Okla. Admin. Code § 735:80-11-10

Current through Vol. 42, No. 8, January 2, 2025

Section 735:80-11-10 - Banking or financial institutions; field audits

(a) Banking or financial institutions shall be examined under any or all circumstances defined in 735:80-11-2.

(b) The following categories of the property normally held by a bank or financial institution shall be subject to reporting under the Unclaimed Property Act (the Act):

(1) Demand, savings, or matured time deposits, together with any interest, or dividend thereon. Any charges withheld must be withheld at the express or implied consent of the owner. If such charges are normally refunded when requested by the owner, such charges cannot be deducted when reporting such property as unclaimed property.

(2) Funds paid toward the purchase of shares or other interest or any deposit thereon. Any charges withheld must be withheld at the express or implied consent of the owner. If such charges are normally refunded when requested by the owner, such charges can not be deducted when reporting such property as unclaimed property.

(3) Certified checks, travelers checks, certificates of deposits and drafts.

The above property(ies) shall not be presumed abandoned if the holder has mailed statements or other communications to the owner within five (5) years (15 years in the case of travelers checks) from the date of last customer generated activity or transaction, and no such statement or communication has been returned as non-deliverable. OST may, at its discretion, require a holder to produce evidence of mailing of such statements or other business communications during the aforementioned period.

(c) In addition to the categories of property described in (b) of this Section, the following categories of property normally held by a bank or financial institution shall be subject to reporting under the Unclaimed Property Act:

(1) Cashier checks, expense and vendor checks, payroll checks, and miscellaneous checks.

(2) Funds or personal property removed from a safe deposit box or other safe-keeping repository, or surplus amounts arising from the sale of such contents.

(3) Unidentified remittances.

(4) Any other intangible personal property not otherwise covered by the Act.

Okla. Admin. Code § 735:80-11-10

Transferred from 710:80-11-10 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00