to cover matching deposit agreements for all individual development accounts they manage

Retains the existing matching formula where fiduciary organizations match account holder deposits at a rate between $1 and $5 for each $1 deposited