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ENGROSSED HOUSE
BILL NO. 2226 By: Moore of the House
and
Weaver of the Senate
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 unclaimed funds or other
property, tangible or intangible, held pursuant to the Uniform
Disposition of Unclai med Property Act that such claimant may be
entitled to claim such unclaimed property; or
2. Files a claim for any funds or other property, tangible or
intangible, on behalf of a claimant of such funds or property,
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shall contract for or receive from the cl aimant, for services, an
amount that exceeds twenty -five percent (25%) of the value of the
funds or property recovered.
If the funds or property involved 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.
Passed the House of Representatives the 2nd day of March, 2021.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2021.
Presiding Officer of the Senate