Questions? See FAQs below
Report Due: Between October 1 and November 1.
Cutoff: Property abandoned as of June 30th of report year
Due Diligence: Required for $100 or greater, complete efforts by August 1st
Send Remittance With Report: Checks payable to Department of State Lands (DSL)
Mail reports with remittance to:
Department of State Lands
775 Summer St NE STE 100
Salem OR 97301
If you are reporting IOLTAs or lawyer trust accounts click here
Common Property Types & Abandonment Periods
|Proceeds of dissolved corporations (including employee benefits)
|Tangible property in safekeeping depositories
|Intangible property held by courts or governmental or public authorities
|Tangible property held by courts or governmental or public authorities not covered-under another statute
|Unclaimed Payroll check
|Unclaimed checks issued from a general disbursement account
|Credit memos and/or accounts receivable credit balances and refunds
|Other intangible property not specifically covered by another existing statute
|Savings and checking accounts (all types)
|Stocks and proceeds
|Life insurance policies--see ORS 98.314
FREQUENTLY ASKED QUESTIONS
Q. Are all amounts reportable?
A. Yes, all amounts are reportable. However, holders may report property valued at less than $50 per owner in aggregate. Accounts greater than $10 appear on the Department's Internet Web site
. If detailed information is available for aggregate accounts, please attach it to the report to better serve claimants with small values.
Q. Are worthless/nontransferable securities reportable?
A. Please do not report worthless or nontransferable securities. If they do become transferable or gain value, report and remit the shares to our office at that time. You will not be penalized for late reporting in these situations.
Q. How long should I keep my records?
A. Holders are required to maintain records and documentation related to unclaimed property reports and efforts (due diligence) for three years after reporting, and must keep their records of unclaimed property confidential beginning 12 months before the reporting period and for 24 months after reporting.
Q. How do I file a report?
A. Electronic reports are required for all reports and can be submitted on a DVD/CD or filed electronically. We do not recommend emailing your report. Electronic reports must be in the National Association of Unclaimed Property Administrators (NAUPA) format. You have THREE free options:
HRS Pro provided by DSL’s software provider ACS Wagers at www.wagers.net
UPExchange provided by the National Association of Unclaimed Property Administrators: www.unclaimed.org
Q. Where do I send the report and remittance?
A. Checks must be payable to the Department of State Lands (DSL). If you have any questions, email Holder@state.or.us
. Please send reports with payment to:
The Department of State Lands
Unclaimed Property Section
775 Summer ST NE, STE 100
Salem, OR 97301-1279
Q. What is due diligence, and when should it be done?
A. Under ORS 098.352
and OAR 141-045-0061
, holders must make a diligent effort to locate owners of property with value greater than $100 before the property is remitted to the Department. This should be done as soon as the account is dormant or unclaimed, but not less than 60 days prior to the filing and remittance. Acceptable efforts may include phone calls, email, letters, and personal contacts. You must retain documentation of your effort for three years after filing your report.
Q. Do I need to report if the owner's address is unknown?
A. Yes, if the owner's address is unknown, and your organization is incorporated or domiciled in Oregon, you report it to the state of Oregon. Unknown owners, unknown addresses, and foreign address properties are reported to the holder's state of incorporation or domicile if the company is not incorporated.
Q. When is an account reportable?
A. The Common Property Types and Abandonment Periods
chart shown above publication provides a general guideline for dormancy periods for certain types of property. For more information, email: Holder@state.or.us
Q. What happens to property once it's turned over the State?
A. Once money or property is reported to the state as unclaimed, DSL makes a diligent effort to locate the missing owners and reunite them with their lost assets.
Q. Where is the money held?
A. The funds are held in trust in the Common School Fund (CSF) forever until the rightful owners or their heirs come forward or are found. The interest earned on the funds is distributed twice annually to Oregon schools K-12.
Q. What if the owner contacts me after remittance?
A. Holders can either refer the owner to the State to make a claim or pay the owner and fill out a holder claim form
and be reimbursed by the State. If the holder elects to pay the owner and request reimbursement, contact email@example.com
first to verify that the owner has not claimed the funds.
Q. Can I charge a service fee to owners?
A. Yes, if adhering to the following conditions:
-There is a valid written contract.
-It is imposed uniformly.
-Written notice is sent via first class mail at least three months before the
charge is assessed.
Q. Can I send property for other states to Oregon?
A. For holders based in Oregon, DSL will forward incidental property we receive that is reportable for other states except California. We transfer property in June following the reporting. Incidental property is defined as less than 15 accounts and $1,000 total for another state. The property is subject to the state of the owner’s last known address and must be reported according to that state’s laws. If you have property for another state that exceeds either of these numbers, you need to report directly to the other state. HRS Pro makes it easy to segregate electronic reporting files when reporting to multiple states. If another state specifically instructs you to report directly, you need to follow their directions.
Owners with a California address must be reported directly to the State of California. For current reporting instructions please visit their website at http://www.sco.ca.gov/upd_msg.html.
Q. What if I am not in compliance?
A. Oregon encourages you to proactively seek voluntary compliance with the law. Holders who have not previously reported to DSL may request a voluntary disclosure agreement (VDA). The agreement provides a limited period of time to comply with Oregon unclaimed property statutes by reporting any outstanding obligations without penalty. Current reporters will also receive the same benefit by identifying any newly discovered outstanding obligations and remitting those items voluntarily. NOTE: Don't delay contacting us if you need to comply. We will not audit a company during a VDA process. However, we cannot accept a VDA after your company is selected for audit. Our ongoing audit program regularly selects non-reporting companies that appear likely to have unreported property.
Please email Holder@state.or.us
or call. 503 986-5290 to request a VDA. Include the business name, address, FEIN, and estimated date when the report will be ready to submit.
If you are reporting IOLTAs or lawyer trust accounts click here
Print a brochure that will help explain this program to staff and others:
Print a brochure to distribute to all staff members and others that tells them how to search for unclaimed property held in their name.