1. (1) When contracting with third party financial firms for disbursement and management services of financial aid funds, or for management of financial accounts, the governing board or governing entity of a public or private post-secondary institution of education that enrolls one or more students who receive state or federal financial aid shall review and approve a contract after considering guidelines and policies established and recommended by the United States Consumer Financial Protection Bureau and the United States Department of Education.

2. (2) A contract between a public or private post-secondary institution of education and a third party financial firm for services described in subsection (1) of this section may not permit:

   1. (a) Revenue sharing;
   2. (b) The third party financial firm to charge a fee for the initial disbursement of the financial aid funds in an academic term to the student in a paper check or in an electronic funds transfer;
   3. (c) The third party financial firm to charge a transaction fee for debit or similar transactions from an account; or
   4. (d) The third party financial firm to charge a fee for inactivity in an account.

3. (3) A public or private post-secondary institution of education that contracts with a third party financial firm shall, after redacting from the contract information exempted from disclosure under ORS 192.311 to 192.478:

   1. (a) Make the contract available for public inspection; and
   2. (b) Publish the contract on the website operated by or for the public or private post-secondary institution of education.

Note: See note under 348.015.

[2015 c.633 §2]