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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
CONFERENCE COMMITTEE SUBSTITUTE
FOR ENGROSSED
SENATE BILL 1534 By: Weaver of the Senate
and
O’Donnell of the House
CONFERENCE COMMITTEE SUBSTITUTE
An Act relating to the Uniform Unclaimed Property
Act; amending 60 O.S. 2021, Sections 661, 662, 668,
and 674.2, which relate to reports of abandoned
property, notice and publication, the Unclaimed
Property Fund, and property delivered to the State
Treasurer; authorizing elec tronic communication under
certain circumstances; increasing value for property
for which the State Treasurer is not required to
publish notice; requiring certain records be
available for public inspection after certain time
period; increasing value of propert y for which
claimant is required to provide certain
documentation; updating statutory references;
updating 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, tangib le or
intangible, presumed abandoned and subject to custody as unclaimed
property under the Uniform Unclaimed Property Act shall r eport to
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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 known, an d 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 Prop erty Act and items of
value under Fifty Dollars ($50.00), reported in the aggregate,
except property which is one of a recurring n umber of continuous
payments, including, but not limited to, royalties, annuities,
dividends, distributions , and other sums presumed abandoned pursuant
to subsection D C of Section 655 of this title, which shall be
reported in the same manner as property w ith 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 pro perty 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;
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4. The description of the property, including type and
identifying number if any, and the amount appearing from the records
to be due;
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) all purchasers; and
7. Any other information reasonably required by the State
Treasurer.
C. If the person holding property 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 wh ile holding the property,
the holder shall file with the report all known names and add resses
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.
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E. Not more than one hundred twenty (120) days before filing
the report required by th is section, the holder in possession of
property presumed abandoned and subject to custody as unclaimed
property under the Uni form Unclaimed Property Act shall send written
notice to the apparent owner at the owner ’s last-known address
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 m ore,
or the property has a value of less than Fifty Dollars ($50.00) and
is one of a recurring number of continuous payments , including, but
not limited to, royalties, annuities, dividends, distributions and
other recurring sums presumed abandoned pursuant to subsection D C
of Section 655 of this title. The holder is not required to send
Notice shall include written notice to the owner if the holder has
previously attempted to communicate with and, if consented to by the
apparent owner, or otherwise exercised due diligence to ascertain
the whereabouts of the 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
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constitute compliance with this subsection and, if done, no further
act on the part of the holder shall be necessary.
F. Reports filed by a holder shall remain c onfidential except
for that information required to be subject to public inspection
pursuant to the Uniform Unclaimed Property Act.
G. The State Treasurer may require a holder reporting fifteen
or more items of property pursuant to this section to file th e
report online. The State 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 Treasure r 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 is located
the last-known address of any person t o 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 addr ess is outside
this state, the notice must shall be published in the county within
this state which is the prin cipal 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.
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B. The published notice must shall be entitled “Notice of Names
of Persons Appearing to be Owners of Abandoned Property ”, and
contain:
1. The names in alphabetical order and las t-known address, if
any, of persons listed in the report 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 notice
any items of less than Fifty Dollars ($50.00) Two Hundred Fifty
Dollars ($250.00) as of the date the notice is prepared 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 Internet web
site website. The State Treasurer shall take reasonab le steps to
publicize the existence of this web site website and shall publish
an advertisement no less than on ce each calendar quarter in a legal
newspaper of general circulation in each county of this state.
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SECTION 3. AMENDATORY 60 O.S. 2021, Section 668, is
amended to read as follows:
Section 668. A. There is hereby created in the St ate Treasury
the “Unclaimed Property Fund ”, the principal of which shall
constitute a trust fund for persons claiming any interest in any
property delivered to the state under the Uniform Unclaimed Property
Act and may be invested as hereinafter provided in the Uniform
Unclaimed Property Act and shall not be expended except as provided
in the Uniform Unclaimed Property Act. All funds received under the
Uniform Unclaimed Property Act, including the proceeds from the sale
of abandoned property under Section 667 of this title, shall
forthwith be deposited by the State Treasurer in the Unclaimed
Property Fund, herein created, except that the State Trea surer may
before making any deposit to the fund deduct:
1. All costs in connection with the sale of abandoned property;
2. All costs of mailing and publication in connection with any
abandoned property including the cost of custody ser vices for
unclaimed securities;
3. Reasonable service charges not to exceed four percent (4%)
of the monies accruing to the state under the Uniform Unclaimed
Property Act, which may be used to defray the administrative costs,
including costs necessary to retain legal counse l to ensure
compliance with the Uniform Unclaimed Property Act, or to acquire
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computer hardware and software to be used exclusively to help
administer the unclaimed property program;
4. An amount equal to fifteen percent (15%) of the fu nds
accruing to the state pursuant to a contract with the State
Treasurer providing information leading to the delivery of unclaim ed
property held by a holder to the State Treasurer to be deposited in
the Unclaimed Property Clearinghouse Fund; and
5. An amount not to exceed twenty-five percent (25%) of the
value of the funds in an action to enforce the Uniform Unclaimed
Property Act, which is to be used solely to pay attorney fees to any
person who was authorized by the State Treasurer to bring the
action.
B. Before making a deposit to the Unclaimed Property Fund, the
State Treasurer shall record the name and last -known address of each
person appearing from the holders ’ reports to be entitled to the
abandoned property and of the name and last -known address of each
insured person or annuitant, and with respect to each policy or
contract listed in the report of a life insurance corpora tion, its
number, the name of the corporation, and the amount due. The After
a period of twelve (12) months has elapsed, the record shall be
available for public inspection at all reasonable during normal
business hours.
SECTION 4. AMENDATORY 60 O.S. 2021, Section 674.2, is
amended to read as follows:
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Section 674.2. A. If any person claims claimant asserts an
interest in any property delivered to the State Treasurer in which
the owner of the property is determined to be deceased , the State
Treasurer shall not pay over or deliver to the claimant property as
provided in Section 651 et seq. of this title, unless the claimant
provides the following items as applicable:
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 decree of distribution from the
probate of the estate of the decedent determining the clai mant to be
entitled to receive such property through the estate of the
decedent;
3. 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 copy of the trust instrumen t which shows the
claimant is the trustee or beneficiary of the trust or otherwise
entitled to the property reported; or
4. If the property is d erived 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 ;.
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5. B. If the value of the property at the time the claim is to
be paid is Five Thousand Dollars ($5,000.00) Ten Thousand Dollars
($10,000.00) or more, the claimant shall provide a certified copy of
the death certificate of the owner of the property ;.
6. C. 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, the claimant shall provide 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 indemnify the state for any loss, including
attorney fees, should if another claimant assert asserts a prior
right to the property.
D. The State Treasurer may require other re asonable
documentation, in addition to the above items listed in subsections
A, B, and C of this section , to determine the val idity of the claim.
SECTION 5. This act shall become effective November 1, 2024.
59-2-3796 TEK 5/28/2024 12:52:59 PM