Or. Admin. Code § 170-145-0100 - Voluntary Disclosure Program

(1) The Voluntary Disclosure Program allows a Holder to come into compliance with the reporting and delivery of Property presumed abandoned under ORS 98.302 to 98.436 and these rules without penalty under ORS 98.992 during the period the Holder participates.

(2) To participate in the Voluntary Compliance Program, a Holder must meet the following criteria. The Holder:

(a) Has identified that it did not report or underreported Property that was Reportable and deliverable in a prior year;

(b) Is not subject to a current Examination under these rules; and

(c) Has not participated in the Voluntary Compliance Program or the Self-audit Program within the past ten years. The Treasurer may waive this requirement if the Property type is new or associated with a merger or acquisition of a new company.

(3) If the Holder qualifies to participate in the Voluntary Disclosure Program, the Holder must:

(a) Enter into a Voluntary Disclosure Agreement with the Treasurer.

(b) Conduct a complete examination of the Holder's, the Holder's subsidiaries or other related entities books and records for the six years immediately prior to participation;

(c) Report and deliver Property as required under ORS 98.302 to 98.436;

(d) Disclose the following for each subsidiary or related entity:

(A) The Employer Identification or Tax Identification Number issued by the Internal Revenue Service;

(B) The state of domicile;

(C) The state of incorporation; and

(D) The Holder's corporate structure.

(e) Disclose, in writing, all business positions, methodologies, and estimation techniques, if applicable, used to determine Reportable Property;

(f) Disclose the Due Diligence performed to locate Owners under the Examination period;

(g) Verify the content and accuracy of the records examined to the Treasurer, including the reason for each missing or unavailable record; and

(h) File an electronic report in the form and format required by the Treasurer under OAR 170-145-0020 within 180 days after the Holder enters the Voluntary Disclosure Program.

(4) When the Holder completes the Voluntary Disclosure Program, the Holder remains subject to a penalty for failing to report, pay, or deliver Property under ORS 98.302 to 98.436 for periods other than those covered by the Voluntary Disclosure Program.

(5) The Treasurer at any time may conduct an Examination of the Holder's records under ORS 98.412.

Notes

Or. Admin. Code § 170-145-0100

OST 2-2021, adopt filed 06/29/2021, effective 7/1/2021; OST 3-2023, temporary amend filed 12/29/2023, effective 1/1/2024 through 6/23/2024; OST 3-2024, amend filed 06/03/2024, effective 6/10/2024

Statutory/Other Authority: ORS 178.050, ORS 98.302 to 98.436 & ORS 98.992

Statutes/Other Implemented: ORS 98.302 to 98.436 & ORS 98.992