The Oregon Division of State Lands is in the process of preparing rules to comply with HB 2129, passed during the 2001 legislative session and related to unclaimed properties.

The rules impact ONSA members in a number of ways. Employee checks that are never picked up or cashed, vendor credits that are never applied or used, money orders that you sold but were never cashed are your responsibility to report, to maintain records on, and, ultimately, to remit those funds to the Oregon Division of State Lands.

Under the new administrative rules, the time frame that you must hold, report and remit unclaimed funds to the Division has changed from five to three years.

While the new rules simplify and reduce the time frame in which you are required to retain records and report funds, another important component of the new rules requires the Division to distribute educational materials to any business that must report unclaimed property. Many businesses in the state were unaware of, or did not understand their responsibility in reporting, holding and remitting funds to the Division and often faced serious financial penalties and assessments when audited by the Division. For businesses that have failed to report or are not in compliance, an amnesty period currently exists.

When the final rules are adopted, ONSA will make copies available to our members and remind you to watch for the Divisions informational materials.