71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 1444
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)
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Directs Division of State Lands to distribute educational
materials to persons required to report unclaimed property.
Changes time frame that certain property must be held from five
years to one year. Changes time frame that records relating to
unclaimed property must be held after property is remitted to
division from five years to one year. Suspends ability of
division to require holders of unclaimed property who fail to
keep property records to pay division.
A BILL FOR AN ACT
Relating to unclaimed property; creating new provisions; and
amending ORS 98.332, 98.334, 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
yearly basis, distribute educational materials to persons
required to file a report under ORS 98.352. The educational
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) The Division of State Lands may consult with the Department
of Revenue and the Corporation Division of the Office of the
Secretary of State to determine the persons required to file a
report under ORS 98.352. + }
SECTION 3. ORS 98.332 is amended to read:
98.332. (1) All intangible personal property and any income or
increment thereon, held in a fiduciary capacity is presumed
abandoned unless the owner has, within { - five years - }
{ + one year + } after it becomes payable or distributable,
increased or decreased the principal, accepted payment of
principal or income, corresponded in writing concerning the
property, or otherwise indicated an interest as evidenced by a
memorandum on file with the fiduciary.
(2) Funds in an individual retirement account or a retirement
plan for self-employed individuals or a similar account or plan
established under the Internal Revenue laws of the United States
are not payable or distributable within the meaning of subsection
(1) of this section unless, under the terms of the account or
plan, distribution of all or part of the funds would then be
mandatory.
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 - } { + one year + } after becoming
payable are presumed abandoned.
SECTION 5. 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 - } { + one year + } 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 6. 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 - } { + one year + } 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 7. 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 - } { + one year + } 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 8. { + Notwithstanding the authority of the Division
of State Lands under ORS 98.412 (4) to require the holder of
abandoned property who fails to maintain records under ORS 98.354
to pay an estimated amount to the division, for the period
beginning on the effective date of this 2001 Act and ending
January 1, 2003, the division may not require a person to pay an
estimated amount to the division if the person:
(1) Was unaware of the requirement to keep records relating to
abandoned property; and
(2) Did not willfully fail to perform any duties required by
ORS 98.302 to 98.436 and 98.992. + }
SECTION 9. { + (1) The amendments to ORS 98.332, 98.334,
98.338, 98.342 and 98.354 by sections 3 to 7 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.
(2) The amendments to ORS 98.332, 98.334, 98.338, 98.342 and
98.354 by sections 3 to 7 of this 2001 Act do not relieve a
person of any obligation with respect to a fine, interest,
penalty or other liability, duty or obligation accruing under ORS
98.302 to 98.436, 98.991 and 98.992 (all 1999 Edition). + }
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