OAR 141-045-0120
Examination of Holder Accounts
(1)
In accordance with ORS 98.412 (Records and reports), the Department may examine the records and other accounts of any Holder to determine whether the Holder has complied with the provisions of ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title).(2) The Department may conduct an examination whether or not the Holder believes it is in possession of Reportable Property.
(3) The examination may be performed by personnel employed by the Department of State Lands, employees of the Department of Consumer and Business Services, Division of Audits of the Office of the Secretary of State, or any other designated person under contract with the Department of State Lands.
(4) To the extent possible, the Department shall enter into agreements with other state or federal entities who regularly examine the records of Financial Institutions. Under the agreements, the state and federal agencies shall examine the records of the Financial Institutions to determine compliance with ORS 98.352 (Report of abandoned property). If the state or federal agency does not enter into an agreement with the Department, the Department shall conduct the examination.
(5) The types of records and accounts subject to examination include, but are not limited to:
(a) Contractual agreements between depositors and the Financial Institution regarding the deduction of service charges authorized according to ORS 708.500, account increases or decreases, and the cessation of interest payments;
(b) Records of current accounts, Dormant accounts, and accounts that may have been closed and archived;
(c) The Holder’s procedures for administering Dormant accounts, including searching for and notifying Owners to ensure compliance with OAR 141-045-0030;
(d) Bank reconciliations, outstanding checklists and bank statements;
(e) Aged accounts receivable reports;
(f) Reports from transfer agents showing last date of positive contact with stockholders;
(g) Uncashed checks that have been returned by the United States Post Office as undeliverable;
(h) Uncashed payroll checks that have been returned by a company plant or office;
(i) Journal entries that specifically write off stale dated checks;
(j) Third Party Administrators’ contracts, records and reconciliations; and
(k) Holder trial balance of accounts.
Source:
Rule 141-045-0120 — Examination of Holder Accounts, https://secure.sos.state.or.us/oard/view.action?ruleNumber=141-045-0120.