On May 30, OKL LEG passed bill modifying unclaimed property act.
OKL LEG passed bill SB 1534 re electronic communications for unclaimed property.
Amends OKL LEG 60-661, report of abandoned property, OKL LEG 60-662, notice and publication of lists of abandoned property, OKL LEG 60-668, unclaimed property fund.
Also amends OKL LEG 60-674.2, regarding property delivered to the State Treasurer.
Bill Provisions
Requires holders of abandoned property to send written notice to the apparent owners.
Allows correspondence to be done electronically if it is consented to by the owner.
Increases minimum property value that requires Treasurer notice from $50 to $250.
Anyone claiming interest in property worth at least $10,000, which has been delivered to the Treasurer and whose owner is deceased, must provide copy of death certificate.
Minimum property value for cases where claimant needs to provide a signed affidavit stating that they are entitled to the property is increased from $10,000 to $25,000.
Legislative History
On Feb. 5, 2024, bill introduced in Senate; on Feb. 20, 2024, bill passed in Senate.
On Feb. 21, 2024, bill was introduced in House; on Apr. 24, 2024, bill passed in House.
On May 29, 2024, substitute passed Senate; on May 30, 2024, passed in House.
On May 30, 2024, bill was enrolled and sent to governor; pending governor review.
Effectiveness
If enacted, this act shall become effective Nov. 1, 2024.
Jun. 2024 OKL LEG Governor Approval
On Jun. 14, 2024, OKL LEG reported that the governor signed bill SB 1534 into law.
Regulators
OKL LEG
Entity Types
Bank; CNSM; Ins
Reference
Act, 6/14/2024; Bill, SB1534, 5/30/2024; Citation: OKL LEG 60;
