HB2226 HFLR Page 1
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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
HOUSE BILL 2226 By: Moore of the House
and
Weaver of the Senate
AS INTRODUCED
An Act relating to property; amending 60 O.S. 2011,
Section 674.1, which relates to the limitations on
service fees for recovering unclaimed funds or
property; providing requirement for individuals
claiming funds or property for a deceased claimant
for a recovery fee; changing certain date; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 60 O.S. 2011, Section 674.1, is
amended to read as follows:
Section 674.1 A. No person who:
1. Informs a potential claimant of any uncl aimed funds or other
property, tangible or intangible, held pursuant to the Uniform
Disposition of Unclaimed Property Act that such claimant may be
entitled to claim such unclaimed property; or
HB2226 HFLR Page 2
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2. Files a claim for any funds or other property, tangible or
intangible, on behalf of a claimant of such funds or property,
shall contract for or receive from the claimant, for services, an
amount that exceeds twenty -five percent (25%) of the value of the
funds or property recovered.
If the funds or property involv ed are mineral proceeds, the
amount for services shall not include a portion of the underlying
minerals or any production payment, overriding royalty, or similar
payment.
In the event that the claimant of such funds or property is
deceased and did not personally agree to the fee in writing, a fee
for recovery can only be collected from each identified heir,
devisee or legatee that has affirmatively agreed to that fee in
writing.
B. The provisions of this section shall apply to contracts
executed on or after July 1, 1990 November 1, 2021.
SECTION 2. This act shall become effective November 1, 2021.
COMMITTEE REPORT BY: COMMITTEE ON GENERAL GOVERNMENT, dated
02/17/2021 - DO PASS, As Coauthored.