Report and Delivery of Unclaimed Property to Department
(1)Every person holding funds or other Tangible or Intangible Property, presumed abandoned according to ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.352 (Report of abandoned property) shall report and pay or deliver all such Property to the Department, except that funds transferred to the General Fund by governmental agencies pursuant to ORS 293.455 (Refusal of payment of unpresented checks)(1)(a) shall only be reported to the Department.
(2) Each Holder shall be responsible for the content, accuracy, and timeliness of the Holder’s report, regardless of whether the report is prepared by the Holder or its agent. The Holder shall designate a staff contact person responsible for the report.
(3) For accounts Dormant as of June 30, the Holder shall file the report after October 1, but not later than November 1.
(4) The Department may, at its discretion, postpone the reporting date, or allow early reporting and payment or delivery upon written request by any person required to file a report.
(5) A Holder shall report Property having a value of $50 or more per account or Owner of record, individually, and shall 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.
(6) 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. If Owner detail is not submitted, the Department may request the Holder to certify ownership when a potential claim exists for a portion of the lump sum reported.
(7) To assist the Department in returning funds to the Owner of record, a Holder may report the Owner detail information required under subsection (5) of this rule for Property having a value of $49.99 or less per account or Owner of record but the Department may not require this action.
(8) In addition to the information required above, a life insurance company shall 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 last known address according to the Holder’s records;
(b) The address of each beneficiary; and
(c) The relationship of each beneficiary to the insured.
(9) A Holder of Safekeeping Depositories shall comply with the following additional requirements:
(a) The Holder shall 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 subsection (5) of this section, list each item left in a Safekeeping Depository, and the identity of the Owner. The Holder shall include information about the original box if the Holder moved items to a safekeeping area.
(c) In accordance with directions from the Department, the Holder shall deliver the package of Safekeeping Depository contents marked “to be delivered unopened,” to the Department by certified mail, return receipt requested or hand carried by a courier. The Department shall sign a receipt for the unopened package upon delivery to the Department,and forward the receipt to the Holder within five working days.
(d) The Holder shall clearly identify on the package the Holder’s complete name and return address.
(e) With the exception of hazardous Tangible Property noted in OAR 141-045-0031 (Examples of Unclaimed Property)(2)(b), the Holder shall forward the complete contents of Safekeeping Depositories to the Department intact. The Holder may not convert, substitute or exchange any coins and currency found in the box.
(f) The Holder shall include information about Safekeeping Depository costs in its report to the Department. The Department may require the Owner to furnish proof from the Holder pursuant to OAR 141-040-007 before a claim for a safe deposit box is approved.
(10) 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 (Intangible equity ownership interests in business associations) shall, in addition to supplying the information required in OAR 141-045-0100 (Report and Delivery of Unclaimed Property to Department)(5) above:
(a) Report and transfer the shares directly to the Department’s designated stock broker 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 shall:
(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 Department; 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 Department of State Lands as custodian of unclaimed property. The original certificate of ownership is presumed to be in the possession of the missing Owner to the Department.
(c) In any case, the Holder shall report and forward to the Department all outstanding accrued Dividends, along with the certificate.
(11) In addition to supplying the information required in OAR 141-045-0100 (Report and Delivery of Unclaimed Property to Department)(5), a Holder reporting mutual funds in book entry form shall:
(a) Transfer the account directly into the Department’s account at the Department’s designated broker dealer and forward a confirmation of account transfer to the Department along with the report; and
(b) Forward future income in the form of cash (for example, Dividends, Capital Gains, etc.) payable to the Department from mutual fund accounts with Dividend Reinvestment Plans.
(12) If the Holder is a dissolved agricultural cooperative, the Holder shall forward the original reports detailing unclaimed dissolved agricultural cooperative accounts to the Department along with the funds,and file a copy of the report with the State Board of Higher Education. The Department shall reconcile the report to the delivered funds, deduct the costs as provided for in ORS 62.720 (Presumption of abandonment) and forward the funds to the State Board of Higher Education within 14 working days after receiving the funds.
(13) The receiver or other liquidating agent for a dissolved corporation shall prepare a report containing the names and Last-known Addresses of the Persons entitled to such funds.
(14) Before October 1 each year, each state agency shall 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 shall not include checks or orders that have already been paid pursuant to indemnity bonds. The agency shall forward the report to the Department before November 1.
(15) 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 shall:
(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 (Federal laws and rules govern use of federal funds) and 409.040 (Federal law supersedes state law)(2), transfer all other funds to the Department; and
(c) Report information about any payment made to an Owner subsequent to filing the report, but before transferring the funds to the Department.
(16) 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 shall include in the initial report prior known names and addresses of the original or previous Holder.
Rule 141-045-0100 — Report and Delivery of Unclaimed Property to Department,