Okla. Stat. tit. 60 § 668

Current through Laws 2024, c. 453.

Section 668 - Unclaimed Property Fund - Deposits - Deductions

A. There is hereby created in the State Treasury the "Unclaimed Property Fund", the principal of which shall constitute a trust fund for persons claiming any interest in any property delivered to the state under the Uniform Unclaimed Property Act and may be invested as provided in the Uniform Unclaimed Property Act and shall not be expended except as provided in the Uniform Unclaimed Property Act. All funds received under the Uniform Unclaimed Property Act, including the proceeds from the sale of abandoned property under Section 667 of this title, shall forthwith be deposited by the State Treasurer in the Unclaimed Property Fund, except that the State Treasurer may before making any deposit to the fund deduct:

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

2. All costs of mailing and publication in connection with any abandoned property including the cost of custody services for unclaimed securities;

3. Reasonable service charges not to exceed four percent (4%) of the monies accruing to the state under the Uniform Unclaimed Property Act, which may be used to defray the administrative costs, including costs necessary to retain legal counsel to ensure compliance with the Uniform Unclaimed Property Act, or to acquire computer hardware and software to be used exclusively to help administer the unclaimed property program;

4. An amount equal to fifteen percent (15%) of the funds accruing to the state pursuant to a contract with the State Treasurer providing information leading to the delivery of unclaimed property held by a holder to the State Treasurer to be deposited in the Unclaimed Property Clearinghouse Fund; and

5. An amount not to exceed twenty-five percent (25%) of the value of the funds in an action to enforce the Uniform Unclaimed Property Act, which is to be used solely to pay attorney fees to any person who was authorized by the State Treasurer to bring the action.

B. Before making a deposit to the Unclaimed Property Fund, the State Treasurer shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the abandoned property and of the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due. After a period of twelve (12) months has elapsed, the record shall be available for public inspection during normal business hours.

Okla. Stat. tit. 60, § 668

Amended by Laws 2024 , c. 446, s. 3, eff. 11/1/2024.

Amended by Laws 2019 , c. 150, s. 2, eff. 7/1/2019.

Added by Laws 1967, HB 532, c. 107, § 18, emerg. eff. 4/24/1967; Amended by Laws 1990, HB 1977, c. 102, § 1, emerg. eff. 7/1/1990; Amended by Laws 1999 , SB 659, c. 10, §14, emerg. eff. 7/1/1999; Amended by Laws 1999 , SB 647, c. 292, §1, emerg. eff. 7/1/1999; Amended by Laws 2001 , SB 544, c. 133, §8, emerg. eff. 4/24/2001; Amended by Laws 2002 , SB 1450, c. 95, §1, emerg. eff. 7/1/2002; Amended by Laws 2003 , HB 1580, c. 224, §10, emerg. eff. 7/1/2003; Amended by Laws 2004 , SB 1463, c. 318, §6, emerg. eff. 7/1/2004; Amended by Laws 2009 , HB 1780, c. 433, §3, eff. 11/1/2009.