Legislation Changes Unclaimed Property Holding Period
Effective January 1, 2008, Oregon's dormancy period for many types of unclaimed property will be reduced from five to three years, affecting reporting requirements for holders.
"With the passage of House Bill 2104, Oregon will now be consistent with California and Washington's dormancy periods for the same types of property, easing the reporting burden for holders that report in those states too," said Unclaimed Property Manager Cyndi Wickham.
The bill also changes the method of determining dormancy on deposit accounts with an auto-renewal feature, and the method for giving notice of impending service charges by a financial institution from certified mail to first-class mail.
Holders must send unclaimed property reports to the Department of State Lands by November 1 of each year. All types of unclaimed property that were previously reportable after five years now must be remitted after the three-year holding period. The most common types include property reported by financial institutions, the securities industry and certain insurance funds.
Contact Pamela Klecker at (503) 378-3809; Pamela.klecker@dsl.state.or.uswith any questions about remitting unclaimed property or the new holding period requirements.
