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An Act
ENROLLED SENATE
BILL NO. 999 By: Murdock and Jett of the
Senate
and
Archer, Hilbert, Moore, and
West (Josh) of the House
An Act relating to property; amending 60 O.S. 2021,
Sections 651, 657.3, 668, as amended by Section 3,
Chapter 446, O.S.L. 2024, 674, 674.1, and 674.2, as
amended by Section 4, Chapter 446, O.S.L. 2024 (60
O.S. Supp. 2024, Sections 668 and 674.2), which
relate to the Uniform Unclaimed Property Act;
defining terms; directing State Treasurer to furnish
certain legal documents to claimants under certain
circumstances; requiring State Treasurer to record
additional information before making a deposit to the
Unclaimed Property Fund; providing for voidance of
claim under certain circumstances; specifying
contents of certain form; authorizing the waiver of
requirements in certain circumstances; allowing
notifications to be sent via email; requiring certain
payment or distribution or property upon claim
approval; specifying terms of payment; directing the
release of safe deposit box contents; requiring liens
to be satisfied prior to release of safe deposit box
contents; requiring maintenance of electronic
records; providing for hearing on evidence for
certain unclaimed property claims; directing State
Treasurer to prepare findings and decisions for
hearings; deeming decisions as public records;
establishing procedures when claims are approved or
denied; requiring certain agreements be in writing
and signed by claimants; providing requirements to
receive property or payment of a deceased person;
providing for use of small estate affidavit under
certain circumstances; and providing an effective
date.
ENR. S. B. NO. 999 Page 2
SUBJECT: Uniform Unclaimed Property Act
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 60 O.S. 2021, Section 651, is
amended to read as follows:
Section 651. As used in the Uniform Unclaimed Property Act,
unless the context otherwise requires:
1. “Apparent owner” means the person whose name appears on the
records of the holder as the person entitled to property held,
issued, or owing by the holder;
2. “Attorney General” means the chief legal officer of this
state;
3. “Banking organization” means any bank, trust company,
savings bank, safe deposit company, private banker, or any
organization defined by other law as a bank or banking organization;
4. “Business association” means a non-public corporation,
joint-stock company, investment company, business trust,
partnership, or association for business purposes of two or more
individuals whether or not for profit, including a banking
organization, financial organization, insurance company, or utility;
5. “Claimant” means a person who claims an interest in
unclaimed property in the custody of the State Treasurer;
6. “Claimant’s representative” means a person who has been
hired by a claimant to file an unclaimed property claim on behalf of
a claimant pursuant to a written agreement, including a duly
executed power of attorney;
7. “Domicile” means the state of incorporation of a corporation
and the state of the principal place of business of an
unincorporated person;
ENR. S. B. NO. 999 Page 3
6. 8. “Financial organization” means a savings and loan
association, building and loan association, or credit union;
7. 9. “Holder” means a person, wherever organized or domiciled,
who is:
a. in possession of property belonging to another,
b. a trustee, or
c. indebted to another on an obligation;
8. 10. “Insurance company” means an association, corporation,
fraternal or mutual benefit organization, whether or not for profit,
which is engaged in providing insurance coverage, including
accidental, burial, casualty, credit life, contract performance,
dental, fidelity, fire, health, hospitalization, illness, life
(including endowments and annuities), malpractice, marine, mortgage,
surety, and wage protection insurance;
9. 11. “Intangible property” includes:
a. money, checks, drafts, deposits, interest, dividends,
and income,
b. credit balances, customer overpayments, security
deposits, refunds, credit memos, unpaid wages, unused
airline tickets, and unidentified remittances,
c. stocks and other intangible ownership interests in
business associations,
d. monies deposited to redeem stocks, bonds, coupons, and
other securities, or to make distributions,
e. amounts due and payable under the terms of insurance
policies, and
f. amounts distributable from a trust or custodial fund
established under a plan to provide health, welfare,
pension, vacation, severance, retirement, death, stock
purchase, profit sharing, employee savings,
ENR. S. B. NO. 999 Page 4
supplemental unemployment insurance, education or
similar benefits;
10. 12. “Last-known address” means a description of the
location of the apparent owner sufficient for the purpose of the
delivery of mail;
11. 13. “Memorandum” shall include a mark, symbol or statement
indicating knowledge of or interest in funds on deposit;
12. 14. “Mineral proceeds” includes:
a. all obligations to pay mineral proceeds resulting from
the production and sale of minerals, including net
revenue interest, royalties, overriding royalties,
production payments, and payments under joint
operating agreements, and
b. all obligations for the acquisition and retention of a
mineral lease, including bonuses, delay rentals, shut-
in royalties, and minimum royalties;
13. 15. “Museum” means an institution which is located in this
state and operated by a nonprofit corporation or a public agency
primarily for educational, scientific, historic preservation or
aesthetic purposes, and which owns, borrows, cares for, exhibits,
studies archives or catalogues property. “Museum” includes, but is
not limited to, historical societies, historical sites or landmarks,
parks, monuments and libraries;
14. 16. “Owner” means a depositor in the case of a deposit, a
beneficiary in case of a trust other than a deposit in trust, a
creditor, claimant, or payee in the case of other intangible
property, or a person having a legal or equitable interest in
property subject to the Uniform Unclaimed Property Act or the
person’s legal representative. Where more than one person is an
owner, the property shall not be presumed abandoned unless it has
remained unclaimed by all of its owners for the periods hereinafter
prescribed;
15. 17. “Person” means an individual, business association,
state or other government, governmental subdivision or agency,
ENR. S. B. NO. 999 Page 5
public corporation, public authority, estate, trust, two or more
persons having a joint or common interest, or any other legal or
commercial entity;
16. 18. “State” means any state, district, commonwealth,
territory, insular possession, or other area subject to the
legislative authority of the United States;
17. 19. “State Treasurer” or “Treasurer” means the duly elected
and acting State Treasurer of Oklahoma;
18. 20. “Tax Commission” or “Commission” means the Oklahoma Tax
Commission; and
19. 21. “Utility” means a person who owns or operates for
public use any plant, equipment, property, franchise, or license for
the transmission of communications, or the production, storage,
transmission, sale, delivery, or furnishing of electricity, water,
steam, or gas; and
22. “Written agreement” means a legally binding document
between a claimant and the claimant’s representative outlining the
terms and conditions of the agreement. It provides a clear record
of the agreement, specifying each party's rights, responsibilities,
and obligations, which authorizes the claimant’s representative to
claim and recover unclaimed property in the custody of the Treasurer
on behalf of the claimant. The agreement may include an
authorization that directs the Treasurer to remit payment of fees
due to the claimant’s representative subject to the provisions of
this title.
SECTION 2. AMENDATORY 60 O.S. 2021, Section 657.3, is
amended to read as follows:
Section 657.3. All tangible and intangible personal property
held in a safe deposit box or other safekeeping repository in this
state in the ordinary course of the holder’s business and proceeds
resulting from the sale of the property permitted by other law,
which remain unclaimed by the owner for more than five (5) years
after the lease or rental period on the box or other repository has
expired, are presumed abandoned. If a will or trust instrument is
included among the contents of a safe deposit box or other
ENR. S. B. NO. 999 Page 6
safekeeping repository delivered to the State Treasurer, the State
Treasurer shall provide a copy of the will, trust, and any codicils
or amendments to such will or trust instrument, upon request, to a
claimant or claimant's representative who provides the State
Treasurer with evidence of the death of the testator or settlor and
evidence of apparent ownership.
SECTION 3. AMENDATORY 60 O.S. 2021, Section 668, as
amended by Section 3, Chapter 446, O.S.L. 2024 (60 O.S. Supp. 2024,
Section 668), is amended to read as follows:
Section 668. 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
ENR. S. B. NO. 999 Page 7
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, property type,
unclaimed property identification code, relation code, date of last
activity, reported year, holder name, amount, number of shares of
securities, and name of the securities issuer or stock ticker symbol
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.
SECTION 4. AMENDATORY 60 O.S. 2021, Section 674, is
amended to read as follows:
Section 674. A. A person, excluding another state, but
including a claimant’s representative, claiming an interest in any
property paid or delivered to the State Treasurer may file with the
State Treasurer a claim on a form prescribed by the State Treasurer
and verified by the claimant or the claimant’s representative. The
date of filing of a claim shall be the date it is received by the
State Treasurer with all supporting documentation from the claimant.
Any information submitted by a claimant which is required to be
submitted to the State Treasurer to establish a claim may be kept
confidential by the State Treasurer if it contains personal
financial information of the claimant, personal identifying
information such as the address, date of birth, telephone number or
email address of the claimant, Social Security numbers, birth
certificates or similar documents related to the parentage of an
individual, or any other document which is confidential by statute
if in the custody of another public agency or person. Failure to
ENR. S. B. NO. 999 Page 8
use the claim form prescribed by the State Treasurer shall void the
claim. The claim form shall require information the State Treasurer
believes to be reasonably necessary to administer the requirements
of this section, including, but not limited to:
1. A legible copy of the claimant’s valid driver license;
2. If the claimant has not been issued a valid driver license
at the time the original claim form is filed, a legible copy of a
photographic identification card of the claimant issued by the
United States or a state or territory of the United States, a valid
passport or national identification card issued by a foreign nation,
or other evidence deemed acceptable by the State Treasurer; and
3. For claims submitted by a claimant’s representative, a duly
executed copy of the written agreement between the claimant and the
claimant’s representative, including a duly executed power of
attorney.
B. The State Treasurer may waive the requirements in subsection
A of this section and may pay or deliver property directly to a
person if:
1. The person receiving the payment or property is shown to be
the apparent owner included on a report filed under this title; and
2. The State Treasurer reasonably believes the person is
entitled to receive the payment or property and has validated the
identity and address of the person receiving the payment or
property.
B. C. The State Treasurer shall consider each claim within
ninety (90) days after it is filed and give written notice to the
claimant and, if the person is utilizing the service of a claimant’s
representative, to the claimant’s representative if the claim is
denied in whole or in part. The notice may be given by email
notification or by mailing it to the last claimant’s representative,
if any, and to the claimant’s last-known address, if any, as stated
in the claim as the address to which notices are to be sent. If no
address for notices is stated in the claim, the notice may be mailed
to the last last-known address, if any, of the claimant as stated in
the claim. No notice of denial need be given if the claim fails to
ENR. S. B. NO. 999 Page 9
state either the last-known address to which notices are to be sent
or the address of the claimant.
C. D. If a claim submitted by the claimant is allowed approved,
the State Treasurer shall pay over or deliver to the claimant the
property or the amount the State Treasurer actually received or the
net proceeds if it has been sold by the State Treasurer, together
with any additional amount required by Section 665 of this title,
but no person shall have any claim under this section against the
state, the holder, any transfer agent, registrar or other person
acting for or on behalf of the state or a holder, for any
appreciation or depreciation in the value of the property or any
earnings that might otherwise accrue, after sale of the property by
the State Treasurer.
E. 1. If a claim submitted by a claimant’s representative is
approved, the State Treasurer shall pay or deliver to the claimant
the balance remaining after deduction and payment of the amount due
to the claimant’s representative by the State Treasurer; provided,
however, that any payments made directly to the claimant’s
representative shall be made only pursuant to the terms of the
written agreement between the claimant and the claimant’s
representative that was submitted with the claim.
2. The State Treasurer is authorized to make distribution of
the property or money in accordance with the terms of the agreement.
3. Payments of fees and costs to the claimant’s representative
shall be made by paper check or other means approved by the State
Treasurer on such periodic schedule as the State Treasurer may
define; provided, however, payment for approved claims shall be made
to both the claimant and the claimant’s representative within sixty
(60) days of approval.
F. The contents of safe deposit boxes shall be released
directly to the claimant, claimant’s representative, or to a
commercial carrier as provided in the written agreement if
authorized in writing by the claimant. Any lien owed to the lessor
of the safe deposit box shall be satisfied before the contents of
the safe deposit box shall be released. At the claimant or
claimant's representative's option, any lien owed to the lessor of
the safe deposit box shall be deducted from the value of the
ENR. S. B. NO. 999 Page 10
contents of the safe deposit box obtained at the next scheduled
auction with the remaining value to be distributed in accordance
with this section.
G. The State Treasurer shall maintain an electronic copy of all
records related to the property received by the State Treasurer.
Such records shall be retained pursuant to the State Treasurer’s
retention schedules as provided by Title 67 of the Oklahoma
Statutes.
H. The State Treasurer shall consider any claim filed under
this act and, in rendering a determination on the merits of any such
claim, shall rely on the applicable statutes, regulations, and
relevant court decisions and may hold a hearing and receive evidence
concerning the claim. If a hearing is held, the State Treasurer
shall prepare a finding and a decision in writing on each claim
filed, stating the substance of any evidence heard and the reasons
for the decision. The decision shall be a public record.
I. If the claim is approved, the State Treasurer shall make
payment pursuant to this section. The claim shall be paid without
deduction for costs of notice. If a claim is denied, the State
Treasurer may hold a hearing and receive evidence concerning any
unclaimed property claim filed under this act. If a hearing is
held, the State Treasurer, or his or her representative, shall
consider evidence that would be admissible in contested cases under
the Administrative Procedures Act. In any proceeding for
determination of a claim to property, the burden shall be upon the
claimant, or the claimant’s representative, including a claimant’s
representative, to establish entitlement to the property by a
preponderance of evidence.
J. If a hearing is held, the State Treasurer, or his or her
representative, shall prepare a finding and a decision in writing on
each claim filed, stating the substance of any evidence heard by him
or her and the reasons for his or her decision. The decision shall
be a public record and deemed the final agency decision.
K. If the claim is approved, the State Treasurer shall make
payment pursuant to paragraph 2 of subsection E of this section.
Claims shall be paid without deduction for costs of notice.
ENR. S. B. NO. 999 Page 11
SECTION 5. AMENDATORY 60 O.S. 2021, Section 674.1, is
amended to read as follows:
Section 674.1. A. No person who:
1. Informs a potential claimant of any unclaimed funds or other
property, tangible or intangible, held pursuant to the Uniform
Disposition of Unclaimed Property Act that such claimant may be
entitled to claim such unclaimed property; or
2. Files a claim for any funds or other property, tangible or
intangible, on behalf of a claimant of such funds or property,
shall contract for or receive from the claimant, for services, an
amount that exceeds twenty-five percent (25%) of the value of the
funds or property recovered.
If the funds or property involved are mineral proceeds, the
amount for services shall not include a portion of the underlying
minerals or any production payment, overriding royalty, or similar
payment.
In the event that the claimant of such funds or property is
deceased and did not personally agree to the fee in writing, a fee
for recovery can only be collected from each identified heir,
devisee or legatee that has affirmatively agreed to that fee in
writing.
The agreement shall be in writing and signed by the claimant
either by manual signature or electronic signature.
B. The provisions of this section shall apply to contracts
executed on or after November 1, 2021.
SECTION 6. AMENDATORY 60 O.S. 2021, Section 674.2, as
amended by Section 4, Chapter 446, O.S.L. 2024 (60 O.S. Supp. 2024,
Section 674.2), is amended to read as follows:
Section 674.2. A. If any claimant asserts an interest in any
property delivered to the State Treasurer in which the owner of the
property is determined to be deceased, the State Treasurer shall not
pay over or deliver to the claimant property as provided in Section
ENR. S. B. NO. 999 Page 12
651 et seq. of this title, unless the claimant provides the
following items as applicable:
1. A a certified copy of letters of administration or letters
testamentary from the probate of the estate of the decedent naming
the claimant as the personal representative of the estate of the
decedent;
2. A certified copy of the decree of distribution from the
probate of the estate of the decedent determining the claimant to be
entitled to receive such property through the estate of the
decedent;
3. If the owner of the property executed an inter vivos trust
which provided for the disposition of the property of the owner, a
properly verified copy of the trust instrument which shows the
claimant is the trustee or beneficiary of the trust or otherwise
entitled to the property; or
4. If the property is derived from real property located in
this state, a certified copy of a final decree quieting title of the
decedent’s real property, determining the claimant to be the
successor in interest of decedent’s ownership interest court or
other lawful documents establishing entitlement to the decedents'
unclaimed property.
B. If the value of the property at the time the claim is to be
paid is Ten Thousand Dollars ($10,000.00) or more, the claimant
shall provide a certified copy of a record that provides evidence of
the death certificate of the owner of the property issued by any
government authority who maintains such records.
C. If the value of the property at the time the claim is paid
is Twenty-five Thousand Dollars ($25,000.00) or less, the claimant
shall provide a signed affidavit executed by the claimant stating
that the claimant is entitled to receive such property, the reason
the claimant is entitled to receive such property, that there has
been no probate of the estate of the deceased owner, that no probate
is contemplated and that claimant will indemnify the state for any
loss, including attorney fees, if another claimant asserts a prior
right to the property If the unclaimed property account was
previously held by a bank, credit union, or savings and loan
ENR. S. B. NO. 999 Page 13
association, a claimant may use the small estate affidavit provided
for under Section 906 of Title 6 of the Oklahoma Statutes.
D. The State Treasurer may require other reasonable
documentation, in addition to the items listed in subsections A, B,
and C of this section, to determine the validity of the claim.
SECTION 7. This act shall become effective November 1, 2025.
ENR. S. B. NO. 999 Page 14
Passed the Senate the 20th day of May, 2025.
Presiding Officer of the Senate
Passed the House of Representatives the 30th day of April, 2025.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of __________________, 20 _______, at _______ o'clock _______ M.
By: _________________________________