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Oregon bill would route foreclosure sale surpluses to Treasury, create statewide claims process
Summary
House Bill 2089A would send surplus proceeds from property tax foreclosure sales to the Oregon State Treasury’s unclaimed property program and set procedures for sale and notice, a compromise developed after the U.S. Supreme Court’s Tyler v. Hennepin decision.
Representative Emerson Levy told the Senate Committee on Finance and Revenue on Monday that House Bill 2089A establishes a statewide process for handling surplus proceeds from property tax foreclosure sales and directs those surpluses to the Oregon State Treasury’s unclaimed property program.
“House Bill 2089A relates to how the surplus proceeds of property tax foreclosure sales will be handled,” Representative Levy said, framing the measure as a follow-up to the U.S. Supreme Court’s 2023 decision in Tyler v. Hennepin County and to prior state legislation (House Bill 4056, 2024).
The bill would require counties to transfer surplus proceeds to the State Treasury rather than retain them locally. Claudia Chobanu, trust property director for the Oregon State Treasury, told the committee the Treasury already…
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