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:
- A new definition of Security
- A new definition of Wages
Presumption of Abandonment:
- A new presumption of abandonment provision for securities is added.
Due Diligence for Security
- Adds a more robust Due Diligence provision for securities only
- The holder of unclaimed security or distribution must deliver a certificate of ownership or other evidence of ownership
- Fiduciary accounts dormancy is increased from two years to three years
- Unpaid wages dormancy is reduced from three years to one year
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
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.