170-145-0040 Holder Examinations Every Person receiving at least 10 business days written notice is subject to an Examination by the Treasurer: (1) The Person subject to an Examination must provide all records, without redaction or omission, necessary to determine whether the Person has complied with the requirements of ORS 98.352. Unless authorized by the Treasurer, records must be in an electronic format. The Person or Holder subject to Examination must provide records timely during the Examination. (2) A Holder subject to an Examination under ORS 98.412(4) must provide all records to the Treasurer or the Treasurer’s Authorized Representative, including those records created or maintained by any Person serving as the Holders’ registrar, paying agent, Third-Party Administrator, or any other Person creating or maintaining records on behalf of the Holder. (3) The Person or Holder subject to Examination must present all records and accounts requested and include, but are not limited to: (a) Contractual agreements between depositors and the Financial Institution regarding the deduction of authorized service charges, account increases or decreases, and the cessation of interest payments; (b) Records of current accounts, Inactive accounts, and accounts that may have been closed and archived; (c) The Holder's procedures for administering Inactive accounts, including searching for and notifying Owners to ensure compliance with OAR 170-145-0015; (d) Bank reconciliations, outstanding checklists, check registers, void check listings, and bank statements; (e) Customer accounts receivable aging reports; (f) Reports from transfer agents showing the name, address, and last date of positive contact with stockholders; (g) Uncashed checks; (h) Journal entries that specifically write off stale dated checks; (i) Third Party Administrators' contracts, records, and reconciliations; and (j) Holder trial balance of accounts and/or chart of accounts. (4) The Holder may not report or deliver any past-due Property directly or through a transfer agent during the Examination unless the Treasurer provides written authorization to do so. (5) During the Examination, the Holder may not report and remit current annual reports directly to the Treasurer. Instead, the Holder must deliver the reports to the Treasurer’s Authorized Representative between October 1st and November 1st. The representative will review the reports to ensure past-due property is not included. Once the review is complete, the representative will inform the Holder of their findings, instruct the Holder on any needed changes to the report, and provide a new reporting deadline. Current reports will not be considered late when the Holder complies with this requirement and the new deadline. (6) The Holder must respond to the Treasurer’s preliminary findings by providing a written response within 30 days. (7) The Holder must deliver to the Treasurer any Property, interest, and penalties due based on final Examination findings within 60 days unless the Holder requests to resolve the dispute through a collaborative dispute resolution process or files a request for contested case hearing. If the Holder fails to request a collaborative dispute resolution process or contested case hearing within the time allowed, the Examination findings and decisions become final. The Holder may request a payment plan or payment period adjustment from the Treasurer. (8) A Holder that has been subject to an Examination by the Treasurer is required to file an annual Holder’s report even if it is not in possession of Property to report and remit. If the Holder has no Property to report for five consecutive years, the Holder may request permission to stop filing Negative Reports until the Holder has Property to report. Statutory/Other Authority: ORS 178.050 & ORS 98.422 Statutes/Other Implemented: ORS 98.412 History: OST 3-2024, amend filed 06/03/2024, effective 06/10/2024 OST 3-2023, temporary amend filed 12/29/2023, effective 01/01/2024 through 06/23/2024 OST 2-2021, adopt filed 06/29/2021, effective 07/01/2021