Oregon Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Oregon | July 1 to June 30 | After October 1 but not later than November 1 | $100 minimum, phone calls, email, letters or personal contacts at least 60 days prior to report filing | Required if you are an active holder or have been audited by Oregon's unclaimed property program in the last 5 years | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal or on DVD/CD or flash drive. | Funds: ACH Debit, ACH Credit, Check, Wire Securities: DTC, DRS or DWAC | Oregon Unclaimed Property |
The current statutes that govern unclaimed property in Oregon can be found here. Oregon has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Oregon Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Oregon is July 1 to June 30.
Oregon Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $100, phone calls, email, letters or personal contacts must be made with the owner at least 60 days days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Oregon Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due after October 1 but not later than November 1.
Oregon Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Oregon Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal or on DVD/CD or flash drive. Funds can be transferred online, through ACH Debit, ACH Credit, Wire or Check. Securities can be transferred through Depository Trust Company (DTC), DRS or Deposit / Withdrawal At Custodian (DWAC).
Oregon Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Oregon requires negative reports if you are an active holder or have been audited by Oregon's unclaimed property program in the last 5 years.
Oregon Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Oregon does have a VDA program.
Oregon Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Oregon vary, refer to the state dormancy periods.
More information from the state of Oregon on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.