Okla. Admin. Code § 670:10-7-1

Current through Vol. 42, No. 4, November 1, 2024

Section 670:10-7-1 - Deposit of monies

(a)Funds due Service Oklahoma. A licensed operator shall deposit all monies which the licensed operator is required to account for and pay over to Service Oklahoma in a Service Oklahoma Licensed Operator Account (designated for each Service Oklahoma location) within one (1) banking day of collection. The licensed operator is to enter all required deposit information into Service Oklahoma's deposit entry system by the end of the same business day the deposit is made to the bank. The monies belonging to Service Oklahoma are not to be deposited to any account except the Service Oklahoma Licensed Operator Account.

(b)Licensed Operator fee retention. The fees to be retained by the licensed operator as compensation shall not be deposited in the Service Oklahoma Licensed Operator Account. Should the licensed operator not have enough cash receipts to withhold the statutorily authorized licensed operator's fee for the transactions reflected in the deposit being made, the licensed operator may designate on the Service Oklahoma Licensed Operator Account deposit slip the amount necessary to make up the difference as "Less Cash Received". Only the amount necessary to allow for the retention of the statutorily authorized licensed operator's fees for the transactions reflected in the deposit being made may be deducted from the Service Oklahoma deposit.

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