DIV 30; DIV 40; DIV45; Rules to administer HB 4074 Escheatment of matured US Savings Bonds held by DSL
The Oregon Department of State Lands (DSL) is conducting rulemaking to create clear definitions and procedures to:
1. Locate owners of US Savings Bonds
2. Seek court approval to cash in matured US Savings Bonds after three years
3. Post the bond proceeds to the owner’s accounts
4. Provide owners a simple petition process for recovering US Savings Bond proceeds
In order to achieve this purpose, DSL believes the rules should address the following administrative actions:
1. Develop a strategy to locate the owners or their descendants and return their US Savings Bonds during a three-year period before escheatment.
a. Create a webpage where the public can learn about the project and search a listing of US Savings Bond owners with a convenient method to file a claim for the Savings bonds.
b. Plan public outreach efforts designed to provide any interested parties the opportunity to search and recover US Savings Bonds.
c. Ensure the outreach strategy meets the due process requirements of escheatment.
2. Develop an escheatment timeline and process with Marion County Courts.
3. Work with US Treasury to develop the process and paperwork needed to cash in matured escheated US Savings Bonds.
4. Post the proceeds of escheated bonds to the owner’s account so petitions can be made against the funds.
DSL held three RAC Committee Meetings starting in January 2019. RAC Committee Meeting locations are:
RAC Committee Meeting #1
January 18, 2019
9 am to 12 pm
Land Board Room
775 Summer Street NE, Salem, Oregon
RAC Committee Meeting #2
February 8, 2019
9 am to 12 pm
Land Board Room
775 Summer Street NE, Salem, Oregon
RAC Committee Meeting #3
March 13, 2019
1 pm to 4 pm
Land Board Room
775 Summer Street NE, Salem, Oregon
One public hearing will be held:
Tuesday, May 21 from 5 pm to 6:30 pm
Land Board Room
Department of State Lands
775 Summer Street NE
Salem, Oregon 97301
Public Comment Period is May 1 to 5 PM, May 31, 2019.
Draft Rules:
Clean Copy (Changes accepted of the proposed language change.)
Tracked Changes Copy (What was the rule and what is proposed to change.)