Oklahoma § 60-668.1 - Unclaimed Property Clearinghouse Fund

§ 60-668.1. Unclaimed Property Clearinghouse Fund

A. There is hereby created in the State Treasury a revolving

fund for the State Treasurer to be designated the "Unclaimed

Property Clearinghouse Fund". The fund shall be a continuing fund,

not subject to fiscal year limitations, and shall consist of monies

deposited to the fund pursuant to Section 668 of this title. All

monies accruing to the credit of the fund are appropriated to the

State Treasurer. The State Treasurer may budget and expend monies

from the fund for the purpose of making payment for the mailing,

publication and sale costs associated with abandoned property, and

to persons, firms, or corporations who are regularly engaged in the

business of notifying states about property which may be subject to

the provisions of unclaimed property statutes of those states. The

State Treasurer may enter into contracts with these persons, firms

or corporations performing these services, which services may

include the examination of any party subject to examination under

the Uniform Unclaimed Property Act. The State Treasurer may

delegate all necessary authority to act in the State Treasurer's

behalf to such persons, firms or corporations to enforce the

provisions of the Uniform Unclaimed Property Act.

B. The State Treasurer shall be authorized to expend monies

from the Unclaimed Property Clearinghouse Fund in payment of a

reasonable fee not to exceed fifteen percent (15%) of the delivered

funds to a person, firm, or corporation contracting with the State

Treasurer providing information leading to the delivery of unclaimed

property held by a holder to the State Treasurer. Such payment

shall not be made until the funds have been deposited with the State

Treasurer.

Oklahoma Statutes - Title 60. Property

C. The State Treasurer is authorized to purchase services,

including legal services, in order to locate and effect the delivery

of property and related owner information to assist the State

Treasurer in the Treasurer's duties related to the administration of

the Uniform Unclaimed Property Act. The purchase of such services,

other than legal services, shall be chosen by a solicitation of

proposals on a competitive basis, but shall be exempt from the

provisions of The Oklahoma Central Purchasing Act.

Added by Laws 1990, c. 102, § 2, operative July 1, 1990. Amended by

Laws 1999, c. 10, § 15, eff. July 1, 1999; Laws 2001, c. 133, § 8,

emerg. eff. April 24, 2001; Laws 2004, c. 318, § 7, eff. July 1,

2004; Laws 2009, c. 433, § 4, eff. Nov. 1, 2009; Laws 2019, c. 150,

§ 3, eff. July 1, 2019.