This page addresses key areas of interest regarding Oregon unclaimed property and escheatment laws and regulations.
Key Oregon Unclaimed Property Reporting Deadlines
Oregon has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by November 1st.
Early reporting is permitted for property older than 120 days with prior written approval from the Department of State Lands.
An affidavit certifying completion of due diligence is required to be submitted with all early reports.
Negative reports are only required if:
- Holder is filing for the first time;
- There has been a name change, address change or new contact person;
- A report was filed last year; or
- The company has been audited by the Oregon compliance staff
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Oregon’s unclaimed property laws and regulations.
Holders reporting to Oregon are required to submit their reports electronically. To file a paper report, a holder can request an exception by filing a written request.
Oregon Due Diligence Requirements
Oregon requires holders to send due diligence notifications for any property with a value of $100 or more.
Due diligence notices must be sent each reporting cycle to the apparent owner at the last known address. All due diligence efforts must be completed at least 60 days prior to the unclaimed property reporting deadline.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Oregon Dormancy Periods
Dormancy periods vary by property type, but in general, most property types in Oregon have a 3- year dormancy period.
Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.
Dormancy periods in Oregon for other common property types include:
- Refunds or Rebates: 3 years
- Contents of Safe Deposit Boxes: 2 years
- Money Orders: 7 years (non-bank)
Oregon Unclaimed Property Links
What Are the Holes in Your Unclaimed Property Process?
Answer 8 questions to understand your level of unclaimed property risk in as little as 30 secondsWhat's My Risk?
Key Unclaimed Property Reporting FAQs
The Oregon unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Oregon and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.