Current through Register Vol. 63, No. 9, September 1, 2024
(1) Every Person holding funds or other
Tangible or Intangible Property, presumed abandoned according to ORS 98.302 to
98.352 must report and pay or deliver all such Property to the Treasurer,
except that funds transferred to the General Fund by governmental agencies
pursuant to ORS 293.455(1)(a) must only be reported to the Treasurer.
(2) The Holder must designate an employee to
serve as contact for the report.
(3) For accounts Inactive as of June 30, the
Holder must file the report after October 1, but not later than November
1.
(4) The Treasurer may postpone
the reporting date or allow early reporting and payment or delivery upon
written request by any Person required to file a report. Such action is at the
Treasurer's discretion.
(5) A
Holder must report all Property, regardless of value, presumed abandoned
according to ORS 98.302 to 98.352 and the timelines established in (3) above.
(a) Reported Property must include the
following information, if known:
(A) The
complete name, address of record, Social Security number, previous names, and
any previous addresses of each listed Owner; and
(B) The type of account, identification
number, reference number, last activity or transaction date used to presume
abandonment, and any specific description of the Unclaimed Property according
to the records of the Holder.
(b) If the Holder believes it is more
efficient, it may report a lump sum value, known as an aggregate, for the total
of individual accounts $49.99 or less, except when the total amount held for
any one Owner of several small amounts equal or exceed $50 dollars.
(A) If the Holder chooses to aggregate Owner
Property, the Treasurer requests the Holder provide any available detail for
each Property, such as Owner, contact information, amount due and other
identifier that would allow the Treasurer to look for Owners and reunite them
with their Property. The Holder may choose to upload this information securely
through the Unclaimed Property website or send by letter or fax.
(B) If the Holder does not provide Owner
detail for aggregate Property, the Treasurer may request the Holder to certify
ownership when a potential claim exists for a portion of the lump sum
reported.
(6)
In addition to the information required above, a life insurance company must
also report the following information, if known:
(a) The full name of each insured or
annuitant, or if a class of beneficiaries is named, the full name of each
current beneficiary in the class, and according to the Holder's
records;
(b) The address of each
beneficiary; and
(c) The
relationship of each beneficiary to the insured.
(7) A Holder of Safekeeping Depositories must
comply with the following additional requirements:
(a) The Holder must complete the specific
report form for safekeeping contents or include the required information in the
Holder's computer-generated format and file the report, separate from the
contents, no later than November 1.
(b) In addition to the information required
in section (5) of this rule, list each item left in a Safekeeping Depository,
and the identity of the Owner. The Holder must include information about the
original box if the Holder moved items to a safekeeping area.
(c) In accordance with directions from the
Treasurer, the Holder must deliver the package of Safekeeping Depository
contents marked "to be delivered unopened," to the Treasurer by certified mail,
return receipt requested or hand carried by a courier. The Treasurer must sign
a receipt for the unopened package upon delivery to the Treasurer.
(d) The Holder must clearly identify on the
package the Holder's complete name, the branch (if applicable), the return
address, and name and phone number of contact person.
(e) With the exception of hazardous Tangible
Property, the Holder must forward the complete contents of Safekeeping
Depositories to the Treasurer intact. The Holder may not convert, substitute or
exchange any coins and currency found in the box.
(f) The Holder must inventory contents before
remitting Tangible Property to the Treasurer and include inside each package
the inventory sheet and Owner information. If the Holder returns any boxes to
Owners between reporting and remitting Tangible Property to the Treasurer, the
Holder must provide documentation for any boxes returned to Owners.
(g) The Holder must include information about
Safekeeping Depository costs in its report to the Department. The Treasurer may
require the Owner to furnish proof from the Holder pursuant to OAR 170-145-0015 before a claim for a safe deposit box is approved.
(8) A holder of lawyer trust account funds or
interest on lawyer trust account funds must comply with 170-145-0025(4) and the
following additional requirements:
(a) Provide
written reports to the Oregon State Bar in a format provided by the
Treasurer.
(b) Property may not be
comingled with other property types.
(c) Property may not be reported for
non-Oregon addresses. Such Property must be reported to the state of
record.
(9) Any Holder,
business association, transfer agent, registrar or other Person acting on
behalf of the Holder of an intangible equity ownership interest deemed
unclaimed according to ORS 98.322 must, in addition to supplying the
information required in section (5) of this rule:
(a) Report and transfer the shares directly
to the Treasurer's designated stockbroker or transfer agent via available
electronic medium and include a confirmation of the transfer with the
report.
(b) When an electronic
method of transfer is not available the Holder must:
(A) Where the original certificate is being
held by the Holder for the Owner (i.e., stock or other certificate of ownership
of a business association which has been returned to the Holder, who cannot
find the Owner), cancel that certificate and issue a replacement certificate of
ownership to the Treasurer; or
(B)
When the Holder does not hold the original certificate, issue a replacement
certificate i.e., a duplicate certificate of ownership or other distribution or
stock or other certificates of ownership of a business association issued in
the name of the Office of the State Treasurer as custodian of unclaimed
Property. The original certificate of ownership is presumed to be in the
possession of the missing Owner.
(c) In any case, the Holder must report and
forward to the Treasurer all outstanding accrued Dividends, along with the
certificate.
(10) In
addition to providing the information required in section (5) of this rule, a
Holder reporting mutual funds in book entry form must:
(a) Transfer the account directly into the
Treasurer's account at the Treasurer's designated broker dealer and forward a
confirmation of account transfer to the Treasurer along with the report;
and
(b) Forward future income in
the form of cash (for example, Dividends, Capital Gains, etc.) payable to the
Treasurer from mutual fund accounts with Dividend Reinvestment Plans.
(11) If the Holder is a dissolved
agricultural cooperative, the Holder must forward the original reports
detailing unclaimed dissolved agricultural cooperative accounts to the
Treasurer along with the funds and file a copy of the report with Oregon State
University. The Treasurer must reconcile the report to the delivered funds,
deduct the costs as provided for in ORS 62.720 and forward the funds to Oregon
State University within 14 working days after receiving the funds.
(12) The receiver or other liquidating agent
for a dissolved corporation must prepare a report containing the names and
Last-known Addresses of the Persons entitled to such funds.
(13) Before October 1 each year, each state
agency must prepare a report of all checks, warrants, and orders drawn by it
which have been outstanding for a period of more than two years prior to July
1, and that have not been paid by the State Treasurer. The report must not
include checks or orders that have already been paid pursuant to indemnity
bonds. The agency must forward the report to the Treasurer before November
1.
(14) After October 1, the State
Treasurer may refuse payment of the unpresented checks or orders included in
the report, and upon instructions by the issuing agency must:
(a) Transfer and credit the amounts of the
unpresented checks or orders dedicated for general funding to the General
Fund;
(b) Except for federal funds
governed by federal laws and rules as provided in ORS 291.003 and 409.040(2),
transfer all other funds to the Treasurer; and
(c) Report information about any payment made
to an Owner subsequent to filing the report, but before transferring the funds
to the Treasurer.
(15)
If the Holder of the unclaimed account is a successor to other Persons who
previously held the Property, or if the Holder has had a name change, the
Holder must include in the initial report prior known names and addresses of
the original or previous Holder.
Statutory/Other Authority: ORS 178.050, ORS 98.422 & ORS
98.352
Statutes/Other Implemented: ORS
98.412
