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House Bill 2415 – OR Retention Escrow Account

2 months ago

Is House Bill 2415 in Oregon, which went into affect Jan. 1 2020 still related to PUBLIC work and not Private? If I look up OR retention information on Levelset, it states that there is no escrow account requirement for Private construction. An Owner we are contracted with states it is for Private construction as well.

Chief Legal Officer Levelset
75 reviews

House Bill 2415 modified both ORS 279C.570which pertains to solely public projects, and ORS 701.420which pertains to “contracts for construction and home improvement” generally.

Both sections now require that: “If the contract price exceeds $500,000, the owner, contractor or subcontractor shall place amounts withheld as retainage into an interest-bearing escrow account.

When I look at the Levelset retainage resources for Oregon private projects, it appears that while the headline text of the bullet points state retainage is not generally required to be held in escrow, there is an exception for projects where the contract price exceeds $500,000, and the contract was entered into after January 1, 2020.

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