Oregon Revised Statutes Chapter 98 § 98.412 — Verified report; examination of records; failure to maintain records

Verified report; examination of records; failure to maintain records. (1) The State Treasurer may require a person who has not filed a report under ORS 98.352 to file a verified report stating whether the person holds any unclaimed property reportable or deliverable. (2) The State Treasurer may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person has complied with the provisions of ORS 98.352. The State Treasurer may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this section. (3) To the extent possible, the State Treasurer shall enter into agreements with state and federal agencies that regularly examine the records of financial institutions, trust companies, financial holding companies and bank holding companies, as defined in ORS 706.008, and of subsidiaries of such financial institutions, trust companies, financial holding companies and bank holding companies. Under the agreements, the state and federal agencies shall examine the records of the financial institution, trust company, financial holding company, bank holding company or subsidiary to determine compliance with ORS 98.352. If a state or federal agency does not enter into an agreement with the State Treasurer under this subsection, the State Treasurer shall conduct the examination of the records of financial institutions, trust companies, financial holding companies and bank holding companies to determine compliance with ORS 98.352. (4) If a holder fails to maintain the records required by ORS 98.354 and the records of the holder available for the periods subject to ORS 98.302 to 98.436 and 98.992 are insufficient to permit the preparation of a report, the State Treasurer may issue a finding that requires the holder to report and pay the amounts that the State Treasurer reasonably estimates from the report and available records. (5) In addition to the information required under ORS 183.413 and 183.415, the State Treasurer shall provide a holder subject to findings under subsection (4) of this section with information about opportunities to resolve disputes through a collaborative dispute resolution process in lieu of a contested case hearing under ORS 183.413 to 183.470. [1957 c.670 §25; 1983 c.716 §22; 1993 c.694 §20; 1997 c.480 §§1,1a; 2001 c.377 §41; 2003 c.272 §6; 2019 c.678 §25]