- examination of records
- failure to maintain records
(1)The State Treasurer may require a person who has not filed a report under ORS 98.352 (Report of abandoned property) to file a verified report stating whether the person holds any unclaimed property reportable or deliverable.
(2)The State Treasurer may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of ORS 98.352 (Report of abandoned property). The State Treasurer may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this section.
(3)To the extent possible, the State Treasurer shall enter into agreements with state and federal agencies that regularly examine the records of financial institutions, trust companies, financial holding companies and bank holding companies, as defined in ORS 706.008 (Additional definitions for Bank Act), and of subsidiaries of such financial institutions, trust companies, financial holding companies and bank holding companies. Under the agreements, the state and federal agencies shall examine the records of the financial institution, trust company, financial holding company, bank holding company or subsidiary to determine compliance with ORS 98.352 (Report of abandoned property). If a state or federal agency does not enter into an agreement with the State Treasurer under this subsection, the State Treasurer shall conduct the examination of the records of financial institutions, trust companies, financial holding companies and bank holding companies to determine compliance with ORS 98.352 (Report of abandoned property).
(4)If a holder fails to maintain the records required by ORS 98.354 (Records of ownership or issuance of instruments to be maintained) and the records of the holder available for the periods subject to ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436) are insufficient to permit the preparation of a report, the State Treasurer may issue a finding that requires the holder to report and pay the amounts that the State Treasurer reasonably estimates from the report and available records.
(5)In addition to the information required under ORS 183.413 (Notice to parties before hearing of rights and procedure) and 183.415 (Notice of right to hearing), the State Treasurer shall provide a holder subject to findings under subsection (4) of this section with information about opportunities to resolve disputes through a collaborative dispute resolution process in lieu of a contested case hearing under ORS 183.413 (Notice to parties before hearing of rights and procedure) to 183.470 (Orders in contested cases). [1957 c.670 §25; 1983 c.716 §22; 1993 c.694 §20; 1997 c.480 §§1,1a; 2001 c.377 §41; 2003 c.272 §6; 2019 c.678 §25]
Section 98.412 — Verified report; examination of records; failure to maintain records,