FINAL LIEN PAYMENT - CHECK PROCESSING POLICY
Administrative Rule Adopted by Auditor's Office Pursuant to Rulemaking
Authority
ARB-ENB-12.03
PURPOSE
It is the purpose of this policy to establish the process to be used when a
final payment is received that is for more than or less than the exact amount
necessary to satisfy the City of Portland lien(s) designated for final
payment.
POLICY
A. If the final payment received is $ 25.00 (or more) short of the exact
amount necessary to satisfy the lien(s), the check will be returned to the payee
with a letter showing the amount of the shortage, the correct payoff amount and
due date except when:
1. The check is for the amount of the payoff quoted and was received by the
due date.
B. If the final payment received is less than $ 25.00 short of the exact
amount necessary to satisfy the lien(s), the check will be posted as a
satisfaction of the lien except when:
1. The amount does not cover the amount of principal owed.
2. There has been an agreement made to receive the amount of the
shortage.
C. If the final payment received is less than $ 25.00 in excess of the exact
amount necessary to satisfy the lien(s), the check will be posted as a
satisfaction of the lien except when:
1. There has been an agreement made by the Chief Deputy Auditor or customer
service staff to refund the amount of the overage.
D. If the final payment received is $ 25.00 (or more) in excess of the exact
amount necessary to satisfy the lien(s) either:
1. A refund check of the overage will be obtained using the Split Check
procedure, if the check was for the amount of the payoff quoted and received
by the due date.
2. The check will be sent back for correction if an apparent error has been
made.
Filed for inclusion in PPD September 30, 2004.
