Oregon House Bill was enacted on 7/13/23

Freda Pepper
November 20, 2023

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.

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Freda Pepper

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