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SENATE FLOOR VERSION
February 6, 2024
AS AMENDED
SENATE BILL NO. 1534 By: Weaver
An Act relating to the Uniform Unclaimed Prop erty
Act; amending 60 O.S. 2021, Sections 661, 662, and
674.2, which relate to reports of abandoned property,
notice and publication, and property delive red to
State Treasurer; authorizing electronic communication
under certain circumstances; increasing value for
property for which the State Treasurer is not
required to publish notice; increasing value of
property for which claimant is required to provide
certain documentation; up dating statutory language;
and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 60 O.S. 2021, Section 661, is
amended to read as follows:
Section 661. A. A person holding property, tangible or
intangible, presumed abandoned and subject to custody as unclaimed
property under the Uniform Unclaimed Property Act shall report to
the State Treasurer concerning the property as provided in this
section.
B. The report must shall be verified and must shall include:
1. The name, if know n, and last-known address, if any, of each
person appearing from the records of the holder to be the owner of
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property of the value of Fifty Do llars ($50.00) or more presumed
abandoned under the Uniform Unclaimed Property Act and items of
value under Fifty Dollars ($50.00), reported in the aggregate,
except property which is one of a recurring number of continuous
payments, including, but not limited to, royalties, annuities,
dividends, distributions and other sums presumed abandoned pursuant
to subsection D of Section 655 of this title, which shall be
reported in the same manner as property with a value of Fifty
Dollars ($50.00) or more;
2. In the case of unclaimed funds of Fifty Dollars ($50.00) or
more held or owing under any life or endowment insurance policy or
annuity contract, the full name and last -known address of the
insured or annuitant and of the beneficiary according to the records
of the insurance company holding or owing the funds;
3. In the case of the contents of a safe deposit box or other
safekeeping repository or of other tangible personal property, a
description of the property and the place where it is held, which
may be inspected by the State Treasurer, and any amounts, including
offsets for drilling costs and rent, owing to the holder;
4. The description of the property, including typ e and
identifying number if any, and the amount appearing from the records
to be due;
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5. The date when the property beca me payable, demandable or
returnable, and the date of the last transaction with the owner with
respect to the property;
6. In the case of a cashier ’s check, if known, the names and
last-known addresses of the payee(s) all payees, the payor(s) all
payors and the purchaser(s) all purchasers; and
7. Any other information reasonably required by the Treasurer.
C. If the person holding prope rty presumed abandoned and
subject to custody as unclaimed property is a successor to other
persons who previously held the property for the apparent owner or
if the name of the holder has changed while h olding the property,
the holder shall file with the report all kno wn names and addresses
of each previous holder of the property.
D. The report must shall be filed before November 1 of each
year for property reportable as of the preceding July 1, but the
report of any life insurance company must shall be filed before May
1 of each year for property reportable as of the preceding March 1.
The State Treasurer may postpone the reporting date upon written
request by any person required to file a report.
E. Not more than one hundred twenty (120) days before filing
the report required by this section, the holder in possession of
property presumed aba ndoned and subject to custody as unclaimed
property under the Uniform Unclaimed Property Act shall send written
notice to the apparent owner at the owner ’s last-known address
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informing the owner that the holder is in possession of property
subject to the Uniform Unclaimed Property Act if:
1. The holder has in the records of the holder an address for
the apparent owner which the holder’s records do not disclose to be
inaccurate;
2. The claim of the apparent owner is not barred by the statute
of limitations; and
3. The property has a value of Fifty Dollars ($50. 00) or more,
or the property has a value of less than Fifty Dollars ($50.00) and
is one of a recurring n umber of continuous payments , including, but
not limited to, royalties, annuities, dividends, d istributions and
other recurring sums presumed abandoned pursuant to subsection D of
Section 655 of this title. The holder is not required to send
written notice to the owner if the holder has previously attempted
to communicate with the owner, or otherwi se exercised due diligence
to ascertain the whereabouts o f the owner. Communication shall
include written notice and, if initiated by the apparent owner,
electronic mail and other forms of electronic correspondence. The
mailing of notice by first -class mail to the last-known address of
the owner by the holder shall constitute compliance with this
subsection and, if done, no further act on the part of the holder
shall be necessary.
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F. Reports filed by a holder shall remain confidential except
for that information required to be subject to public inspection
pursuant to the Uniform Unclaimed Property Act.
G. The Treasurer may require a holder reporting fifteen or more
items of property pursuant to this sec tion to file the report
online. The Treasurer shall promulgate rules necessary to carry out
provisions for online filing.
SECTION 2. AMENDATORY 60 O.S. 2021, Section 662, is
amended to read as follows:
Section 662. A. The State Treasurer shall cause at least two
notices to be published during the year following the report
required by Section 661 of this title in a legal newspaper of
general circulation in the county in this state in which i s located
the last-known address of any person to be named in the notice.
Different legal newspapers of general circulation may be used for
each notice. If no address is listed or if the address is outs ide
this state, the notice must shall be published in the county within
this state which is the principal place of business of the holder of
the abandoned property, or in an Oklahoma a newspaper in this state
which the State Treasurer believes most likely to be seen by the
owner of the property or by heirs of the owner.
B. The published notice must shall be entitled “Notice of Names
of Persons Appearing to be Owners of Abandoned Property ”, and
contain:
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1. The names in alphabetical order and last -known address, if
any, of persons listed in the r eport and entitled to notice within
the county as specified in subsection A of this section;
2. A statement that information concerning the property and the
name and last-known address of the holder may be obtained by any
person possessing an interest in the property by addressing an
inquiry to the State Treasurer; and
3. A statement that the property is in the custody of the State
Treasurer and all claims must be directed to the State Treasurer.
C. The State Treasurer is not required to publish in the n otice
any items of less than Fifty Dollars ($50.00) Two Hundred Fifty
Dollars ($250.00) unless the State Treasurer considers their
publication to be in the public interest.
D. The State Treasurer shall provide electronic access to the
new names and last-known addresses of all persons reported to the
State Treasurer as owners of unclaimed property on an Int ernet web
site. The State Treasurer shall take reasonable steps to publicize
the existence of this web site and shall publish an advertisement no
less than once each calendar quarter in a legal newspaper of general
circulation in each count y of this state.
SECTION 3. AMENDATORY 60 O.S. 2021, Section 674.2, is
amended to read as follows:
Section 674.2. If any person claims an interest in any prop erty
delivered to the State Treasurer in which the owner of the property
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is determined to be deceased, the State Treasurer shall not pay over
or deliver to the claimant property as provided in Sectio n 651 et
seq. of this title, unless the claimant provides the following
items:
1. A certified copy of letters of administration or letters
testamentary from the probate of the estate of the decedent naming
the claimant as the personal representative of the estate of the
decedent;
2. A certified copy of the dec ree of distribution from the
probate of the estate of the decedent determining the cla imant to be
entitled to receive such property through the estate of the
decedent;
3. If the owner of the propert y executed an inter vivos trust
which provided for the disposition of the prope rty of the owner, a
properly verified copy of the trust instrument which shows the
claimant is the trustee or beneficiary of the trust or otherwise
entitled to the property reported;
4. If the property is derived from real property l ocated in
Oklahoma this state, a certified copy of a final decree quieting
title of the decedent’s real property, determining the claimant to
be the successor in interest of decedent ’s ownership interest;
5. If the value of the property is Five Thousand Dollars
($5,000.00) Ten Thousand Dollars ($10,000.00) or more, a certified
copy of the death certificate of the owner of the property;
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6. If the value of the property at the time the claim is paid
is Ten Thousand Dollars ($10,000.0 0) Twenty-five Thousand Dollars
($25,000.00) or less, a signed affidavit executed by the claimant
stating that the claimant is entitled to receive such property, the
reason the claimant is entitled to receive such property, that there
has been no probate of the estate of the deceased owner, that no
probate is contemplated and that claimant will indem nify the state
for any loss, including attorney fees, should a nother claimant
assert a prior right to the property.
The State Treasurer may require other reasonable documentation,
in addition to the abo ve items, to determine the validity of the
claim.
SECTION 4. This act shall become effective November 1, 2024.
COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY
February 6, 2024 - DO PASS AS AMENDED