Chapter 302 Oregon Laws 2001
AN ACT
HB 2129
Relating to unclaimed
property; creating new provisions; and amending ORS 98.329, 98.334, 98.336,
98.338, 98.342 and 98.354.
Be It Enacted by the People of the State of Oregon:
SECTION 1.
Section 2 of this 2001 Act is added to
and made a part of ORS 98.302 to 98.436.
SECTION 2.
(1) The Division of State Lands shall,
on a regular basis, provide educational or informational materials to persons
required to file a report under ORS 98.352. The educational or informational
materials shall contain, but shall not be limited to, information describing:
(a) The types of
property, tangible and intangible, that are subject to reporting;
(b) Persons who
typically hold, knowingly or unknowingly, unclaimed property;
(c) Record keeping
requirements for persons holding unclaimed property; and
(d) Any penalties for
failing to comply with the provisions of ORS 98.302 to 98.436.
(2) Upon request by the
Division of State Lands, the Department of Revenue and the Corporation Division
of the Office of the Secretary of State shall:
(a) Assist the Division
of State Lands in determining which persons are required to file a report under
ORS 98.352; and
(b) Allow the Division
of State Lands to include information about unclaimed property reporting
requirements in the regular mailings of the Department of Revenue.
SECTION 3.
ORS 98.329 is amended to read:
98.329. A holder, with the written consent of the Division
of State Lands, and [upon conditions and
terms] in compliance with rules
prescribed by the division, may report and deliver property before the property
is presumed abandoned.
SECTION 4.
ORS 98.334 is amended to read:
98.334. Unpaid wages, including wages represented by
unpresented payroll checks, owing in the ordinary course of the holder’s
business which remain unclaimed by the owner for more than [five years] three years after becoming payable are presumed abandoned.
SECTION 5.
ORS 98.336 is amended to read:
98.336. (1) Intangible property, including uncashed
warrants and wages represented by
unpresented payroll checks, held for the owner by a court, state or other
government, governmental subdivision or agency, public corporation, or public
authority, that has remained unclaimed by the owner for more than two years is
presumed abandoned.
(2) Tangible property held for the owner by a court, state
or other government, governmental subdivision or agency, law enforcement
agency, public corporation or public authority that has remained unclaimed by
the owner for more than two years is presumed abandoned.
SECTION 6.
ORS 98.338 is amended to read:
98.338. (1) A credit memo issued in the ordinary course of
an issuer’s business which remains unclaimed by the owner for more than [five years] three years after becoming payable or distributable is presumed
abandoned.
(2) For a credit memo presumed abandoned under subsection
(1) of this section, the amount presumed abandoned is the amount credited to
the recipient of the memo.
SECTION 7.
ORS 98.342 is amended to read:
98.342. (1) All intangible personal property, not otherwise
covered by ORS 98.302 to 98.436 and 98.992, including any income or increment
thereon and deducting any lawful charges, that is held or owing in the ordinary
course of the holder’s business and has remained unclaimed by the owner for
more than [five years] three years after it became payable or
distributable is presumed abandoned.
(2) Property is payable or distributable for the purpose of
ORS 98.302 to 98.436 and 98.992 notwithstanding the owner’s failure to make
demand or to present any instrument or document required to receive payment.
SECTION 8.
ORS 98.354 is amended to read:
98.354. (1) Every holder required to file a report under
ORS 98.352 as to any property for which the holder has obtained an address of
the owner, shall maintain a record of the name and last-known address of the
owner and such signature cards and other evidence which would assist in the
identification of the owner for [five
years] three years after the
property has been remitted to the Division of State Lands.
(2) Any business association that sells in this state
traveler’s checks, money orders or other similar written instruments, other
than third party bank checks on which the business association is directly
liable, or that provides such instruments to others for sale in this state,
shall maintain a record of those instruments while they remain outstanding,
indicating the state and date of issue, for five years after the date the
property has been remitted to the division.
SECTION 9.
In order to avoid hardship on holders
adapting to the changes set forth in the amendments to ORS 98.334, 98.338,
98.342 and 98.354 by sections 4, 6, 7 and 8 of this 2001 Act, the Division of
State Lands may establish reporting procedures for the holders to follow during
the period of time in which the period for the presumption of abandonment is
reduced from five years to three years.
SECTION 10.
For the period beginning on the
effective date of this 2001 Act and ending January 1, 2003, the Division of
State Lands may not levy any fine, interest or penalty accruing under ORS
98.302 to 98.436, 98.991 and 98.992.
SECTION 11.
The amendments to ORS 98.329, 98.334,
98.336, 98.338, 98.342 and 98.354 by sections 3 to 8 of this 2001 Act apply to
all persons holding unclaimed property or unclaimed property records on the
effective date of this 2001 Act. Persons holding unclaimed property or
unclaimed property records on the effective date of this 2001 Act may dispose
of the property and records in accordance with ORS 98.302 to 98.436, 98.991 and
98.992.
Approved by the Governor
June 5, 2001
Filed in the office of
Secretary of State June 5, 2001
Effective date January 1,
2002
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