Or. Admin. Code § 170-145-0025

Current through Register Vol. 63, No. 10, October 1, 2024

Section 170-145-0025 - Reporting and Delivery of Property to the Treasurer

(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.

Or. Admin. Code § 170-145-0025

OST 2-2021, adopt filed 06/29/2021, effective 7/1/2021; OST 3-2023, temporary amend filed 12/29/2023, effective 1/1/2024 through 6/23/2024; OST 3-2024, amend filed 06/03/2024, effective 6/10/2024

Statutory/Other Authority: ORS 178.050, ORS 98.422 & ORS 98.352

Statutes/Other Implemented: ORS 98.412