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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
COMMITTEE SUBSTITUTE
FOR ENGROSSED
SENATE BILL NO. 1534 By: Weaver of the Senate
and
O'Donnell of the House
COMMITTEE SUBSTITUTE
[ Uniform Unclaimed Prop erty Act - abandoned property
– terms - will – trust - State Treasurer - certain
instruments - electronic communication - increasing
value - property – publish notice - abandoned
property - claim form - requirements - payment -
conflicting claims - electronic copies – records -
hearings - procedure - service fees - Unclaimed
Property Recovery Agree ment - Unclaimed Property
Purchase Agreement - designated representative -
required disclosures - total fees and costs -
purchaser - assignment - unclaimed property - sum -
terms and conditions - Unclaimed Property Agreement
Addendum form - downloadable form - providing
signature requirements - interpleader action -
distribution - notarized certification - trust
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instrument - increasing value – documentation -
required documentation - disclosure of books,
accounts, and record - electronic documents - fees
and costs - register - registration fee -
completion of form - background check - false
information - registrant - registration - material
changes - status – names - registration term limit
- renewal fees - designated representative's
registration - registered claimant's designated
representative - database - unclaimed accounts –
information - unclaimed property information -
purposes - confidentiality – violations - actions -
disciplinary actions - enforcement action - civil
actions – investigation - civil or criminal
enforcement - statutory language - codification -
effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STA TE OF OKLAHOMA:
SECTION 1. AMENDATORY 60 O.S. 2021, Section 651, is
amended to read as follows:
Section 651. As used in the Uniform Unclaimed Property Act,
unless the context o therwise requires:
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1. "Apparent owner" means the person whose name appears on the
records of the holder as the person entitled to property held,
issued, or owing by the holder;
2. "Attorney General" means the chief legal officer of this
state;
3. "Banking organization" means any bank, trust company,
savings bank, safe-deposit company, private banker, or any
organization defined by other law as a bank or banking org anization;
4. "Business association" means a non-public corporation,
joint-stock company, investment company, business trust,
partnership, or association for business purposes of two or more
individuals whether or not for profit, including a banking
organization, financial organiza tion, insurance company, or utility;
5. "Claimant" means the person on whose behalf a claim is
filed;
6. "Claimant's designated representative " means a person who
has successfully registered with the State Treasurer pursuant to
Section 9 of this act to file unclaimed property claim on behalf of
a claimant;
7. "Selling claimant" means a claimant who has agreed to sell
his or her interest in unclaimed property in the custody of the
State Treasurer;
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8. "Domicile" means the state of incorporation of a corpor ation
and the state of the principal place of business of an
unincorporated person;
6. 9. "Financial organization " means a savings and loan
association, building and loan ass ociation, or credit union;
7. 10. "Holder" means a person, wherever organized or
domiciled, who is:
a. in possession of property belonging to ano ther,
b. a trustee, or
c. indebted to another on an o bligation;
8. 11. "Insurance company" means an association, corporation,
fraternal or mutual benefit organization, whether or not for pro fit,
which is engaged in providing insurance coverage, including
accidental, burial, casualty, credit life, contract p erformance,
dental, fidelity, fire, health, hospitalizati on, illness, life
(including endowments and annuities), malpractice, marine, mort gage,
surety, and wage protection insurance;
9. 12. "Intangible property" includes:
a. money, checks, drafts, deposit s, interest, dividends,
and income,
b. credit balances, customer overpayments, security
deposits, refunds, credit memos, unpaid wages, unu sed
airline tickets, and unidentified remittances,
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c. stocks and other intangible ownership interests in
business associations,
d. monies deposited to redeem stocks, bonds, co upons, and
other securities, or to make distributions,
e. amounts due and payable under the terms of insurance
policies, and
f. amounts distributable from a trust or custodial fund
established under a plan to provide health, welf are,
pension, vacation, sev erance, retirement, death, stock
purchase, profit sharing, employee savings,
supplemental unemployment insurance, education or
similar benefits;
10. 13. "Last-known address" means a description of t he
location of the apparent owner sufficient for the purp ose of the
delivery of mail;
11. 14. "Memorandum" shall include a mark, symbol o r statement
indicating knowledge of or interest in funds on depos it;
12. 15. "Mineral proceeds" includes:
a. all obligations to pay mineral proceeds resulting from
the production and sale of minerals, including net
revenue interest, royalties, overriding royalties,
production payments, and payments under joint
operating agreements, and
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b. all obligations for the acquisit ion and retention of a
mineral lease, including bonuses, delay rentals, shut-
in royalties, and minimum royalties;
13. 16. "Museum" means an institution which is located in this
state and operated by a n onprofit corporation or a public agency
primarily for educational, scientific, historic preservatio n or
aesthetic purposes, and which owns, borrows, cares for, exhibits,
studies archives or c atalogues property. "Museum" includes, but is
not limited to, historical societies, historical sites or landmarks,
parks, monuments and libraries;
14. 17. "Owner" means a depositor in the case of a deposit, a
beneficiary in case of a trust other than a d eposit in trust, a
creditor, claimant, or payee in the case of ot her intangible
property, or a person having a legal o r equitable interest in
property subject to the Un iform Unclaimed Property Act or the
person's legal representative. Where more than one person is an
owner, the property shall not be presumed abandoned unless it has
remained unclaimed by all of its owners for the periods hereinafter
prescribed;
15. 18. "Person" means an individual, business association,
state or other government, governmen tal subdivision or agency,
public corporation, public authority, estate, trust, two or more
persons having a joint or common interest, or any other legal or
commercial entity;
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16. 19. "State" means any state, district, commonwealth,
territory, insular pos session, or other area subject to the
legislative authority of th e United States;
17. 20. "State Treasurer" or "Treasurer" means the duly elected
and acting State Treasurer o f Oklahoma;
18. 21. "Tax Commission" or "Commission" means the Oklahoma Tax
Commission;
22. "Unclaimed Property Agreement A ddendum" means an addendum
to accompany claims as provided in Section 674.1 of this title;
23. "Unclaimed Property Purchase Agreem ent" means an agreement
between a selling owner and a claimant's designated represe ntative
wherein the selling owner agrees to sell his or her interest in
unclaimed property to the purchasing claimant's designated
representative;
24. "Unclaimed property recovery amount" means an agreement
between a claimant and claimant 's designated representative for the
recovery of unclaimed property in the custody of the State
Treasurer; and
19. 25. "Utility" means a person who owns or operates for
public use any plant , equipment, property, franchise, or license for
the transmission of communications, or the production, storage,
transmission, sale, delivery, or furnishing of electricity, water,
steam, or gas.
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SECTION 2. AMENDATORY 60 O.S. 2021, Section 657.3, is
amended to read as follows:
Section 657.3 All tangible and intang ible personal property
held in a safe-deposit box or other sa fekeeping repository in this
state in the ordinary course of the holder's business and proceeds
resulting from the sale of the property permitted by other law,
which remain unclaimed by the owner for more than five (5) years
after the lease or rental perio d on the box or other repository has
expired, are presumed a bandoned. If a will or trust instrument is
included among the contents of a safe-deposit box or other
safekeeping repository delivered to the State Treasurer, the State
Treasurer must provide a copy of the will, trust, and any codicils
or amendments to such will or trust instrument, upon request, to
anyone who provides the State Treasurer with evidence of the death
of the testator or set tlor.
SECTION 3. 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 cus tody as unclaimed
property under the U niform Unclaimed Property Act shall report to
the State Treasurer concerning the prop erty as provided in this
section.
B. The report must shall be verified and must shall include:
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1. The name, if known, and last -known address, if any, of each
person appearing from the records of the holder to be the owner of
property of the value of Fifty Dollars ($ 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 ab andoned 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 Fi fty Dollars ($50.00) or
more held or owing under a ny 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 o r 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 i t is held, which
may be inspected by the State Treasurer, an d any amounts, including
offsets for drilling cost s and rent, owing to the holder;
4. The description of the property, including type 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 became 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) purchasers; and
7. Any other information reasonably required by the State
Treasurer.
C. If the person holding prop erty presumed abandoned and
subject to custody as unclaimed p roperty is a successor to other
persons who previously held the pro perty for the apparent owner or
if the name of the holder has changed while holding the property,
the holder shall file with the report all known names and addresses
of each previous holder of the property.
D. The report must shall be filed before Novembe r 1 of each
year for property reportable as of the preceding July 1, but the
report of any life i nsurance 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 repor ting date upon written
request by any perso n required to file a report.
E. Not more than one hun dred twenty (120) days before f iling
the report required by this section, the holder in poss ession of
property presumed abandoned and subject to custody as unc laimed
property under the Uniform Unclaimed Property Act shall send written
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notice to the apparen t owner at the owner 's last-known address
informing the owner that the holder is in possessi on of property
subject to the Uniform Unclaimed Property Act if:
1. The holder has in the records of the hold er 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 barre d by the statute
of limitations; and
3. The property has a value o f 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 numb er of continuous payments, including, but
not limited to, royalties, annuities, dividends, distributions and
other recurring sums presumed abandoned pursuant to subsection D of
Section 655 of this title. The holder is not re quired to send
written notice to the owner if the holder has previously attempted
to communicate with the owner, or otherwise exercised due diligence
to ascertain the whereabouts of 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 compl iance 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 c onfidential except
for that information required to be subject to pu blic inspection
pursuant to the Uniform Un claimed Property Act.
G. The Treasurer may require a h older reporting fifteen or mor e
items of property pursuant to this sec tion to file the repo rt
online. The Treasurer shall promulgate rules necessary to carry out
provisions for online filing.
SECTION 4. AMENDATORY 60 O.S. 2021, S ection 662, is
amended to read as follows:
Section 662. A. The State Treasurer shall caus e 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 is located
the last-known address of any person to be named i n the notice.
Different legal newspapers of general circulation may be used for
each notice. If no address is listed or if the address is outside
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 Pro perty", 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 subsectio n 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) One Hundred Fifty
Dollars ($150.00) 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 report ed to the
State Treasurer as owners of unclaimed property on an Internet web
site. The State Treasurer s hall take reasonable steps to p ublicize
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 county of this state.
SECTION 5. AMENDATORY 60 O.S. 2021, Section 674, is
amended to read as follows:
Section 674. A. A person, excluding another claiming other
than a state, claiming but including a registered claimant's
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designated representative , who claims an interest in any p roperty
paid or delivered to the State Treasurer may file with the State
Treasurer a claim on a form prescribed by the State Treasur er and
verified by the claimant or the claimant's designated
representative. The date of filing of a claim shall be the dat e it
is received by the S tate Treasurer with all supporting documentation
from the claimant. Any information submitted by a claiman t which is
required to be submitted to the State Treasurer to establish a claim
may be kept confidential by the State Treasu rer if it contains
personal financial information of the claimant, personal identifying
information such as the address, date of bir th, telephone number or
email address of the claimant, Social Security numbers, birth
certificates or similar documents rela ted to the parentage of a n
individual, or any other document which is confidential by statute
if in the custody of another public ag ency or person Failure to use
the claim form prescribed by the State Treasurer shall void the
claim. The claim form shall r equire information the St ate Treasurer
believes to be reasonably necessary to administer the requirements
of this act, including, but not limited to:
1. A legible copy of the claimant 's valid driver license;
2. A legible copy of a photographic identification of the
claimant issued by the Uni ted States or a state or territory of the
United States, a valid passport or national identifi cation card
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issued by a foreign natio n, or other evidence deemed acceptable by
the State Treasurer; and
3. For claims submitted by a registered claimant 's designated
representative, a duly executed copy of the Unclaimed Property
Recovery Agreement or the Unclaimed Property Purchase Agreement , as
applicable, and as further described in this section.
B. The State Treasurer shall consider each claim within ninety
(90) days after it is filed and give written notice to the claimant
and, if the person i s utilizing the service of a designated
representative, to the claimant's designated representative if the
claim is denied in whole or in part. The notice may be given by
mailing it to the claimant's designated representatives, if any, or
to the claimant's last address, if any, as stated in the claim as
the address to which notices are to be sent. If no address for
notices is stated in the claim, the notice may be mailed to the l ast
address, if any, of the claimant as stated in the claim. No notice
of denial need be given if the claim fails to sta te either the last
address to which notices are to be sent or the address of the
claimant, or if the claim is deemed void pursuant to s ubsection A of
this section.
C. If a claim submitted by the claimant is allowed approved, the
State Treasurer shall pay o ver or deliver to the claimant the
property or the amount the State Treasurer actually received or the
net proceeds if it has been sold by the State Treasurer , together
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with any additional amount required by Section 665 of this title,
but no person shall h ave any claim under this section against the
state, the holder, any transfer agent, registrar or other person
acting for or on behalf o f the state or a holder, for any
appreciation or depreciation in the value of the pro perty or any
earnings that might oth erwise accrue, after sa le of the property by
the State Treasurer.
D. 1. If a claim submitted by a claimant 's designated
representative is approved, the State Treasurer shall pay over or
deliver to the claimant the bala nce remaining after deduction and
payment of the amount due to the claimant's designated
representative by the State Treasurer; provided, however, that any
payments made directly to the claimant 's designated representative
shall be made only pursuant to th e terms of the Unclaimed Property
Recovery Agreement or Unclaimed Property Purchase Agreement that
have been submitted with the claim and only if the claimant 's
designated representative is registered pursuant to Section 674.2 of
this title.
2. The State Treasurer is authorized to make distributi on of
the property or money in accordance with the Unclaimed Property
Recovery Agreement or Unclaimed Property Purchase Agreement . The
Unclaimed Property Recovery Agreement or Unclaimed Property Purchase
Agreement shall be executed by the claimant or selli ng owner and
shall be filed with the State Treasurer along with the claim .
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3. Payments of fees and costs to the claimant's designated
representative authorized under an Unclaimed Property Recovery
Agreement for approved claims shall be made by paper check or other
means approved by the State Treasurer on such periodic schedul e as
the State Treasurer may define; provided, however, payment for
approved claims shall be made to both the claimant and the
claimant's representative within sixty (60) days of approval.
E. The contents of safe-deposit boxes shall be delivered
directly to the claimant and not to the claimant 's designated
representative. Any lien owed to the lessor of the safe -deposit box
shall be deducted from the value of the contents of the safe-deposit
box.
F. When the State Treasurer receives conflicting claims for the
same unclaimed property account or accounts, the pr operty shall be
remitted in accordance with the following, notwithstanding the
withdrawal of a claim:
1. Preference shall be given to the person submitting the first
claim received by the State Treasurer that is complete or made
complete. A claim is complete when entitlement to the unclaimed
property has been established;
2. When a claimant's claim and a claimant's designated
representative's claim are received by the State Treasurer on the
same day and both claims are complete, the claimant shall be giv en
preference;
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3. If a purchasing claimant's designated representative's claim
and an owner's claim or a claimant 's designated representat ive's
claim are received by the State Treasurer on the same day and all
claims are complete, the purchasing claimant's designated
representative's claim shall be given preference;
4. If more than one buyer's claim received by the State
Treasurer is complete or made complete on the same day, the buyer
that demonstrates that its agreement complies with this act and was
executed first shall receive preference;
5. If more than one claim by a claimant 's designated
representative received by the State Treasurer is complete or made
complete the same day, t he claimant's designated representati ve that
has agreed to receive the lowest fee shall be given preference. If
two or more such claimant 's designated representatives are charging
the same lowest fee, the claimant 's designated representative that
demonstrates its agreement complies with this act and was executed
first shall be given preference; and
6. Nothing in this subsection shall extinguish, impair, or
affect any private right of action that one person may have against
another for breach of contrac t, tort, or other statutory or common-
law cause of action; provided, however the State Treasurer shall not
be liable to any person for acting in conformance wit h this act and
its rules and regulations.
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G. The State Treasurer shall maintain an electro nic copy of all
records related to the proper ty received by the Stat e Treasurer.
Such records shall be retained pursuant to the State Treasurer 's
retention schedules, which shall provide for a retention period of
no less than ten (10) years.
H. The State Treasurer shall consider any claim filed under
this act, and in rendering a determination on the merits of any such
claim, shall rely on the applicable statutes, re gulations, and
relevant court decisions and may hold a hear ing and receive evidence
concerning it. If a hearing is held, the State Treasurer shall
prepare a finding and a decision in writing on each claim filed,
stating the substance of any evidence heard by the State Treasurer
and the reasons for the State Treasurer's decision. The decision
shall be a public record.
I. If the claim is allowed, the State Treasurer shall make
payment forthwith. The claim shall be paid with out deduction for
costs of notice in his or her sole discretion, the State Treasurer
may hold a hearing and receive evidence concerning any unclaimed
property claim filed under t his act. If a hearing is held, the
State Treasurer, or his or her designated representative, shall
consider evidence that would be admissible in contested cases under
the Oklahoma Administrative Procedure Act. In any proceeding for
determination of a c laim to property, the burden shall be upon the
claimant, or the claimant's agent, including a claimant's designated
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representative, to establish entitlement to the propert y by a
preponderance of evidence.
J. If a hearing is held, the State Treasurer, or h is or her
designated representative, shall prepare a finding and a decision in
writing on each claim filed, stat ing the substance of any evidence
heard by him or her and t he reasons for the decision. The decision
shall be a public record and deemed the f inal agency decision.
K. If the claim is approved, the State Treasurer shall make
payment pursuant to paragraph 2 of subsection D of this section.
Claims shall be paid wit hout deduction for costs of notice.
SECTION 6. AMENDATORY 60 O.S. 2021, Se ction 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 purs uant to the Uniform
Disposition of Unclaimed Property Act that such cl aimant may be
entitled to claim such unclaimed proper ty; or
2. Files a claim for any funds or ot her property, tangible or
intangible, on behalf of a claima nt 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 valu e of the
funds or property recovered To protect the interests of owners o f
unclaimed property, the St ate Treasurer shall develop and publish a
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form entitled "Unclaimed Property Recovery Agreement ", and a form
entitled "Unclaimed Property Purchase Agreemen t".
B. A claimant's designated representativ e shall use the
Unclaimed Property Recovery Agreement or Unclaimed Property Purchase
Agreement to file a claim with the State Treasurer. Except as
provided in subsection F of this section, the failure of a
claimant's designated representative to use such agreement or
agreements as required by this subsection sh all void the claimant's
designated representative 's claim.
C. The Unclaimed Property Recovery Agree ment and the Unclaimed
Property Purchase Agreement sha ll include and disclose the
following:
1. The total dollar amount of unclaimed property accounts
claimed or sold if the information provided by the holder contains
the value of the unclaimed property ;
2. If the information provided by the holder contains the value
of the unclaimed property, the tot al percentage of all aut horized
fees and costs to be paid to the claimant's designated
representative or the percentage of the value of the property to be
paid as net gain to the selling claimant 's designated
representative;
3. If the information provided by the holder contains the value
of the unclaimed proper ty, the total dollar amount to be deducted
and received from the claimant as fees and costs by the c laimant's
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designated representative or the total net d ollar amount to be
received by the selling cl aimant's designated representative. If
the information provided by the holder does not contain the value of
the unclaimed property, the form shall require t he claimant's
designated representative to identif y the percentage of the net
value of the claim th at is due to the claimant's designated
representative;
4. If the information provided by the holder contains the value
of the unclaimed property, the net do llar amount to be received by
the claimant or the seller;
5. For each account claimed, the unclaim ed property account
number;
6. The name, address, ema il address, phone number, and
registration identification number of the claimant 's designated
representative; and
7. The manual signature of the claimant or seller and the date
signed, affixed on the a greement by the claimant or seller;
provided, however, th at an electronic signature shall be sufficient
so long as any electronic signature uses an electronic si gnature
product and protocol authorized by the Sta te Treasurer;
D. 1. The total fees and cost s under an Unclaimed Property
Recovery Agreement may not exceed twenty-five percent (25%) of the
claimed amount or the unclaimed property 's value, whichever is
lower. If the total fees and costs exceed twenty-five percent
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(25%), the fees and costs shall b e reduced to twenty-five percent
(25%) and the net balance shall be remitted directly by the State
Treasurer to the claimant. Such twenty-five percent (25%)
compensation limit shall not apply:
a. if a judicial order, judgment, or decree to document
entitlement is required, or
b. to Unclaimed Property Purchase A greements.
2. For an Unclaimed Property P urchase Agreement form, proof
that the purchaser has made payment s hall be filed with the State
Treasurer along with the claim. If proof of payment is not
provided, the claim is void. Proof may be demonstrated by a receipt
signed by claimant and claimant 's designated representative, if any;
a copy of check issued; bank wi re confirmation; or other information
provided by the State Treasurer 's rules and regulations.
E. The Unclaimed Property Recovery Agreement and the Unclaimed
Property Purchase Agreement may not create an assignm ent of any
portion of unclaimed proper ty held by the State Treasurer other than
that property described in a duly executed Unclaimed Property
Purchase Agreement.
F. 1. When a claimant's designated representative submits a
claim for which the total known v alue of the claimant's unclaimed
property in the custody of the State Treasurer exceeds Two Thousand
Dollars ($2,000.00), the claimant's designated representative may
add terms and conditi ons to the Unclaimed Property Recovery
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Agreement or to an Unclaimed P roperty Purchase Agree ment in
accordance with the process outlined in this subsection, so long as
the additional terms and co nditions are:
a. not inconsistent with the requirements of thi s
section,
b. printed in at least ten -point font, and
c. located after or below the t erms of the Unclaimed
Property Recovery Agreement or the Unclaimed Property
Purchase Agreement as publi shed by the State Treasurer
pursuant to this section.
2. The State Treasurer shall develop and publish an Unclaimed
Property Agreement Addendum form fo r use by a claimant and
claimant's designated representative to indi cate whether he or she
dispute or agree with the terms and conditions added to the
Unclaimed Property Re covery Agreement or the Unclaimed Property
Purchase Agreement pursuan t to this subsection . The Unclaimed
Property Agreement Addendum form shall be published online and shall
be downloadable.
3. For claims made under this subsection, the Unclaimed
Property Agreement Addendum shall be completed, signed by both the
claimant and the claimant's designated representative, and filed
with the Unclaimed Property Recovery A greement or the Unclaimed
Property Purchase Agreement. Any terms and conditions added to an
Unclaimed Property Recovery Agreement or the Unclaimed Property
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Purchase Agreement shall be void in the absence of a duly executed
Unclaimed Property Agreement Adde ndum. An electronic signature
shall be sufficient so long as the signatory uses an electron ic
signature product and protocol authorized by the State Treasurer.
4. The State Treasurer may file an interpleader action in the
District Court of Oklahoma County if either the claimant or the
claimant's designated representative indicate on the Unclaim ed
Property Agreement Addendum that a dispute exists regarding the
terms and conditions adde d to the Unclaimed Property Recovery
Agreement or the Unclaimed Property Purchase Agreement. Appropriate
notice of the interpleader action shall be provided to the claimant
and the claimant's designated representative. The cost of the
interpleader action s hall be divided between the claimant and the
claimant's designated representative.
5. Except as provided in this act, Unclaimed Property Recovery
Agreements and Unclaimed Property Purchase Agreements authorized by
this subsection shall be deemed the same as those without additional
terms and conditions.
G. The State Treasurer shall not be administratively , civilly,
or criminally liable for any property or funds d istributed pursuant
to this section, provided such distribution is made in good faith.
H. If the funds or property involved are mineral proceeds, the
amount for services shall not inclu de a portion of the underlying
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minerals or any production payment, ove rriding royalty, or similar
payment.
In the event that the claimant o f 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 af firmatively agreed to that fee in
writing.
J. I. The provisions of this section subsection I of this
section shall apply to contracts executed on or afte r November 1,
2021.
SECTION 7. AMENDATORY 60 O.S. 2021, Section 674.2, is
amended to read as follows:
Section 674.2 If any person claims an intere st in any property
delivered to the State Treasurer in which the owner of the property
is determined to be deceased, the State T reasurer shall not pay over
or deliver to the claimant property as provided in Section 651 et
seq. of this title, unless the cla imant provides the following
applicable items:
1. a. A certified copy of letters of administration or
letters testamentary from the probate of the estate of
the decedent naming the cl aimant as the personal
representative of the estate of the decedent; or
2.
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b. A certified copy of the decree of dis tribution from
the probate of the estate of the decedent determini ng
the claimant to be entitled to receive such property
through the estate of the decedent;
3. 2. If the owner of the property executed an inter vivos
trust which provided for the disposition of the property of the
owner, a properly verified notarized certification of the copy of
the trust instrument which shows the claimant is the trustee or
beneficiary of the t rust or otherwise entitled to the property
reported;
4. 3. If the property is derived from real property located 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. 4. 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 a record that provides evidence of the death certificate of
the owner of the property issued by any government authority who
maintains such records;
6. 5. If the value of the property at the time the claim is
paid is Ten Thousand Dollars ($10,000.00) Twenty-five Thousand
Dollars ($25,000.00) or less, a signed affidavit execute d by the
claimant stating that the claimant is entitled to receive such
property, the reason the claimant is entitled to receive such
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property, that there has been no probate of th e estate of the
deceased owner, that no probate is contemplated and that cla imant
will indemnify the state for any loss, including atto rney fees,
should another claiman t assert a prior right to the property.
The State Treasurer may require other reasonable documentation,
in addition to the above items, to determine the validity of the
claim.
SECTION 8. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 674.3 of Title 60, unless there
is created a duplication in numbering, reads as fol lows:
A. Every claimant's designated representative and buyer of
unclaimed property shall keep and use in his or her business such
books, accounts, and records of the business conducted under this
act to enable the State Treasurer to determine whether suc h person
is in compliance with this act and the rules adopted by the State
Treasurer under this act. Every claimant's designated
representative and buyer of unclaim ed property shall preserve such
books, accounts, and records, including every Unclaimed Pr operty
Recovery Agreement or Unclaimed Proper ty Purchase Agreement between
the owner and such claimant 's representative or buyer, for at least
three (3) years after the date of the initial agreement.
B. Upon request by the State Treasurer, a claimant 's designated
representative or buyer of unclaimed property shall provide all
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books, accounts, and records ma intained in compliance with
subsection A of this section to the State Treasurer for examination.
C. Electronic documents shall satisfy the requirements of this
section.
SECTION 9. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 674.4 of Title 60, unless there
is created a duplica tion in numbering, reads as follows:
A. In order to file claims as a claimant's designated
representative, recei ve a distribution of fees and costs from the
State Treasurer, or obtain information pertaining t o unclaimed
property held by the State Treasure r, a claimant's designated
representative shall register with the Sta te Treasurer by paying a
One Thousand Two Hundred Dollar ($1,200.00) registration fee and
completing a form published by the State Treasurer soliciting the
information the State Treasurer deems reasonably necessary to
administer the requirements of this act, including, but not limited
to:
1. The business address and telephone number of the registrant
and, if applicable, the registrant's employer;
2. Tax identification number of the regis trant and, if
applicable, the registrant 's employer;
3. A legible copy of the registrant's current driver license
showing the full name and current address of such perso n. If a
current driver license is not available, another form of photo
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identification as prescribed by the State Treasurer shall be filed
with the State Treasurer;
4. The names of agents or emplo yees, if any, who are designated
to submit claims on beha lf of the registrant, together with a
legible copy of their driver license showing their full name and
address or other form of p hoto identification as prescribed by the
State Treasurer; and
5. Sufficient information to enable the State Treasurer to
disburse fee payments to the registrant.
B. The registrant's designated employee a uthorized to submit
claims on behalf of the registrant shall submit to a backgr ound
check.
C. The knowing submission of false information by any
registrant may be punishable by law .
D. A claimant's designated represent ative is ineligible for
registration if, within the immediately preceding twenty (20) years,
the designated represe ntative, or such designated representa tive's
officer, owner, or employee designated to act on behalf of the
representative, was convicted of a misdeme anor or felony involving
dishonesty, deceit, or fraud, or adjudications of responsibility in
civil actions pertaining to breach of fiduciary dut ies.
E. If a material change in t he status of a registration occurs,
a registrant shall, within thirty (30) days, provide the State
Treasurer with the updated do cumentation and information in writing.
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Material changes include but are not limited to a des ignated agent
or employee ceasing to act on behalf of the designating p erson;
changes in any of the contact information provided pursuant to this
section; any criminal convictions for crimes, whether felonies or
misdemeanors, involving dishonesty, deceit, or fraud; or
adjudications of resp onsibility in civil actions pertainin g to
breach of fiduciary duties. Failure to comply with this subsection
shall result in immediate revocation of the registration as a
claimant's designated representative.
F. A claimant's designated representativ e may not register
under or use a business name that might lead a reasona ble person to
conclude that the representative , firm, or employer is an agent of
the United States, or an agency the reof, or a state or an agency or
political subdivision of a state.
G. Registration by a claimant's designated representative shall
have a four-year term and may be renewed if the claim ant's
designated representative continues to m eet the applicable cr iteria.
Upon renewal, a claimant 's designated representative shall pay a
renewal fee of One Thousand Two Hundred Dollars ($1,200.00).
H. A duly registered claimant 's designated representat ive is
authorized to submit claims and respond to requests for additional
information on behalf of a claimant and apparent owner, and to
receive information related to a ccounts claimed directly from the
State Treasurer.
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I. Any decision by the State Treasu rer or the State Treasurer's
authorized agent to deny, suspend, re voke, or not renew a claimant 's
designated representative 's registration shall set forth the basis
for such action. An applicant for registration or renewal aggrieved
by any decision of the State Treasurer or the State Treasur er's
designated representative is entitled, upon request, to a hearing
before the State Treasure r or the State Treasurer's designated
representative. The request shall set forth with specificity the
reasons for the reque st and the manner of relief sought.
J. Hearings conducted under subsection I of this section shall
be conducted under the terms an d conditions of the Oklahoma
Administrative Procedure Act.
SECTION 10. NEW LAW A new section of law to be codifi ed
in the Oklahoma Statutes as Section 674.5 of Title 60, unless there
is created a duplication in numbering, reads as follows:
A. The State Treasurer sha ll provide a registered claimant's
designated representative with access to a downloadable or
deliverable, searchable and sortable database for all unclaimed
accounts containing the following information, if provided by the
holder:
1. Name of the apparent owner. If the property is from an
insurance policy, the name of the insured and beneficiary, if
applicable;
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2. Last known address of the apparent ow ner. If the apparent
owner is the insured under an insurance policy, the address of the
beneficiary, if applicable;
3. Owner account relati on utilized by the National Association
of Unclaimed Property Adm inistrators;
4. Amount of cash, if applicable;
5. For unliquidated securities or mutual funds account, the
number of shares, the name of the issuer of t he security or mutual
funds account, and the Committee on Uniform Securities
Identification Procedures number, if available;
6. For safe-deposit box contents, descriptions that are
substantially similar to those utilized by the National Association
of Unclaimed Property Administrators;
7. Property type descriptions that are substantially similar to
those utilized by the National Association of Unclaimed Property
Administrators;
8. Date of last activity;
9. Year property was reported to the State Treasur er; and
10. Holder's name and contact information.
B. A claimant's designated representative who rec eives
unclaimed property information from the State Treasurer is
prohibited from distributing such information except f or the purpose
of soliciting owners of unclaimed property to offer claim services.
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The State Treasurer may refer a suspected violation o f this act to
the Attorney General for prosecution.
C. Information identified in subsection A of this section shall
not be deemed confidential to registe red claimant's designated
representatives.
SECTION 11. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Se ction 674.6 of Title 60, unless there
is created a duplication in n umbering, reads as follows:
A. The following acts are violations of this act and shall
constitute grounds for an administrative enforcem ent action by the
State Treasurer:
1. Failure to comply with any provision of this act, any rule
or order adopted unde r this act, or any written agreemen t entered
into with the State Treasure r;
2. Fraud, misrepresentation, deceit, or gross negligence in any
matter within the scope of this act;
3. Fraudulent misrepresentation, circumvention, or concealment
of any matter required to be stated or furnished to an owner or
apparent owner under th is act, regardless of reliance by or damage
to the owner or apparent owner;
4. Willful imposition of illegal or exc essive charges in any
unclaimed property transaction;
5. False, deceptive, or misleading solicitation or advertising
within the scope of this act;
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6. Failure to maintain, preserve, and keep av ailable for
examination all books, accounts, or other document s required by this
act, by any rule or order adopted under this act, or by any
agreement entered into with the State Treasurer under this act;
7. Refusal to permit inspection of bo oks and records in an
investigation or examina tion by the State Treasurer ;
8. Criminal conduct in the course of a pe rson's business;
9. Failure to timely pay any fee or fine imposed or assessed
under this act or any rule adopted under this a ct;
10. Requesting or receiving com pensation for notifying a person
of his or her unclaimed property or assisting another person in
filing a claim for unc laimed property, or entering into, or making a
solicitation to enter into , an agreement to file a claim for
unclaimed property owned by a nother, or a contract o r agreement to
purchase unclaimed property, unless such person is register ed with
the State Treasurer under this act; provided, however, that this
paragraph shall not apply to a person who has been granted a durable
power of attorney to convey and receive all of the real and personal
property of the owner, is the court-appointed guardian of the owner ,
has been employed as an attorney or qualified representative to
contest the State Treasurer's denial of a claim, or has been
employed as an attorney to probat e the estate of the owner or an
heir or legatee of the owner;
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11. Failure to authorize the rele ase of records in the
possession of a third party after being requested t o do so by the
State Treasurer regarding a pending examination o r investigation;
and
12. Receipt or solicitation of consideration to be paid in
advance of the approval of a claim und er this act.
B. Upon a finding by the State Treasurer that any person ha s
committed any of the acts set forth in subsection A of this section,
the State Treasurer may enter an order:
1. Requiring such person to cease and desist or take corrective
action as specified by the State Treasurer ;
2. Revoking a registration previous ly granted during which time
the registrant may not reapply for a registration under this act;
3. Placing a registrant on probation for a period and subject
to such conditions as the State Treasurer may specify;
4. Placing permanent restrictions or conditions upon issuance
or maintenance of a registration ;
5. Imposing an administrative fine not to exceed Two Thousand
Dollars ($2,000.00) for each such act which shall be retain ed by the
State Treasurer for purposes of administ ering this act; or
6. Prohibiting any person from being a director, officer,
agent, employee, or ultimate equitable owner of a ten percent (10%)
or greater interest in an employer of a claimant 's designated
representative.
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C. A claimant's designated representative is subject to the
disciplinary actions specified in subsection B of this section for
violations of subsection A of this section by an agent or employee
of the registrant's employer if the registrant knew or should have
known that such agent or e mployee was violating any provision of
this act.
D. A person aggrieved by any enforcem ent action imposed by the
State Treasurer is e ntitled, upon request, to a hearing before the
State Treasurer or the State Trea surer's designated representat ive
which shall be conducted in accordance with the Oklahoma
Administrative Procedure Act. Such hearing request shall set forth
with specificity the reasons for the request and the manner of
relief sought.
E. The State Treasurer may seek any appropriate civi l legal
remedy available to it by filing a civil action in a court of
competent jurisdiction agai nst any person who has, directly or
through a claimant's representative, wrongfully submitted a claim as
the ultimate owner o f property and improperly received funds from
the State Treasurer in violation of this act.
F. In addition to any other powers con ferred upon it to enforce
and administer the p rovisions of this act, the State Treasurer may
refer to the Attorney General fo r further investigation any con duct
the State Treasurer believes, in the State Treasurer 's sole
discretion, may warrant civil or cr iminal enforcement.
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SECTION 12. This act shall become effective November 1, 2024.
59-2-10913 LRB 04/09/24