1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 SENATE BILL 1534 By: Weaver
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6 AS INTRODUCED
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7 An Act relating to the Uniform Unclaimed Property
7 Act; amending 60 O.S. 2021, Sections 661, 662, and
8 674.2, which relate to reports of abandoned property,
8 notice and publication, and property delivered to
9 State Treasurer; authorizing electronic communication
9 under certain circumstances; increasing value for
10 property for which the State Treasurer is not
10 required to publish notice; increasing value of
11 property for which claimant is required to provide
11 certain documentation; updating statutory language;
12 and providing an effective date.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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16 SECTION 1. AMENDATORY 60 O.S. 2021, Section 661, is
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17 amended to read as follows:
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18 Section 661. A. A person holding property, tangible or
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19 intangible, presumed abandoned and subject to custody as unclaimed
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20 property under the Uniform Unclaimed Property Act shall report to
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21 the State Treasurer concerning the property as provided in this
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22 section.
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23 B. The report must shall be verified and must shall include:
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 1 1. The name, if known, and last-known address, if any, of each
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2 person appearing from the records of the holder to be the owner of
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3 property of the value of Fifty Dollars ($50.00) or more presumed
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4 abandoned under the Uniform Unclaimed Property Act and items of
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5 value under Fifty Dollars ($50.00), reported in the aggregate,
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6 except property which is one of a recurring number of continuous
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7 payments, including, but not limited to, royalties, annuities,
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8 dividends, distributions and other sums presumed abandoned pursuant
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9 to subsection D of Section 655 of this title, which shall be
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10 reported in the same manner as property with a value of Fifty
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11 Dollars ($50.00) or more;
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12 2. In the case of unclaimed funds of Fifty Dollars ($50.00) or
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13 more held or owing under any life or endowment insurance policy or
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14 annuity contract, the full name and last-known address of the
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15 insured or annuitant and of the beneficiary according to the records
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16 of the insurance company holding or owing the funds;
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17 3. In the case of the contents of a safe deposit box or other
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18 safekeeping repository or of other tangible personal property, a
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19 description of the property and the place where it is held, which
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20 may be inspected by the State Treasurer, and any amounts, including
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21 offsets for drilling costs and rent, owing to the holder;
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22 4. The description of the property, including type and
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23 identifying number if any, and the amount appearing from the records
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24 to be due;
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 1 5. The date when the property became payable, demandable or
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2 returnable, and the date of the last transaction with the owner with
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3 respect to the property;
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4 6. In the case of a cashier’s check, if known, the names and
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5 last-known addresses of the payee(s) all payees, the payor(s) all
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6 payors and the purchaser(s) all purchasers; and
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7 7. Any other information reasonably required by the Treasurer.
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8 C. If the person holding property presumed abandoned and
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9 subject to custody as unclaimed property is a successor to other
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10 persons who previously held the property for the apparent owner or
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11 if the name of the holder has changed while holding the property,
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12 the holder shall file with the report all known names and addresses
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13 of each previous holder of the property.
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14 D. The report must shall be filed before November 1 of each
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15 year for property reportable as of the preceding July 1, but the
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16 report of any life insurance company must shall be filed before May
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17 1 of each year for property reportable as of the preceding March 1.
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18 The State Treasurer may postpone the reporting date upon written
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19 request by any person required to file a report.
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20 E. Not more than one hundred twenty (120) days before filing
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21 the report required by this section, the holder in possession of
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22 property presumed abandoned and subject to custody as unclaimed
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23 property under the Uniform Unclaimed Property Act shall send written
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24 notice to the apparent owner at the owner’s last-known address
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 1 informing the owner that the holder is in possession of property
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2 subject to the Uniform Unclaimed Property Act if:
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3 1. The holder has in the records of the holder an address for
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4 the apparent owner which the holder’s records do not disclose to be
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5 inaccurate;
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6 2. The claim of the apparent owner is not barred by the statute
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7 of limitations; and
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8 3. The property has a value of Fifty Dollars ($50.00) or more,
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9 or the property has a value of less than Fifty Dollars ($50.00) and
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10 is one of a recurring number of continuous payments, including, but
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11 not limited to, royalties, annuities, dividends, distributions and
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12 other recurring sums presumed abandoned pursuant to subsection D of
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13 Section 655 of this title. The holder is not required to send
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14 written notice to the owner if the holder has previously attempted
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15 to communicate with the owner, or otherwise exercised due diligence
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16 to ascertain the whereabouts of the owner. Communication shall
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17 include written notice and, if initiated by the apparent owner,
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18 electronic mail and other forms of electronic correspondence. The
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19 mailing of notice by first-class mail to the last-known address of
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20 the owner by the holder shall constitute compliance with this
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21 subsection and, if done, no further act on the part of the holder
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22 shall be necessary.
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 1 F. Reports filed by a holder shall remain confidential except
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2 for that information required to be subject to public inspection
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3 pursuant to the Uniform Unclaimed Property Act.
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4 G. The Treasurer may require a holder reporting fifteen or more
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5 items of property pursuant to this section to file the report
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6 online. The Treasurer shall promulgate rules necessary to carry out
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7 provisions for online filing.
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8 SECTION 2. AMENDATORY 60 O.S. 2021, Section 662, is
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9 amended to read as follows:
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10 Section 662. A. The State Treasurer shall cause at least two
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11 notices to be published during the year following the report
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12 required by Section 661 of this title in a legal newspaper of
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13 general circulation in the county in this state in which is located
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14 the last-known address of any person to be named in the notice.
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15 Different legal newspapers of general circulation may be used for
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16 each notice. If no address is listed or if the address is outside
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17 this state, the notice must shall be published in the county within
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18 this state which is the principal place of business of the holder of
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19 the abandoned property, or in an Oklahoma a newspaper in this state
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20 which the State Treasurer believes most likely to be seen by the
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21 owner of the property or by heirs of the owner.
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22 B. The published notice must shall be entitled “Notice of Names
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23 of Persons Appearing to be Owners of Abandoned Property”, and
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24 contain:
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 1 1. The names in alphabetical order and last-known address, if
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2 any, of persons listed in the report and entitled to notice within
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3 the county as specified in subsection A of this section;
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4 2. A statement that information concerning the property and the
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5 name and last-known address of the holder may be obtained by any
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6 person possessing an interest in the property by addressing an
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7 inquiry to the State Treasurer; and
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8 3. A statement that the property is in the custody of the State
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9 Treasurer and all claims must be directed to the State Treasurer.
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10 C. The State Treasurer is not required to publish in the notice
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11 any items of less than Fifty Dollars ($50.00) Five Hundred Dollars
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12 ($500.00) unless the State Treasurer considers their publication to
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13 be in the public interest.
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14 D. The State Treasurer shall provide electronic access to the
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15 new names and last-known addresses of all persons reported to the
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16 State Treasurer as owners of unclaimed property on an Internet web
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17 site. The State Treasurer shall take reasonable steps to publicize
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18 the existence of this web site and shall publish an advertisement no
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19 less than once each calendar quarter in a legal newspaper of general
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20 circulation in each county of this state.
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21 SECTION 3. AMENDATORY 60 O.S. 2021, Section 674.2, is
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22 amended to read as follows:
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23 Section 674.2. If any person claims an interest in any property
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24 delivered to the State Treasurer in which the owner of the property
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 1 is determined to be deceased, the State Treasurer shall not pay over
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2 or deliver to the claimant property as provided in Section 651 et
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3 seq. of this title, unless the claimant provides the following
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4 items:
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5 1. A certified copy of letters of administration or letters
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6 testamentary from the probate of the estate of the decedent naming
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7 the claimant as the personal representative of the estate of the
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8 decedent;
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9 2. A certified copy of the decree of distribution from the
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10 probate of the estate of the decedent determining the claimant to be
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11 entitled to receive such property through the estate of the
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12 decedent;
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13 3. If the owner of the property executed an inter vivos trust
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14 which provided for the disposition of the property of the owner, a
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15 properly verified copy of the trust instrument which shows the
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16 claimant is the trustee or beneficiary of the trust or otherwise
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17 entitled to the property reported;
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18 4. If the property is derived from real property located in
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19 Oklahoma this state, a certified copy of a final decree quieting
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20 title of the decedent’s real property, determining the claimant to
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21 be the successor in interest of decedent’s ownership interest;
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22 5. If the value of the property is Five Thousand Dollars
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23 ($5,000.00) Ten Thousand Dollars ($10,000.00) or more, a certified
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24 copy of the death certificate of the owner of the property;
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 1 6. If the value of the property at the time the claim is paid
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2 is Ten Thousand Dollars ($10,000.00) Twenty-five Thousand Dollars
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3 ($25,000.00) or less, a signed affidavit executed by the claimant
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4 stating that the claimant is entitled to receive such property, the
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5 reason the claimant is entitled to receive such property, that there
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6 has been no probate of the estate of the deceased owner, that no
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7 probate is contemplated and that claimant will indemnify the state
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8 for any loss, including attorney fees, should another claimant
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9 assert a prior right to the property.
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10 The State Treasurer may require other reasonable documentation,
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11 in addition to the above items, to determine the validity of the
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12 claim.
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13 SECTION 4. This act shall become effective November 1, 2024.
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15 59-2-2663 TEK 1/2/2024 3:54:31 PM
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