(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) 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: (a) Revenue sharing; (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; (c) The third party financial firm to charge a transaction fee for debit or similar transactions from an account; or (d) The third party financial firm to charge a fee for inactivity in an account. (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: (a) Make the contract available for public inspection; and (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.
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