Oregon House Bill was enacted on 7/13/23

This is to advise that the Oregon House Bill was enacted on 7/13/23. The new law becomes effective on 1/1/24.

This law focuses on due diligence, securities, and abandonment presumptions and provides detailed updates to the current legislation.

This law enacts changes in the following areas:

1. Definitions:

   • A new definition of Security
   • A new definition of Wages

2. Presumption of Abandonment:

   • A new presumption of abandonment provision for securities is added.

3. Due Diligence for Security

   • Adds a more robust Due Diligence provision for securities only

4. Reporting Securities

   •  The holder of unclaimed security or distribution must deliver a certificate of ownership or other evidence of ownership

5.  Dormancy:

   • Fiduciary accounts dormancy is increased from two years to three years
   • Unpaid wages dormancy is reduced from three years to one year

6. Property Held for Minors:

   • Funds in an account established as a minor account are not payable or distributable unless the minor attains the age of 21 years

7. Records Exempt from Disclosure:

   • Certain records held by the State Treasurer are exempt from public disclosure.

Click here to view the complete legislative alert on the Compliance Hub.