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3	27
4		-	An Act
5		-	ENROLLED SENATE
6		-	BILL NO. 1534 By: Weaver of the Senate
	28	+	STATE OF OKLAHOMA
	29	+
	30	+	2nd Session of the 59th Legislature (2024)
	31	+
	32	+	CONFERENCE COMMITTEE SUBSTITUTE
	33	+	FOR ENGROSSED
	34	+	SENATE BILL 1534 By: Weaver of the Senate
7	35
8	36		and
9	37
10	38		O’Donnell of the House
11	39
12	40
13	41
	42	+
	43	+
	44	+	CONFERENCE COMMITTEE SUBSTITUTE
14	45
15	46		An Act relating to the Uniform Unclaimed Property
16	47		Act; amending 60 O.S. 2021, Sections 661, 662, 668,
17	48		and 674.2, which relate to reports of abandoned
18	49		property, notice and publication, the Unclaimed
19	50		Property Fund, and property delivered to the State
20	51		Treasurer; authorizing elec tronic communication under
21	52		certain circumstances; increasing value for property
22	53		for which the State Treasurer is not required to
23	54		publish notice; requiring certain records be
24	55		available for public inspection after certain time
25	56		period; increasing value of propert y for which
26	57		claimant is required to provide certain
27	58		documentation; updating statutory references;
28	59		updating statutory language; and providing an
29	60		effective date.
30	61
31	62
32	63
33		-
34		-	SUBJECT: Uniform Unclaimed Property Act
35		-
36	64		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
37		-
38	65		SECTION 1. AMENDATORY 60 O.S. 2021, Section 661, is
39	66		amended to read as follows:
40		-
41	67		Section 661. A. A person holding property, tangib le or
42	68		intangible, presumed abandoned and subject to custody as unclaimed
43	69		property under the Uniform Unclaimed Property Act shall r eport to
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44	96		the State Treasurer concerning the property as provided in this
45	97		section.
46		-
47		-
48		-	ENR. S. B. NO. 1534 Page 2
49	98		B. The report must shall be verified and must shall include:
50		-
51	99		1. The name, if known, an d last-known address, if any, of each
52	100		person appearing from the records of the holder to be the owner of
53	101		property of the value of Fifty Dollars ($50.00) or more presumed
54	102		abandoned under the Uniform Unclaimed Prop erty Act and items of
55	103		value under Fifty Dollars ($50.00), reported in the aggregate,
56	104		except property which is one of a recurring n umber of continuous
57	105		payments, including, but not limited to, royalties, annuities,
58	106		dividends, distributions , and other sums presumed abandoned pursuant
59	107		to subsection D C of Section 655 of this title, which shall be
60	108		reported in the same manner as property w ith a value of Fifty
61	109		Dollars ($50.00) or more;
62		-
63	110		2. In the case of unclaimed funds of Fifty Dollars ($50.00) or
64	111		more held or owing under any life or endowment insurance policy or
65	112		annuity contract, the full name and last -known address of the
66	113		insured or annuitant and of the beneficiary according to the records
67	114		of the insurance company holding or owing the funds;
68		-
69	115		3. In the case of the contents of a safe deposit box or other
70	116		safekeeping repository or of other tangible personal property, a
71	117		description of the pro perty and the place where it is held, which
72	118		may be inspected by the State Treasurer, and any amounts, including
73	119		offsets for drilling costs and rent, owing to the holder;
74	120
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75	146		4. The description of the property, including type and
76	147		identifying number if any, and the amount appearing from the records
77	148		to be due;
78		-
79	149		5. The date when the property became payable, demandable or
80	150		returnable, and the date of the last transaction with the owner with
81	151		respect to the property;
82		-
83	152		6. In the case of a cashier ’s check, if known, the names and
84	153		last-known addresses of the payee(s) all payees, the payor(s) all
85	154		payors and the purchaser(s) all purchasers; and
86		-
87	155		7. Any other information reasonably required by the State
88	156		Treasurer.
89		-
90		-
91		-	ENR. S. B. NO. 1534 Page 3
92	157		C. If the person holding property presumed abandoned and
93	158		subject to custody as unclaimed property is a successor to other
94	159		persons who previously held the property for the apparent owner or
95	160		if the name of the holder has changed wh ile holding the property,
96	161		the holder shall file with the report all known names and add resses
97	162		of each previous holder of the property.
98		-
99	163		D. The report must shall be filed before November 1 of each
100	164		year for property reportable as of the preceding July 1, but the
101	165		report of any life insurance company must shall be filed before May
102	166		1 of each year for property reportable as of the preceding March 1.
103	167		The State Treasurer may postpone the reporting date upon written
104	168		request by any person required to file a report.
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105	194
106	195		E. Not more than one hundred twenty (120) days before filing
107	196		the report required by th is section, the holder in possession of
108	197		property presumed abandoned and subject to custody as unclaimed
109	198		property under the Uni form Unclaimed Property Act shall send written
110	199		notice to the apparent owner at the owner ’s last-known address
111	200		informing the owner that the holder is in possession of property
112	201		subject to the Uniform Unclaimed Property Act if:
113		-
114	202		1. The holder has in the records of the holder an address for
115	203		the apparent owner which the holder ’s records do not disclose to be
116	204		inaccurate;
117		-
118	205		2. The claim of the apparent owner is not barred by the statute
119	206		of limitations; and
120		-
121	207		3. The property has a value of Fifty Dollars ($50.00) or m ore,
122	208		or the property has a value of less than Fifty Dollars ($50.00) and
123	209		is one of a recurring number of continuous payments , including, but
124	210		not limited to, royalties, annuities, dividends, distributions and
125	211		other recurring sums presumed abandoned pursuant to subsection D C
126	212		of Section 655 of this title. The holder is not required to send
127	213		Notice shall include written notice to the owner if the holder has
128	214		previously attempted to communicate with and, if consented to by the
129	215		apparent owner, or otherwise exercised due diligence to ascertain
130	216		the whereabouts of the owner electronic mail and other forms of
131	217		electronic correspondence . The mailing of notice by first -class
132	218		mail to the last-known address of the owner by the holder shall
133	219
134		-	ENR. S. B. NO. 1534 Page 4
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135	245		constitute compliance with this subsection and, if done, no further
136	246		act on the part of the holder shall be necessary.
137		-
138	247		F. Reports filed by a holder shall remain c onfidential except
139	248		for that information required to be subject to public inspection
140	249		pursuant to the Uniform Unclaimed Property Act.
141		-
142	250		G. The State Treasurer may require a holder reporting fifteen
143	251		or more items of property pursuant to this section to file th e
144	252		report online. The State Treasurer shall promulgate rules necessary
145	253		to carry out provisions for online filing.
146		-
147	254		SECTION 2. AMENDATORY 60 O.S. 2021, Section 662, is
148	255		amended to read as follows:
149		-
150	256		Section 662. A. The State Treasure r shall cause at least two
151	257		notices to be published during the year following the report
152	258		required by Section 661 of this title in a legal newspaper of
153	259		general circulation in the county in this state in which is located
154	260		the last-known address of any person t o be named in the notice.
155	261		Different legal newspapers of general circulation may be used for
156	262		each notice. If no address is listed or if the addr ess is outside
157	263		this state, the notice must shall be published in the county within
158	264		this state which is the prin cipal place of business of the holder of
159	265		the abandoned property, or in an Oklahoma a newspaper in this state
160	266		which the State Treasurer believes most likely to be seen by the
161	267		owner of the property or by heirs of the owner.
162	268
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163	294		B. The published notice must shall be entitled “Notice of Names
164	295		of Persons Appearing to be Owners of Abandoned Property ”, and
165	296		contain:
166		-
167	297		1. The names in alphabetical order and las t-known address, if
168	298		any, of persons listed in the report and entitled to notice within
169	299		the county as specified in subsection A of this section;
170		-
171	300		2. A statement that information concerning the property and the
172	301		name and last-known address of the holder may be obtained by any
173	302		person possessing an interest in the property by addressing an
174	303		inquiry to the State Treasurer ; and
175		-
176		-
177		-	ENR. S. B. NO. 1534 Page 5
178	304		3. A statement that the property is in the custody of the State
179	305		Treasurer and all claims must be directed to the State Treasurer.
180		-
181	306		C. The State Treasurer is not required to publish in the notice
182	307		any items of less than Fifty Dollars ($50.00) Two Hundred Fifty
183	308		Dollars ($250.00) as of the date the notice is prepared unless the
184	309		State Treasurer considers their publication to be in the public
185	310		interest.
186		-
187	311		D. The State Treasurer shall provide electronic access to the
188	312		new names and last-known addresses of all persons reported to the
189	313		State Treasurer as owners of unclaimed property on an Internet web
190	314		site website. The State Treasurer shall take reasonab le steps to
191	315		publicize the existence of this web site website and shall publish
192	316		an advertisement no less than on ce each calendar quarter in a legal
193	317		newspaper of general circulation in each county of this state.
194	318
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195	344		SECTION 3. AMENDATORY 60 O.S. 2021, Section 668, is
196	345		amended to read as follows:
197		-
198	346		Section 668. A. There is hereby created in the St ate Treasury
199	347		the “Unclaimed Property Fund ”, the principal of which shall
200	348		constitute a trust fund for persons claiming any interest in any
201	349		property delivered to the state under the Uniform Unclaimed Property
202	350		Act and may be invested as hereinafter provided in the Uniform
203	351		Unclaimed Property Act and shall not be expended except as provided
204	352		in the Uniform Unclaimed Property Act. All funds received under the
205	353		Uniform Unclaimed Property Act, including the proceeds from the sale
206	354		of abandoned property under Section 667 of this title, shall
207	355		forthwith be deposited by the State Treasurer in the Unclaimed
208	356		Property Fund, herein created, except that the State Trea surer may
209	357		before making any deposit to the fund deduct:
210		-
211	358		1. All costs in connection with the sale of abandoned property;
212		-
213	359		2. All costs of mailing and publication in connection with any
214	360		abandoned property including the cost of custody ser vices for
215	361		unclaimed securities;
216		-
217	362		3. Reasonable service charges not to exceed four percent (4%)
218	363		of the monies accruing to the state under the Uniform Unclaimed
219	364		Property Act, which may be used to defray the administrative costs,
220		-
221		-	ENR. S. B. NO. 1534 Page 6
222	365		including costs necessary to retain legal counse l to ensure
223	366		compliance with the Uniform Unclaimed Property Act, or to acquire
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224	393		computer hardware and software to be used exclusively to help
225	394		administer the unclaimed property program;
226		-
227	395		4. An amount equal to fifteen percent (15%) of the fu nds
228	396		accruing to the state pursuant to a contract with the State
229	397		Treasurer providing information leading to the delivery of unclaim ed
230	398		property held by a holder to the State Treasurer to be deposited in
231	399		the Unclaimed Property Clearinghouse Fund; and
232		-
233	400		5. An amount not to exceed twenty-five percent (25%) of the
234	401		value of the funds in an action to enforce the Uniform Unclaimed
235	402		Property Act, which is to be used solely to pay attorney fees to any
236	403		person who was authorized by the State Treasurer to bring the
237	404		action.
238		-
239	405		B. Before making a deposit to the Unclaimed Property Fund, the
240	406		State Treasurer shall record the name and last -known address of each
241	407		person appearing from the holders ’ reports to be entitled to the
242	408		abandoned property and of the name and last -known address of each
243	409		insured person or annuitant, and with respect to each policy or
244	410		contract listed in the report of a life insurance corpora tion, its
245	411		number, the name of the corporation, and the amount due. The After
246	412		a period of twelve (12) months has elapsed, the record shall be
247	413		available for public inspection at all reasonable during normal
248	414		business hours.
249		-
250	415		SECTION 4. AMENDATORY 60 O.S. 2021, Section 674.2, is
251	416		amended to read as follows:
	417	+
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252	442
253	443		Section 674.2. A. If any person claims claimant asserts an
254	444		interest in any property delivered to the State Treasurer in which
255	445		the owner of the property is determined to be deceased , the State
256	446		Treasurer shall not pay over or deliver to the claimant property as
257	447		provided in Section 651 et seq. of this title, unless the claimant
258	448		provides the following items as applicable:
259		-
260	449		1. A certified copy of letters of administration or letters
261	450		testamentary from the probate of the estate of the decedent naming
262	451		the claimant as the personal representative of the estate of the
263	452		decedent;
264		-
265		-	ENR. S. B. NO. 1534 Page 7
266		-
267	453		2. A certified copy of the decree of distribution from the
268	454		probate of the estate of the decedent determining the clai mant to be
269	455		entitled to receive such property through the estate of the
270	456		decedent;
271		-
272	457		3. If the owner of the property executed an inter vivos trust
273	458		which provided for the disposition of the property of the owner, a
274	459		properly verified copy of the trust instrumen t which shows the
275	460		claimant is the trustee or beneficiary of the trust or otherwise
276	461		entitled to the property reported; or
277		-
278	462		4. If the property is d erived from real property located in
279	463		Oklahoma this state, a certified copy of a final decree quieting
280	464		title of the decedent’s real property, determining the claimant to
281	465		be the successor in interest of decedent ’s ownership interest ;.
282	466
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283	492		5. B. If the value of the property at the time the claim is to
284	493		be paid is Five Thousand Dollars ($5,000.00) Ten Thousand Dollars
285	494		($10,000.00) or more, the claimant shall provide a certified copy of
286	495		the death certificate of the owner of the property ;.
287		-
288	496		6. C. If the value of the property at the time the claim is
289	497		paid is Ten Thousand Dollars ($10,000.00) Twenty-five Thousand
290	498		Dollars ($25,000.00) or less, the claimant shall provide a signed
291	499		affidavit executed by the claimant stating that the claimant is
292	500		entitled to receive such property, the reason the claimant is
293	501		entitled to receive such property, that there has been no probate of
294	502		the estate of the deceased owner, that no probate is contemplated
295	503		and that claimant will indemnify the state for any loss, including
296	504		attorney fees, should if another claimant assert asserts a prior
297	505		right to the property.
298		-
299	506		D. The State Treasurer may require other re asonable
300	507		documentation, in addition to the above items listed in subsections
301	508		A, B, and C of this section , to determine the val idity of the claim.
302		-
303	509		SECTION 5. This act shall become effective November 1, 2024.
304	510
305		-
306		-	ENR. S. B. NO. 1534 Page 8
307		-	Passed the Senate the 2 9th day of May, 2024.
308		-
309		-
310		-
311		-	Presiding Officer of the Senate
312		-
313		-
314		-	Passed the House of Representatives the 30th day of May, 2024.
315		-
316		-
317		-
318		-	Presiding Officer of the House
319		-	of Representatives
320		-
321		-	OFFICE OF THE GOVERNOR
322		-	Received by the Office of the Governor this _______ _____________
323		-	day of _________________ __, 20_______, at _______ o'clo ck _______ M.
324		-	By: _________________________________
325		-	Approved by the Governor of the State of Oklahoma this _______ __
326		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
327		-
328		-	_________________________________
329		-	Governor of the State of Oklahoma
330		-
331		-
332		-	OFFICE OF THE SECRETARY OF STATE
333		-	Received by the Office of the Secretary of State this _______ ___
334		-	day of _________________ _, 20 _______, at _______ o'clock _______ M.
335		-	By: _________________________________
	511	+	59-2-3796 TEK 5/28/2024 12:52:59 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1534 Compare Versions