Current through Register Vol. 63, No. 9, September 1, 2024
(1)
A Holder must report all Property presumed abandoned under Oregon law to the
Treasurer.
(2) When the value of
the Property being reported is more than $100.00 for an individual owner, the
Holder must comply with section (3) of this rule.
(3) More than 60 days prior to reporting
Property presumed abandoned under OAR 170-145-0015, each Holder must:
(a) If the Holder believes it has a valid
contact for an Owner (e.g., mailing address, email, phone number),exercise Due
Diligence to locate an Owner of the Property or account when the Property or
account has been Inactive for the length of time required under ORS 98.302 to
98.436 and 98.992; and
(b) In Due
Diligence communication, notify the Owner of:
(A) The type of Property being
held;
(B) The process for claiming
the Property from the Holder; and
(C) That if the Owner fails to claim the
Property, the Holder will report the Property or account to the Treasurer as
unclaimed Property.
(c)
If the Holder's records indicate the Holder has invalid contact information for
an Owner prior to the Property or account reaching the Inactive length of time
required under ORS 98.302 to 98.436 and 98.992:
(A) The Holder may look for a better contact
and attempt to locate Owner; or
(B)
Report Property as unclaimed without additional Due Diligence.
(4) A Holder must
clearly demonstrate that it complied with the requirements of this rule by:
(a) Verifying that the Holder has not had any
Positive Owner Contact related to:
(A) The
subject Property or account; and
(B) Any other Property or account belonging
to the Owner (e.g., the trust department of a Financial Institution should
contact other departments of the institution);
(b) If the Holder is a credit union or the
property is a Security, verify that the Owner has not participated in voting
during a regularly scheduled meeting, proxy vote, or other method accepted for
voting; and
(c) If the Holder is
unable to locate the Owner:
(A) Verifying that
the Owner is not a current employee of the Holder;
(B) Verifying the mailing address, email
address, or telephone number of record is correct (e.g., correctly spelled, not
missing zip code, digits, or characters,etc.); and
(C) Verifying the Owner is not a well-known
individual or organization (e.g., Department of Treasury, IRS).
(5) If a Holder is
holding any Property presumed abandoned under ORS 98.322, the Holder must
clearly demonstrate that it complied with the following requirements:
(a) Holder must send the initial Notice to
the Owner by the primary method it uses to communicate with the Owner, either
email or standard mail.
(A) If the Holder
believes the Owner's email address is not valid, then the Holder must send
Notice by standard mail.
(B) If the
Holder primarily communicates by standard mail and has a valid email address,
Notice may also be sent by electronic mail, at the discretion of the
Holder.
(b) If the
initial notice is returned or is undeliverable or the Holder has received no
response in 30 days after giving the notice, then the Holder must send an
additional notice by first class mail to the Owner's last known
address.
(6) A Holder
must retain the records or documentation of its compliance with the
requirements of this rule for three years and make the records or documentation
available for inspection when requested by the Treasurer.
Statutory/Other Authority: ORS 178.050, ORS 98.422 & ORS
98.352
Statutes/Other Implemented: ORS
98.352
