reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 20 - Security for Local Entity Deposits › Section 735:20-1-10 - Acceptance of federal agency letters of credit to secure deposits

Current through Vol. 41, No. 20, July 1, 2024
Public entities may accept letters of credit (LOC's) from any Federal Home Loan Bank ("FHLB") within the Federal Home Loan Bank System as a collateral instrument to secure public entity funds on deposit with financial institutions. Each LOC shall be in a form and shall contain such terms as shall be acceptable to OST and the public entity. Such LOC's must be unconditional, standby letters of credit which designate the public entity as the irrevocable and unconditional beneficiary of the LOC. To remain qualified as an issuer of an LOC, the obligations of the issuing FHLB must be rated and remain rated in the highest rating category of at least one of the nationally recognized rating agencies acceptable to the public entity. The issuing FHLB may not provide LOC's for any one financial institution with public entity funds on deposit which exceed twenty percent (20%) of the issuing FHLB's capital and surplus. The financial institutions which use LOC's to secure public entity deposits shall be solely responsible for the cost of securing an LOC.
Added at 16 Ok Reg 1275, eff 5-13-99; Amended at 18 Ok Reg 2857, eff 7-1-01
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 20 - Security for Local Entity Deposits › Section 735:20-1-11 - Acceptance of surety bonds to secure deposits

Current through Vol. 41, No. 20, July 1, 2024
(a) Public entities may accept surety bonds as collateral instruments to secure public entity funds on deposit with financial institutions. A surety bond must meet the following statutory conditions to be accepted:
(1)
subject to the terms and conditions of the bond, it is irrevocable and absolute,
(2)
the surety bond is issued by an insurance company authorized to do business in Oklahoma,
(3)
the issuer of the surety bond does not provide surety bonds for any one financial institution in an amount that exceeds ten percent (10%) of the surety bond insurer's policyholders' surplus and contingency reserve, net of reinsurance, and
(4)
the claims-paying ability of the authorized insurance company is rated, at all relevant times, in the highest category by at least two nationally recognized rating agencies acceptable to the State Treasurer.
[62 O.S. §
									517.5(A)(4) ].
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 20 - Security for Local Entity Deposits › Section 735:20-1-12 - Valuation of collateral

Current through Vol. 41, No. 20, July 1, 2024
The pledgor bank or the safekeeping bank is required to provide the public entity with a market valuation of the pledged collateral on at least a quarterly basis. Collateral for which a market valuation is not readily determinable will be considered unacceptable collateral for securing public entity deposits. However, if such collateral is pledged to a public entity, the security interest in the collateral will still be valid. If unacceptable collateral is pledged, the remedy shall be for the Pledgor Bank to immediately substitute acceptable collateral as soon as the collateral is discovered to be unacceptable.
Added at 18 Ok Reg 2857, eff 7-1-01
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 20 - Security for Local Entity Deposits › Section 735:20-1-13 - Pledge Agreement and Certification of Adoption of [Board of Director's or Loan Committee's] Resolution required to participate in transactions

Current through Vol. 41, No. 20, July 1, 2024
(a) A public entity shall not place funds in excess of the FDIC-insured limit with institutions that have not entered into a "Pledge Agreement for Funds Held on Deposit" (OST Form 2001-1) or a "Tri-Party Public Deposit Pledge and Custody Agreement" (OST Form 2001-2) in Appendices I and J of this Chapter. If the Federal Reserve Bank or the Federal Home Loan Bank are the sole safekeeping bank, the treasurer should use the Pledge Agreement. If a Pledgor Bank uses only collateral instruments, the Pledge Agreement may be used. However, if there is any possibility that the Pledgor Bank may need to pledge collateral securities, and the Pledgor Bank has a safekeeping relationship with one of the privately owned safekeeping banks, the Tri-Party Agreement should be used. Whenever the safekeeping bank used is a privately owned safekeeping bank, the Tri-Party Agreement shall be used.
(b) The Financial institution wishing to receive local public entity funds must complete the following steps:
(1) Complete two (2) originals of the Pledge Agreement or three (3) originals of the Tri-Party Agreement (OST Form 2001-1 or 2001-2) in Appendices I and J of this Chapter.
(2) Adopt the "Certification of Adoption of [Board of Director's or Loan Committee's] Resolution" (OST Form 2001-3) in Appendix K of this Chapter showing the acceptance of the Pledge Agreement or Tri-Party Agreement by either the Board of Directors or the Loan Committee, and listing the Duly Authorized Bank Officers authorized to do business with the public entity.
(3) Forward all of originals of the Pledge Agreement or Tri-Party Agreement and a certified copy of the Certification of Adoption of [Board of Directors' or Loan Committee's] Resolution to the public entity. After acceptance, the public entity will return one (1) signed original Pledge Agreement or Tri-Party Agreement to the financial institution for its records, and one (1) signed original Tri-Party Agreement to the safekeeping bank for its records.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 20 - Security for Local Entity Deposits › Section 735:20-1-14 - Collateral calls

Current through Vol. 41, No. 20, July 1, 2024
(a) The public entity treasurer will determine the fair market value of the collateral securities pledged to secure public entity funds on deposit not less than quarterly. Such market information shall be supplied by either the pledgor bank or safekeeping bank. If, after determining the value of the pledged collateral securities, the amount is less than the maintenance percentage, the public entity treasurer will impose a collateral call.
(b) The public entity treasurer may impose collateral calls at any time, and reserves the right to require compliance to collateral calls immediately. If compliance to collateral calls cannot be met, then the public entity treasurer reserves the right to reduce the amount of the outstanding balances at the pledgor bank without penalty to the public entity.
Added at 18 Ok Reg 2857, eff 7-1-01
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 20 - Security for Local Entity Deposits › Section 735:20-1-15 - Addition and removal of Duly Authorized Bank Officers

Current through Vol. 41, No. 20, July 1, 2024
When institutions find it necessary to remove names from, or add names to the list of Duly Authorized Bank Officers, the following procedure must be used:
(1) The financial institution shall complete the "Certification of Removal and/or Appointment of Duly Authorized Bank Officers" (OST Form 2001-4) in Appendix L of this Chapter showing the names to be removed and/or added to the list of Duly Authorized Bank Officers. If the financial institution wishes to conduct only one procedure, either adding or removing a duly authorized bank officer, then the other should be marked "not applicable."
(2) The financial institution shall then forward a certified copy of the Certification to the public entity treasurer. The original shall be maintained by the financial institution as an official record of the financial institution within the meaning of 12 U.S.C. §
									1823(e), as amended, continuously from the time of its execution.
Added at 18 Ok Reg 2857, eff 7-1-01
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The provisions of this Chapter have been promulgated for the purpose of compliance with the Oklahoma Administrative Procedures Act, 75 O.S. §§
									250.1 et seq, and to facilitate the administration and enforcement of the provisions of the Oklahoma Uniform Unclaimed Property Act (60 O.S. §§
									651 et seq.).
Transferred from 710:80-1-1 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217)
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-3 - Mineral interest in land escheatable

Current through Vol. 41, No. 20, July 1, 2024
Any mineral interest in land in Oklahoma is subject to escheat if it generates an intangible property interest which is presumed abandoned under the unclaimed property statutes of any state.
Transferred from 710:80-1-3 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217)
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-4 - Protest procedure; procedure for administrative protest to examination or audit findings or demands for reportable or deliverable property issued to holders

Current through Vol. 41, No. 20, July 1, 2024
(a) When any holder is aggrieved by the examination findings of the Unclaimed Property Division, directly affecting such holder, the holder on or before sixty (60) days from the date of receipt of the letter of findings and demand notice, may file with the Treasurer, a written protest, under oath, signed by himself or his duly authorized agent, setting out therein:
(1) A statement of findings as determined by the Unclaimed Property Division, the nature of the findings and the amount thereof protested or in controversy;
(2) A clear and concise assignment of each error alleged to have been committed by the Unclaimed Property Division;
(3) The argument and legal authority upon which each assignment of error is made; provided, that the applicant shall not be bound or restricted in such hearing to the arguments and legal authorities contained and cited in said written protest;
(4) A statement of relief or adjustment of the findings or demand sought by the holder; and
(5) A verification by the holder or his duly authorized agent that the statements and facts contained therein are true.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-5 - Confidentiality of reports, records and files in the administration of the Uniform Unclaimed Property Act

Current through Vol. 41, No. 20, July 1, 2024
(a) OST shall consider confidential, reports filed by holders, the names of holders that have been audited, records and files of holders, and information secured therefrom, created by, received by, or coming into the custody of OST as a result of any audit, any protests filed by holders to examination findings, claimants' applications and information discovered by OST concerning claims and claimants.
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, 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.
[60:674]
(b) Confidential information relating to a particular item of property may be disclosed to a claimant who has demonstrated probable entitlement to the property, or to any person possessing an executed power of attorney from such claimant.
(c) Confidential information may be disclosed as required by the Uniform Unclaimed Property Act or as necessary for the proper administration of this Act. [See: 60 O.S. §§
									662, 668, 675 ]
(d) Additionally, confidential information may be disclosed to:
(1) Any employee of the Treasurer whose official duties involve unclaimed property;
(2) The State Auditor and Inspector, or his duly authorized agent, in connection with any audit of OST; or
(3) The office of the Attorney General for its use in providing counsel relating to unclaimed property administration or in preparation for any proceeding involving unclaimed property before any agency or board of this state or before any grand jury or any state or federal court.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-6 - Payment of examination findings under protest

Current through Vol. 41, No. 20, July 1, 2024
In any case where a holder files a written protest of examination findings with the Treasurer as provided by 735:80-1-4, the holder may pay the amount specified in the examination findings and designate the payment as being made under protest. Such payment shall stop the accrual of interest, if any, upon the amount paid. If the Treasurer sustains the protest in whole or in part, the amount determined by the Treasurer not to be due shall be refunded to the holder, without interest.
Transferred from 710:80-1-6 at 60 O.S., § 688, eff 7-1-99; (See Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-7 - Relief from liability by payment or delivery

Current through Vol. 41, No. 20, July 1, 2024
OST shall assume custody of the unclaimed property remitted or delivered and shall be responsible for its safekeeping. OST shall protect the interests of the holder or Unclaimed Property Division of any reporting state to the extent of the value of property remitted or delivered. If any holder or state has paid the amount of unclaimed property to a rightful owner, OST shall, upon receipt of proof of payment to the rightful owner, reimburse the holder or the state for the amount of payment. An affidavit, in lieu of proof of payment, submitted by any holder or state will be considered sufficient proof of the facts to receive reimbursement from OST.
Transferred from 710:80-1-7 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 1 - General Provisions › Section 735:80-1-8 - Recordkeeping requirements

Current through Vol. 41, No. 20, July 1, 2024
All holders of unclaimed intangible property shall maintain records concerning such property for a minimum of four (4) years after reporting, or ten (10) years after the date the report is due, to OST. [See: 60 O.S. §
									679.1 ]
Transferred from 710:80-1-8 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-1 - General reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) Annually a holder must file a verified report of unclaimed property. If a holder has no property that is reportable, a negative report (a report or a letter stating no property is reportable) is encouraged. Report forms may be obtained from OST.
(b) The report must be filed on the form(s) provided on the unclaimed property. Computer generated reports will be accepted only if provided in a format which has received prior approval from OST and if accompanied by an OST form provided for verification. Any report submitted in any format other than the prescribed format required by OST will be returned to the holder for correction.
(c) A holder reporting 15 or more items of property pursuant to 60 O.S. § 661 - Report of Abandoned Property, is required to file the report electronically using the NAUPA standard electronic file format for holders. As used in these regulations, "NAUPA" means the National Association of Unclaimed Property Administrators.
(d) Any holder who refuses to file an Unclaimed Property report as required under the provisions of the Uniform Unclaimed Property Act or refuses to furnish records or information requested by OST to determine the amount of unclaimed property in the holder's possession, and subsequent examination of holder's records establishes that the holder willfully or without reasonable cause has failed to deliver unclaimed property, the holder shall be subject to the penalties imposed by the Uniform Unclaimed Property Act. [See: 60 O.S. §§
										679, 680 ]
(e) If holders report and remit property to Oklahoma that should be reported and remitted to another state, pursuant to the reciprocal agreements with the other states, OST shall transmit the monies to the respective states of owners last known addresses. [See: 60 O.S. §
										683.1 ]
Transferred from 710:80-3-1 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 21 Ok Reg 2879, eff 7-11-04; Amended at 22 Ok Reg 2661, eff 7-11-05; Amended at 28 Ok Reg 2121, eff 7-11-11
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-2 - Owner contact; reporting requirements; "owner generated activity" defined

Current through Vol. 41, No. 20, July 1, 2024
(a) Property is not presumed abandoned if there has been communication with the owner during the statutory abandonment period. The holder must have evidence to show such communication. OST may, at its discretion, require a holder to produce evidence of mailing of such statements or other business communications during the statutory abandonment period.
(b) The crediting of interest by a holder or the deduction of a service charge by a holder to a savings or checking account does not constitute an increase or decrease in the amount of the deposit. In-house or computer generated dates which reflect the posting of increments to or deductions from an owner's account, shall not be construed as the last owner contact or date of last transaction. [See: 60 O.S. §
										652(a) ]
(c) "Owner generated activity" means a deposit or withdrawal by an owner; presentation of the passbook for crediting of interest; or a letter from or any other documented contact with the owner concerning the property.
Transferred from 710:80-3-2 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-3 - Early delivery of property

Current through Vol. 41, No. 20, July 1, 2024
After obtaining written permission from OST, and upon terms and conditions prescribed by OST, a holder may report and deliver property prior to the expiration of the abandonment period. OST shall take into consideration the value of the property before accepting it. If it determines that the value of the property is relatively small, it may postpone taking possession of the property until sufficient amount of property is accumulated. The property so delivered will be held by OST and will not be presumed abandoned until the expiration of the applicable abandonment period. [See: 60 O.S. §
										677 ]
Transferred from 710:80-3-3 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-4 - Aggregate reporting; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
Items of less than fifty dollars ($50.00) in value must be reported and remitted in the aggregate, except property which is one of a recurring number of continuous payments, including, but not limited to, royalties, annuities, dividends, distributions, and other sums presumed abandoned pursuant to subsection D of Section 655 of this title, all of which shall be reported in the same manner as property with a value of fifty dollars ($50.00) or more. OST shall protect the interests of the holder to the extent of the value of property reported and delivered. Unclaimed property due unknown owners, held by the holders incorporated in the State of Oklahoma or held by unincorporated holders having their principal place of business in Oklahoma, shall also be reported and remitted in the aggregate.
Transferred from 710:80-3-4 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 19 Ok Reg 2476, eff 6-27-02; Amended at 21 Ok Reg 2879, eff 7-11-04
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-5 - Abandoned mineral interests; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
Regardless of the amount of the mineral interest proceeds, if the proceeds are presumed unclaimed under the Uniform Unclaimed Property Act, or under the Unclaimed Property Laws of any other State, the mineral interest that generated such proceeds is also presumed abandoned and shall become reportable to OST. It is also required that the names of last-known owners of mineral interest, their percentages of ownership in the interest, and the legal description of the mineral interest be reported to OST. Annually, OST shall send the abandoned mineral interest listing to the Office of the Attorney General, and the District Attorney and County Clerk of the county in which the mineral interest is located. The abandoned mineral listings will be made available for public viewing by the County Clerks.
Transferred from 710:80-3-5 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-6 - Items of Fifty Dollars ($50.00) or more; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
Reporting requirements placed upon holders of presumed abandoned property, for property of a value of fifty dollars ($50.00) or more, are as follows:
(1) The name and last known address of each owner as it appears from the holder records; [
See:
60 O.S. §
										661(B)(1) ]
(2) The type of property, identifying number, and description of the property; and [
See:
60 O.S. §
										661(B)(4) ]
(3) The holders are required to mail notices to the owners of property to their last-known addresses to prevent the property from being presumed abandoned. [
See:
60 O.S. §
										661(E) ]
Transferred from 710:80-3-6 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217)
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-7 - Requirement to report and remit current balance

Current through Vol. 41, No. 20, July 1, 2024
Holders of presumed abandoned intangible property shall annually report and remit all proceeds accrued to date; i.e., the current balance held by the holder. When and if any part of the proceeds has been held for the statutory abandonment period or longer, the holder must report and remit all interest, additions, and increments accrued to the owner's account. Any additional amounts accruing to an owner who has been reported previously will be reported and remitted on an annual basis; i.e., additional amounts from the "as of date" of the previous report year through the "as of date" of the current report year. In no event shall mineral interest proceeds be reported or remitted sooner than six months after the date of the first sale from the applicable well.
Transferred from 710:80-3-7 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 21 Ok Reg 2879, eff 7-11-04; Amended at 22 Ok Reg 2661, eff 7-11-05
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-8 - Report on-line fifteen (15) or more properties; reporting requirement

Current through Vol. 41, No. 20, July 1, 2024
Holders shall report unclaimed property as prescribed in OS 60 Section 661-Report of Abandoned Property. Holders reporting fifteen (15) or more items of property shall file the report electronically using the State Treasurer's on-line reporting system https://ostdnet.ost.state.ok.us/Hldr Login.asp. Additional reporting information may be located @www.treasurer.ok.gov .
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-9 - File format; reporting requirements; noncompliance

Current through Vol. 41, No. 20, July 1, 2024
The on-line reporting system allows a Holder to securely upload an encrypted unclaimed property report file via the State Treasurer's website after setting up a password - protected account. All reports must be filed using the National Association of Unclaimed Property Administrators (NAUPA) standard format. Holder reports with fifteen (15) or more items of property that are not filed electronically and/or any other report that is -improperly formatted or otherwise cannot be processed automatically will be returned to the Holder. Reports and remittances that are not properly filed and paid in compliance with statute and administrative rule will be subject to the provisions defined in OS 60 Section 680 - Penalties.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-9.1 - Supplemental report detail; Verification and Checklist and remittance; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
Files created using the NAUPA standard format shall properly categorize unclaimed property types. All pertinent information related to each category of unclaimed property must be included in the electronically filed report as supplemental paper report detail will not be accepted. Holders must continue to complete and mail the required Verification and Checklist located under Holder Reporting Forms and Instructions @www.treasurer.ok.gov. along with remittance(s).
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-9.2 - Encrypt file; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
All files uploaded to the State Treasurer's on-line reporting system must be encrypted. Information related to the availability of free reporting software is located under Holder Information @www.treasurer.ok.gov.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 1 - GENERAL APPLICATION › Section 735:80-3-9.3 - Payment or delivery of property

Current through Vol. 41, No. 20, July 1, 2024
Notwithstanding the filing of such electronic report, the Holder shall pay or deliver to the Treasurer all unclaimed property reported as required in OS 60 Section 663 -Payment or Delivery of Abandoned Property.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 3 - FINANCIAL INSTITUTIONS › Section 735:80-3-10 - Banks, savings and loans or other financial institutions; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) Any deposit with a banking or financial organization, including deposits that are automatically renewable, or a mutual investment certificate, or any other interest in a banking or financial organization, is presumed abandoned unless the owner has, within the previous five (5) years (15 years in the case of automatically renewable time deposits):
(1) In the case of a deposit, increased or decreased the amount of the deposit or presented the passbook for the crediting of interest;
(2) Communicated in writing with the banking or financial organization indicating an interest in the property;
(3) Owned other property to which paragraph (1) or (2) of this subsection is applicable and, if the banking or financial organization communicated in writing with the owner in regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property are regularly sent; or
(4) Had another relationship with the banking or financial organization concerning which the owner has:
(A) Communicated in writing with the banking or financial organization; or
(B) Otherwise made contact with the banking or financial organization, and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship are regularly sent.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 3 - FINANCIAL INSTITUTIONS › Section 735:80-3-11 - Safe deposit boxes or other safekeeping respositories; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) The report of contents of a safe deposit box or other safekeeping repository must include a description of the property and the place where it is held, and any offsets, including rent, drilling costs, or replacement locks, owing to the holder. The safe deposit box contents may be inspected by the State Treasurer.
(b) Documents or writings of a private nature which have little or no commercial value, including but not limited to documents related to potential life insurance coverage, marriage records, birth records, military records, wills, death and probate records, photographs, letters, diaries, journals, personal or business records, biographical materials found in newspapers or magazines, deeds, abstracts, and other land records, shall be described in sufficient detail to enable the State Treasurer to make a determination regarding the existence of commercial value.
(c) All coins and cash must be sent intact. No bank check substitutions for cash or coins are permitted.
(d) A holder must report contents on forms prescribed by the State Treasurer. The prescribed forms can be located on the State Treasurer's website.
(e) A copy of the notarized listing of contents must be sent with the report due annually in November. Do not send contents with this report.
(f) The State Treasurer's Unclaimed Property Division will notify the holder in writing of its decision to accept or reject each of the reported safe deposit boxes or safekeeping repositories.
(g) All safe deposit or safekeeping repositories which are accepted shall be sent in their entirety. All contents shall be sent in sealed, tamper-resistant bags.
(h) A photocopy of the annual report shall be sent with the "accepted" contents at remittance time. A copy of the notarized listing of contents shall also be attached to each owner's bag of contents.
(i) The holder is responsible for the safe and complete delivery the contents from a safe deposit box or other safekeeping repository accepted by the State Treasurer.
Added at 23 Ok Reg 3043, eff 7-13-06
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 5 - BUSINESS ASSOCIATIONS › Section 735:80-3-15 - Business associations; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) Unless owner contact can be established and documented to the satisfaction of OST, all unclaimed stock (undeliverable and underlying shares) certificates, including the shares distributable as a result of a stock dividend or stock split, shall be reissued in the name of the Oklahoma State Treasurer and delivered to the securities custodian designated by OST.
(b) The responsibility for filing an unclaimed property report is placed on a business association if it is incorporated in this state, or if it is doing business in this state but incorporated in another state, or if it is an unincorporated business association doing business in Oklahoma, and its records show that the last known address of the owner is in this state. If the owner is unknown or owner's last known address is unknown, report requirement is placed on a business association if it is incorporated in Oklahoma or, in the case of an unincorporated business association, if its principal place of business is in Oklahoma.
(c) For purposes of this Section, the association is the holder of undelivered shares of stock or other intangible ownership interest.
Transferred from 710:80-3-15 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 19 Ok Reg 2476, eff 6-27-02; Amended at 24 Ok Reg 2420, eff 6-26-07
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 7 - CITY/COUNTY TREASURERS › Section 735:80-3-20 - County treasurers; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
County treasurers shall report unclaimed intangible property to include, but not be limited to:
(1) Outstanding treasury checks, vouchers, or warrants that have remained outstanding and unclaimed for a period of one (1) year or more;
(2) Amounts due bond holders wherein the bonds or warrants have matured or have been paid and the bonds or warrants have not been surrendered to the holder by the owner for a period of one (1) year or more following the date such bonds or warrants became payable to the owner; and
(3) Trust Deposit receipts.
Transferred from 710:80-3-20 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 21 Ok Reg 2879, eff 7-11-04
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 9 - COOPERATIVE POOLS › Section 735:80-3-25 - Cooperative pools; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
Agricultural cooperative marketing or supply associations organized under 2 O.S. §
										361; cooperative electric power or telephone associations organized under 18 O.S. §
										437 and §438.1; rural water, sewer, gas and solid waste management districts organized under 82 O.S. §
										1324.1; and domiciled in Oklahoma shall report all unclaimed intangible property which is not exempt under 60 O.S. §
										655(f), including but not limited to:
(1) Outstanding payroll and vendor checks and all other unclaimed property not exempt by statute.
(2) Any items that should have been reported and remitted prior to the enactment of the exemption. [
See:
60 O.S. §
										655 ]
Transferred from 710:80-3-25 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice Published at 17 Ok Reg 217)
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 11 - COURT CLERKS › Section 735:80-3-30 - Court clerks; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
The following types of funds held by Court Clerks are reportable as unclaimed property to OST:
(1)
Probate:
Monies in probate cases, in which there has been no activity for one (1) year. In the instance where the court clerk holds monies in trust for a minor, following the final account or distribution in a probate, the monies are reportable one (1) year from the date when the minor reaches the age of majority. Monies held by the court clerk for heirs, legatees, creditors, or claimants who are unknown, unlocatable, deceased, or who will not accept receipt of the monies in a probate are reportable one (1) year from the final account or order of distribution.
(2)
Money judgments:
Where money judgments have been rendered and the monies are unclaimed for one (1) year. These judgments include, among other types of funds, condemnation funds and child support monies.
(3)
Appeal bonds:
A bond held one (1) year from the date the mandate is issued in the appellate case.
Transferred from 710:80-3-30 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 13 - MINERAL INTERESTS › Section 735:80-3-35 - Mineral interest proceeds; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) Monies derived from mineral interests shall be reportable as unclaimed property to OST.
(b) For each owner reported, the following minimum information shall be included in the holder's annual report:
(1) Name and last known address of the owner. Lack of current mailing address does not relieve the holder from the responsibility of reporting the owner's address prior to the date contact with the owner was lost;
(2) Legal description of the property interest;
(3) Decimal percentage of ownership interest;
(4) Owner's Social Security Number or Federal Employer Identification Number;
(5) Amount of lease bonus, delay rental, working interest, overriding royalty interest and royalty income due the owner as of the annual report date; and
(6) First payable date.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 3 - Reporting Requirements › Part 15 - UTILITIES › Section 735:80-3-40 - Utilities; reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) The following categories of property normally held by a utility company shall be subject to reporting under the Uniform Unclaimed Property Act:
(1) Outstanding or unclaimed expense and vendor checks, payroll checks, and refund checks;
(2) Deposits made to insure payment of utility services;
(3) Unclaimed stock and dividends;
(4) Unidentified remittances;
(5) Any other intangible personal property not otherwise specifically cited in the Act.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 5 - Allowable Charges and Deductions › Section 735:80-5-1 - Charges and deductions that may be withheld

Current through Vol. 41, No. 20, July 1, 2024
(a) Charges shall not be deducted from unclaimed intangible property unless:
(1) A reasonable notice of service charges or deductions is given to the owner at the time the account is opened; or
(2) A schedule of service charges or deductions has been mailed to the owner; or
(3) A statement concerning such charges has been incorporated in the rules, regulations, or bylaws of the holder.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 5 - Allowable Charges and Deductions › Section 735:80-5-2 - Discontinuance of interest or dividends; general

Current through Vol. 41, No. 20, July 1, 2024
(a) If payment of interest or dividends on intangible unclaimed property is discontinued at any time during the period of the presumption of abandonment, the holder shall include or attach as a part of the report filed pursuant to the Uniform Unclaimed Property Act:
(1) A copy of the policy decision adopted by the board of directors which authorizes such discontinuance of payment of interest or dividends; or
(2) Such other information or documentation that substantiates the discontinuance of interest or dividends.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-1 - Claims process; general

Current through Vol. 41, No. 20, July 1, 2024
A Claim for unclaimed property or the proceeds from the sale of unclaimed property may be filed with the Unclaimed Property Division. Upon receipt of the initial claims inquiry and supporting documents from a claimant having an interest in the property held by OST, the Unclaimed Property Division will verify the claimant's information and recommend approval of the claim. If claimant has provided insufficient proof of ownership of the property, the claim will be subject to audit. Supporting information and/or documents and a notarized signature on the claim form will be requested from the claimant to validate property ownership, and satisfy statutory requirements when necessary. Upon receipt of the completed claim forms, the Unclaimed Property Division may respond to the claimant's telephone inquiry concerning the value of the property.
Transferred from 710:80-7-1 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-2 - Proof of ownership

Current through Vol. 41, No. 20, July 1, 2024
(a) Information required to prove ownership of unclaimed property may consist of a copy of the claimant's driver's license or other identification, a document proving Social Security or Federal Employer Number and, one or more of the documents itemized below. A document proving Social Security or Federal Employer Identification Number (or both) may be required to administer the State's tax laws. The OST Unclaimed Property Division will consider all documents submitted in making a reasonable assessment of whether a valid claim of ownership has been presented.
(1) Copy of birth certificate(s);
(2) Copy of will(s);
(3) Copy of probate distribution(s);
(4) Copy of marriage certificate(s);
(5) Copy of divorce decree(s);
(6) Copy of documentation providing a connection with the reported address or business for the year cited as the "Date of last Transaction" in the holder's report;
(7) Copy of Letters Testamentary;
(8) Notarized copy of contract if a representative is claimant;
(9) Copy of guardianship or trust agreement;
(10) A letter from the holder authorizing release of funds reported and remitted by the holder;
(11) Proof of payment by holder to owner in the form of:
(A) A copy of front and back of a canceled check; or
(B) List of documentation furnished in support of payment of claim; or
(C) Both of the above items A and B.
(12) Affidavit executed by an individual other than the claimant having knowledge of, and in support of, a claim when requested information or documentation is not available;
(13) Other documentation that may be used in support of the claim. This documentation may be an income tax return, adoption records, court records, CD's, stale dated checks, an affidavit of proof of death and heirship from a disinterested party, etc.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-3 - Release of non-cash items

Current through Vol. 41, No. 20, July 1, 2024
(a) Stock certificates received through safe-deposit boxes may be released to the rightful owner upon approval of the owner's claim.
(b) Stock certificates received directly from a holder may be transferred to the rightful owner upon approval of the owner's claim.
Transferred from 710:80-7-3 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 24 Ok Reg 2420, eff 6-26-07
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-4 - Payment of claims

Current through Vol. 41, No. 20, July 1, 2024
(a) Vouchers for payment for unclaimed property will be authorized and payment made:
(1) In the name of, and mailed to, the established owner; or
(2) To the court appointed estate administrator, administratrix, executor, executrix, or personal representative; or
(3) To the court appointed guardian; or
(4) In accordance with a court decree of distribution; or
(5) To an heir for distribution to other heirs, if any.
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-5 - Holder reimbursement

Current through Vol. 41, No. 20, July 1, 2024
(a) A holder electing to release property pursuant to the provisions of the Uniform Unclaimed Property Act may request reimbursement. OST shall reimburse the holder, if the property is still in its custody, upon presentation of proof of payment, which may include but not be limited to:
(1) Copies of correspondence with the owner;
(2) Copies of the negotiated check to the owner (front and back copy); or
(3) An affidavit executed by an officer of the holder attesting to the facts. [See: 60 O.S. §
										664 ]
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-6 - Protest of claims

Current through Vol. 41, No. 20, July 1, 2024
Any claimant with a property interest in an item presumed abandoned or unclaimed may file a protest in regard to the payment or nonpayment of such item. If an administrative hearing is held, it will be before a hearing examiner designated by the State Treasurer to resolve the formal protest filed by a claimant. The hearing examiner shall, by written notice, advise the claimant of a date, which shall not be less than ten (10) days from the date of mailing of such written notice, when the claimant may appear before the hearing examiner and present arguments and evidence, oral or written, in support of the protest. [See: 60 O.S. §§ 675-676 ]
Transferred from 710:80-7-6 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00
Oklahoma Administrative Code › Title 735 - State Treasurer › Chapter 80 - Unclaimed Property › Subchapter 7 - Claims Process › Section 735:80-7-7 - Claims paid in error

Current through Vol. 41, No. 20, July 1, 2024
If OST pays a claimant in error OST may:
(1) In the case of ownership: When a person with the same name can present evidence that payment was made in error, OST will suspend payment to the second claimant until the conflicting claims are resolved. OST will notify the first payee that:
(A) Another claimant has filed for the property and is the valid owner;
(B) He is requested to refund the monies paid;
(C) He has the right to present evidence to OST if he has a prior claim and a more fully documented proof of ownership;
(D) OST may require a hearing before a hearing examiner designated by the State Treasurer to determine or verify ownership;
(E) OST may pursue collection through appropriate court action.
(F) If it is determined that the second claimant has a prior claim, OST will distribute the monies to the second claimant.