This bill amends 68 O.S. 2021, Section 3130, concerning the collection of delinquent taxes and the handling of excess proceeds from the resale of property. The new language specifies that while the county treasurer collects tax monies from individual purchasers at resale, any excess proceeds that cannot be returned to the original property owner after reasonable efforts must be transferred to the State Treasurer. These proceeds will then be deposited into the Unclaimed Property Fund, which is established under Section 668 of Title 60 of the Oklahoma Statutes.

The bill aims to streamline the process of managing excess proceeds from property resales, ensuring that unclaimed funds are appropriately directed to the state’s Unclaimed Property Fund. This change is intended to enhance the efficiency of tax collection and property resale processes, while also providing a clear protocol for handling excess funds that cannot be returned to property owners. The act is set to take effect on November 1, 2025.