Okla. Admin. Code § 670:10-5-1

Current through Vol. 41, No. 24, September 3, 2024

Section 670:10-5-1 - Semimonthly reporting procedure

(a)Semimonthly reports. Each licensed operator must submit semimonthly reports to Service Oklahoma to properly account for all funds, regardless of source, received by a licensed operator in the performance of the licensed operator's duties.

(b)Closing dates for report preparation. Reports are to be ended on the fifteenth (15th) and the last day of each month. Report summary pages are to be generated from the computer system and included with the required report transaction documentation. Driver license transaction reporting guidelines are established by Service Oklahoma. IRP (International Registration Plan) transaction reporting guidelines are established by the Corporation Commission.

(c)Transaction documents. Semimonthly report transaction documentation is to be prepared and submitted to Service Oklahoma. Service Oklahoma shall communicate any report preparation procedural changes to licensed operators in a timely manner.

(d)When reports due; penalties for late report. All licensed operators are to prepare semimonthly reports to be filed with Service Oklahoma no later than the first (1st) day of the month for the report ending on the fifteenth (15th) day of that month and the fifteenth (15th) day of the following month for the report ending on the last day of a month. When a report due date falls on a Saturday, Sunday, state holiday, or federal holiday, the next business day becomes the due date for that report. If not postmarked by the due date, a penalty of 1% of the gross amount of the report shall be assessed. The penalty increases to 3% should the report not be postmarked within 5 days of the due date.

(e)Sufficiency of semimonthly reports. To comply with the reporting requirement, the reports filed with Service Oklahoma must include system generated remittance pages, driver license transaction report summary (when applicable), Oklahoma Corporation Commission IRP transaction report summary (when applicable) and all supporting individual transaction documentation. Any such semimonthly report that does not include these minimum requirements shall not constitute the mandatory report. In the event a proper semimonthly report is not filed on or before the due dates, in accordance with (d) of this Section, the report shall be delinquent. For purposes of the semimonthly report, any supporting individual transaction documentation that was submitted electronically does not need to be included in the semimonthly report, so long as it is available through the applicable system of record.

Okla. Admin. Code § 670:10-5-1

Adopted by Oklahoma Register, Volume 41, Issue 23, August 15, 2024, eff. 8/25/2024