Legislative Briefs

Management of unclaimed property funds

Senate Bill 454

What it does:  The Oregon Department of State Lands has administered the state's Unclaimed Property Law since 1957. DSL holds millions of dollars in unclaimed assets, including savings bonds, stock dividends and uncashed checks. Roughly $50 million is remitted to DSL each year, roughly half of which is returned to the rightful owners. Unclaimed funds are held in Oregon's Common School Fund until claimed, and interest from those funds is sent to Oregon's schools twice a year. This bill would transfer the management of the unclaimed property division from the Department of State Lands to the State Treasury in order to improve efficiency and increase funding for the Common School Fund.

What’s new:  The Senate Business and General Government Committee heard testimony Tuesday, Feb. 19, and voted it out of committee on Thursday, Feb. 21.

What’s next: The bill is expected to get a Senate floor vote this week.

Grow Your Own teachers

What it does: This bill would provide grant-based funding to support programs that cultivate the next generation of educators by supporting individuals on pathways to employment in pre-K and K-12 education. These “Grow Your Own” programs would remove financial obstacles for candidates and create an education workforce that is reflective of the students they serve.

What’s new: The Confederation of Oregon School Administrators testified in support of the bill during a public hearing Monday, Feb. 18, along with other stakeholders. This bill is the culmination of work done over the past year to address the shortage in the educator workforce.

What’s next: The bill has not been scheduled for a committee vote, but OSBA will continue to monitor its progress.