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1 STATE OF OKLAHOMA
1
2 1st Session of the 60th Legislature (2025)
2
3 SENATE BILL 999 By: Murdock
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4
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5
5
6 AS INTRODUCED
6
7 An Act relating to property; amending 60 O.S. 2021,
7 Sections 651, 657.3, 661, as amended by Section 1,
8 Chapter 446, O.S.L. 2024, 674, 674.1, and 674.2, as
8 amended by Section 4, Chapter 446, O.S.L. 2024 (60
9 O.S. Supp. 2024, Sections 661 and 674.2) which relate
9 to the Uniform Unclaimed Property Act; defining
10 terms; requiring furnishing of certain legal
10 documents to certain persons; providing for certain
11 forms of communication; providing for voidance of
11 certain claim; requiring submission of certain claim
12 form; specifying form contents; requiring certain
12 payment or distribution or property upon claim
13 approval; specifying terms of payment; requiring
13 maintenance of electronic records; providing for
14 hearing on evidence for certain unclaimed property
14 claims; providing exception to certain maximum
15 payment amount from claimant; requiring notarization
15 of certain copies of legal documents; providing for
16 use of small estate affidavit under certain
16 circumstances; and providing an effective date.
17
17
18
18
19 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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20 SECTION 1. AMENDATORY 60 O.S. 2021, Section 651, is
20
21 amended to read as follows:
21
22 Section 651. As used in the Uniform Unclaimed Property Act,
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23 unless the context otherwise requires:
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24
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Req. No. 253 Page 1
1 1. "Apparent owner" means the person whose name appears on the
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2 records of the holder as the person entitled to property held,
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3 issued, or owing by the holder;
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4 2. "Attorney General" means the chief legal officer of this
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5 state;
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6 3. "Banking organization" means any bank, trust company,
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7 savings bank, safe deposit company, private banker, or any
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8 organization defined by other law as a bank or banking organization;
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9 4. "Business association" means a non-public corporation,
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10 joint-stock company, investment company, business trust,
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11 partnership, or association for business purposes of two or more
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12 individuals whether or not for profit, including a banking
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13 organization, financial organization, insurance company, or utility;
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14 5. "Claimant" means a person who claims an interest in
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15 unclaimed property in the custody of the State Treasurer;
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16 6. "Claimant's representative" means a person who has been
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17 hired by a claimant and who files an unclaimed property claim on
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18 behalf of a claimant pursuant to a written agreement;
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19 7. "Domicile" means the state of incorporation of a corporation
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20 and the state of the principal place of business of an
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21 unincorporated person;
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22 6. 8. "Financial organization" means a savings and loan
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23 association, building and loan association, or credit union;
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1 7. 9. "Holder" means a person, wherever organized or domiciled,
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2 who is:
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3 a. in possession of property belonging to another,
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4 b. a trustee, or
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5 c. indebted to another on an obligation;
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6 8. 10. "Insurance company" means an association, corporation,
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7 fraternal or mutual benefit organization, whether or not for profit,
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8 which is engaged in providing insurance coverage, including
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9 accidental, burial, casualty, credit life, contract performance,
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10 dental, fidelity, fire, health, hospitalization, illness, life
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11 (including endowments and annuities), malpractice, marine, mortgage,
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12 surety, and wage protection insurance;
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13 9. 11. "Intangible property" includes:
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14 a. money, checks, drafts, deposits, interest, dividends,
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15 and income,
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16 b. credit balances, customer overpayments, security
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17 deposits, refunds, credit memos, unpaid wages, unused
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18 airline tickets, and unidentified remittances,
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19 c. stocks and other intangible ownership interests in
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20 business associations,
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21 d. monies deposited to redeem stocks, bonds, coupons, and
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22 other securities, or to make distributions,
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23 e. amounts due and payable under the terms of insurance
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24 policies, and
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1 f. amounts distributable from a trust or custodial fund
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2 established under a plan to provide health, welfare,
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3 pension, vacation, severance, retirement, death, stock
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4 purchase, profit sharing, employee savings,
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5 supplemental unemployment insurance, education or
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6 similar benefits;
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7 10. 12. "Last-known address" means a description of the
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8 location of the apparent owner sufficient for the purpose of the
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9 delivery of mail;
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10 11. 13. "Memorandum" shall include a mark, symbol or statement
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11 indicating knowledge of or interest in funds on deposit;
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12 12. 14. "Mineral proceeds" includes:
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13 a. all obligations to pay mineral proceeds resulting from
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14 the production and sale of minerals, including net
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15 revenue interest, royalties, overriding royalties,
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16 production payments, and payments under joint
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17 operating agreements, and
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18 b. all obligations for the acquisition and retention of a
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19 mineral lease, including bonuses, delay rentals, shut-
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20 in royalties, and minimum royalties;
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21 13. 15. "Museum" means an institution which is located in this
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22 state and operated by a nonprofit corporation or a public agency
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23 primarily for educational, scientific, historic preservation or
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24 aesthetic purposes, and which owns, borrows, cares for, exhibits,
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1 studies archives or catalogues property. "Museum" includes, but is
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2 not limited to, historical societies, historical sites or landmarks,
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3 parks, monuments and libraries;
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4 14. 16. "Owner" means a depositor in the case of a deposit, a
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5 beneficiary in case of a trust other than a deposit in trust, a
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6 creditor, claimant, or payee in the case of other intangible
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7 property, or a person having a legal or equitable interest in
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8 property subject to the Uniform Unclaimed Property Act or the
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9 person's legal representative. Where more than one person is an
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10 owner, the property shall not be presumed abandoned unless it has
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11 remained unclaimed by all of its owners for the periods hereinafter
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12 prescribed;
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13 15. 17. "Person" means an individual, business association,
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14 state or other government, governmental subdivision or agency,
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15 public corporation, public authority, estate, trust, two or more
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16 persons having a joint or common interest, or any other legal or
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17 commercial entity;
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18 16. 18. "State" means any state, district, commonwealth,
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19 territory, insular possession, or other area subject to the
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20 legislative authority of the United States;
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21 17. 19. "State Treasurer" or "Treasurer" means the duly elected
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22 and acting State Treasurer of Oklahoma;
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23 18. 20. "Tax Commission" or "Commission" means the Oklahoma Tax
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24 Commission; and
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1 19. 21. "Utility" means a person who owns or operates for
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2 public use any plant, equipment, property, franchise, or license for
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3 the transmission of communications, or the production, storage,
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4 transmission, sale, delivery, or furnishing of electricity, water,
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5 steam, or gas.
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6 SECTION 2. AMENDATORY 60 O.S. 2021, Section 657.3, is
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7 amended to read as follows:
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8 Section 657.3. All tangible and intangible personal property
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9 held in a safe deposit box or other safekeeping repository in this
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10 state in the ordinary course of the holder's business and proceeds
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11 resulting from the sale of the property permitted by other law,
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12 which remain unclaimed by the owner for more than five (5) years
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13 after the lease or rental period on the box or other repository has
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14 expired, are presumed abandoned. If a will or trust instrument is
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15 included among the contents of a safe-deposit box or other
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16 safekeeping repository delivered to the State Treasurer, the State
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17 Treasurer shall provide a copy of the will, trust, and any codicils
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18 or amendments to such will or trust instrument, upon request, to
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19 anyone who provides the State Treasurer with evidence of the death
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20 of the testator or settlor.
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21 SECTION 3. AMENDATORY 60 O.S. 2021, Section 661, as
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22 amended by Section 1, Chapter 446, O.S.L. 2024 (60 O.S. Supp. 2024,
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23 Section 661), is amended to read as follows:
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1 Section 661. A. A person holding property, tangible or
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2 intangible, presumed abandoned and subject to custody as unclaimed
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3 property under the Uniform Unclaimed Property Act shall report to
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4 the State Treasurer concerning the property as provided in this
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5 section.
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6 B. The report shall be verified and shall include:
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7 1. The name, if known, and last-known address, if any, of each
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8 person appearing from the records of the holder to be the owner of
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9 property of the value of Fifty Dollars ($50.00) or more presumed
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10 abandoned under the Uniform Unclaimed Property Act and items of
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11 value under Fifty Dollars ($50.00), reported in the aggregate,
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12 except property which is one of a recurring number of continuous
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13 payments including but not limited to royalties, annuities,
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14 dividends, distributions, and other sums presumed abandoned pursuant
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15 to subsection C of Section 655 of this title, which shall be
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16 reported in the same manner as property with a value of Fifty
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17 Dollars ($50.00) or more;
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18 2. In the case of unclaimed funds of Fifty Dollars ($50.00) or
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19 more held or owing under any life or endowment insurance policy or
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20 annuity contract, the full name and last-known address of the
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21 insured or annuitant and of the beneficiary according to the records
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22 of the insurance company holding or owing the funds;
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23 3. In the case of the contents of a safe deposit box or other
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24 safekeeping repository or of other tangible personal property, a
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1 description of the property and the place where it is held, which
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2 may be inspected by the State Treasurer, and any amounts, including
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3 offsets for drilling costs and rent, owing to the holder;
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4 4. The description of the property, including type and
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5 identifying number if any, and the amount appearing from the records
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6 to be due;
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7 5. The date when the property became payable, demandable or
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8 returnable, and the date of the last transaction with the owner with
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9 respect to the property;
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10 6. In the case of a cashier's check, if known, the names and
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11 last-known addresses of all payees, all payors, and all purchasers;
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12 and
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13 7. Any other information reasonably required by the State
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14 Treasurer.
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15 C. If the person holding property presumed abandoned and
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16 subject to custody as unclaimed property is a successor to other
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17 persons who previously held the property for the apparent owner or
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18 if the name of the holder has changed while holding the property,
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19 the holder shall file with the report all known names and addresses
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20 of each previous holder of the property.
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21 D. The report shall be filed before November 1 of each year for
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22 property reportable as of the preceding July 1, but the report of
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23 any life insurance company shall be filed before May 1 of each year
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24 for property reportable as of the preceding March 1. The State
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1 Treasurer may postpone the reporting date upon written request by
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2 any person required to file a report.
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3 E. Not more than one hundred twenty (120) days before filing
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4 the report required by this section, the holder in possession of
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5 property presumed abandoned and subject to custody as unclaimed
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6 property under the Uniform Unclaimed Property Act shall send written
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7 notice to the apparent owner at the owner's last-known address
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8 informing the owner that the holder is in possession of property
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9 subject to the Uniform Unclaimed Property Act if:
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10 1. The holder has in the records of the holder an address for
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11 the apparent owner which the holder's records do not disclose to be
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12 inaccurate;
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13 2. The claim of the apparent owner is not barred by the statute
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14 of limitations; and
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15 3. The property has a value of Fifty Dollars ($50.00) or more,
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16 or the property has a value of less than Fifty Dollars ($50.00) and
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17 is one of a recurring number of continuous payments including but
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18 not limited to royalties, annuities, dividends, distributions and
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19 other recurring sums presumed abandoned pursuant to subsection C of
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20 Section 655 of this title. Notice shall include written notice and,
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21 if consented to initiated by the apparent owner, electronic mail and
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22 other forms of electronic correspondence. The mailing of notice by
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23 first-class mail to the last-known address of the owner by the
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1 holder shall constitute compliance with this subsection and, if
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2 done, no further act on the part of the holder shall be necessary.
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3 F. Reports filed by a holder shall remain confidential except
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4 for information required to be subject to public inspection pursuant
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5 to the Uniform Unclaimed Property Act.
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6 G. The State Treasurer may require a holder reporting fifteen
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7 or more items of property pursuant to this section to file the
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8 report online. The State Treasurer shall promulgate rules necessary
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9 to carry out provisions for online filing.
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10 SECTION 4. AMENDATORY 60 O.S. 2021, Section 674, is
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11 amended to read as follows:
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12 Section 674. A. A person, excluding another state, but
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13 including a claimant's representative, claiming an interest in any
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14 property paid or delivered to the State Treasurer may file with a
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15 State Treasurer a claim on a form prescribed by the State Treasurer
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16 and verified by the claimant or the claimant's representative. The
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17 date of filing of a claim shall be the date it is received by the
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18 State Treasurer with all supporting documentation from the claimant.
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19 Any information submitted by a claimant which is required to be
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20 submitted to the State Treasurer to establish a claim may be kept
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21 confidential by the State Treasurer if it contains personal
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22 financial information of the claimant, personal identifying
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23 information such as the address, date of birth, telephone number or
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24 email address of the claimant, Social Security numbers, birth
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1 certificates or similar documents related to the parentage of an
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2 individual, or any other document which is confidential by statute
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3 if in the custody of another public agency or person. Failure to
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4 use the claim form prescribed by the State Treasurer shall void the
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5 claim. The claim form shall require information the State Treasurer
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6 believes to be reasonably necessary to administer the requirements
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7 of this section, including, but not limited to:
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8 1. A legible copy of the claimant's valid driver license;
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9 2. If the claimant has not been issued a valid driver license
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10 at the time the original claim form is filed, a legible copy of a
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11 photographic identification of the claimant issued by the United
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12 States or a state or territory of the United States, a valid
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13 passport or national identification card issued by a foreign nation,
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14 or other evidence deemed acceptable by the State Treasurer; and
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15 3. For claims submitted by a claimant's representative, a duly
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16 executed copy of the written agreement between the claimant and the
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17 claimant's representative.
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18 B. The State Treasurer shall consider each claim within ninety
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19 (90) days after it is filed and give written notice to the claimant
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20 and, if the person is utilizing the service of a claimant's
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21 representative, to the claimant's representative if the claim is
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22 denied in whole or in part. The notice may be given by mailing it
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23 to the claimant's representatives, if any, or to the claimant's last
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24 address, if any, as stated in the claim as the address to which
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1 notices are to be sent. If no address for notices is stated in the
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2 claim, the notice may be mailed to the last address, if any, of the
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3 claimant as stated in the claim. No notice of denial need be given
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4 if the claim fails to state either the last address to which notices
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5 are to be sent or the address of the claimant.
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6 C. If a claim submitted by the claimant is allowed, the State
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7 Treasurer shall pay over or deliver to the claimant the property or
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8 the amount the State Treasurer actually received or the net proceeds
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9 if it has been sold by the State Treasurer, together with any
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10 additional amount required by Section 665 of this title, but no
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11 person shall have any claim under this section against the state,
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12 the holder, any transfer agent, registrar or other person acting for
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13 or on behalf of the state or a holder, for any appreciation or
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14 depreciation in the value of the property or any earnings that might
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15 otherwise accrue, after sale of the property by the State Treasurer.
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16 D. 1. If a claim submitted by a claimant's representative is
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17 allowed, the State Treasurer shall pay over or deliver to the
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18 claimant the balance remaining after deduction and payment of the
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19 amount due to the claimant's representative by the State Treasurer;
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20 provided, however, that any payments made directly to the claimant's
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21 representative shall be made only pursuant to the terms of the
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22 written agreement between the claimant and the claimant's
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23 representative that was submitted with the claim.
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1 2. The State Treasurer is authorized to make distribution of
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2 the property or money in accordance with the terms of the agreement.
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3 3. Payments of fees and costs to the claimant's representative
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4 shall be made by paper check or other means approved by the State
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5 Treasurer on such periodic schedule as the State Treasurer may
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6 define; provided, however, payment for approved claims shall be made
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7 to both the claimant and the claimant's representative within sixty
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8 (60) days of approval.
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9 E. The contents of safe-deposit boxes shall be delivered
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10 directly to the claimant or to the claimant's representative if
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11 authorized in writing by the claimant. Any lien owed to the lessor
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12 of the safe-deposit box shall be deducted from the value of the
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13 contents of the safe-deposit box.
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14 F. The owner of any property delivered to the State Treasurer
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15 pursuant to this act shall not be entitled to receive income or
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16 other increments on account of such property that accrues after such
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17 property is delivered to the State Treasurer.
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18 G. The State Treasurer shall maintain an electronic copy of all
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19 records related to the property received by the State Treasurer.
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20 Such records shall be retained pursuant to the State Treasurer's
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21 retention schedules, which shall provide for a retention period of
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22 no less than ten (10) years.
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23 H. The State Treasurer shall consider any claim filed under
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24 this act and, in rendering a determination on the merits of any such
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Req. No. 253 Page 13
1 claim, shall rely on the applicable statutes, regulations, and
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2 relevant court decisions and may hold a hearing and receive evidence
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3 concerning it. If a hearing is held, the State Treasurer shall
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4 prepare a finding and a decision in writing on each claim filed,
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5 stating the substance of any evidence heard and the reasons for the
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6 decision. The decision shall be a public record.
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7 I. If the claim is allowed, the State Treasurer shall make
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8 payment forthwith. The claim shall be paid without deduction for
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9 costs of notice in his or her sole discretion, the State Treasurer
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10 may hold a hearing and receive evidence concerning any unclaimed
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11 property claim filed under this act. If a hearing is held, the
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12 State Treasurer, or his or her representative, shall consider
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13 evidence that would be admissible in contested cases under the
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14 Administrative Procedures Act. In any proceeding for determination
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15 of a claim to property, the burden shall be upon the claimant, or
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16 the claimant's agent, including a claimant's representative, to
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17 establish entitlement to the property by a preponderance of
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18 evidence.
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19 J. If a hearing is held, the State Treasurer, or his or her
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20 representative, shall prepare a finding and a decision in writing on
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21 each claim filed, stating the substance of any evidence heard by him
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22 or her and the reasons for his or her decision. The decision shall
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23 be a public record and deemed the final agency decision.
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1 K. If the claim is approved, the State Treasurer shall make
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2 payment pursuant to paragraph 2 of subsection D of this section.
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3 Claims shall be paid without deduction for costs of notice.
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4 SECTION 5. AMENDATORY 60 O.S. 2021, Section 674.1, is
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5 amended to read as follows:
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6 Section 674.1. A. No person who:
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7 1. Informs a potential claimant of any unclaimed funds or other
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8 property, tangible or intangible, held pursuant to the Uniform
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9 Disposition of Unclaimed Property Act that such claimant may be
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10 entitled to claim such unclaimed property; or
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11 2. Files a claim for any funds or other property, tangible or
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12 intangible, on behalf of a claimant of such funds or property,
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13 shall contract for or receive from the claimant, for services, an
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14 amount that exceeds twenty-five percent (25%) of the value of the
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15 funds or property recovered. The twenty-five-percent compensation
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16 limit shall not apply if:
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17 a. a judicial order, judgment, or decree to document
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18 entitlement is required, or
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19 b. the claimant sells his or her interest in the
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20 unclaimed property held by the Treasurer.
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21 If the funds or property involved are mineral proceeds, the
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22 amount for services shall not include a portion of the underlying
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23 minerals or any production payment, overriding royalty, or similar
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24 payment.
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Req. No. 253 Page 15
1 In the event that the claimant of such funds or property is
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2 deceased and did not personally agree to the fee in writing, a fee
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3 for recovery can only be collected from each identified heir,
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4 devisee or legatee that has affirmatively agreed to that fee in
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5 writing.
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6 The agreement must be in writing and signed by the claimant
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7 either by manual signature or electronic signature.
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8 B. The provisions of this section shall apply to contracts
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9 executed on or after November 1, 2021.
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10 SECTION 6. AMENDATORY 60 O.S. 2021, Section 674.2, as
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11 amended by Section 4, Chapter 446, O.S.L. 2024 (60 O.S. Supp. 2024,
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12 Section 674.2), is amended to read as follows:
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13 Section 674.2. A. If any claimant asserts an interest in any
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14 property delivered to the State Treasurer in which the owner of the
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15 property is determined to be deceased, the State Treasurer shall not
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16 pay over or deliver to the claimant property as provided in Section
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17 651 et seq. of this title, unless the claimant provides the
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18 following items as applicable:
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19 1. A certified copy of letters of administration or letters
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20 testamentary from the probate of the estate of the decedent naming
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21 the claimant as the personal representative of the estate of the
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22 decedent;
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23 2. A certified copy of the decree of distribution from the
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24 probate of the estate of the decedent determining the claimant to be
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Req. No. 253 Page 16
1 entitled to receive such property through the estate of the
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2 decedent;
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3 3. If the owner of the property executed an inter vivos trust
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4 which provided for the disposition of the property of the owner, a
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5 properly verified notarized certification of the copy of the trust
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6 instrument which shows the claimant is the trustee or beneficiary of
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7 the trust or otherwise entitled to the property; or
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8 4. If the property is derived from real property located in
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9 this state, a certified copy of a final decree quieting title of the
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10 decedent's real property, determining the claimant to be the
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11 successor in interest of decedent's ownership interest.
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12 B. If the value of the property at the time the claim is to be
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13 paid is Ten Thousand Dollars ($10,000.00) or more, the claimant
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14 shall provide a certified copy of a record that provides evidence of
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15 the death certificate of the owner of the property issued by any
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16 government authority who maintains such records.
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17 C. 1. If the value of the property at the time the claim is
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18 paid is Twenty-five Thousand Dollars ($25,000.00) or less, the
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19 claimant shall provide a signed affidavit executed by the claimant
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20 stating that the claimant is entitled to receive such property, the
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21 reason the claimant is entitled to receive such property, that there
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22 has been no probate of the estate of the deceased owner, that no
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23 probate is contemplated and that claimant will indemnify the state
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Req. No. 253 Page 17
1 for any loss, including attorney fees, if another claimant asserts a
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2 prior right to the property.
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3 2. If the unclaimed property account was previously held by a
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4 bank, credit union, or savings and loan association, a claimant may
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5 use the small estate affidavit provided for under Section 906 of
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6 this title.
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7 D. The State Treasurer may require other reasonable
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8 documentation, in addition to the items listed in subsections A, B,
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9 and C of this section, to determine the validity of the claim.
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10 SECTION 7. This act shall become effective November 1, 2025.
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12 60-1-253 RD 1/19/2025 5:47:30 AM
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Req. No. 253 Page 18Every fact on this page links to its source, starting with the official bill record.