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Interest Bearing Escrow Account for over $500,000 retainage contracts or can we track the interest in-house and pay?

Oregon

Does House Bill 2415 -- ORS 279C.570 actually mean that you have to place retainage in a third party escrow account? We track interest on retainage withheld ourselves and pay out accordingly. Is this statute saying that interest just has to be accrued on contracts over $500,000 or that it actually has to be placed with a THIRD PARTY in an escrow account?

Interest Bearing Escrow Account for over $500,000 retainage contracts or can we track the interest in-house and pay?

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