Oklahoma Administrative Code › Title 260 - Office of Management and Enterprise Services › Chapter 135 - Service Oklahoma › Subchapter 3 - Licensed Operators › Part 7 - SPECIFIC FISCAL DUTIES › Section 260:135-3-31 - Advice of deposits and depositing procedure

Current through Vol. 41, No. 20, July 1, 2024
(a)
Licensed Operator to establish Service Oklahoma Licensed Operator
				  account.
Every licensed operator shall establish a Service Oklahoma bank
				  account in a bank or bank authorized to do a banking business in this state. At
				  any time that collected receipts total One Hundred Dollars ($100.00) or more,
				  all funds due Service Oklahoma must be deposited into this account within one
				  banking day of collection.
(b)
Licensed operator to establish a separate operational account for each
				  designated Service Oklahoma location.
In addition, an operational
				  account for each designated Service Oklahoma location must be established in
				  which all other funds received by a licensed operator in the performance of his
				  or her duties shall be deposited and shall not be commingled with any other
				  funds.
(c)
Entry of deposit
				  information.
The licensed operator is to record deposits made to their
				  Service Oklahoma depository account by entering all required information into
				  the Service Oklahoma's deposit entry system by the end of the same business day
				  the deposit is made to the bank.
(d)
Reconciliation with semimonthly
				  report.
All deposits that apply to a particular semimonthly report shall
				  be listed on that report's remittance slip. Any discrepancy between the deposit
				  and report totals must be detailed by the licensed operator on the report
				  remittance slip.
(e)
Checks.
Payment by check shall be accepted, unless the applicant
				  is within a penalty period, in which case acceptance of a check by the licensed
				  operator is optional. All checks received must be made payable to Service
				  Oklahoma and must include either the driver license number or Service Oklahoma
				  identification number of the remitter. Postdated checks cannot be
				  accepted.
(f)
Insufficient
				  checks.
Should a licensed operator's bank notify them of an insufficient
				  check being deposited into the Service Oklahoma account, the licensed operator
				  must redeposit monies into the account to offset the debit. No Advice of
				  Deposit is needed since the amount has already been included in a previous
				  one.
(g)
Change of
				  bank.
If changing banks, the licensed operator must request new banking
				  papers from Service Oklahoma. The new banking papers must be completed and
				  returned to Service Oklahoma before making any deposit in the new
				  bank.
(h)
Penalties for late
				  deposits.
If funds due Service Oklahoma are not deposited to the Service
				  Oklahoma account within one banking business day of collection, a penalty of 1%
				  of the deposited amount will be assessed. If the deposit is not made within
				  five days of collection, the penalty increases to 3% of the deposit amount
				  due.
(i)
Penalties incurred
				  not a part of licensed operator operating expenses.
Any licensed
				  operator who pays a penalty for failure to make timely payments may not
				  allocate that payment as a part of operating expenses, but must use personal
				  funds for payment of the penalty.