Palonek reminds citizens of Oregon Legislation that classifies property as unclaimed sooner

May 7, 2010 - PRLog -- With little fan fair legislation was passed in 2008 that now requires all holders of any unclaimed property to transfer this property to the State of Oregon in 3 years after it is classified as unclaimed. The period of transfer before this was 5 years.  Although this is good news for holders on unclaimed property since there will be less paperwork it is not so good for the owners of the unclaimed money.

The most common types include property reported by financial institutions, the securities industry and certain insurance funds.

The deadline for holders of these unclaimed properties must still send their reports to the Department of State Lands by November 1 of each year. Now instead of reporting unclaimed property in 5 years reports must now be sent after the three-year holding period.

According to Edward Palonek, founder of Foundmoney.com, who helps reunite people with their lost or forgotten money and was the first company on the Internet to do so, the owners would no longer be collecting interest on any unclaimed assets once it gets transfer to the State. This could amount to thousands of dollars in lost interest income, money that could be used to help pay down some credit card bills.

Foundmoney.com is a company that was started in 1994 and specializes in unclaimed money and has reunited thousands of people with their lost and forgotten property.

Cyndi Wickham, Unclaimed Property Manager with Oregon says that "with the passage of House Bill 2104, Oregon will now be consistent with California and Washington's dormancy periods for the same types of property, easing the reporting burden for holders that report in those states too.” In addition the legislation changed the manner of determining dormancy on deposit accounts with an auto-renewal feature, and the method for giving notice of impending service charges by a financial institution from certified mail to first-class mail.
 
You don’t have to live in Oregon to make a claim. If you lived there before or did business there at some time, you could still have some unclaimed accounts just sitting there, waiting for you to come forward.

These unclaimed assets come from Stocks and Bonds, Checks, Wages/Payroll, Insurance, Court Deposits, Accounts, Utilities, Trusts, Mineral Interests and Safety Deposits Boxes in Banks. “Everyone can use a bit of help right now during this tough economic times, so don’t delay and visit www.foundmoney.com for the possibility of finding some cash to help pay those bills”, says Palonek.

Contact
Foundmoney at www.foundmoney.com
Edward Palonek at www.edwardpalonek.org

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Each year, 1,000's of people lose track of their bank accounts, cash, stocks, bonds, refunds, royalties, safe deposit boxes and other property. Losing sight of property can happen to anyone. Foundmoney.com helps people re-unite with their unclaimed money