As of July 1, Oregon’s Unclaimed Property and Estates Administration programs are now part of Oregon State Treasury. Fortunately, while where the programs are administered has changed, the programs themselves – and the people who help deliver unclaimed funds to their rightful owners – remain the same.
Oregon’s Unclaimed Property Program holds more than $773 million in unclaimed assets –like uncashed checks, forgotten bank accounts, security deposits, and more. Treasury keeps that property safe until the rightful owners come forward to claim it. We also invest the funds to earn interest for the Common School Fund, which distributes money to schools across Oregon.
Meanwhile, Oregon’s Estates Administration Program safeguards personal estates when Oregonians die without a will and known heirs. The Estates team coordinates funeral arrangements; identifies and secures assets; pays creditors and estate taxes; and looks for heirs. All remaining funds are deposited in the Common School Fund, where they also earn interest for Oregon’s K-12 education until claimed.
Senate Bill 454, approved by the Oregon Legislature in June 2019, moved oversight of these two programs to Treasury from Department of State Lands. Planning for the move was done behind the scenes by both agencies to ensure that when the program responsibilities changed in July 2021, the processes and team members who’ve made the programs successful would be ready to go from day one at Treasury. A total of 16 staff from both programs became Oregon State Treasury employees on July 1.
Following the transfer, most people using the program will see no difference in their experience submitting or following up on a claim, and the main portal for searching for and claiming unclaimed property will remain the same: unclaimed.oregon.gov.
Beginning with the 2021 reporting year, businesses, nonprofits, and government agencies that report and remit unclaimed property will work with Treasury to meet the annual reporting deadline for unclaimed funds.
“These programs are vital to reuniting Oregonians with their lost property,” notes Treasurer Tobias Read. “I appreciate the inter-agency team that worked hard to complete the transfer without any interruptions or hiccups for people claiming or reporting funds.”
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