Oklahoma Senate Bill SB313

Oklahoma 2025 Regular Session

• Introduced: 2/3/25
• Refer: 2/4/25

Caption

Collection of delinquent taxes; requiring transfer of excess proceeds to the State Treasurer for deposit in the Unclaimed Property Fund. Effective date.

Impact

The proposed change is expected to streamline the process for handling excess proceeds from the resale of properties. By ensuring these funds are redirected to a centralized state account, SB313 aims to bolster transparency and efficiency in the management of unclaimed assets. The bill is set to take effect on November 1, 2025, which gives state officials time to prepare for the implementation of this new financial procedure.

Summary

Senate Bill 313 focuses on the collection and allocation of funds from delinquent property taxes in Oklahoma. The bill amends existing statutes to stipulate that any excess proceeds received from the resale of properties—after satisfying all reasonable efforts to return them to their owners—should be directed to the State Treasurer. Specifically, these funds will be deposited into the Unclaimed Property Fund, thereby enhancing the state's ability to manage unclaimed property effectively.

Contention

While the bill is generally seen as a move towards better financial oversight, there may be concerns among property owners who fear that their rights to reclaim excess proceeds will be compromised. The requirement to transmit funds to the state without exhaustive attempts at owner notification could be perceived as an overreach, potentially raising legal questions about property rights and the responsibilities of local treasurers in regards to owner notifications.