71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
Enrolled
House Bill 2129
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of House Interim Business and
Commerce Committee for Oregon Grocery Industry Association)
CHAPTER ................
AN ACT
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 + },
Enrolled House Bill 2129 (HB 2129-A) Page 1
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
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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. + }
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Passed by House May 1, 2001
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 17, 2001
...........................................................
President of Senate
Enrolled House Bill 2129 (HB 2129-A) Page 3
Received by Governor:
......M.,............., 2001
Approved:
......M.,............., 2001
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2001
...........................................................
Secretary of State
Enrolled House Bill 2129 (HB 2129-A) Page 4