An act relating to property, the official text

1                   STATE OF OKLAHOMA

2   2nd Session of the 60th Legislature (2026)

3 HOUSE BILL 4311               By: Blair

4

5

6                   AS INTRODUCED

7   An Act relating to property; amending 60 O.S. 2021,

    Section 668, as last amended by Section 3, Chapter

8   421, O.S.L. 2025 (60 O.S. Supp. 2025, Section 668),

    which relates to the Unclaimed Property Act;

9   modifying provisions related to expenses; providing

    an effective date; and declaring an emergency.

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11

12

13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

14  SECTION 1.      AMENDATORY  60 O.S. 2021, Section 668, as last

15 amended by Section 3, Chapter 421, O.S.L. 2025 (60 O.S. Supp. 2025,

16 Section 668), is amended to read as follows:

17  Section 668. A. There is hereby created in the State Treasury

18 the "Unclaimed Property Fund", the principal of which shall

19 constitute a trust fund for persons claiming any interest in any

20 property delivered to the state under the Uniform Unclaimed Property

21 Act and may be invested as provided in the Uniform Unclaimed

22 Property Act and shall not be expended except as provided in the

23 Uniform Unclaimed Property Act. All funds received under the

24 Uniform Unclaimed Property Act, including the proceeds from the sale

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1 of abandoned property under Section 667 of this title, shall

2 forthwith be deposited by the State Treasurer in the Unclaimed

3 Property Fund, except that the State Treasurer may before making any

4 deposit to the fund deduct:

5   1. All costs in connection with the sale of abandoned property;

6   2. All costs of mailing and publication in connection with any

7 abandoned property including the cost of custody services for

8 unclaimed securities;

9   3. Reasonable service charges not to exceed four percent (4%)

10 six percent (6%) of the monies accruing to the state under the

11 Uniform Unclaimed Property Act, which may be used to defray the

12 administrative costs, including costs necessary to retain legal

13 counsel to ensure compliance with the Uniform Unclaimed Property

14 Act, or to acquire computer hardware and software to be used

15 exclusively to help administer the unclaimed property program;

16  4. An amount equal to fifteen percent (15%) of the funds

17 accruing to the state pursuant to a contract with the State

18 Treasurer providing information leading to the delivery of unclaimed

19 property held by a holder to the State Treasurer to be deposited in

20 the Unclaimed Property Clearinghouse Fund; and

21  5. An amount not to exceed twenty-five percent (25%) of the

22 value of the funds in an action to enforce the Uniform Unclaimed

23 Property Act, which is to be used solely to pay attorney fees to any

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1 person who was authorized by the State Treasurer to bring the

2 action.

3   B. Before making a deposit to the Unclaimed Property Fund, the

4 State Treasurer shall record the name, last-known address of each

5 person appearing from the holders' reports, property type, unclaimed

6 property identification code, relation code, date of last activity,

7 reported year, holder name, amount, number of shares of securities,

8 and name of the securities issuer or stock ticker symbol to be

9 entitled to the abandoned property and of the name and last-known

10 address of each insured person or annuitant, and with respect to

11 each policy or contract listed in the report of a life insurance

12 corporation, its number, the name of the corporation, and the amount

13 due. After a period of twelve (12) months has elapsed, the record

14 shall be available for public inspection during normal business

15 hours.

16  SECTION 2. This act shall become effective July 1, 2026.

17  SECTION 3. It being immediately necessary for the preservation

18 of the public peace, health or safety, an emergency is hereby

19 declared to exist, by reason whereof this act shall take effect and

20 be in full force from and after its passage and approval.

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22  60-2-14287      MAH  01/14/26

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