Senate Bill No. 999 amends the Uniform Unclaimed Property Act in Oklahoma, introducing new definitions such as "Claimant" and "Claimant's representative," which clarify who can file claims for unclaimed property. The bill enhances record-keeping requirements for the State Treasurer, mandating detailed information about unclaimed property before deposits are made to the Unclaimed Property Fund. It also specifies that claimants must use a prescribed claim form and provides that claims submitted by representatives must include a written agreement with the claimant. Additionally, the bill allows for the waiver of certain requirements for direct payments to apparent owners of property valued at $1,000 or less and requires the State Treasurer to consider claims within 90 days, notifying claimants of any denials.

Further provisions in the bill require the State Treasurer to maintain electronic records of all unclaimed property for at least ten years and outline the claims filing process, including the possibility of hearings for evidence presentation. If a claim is approved, payments must be made without deducting costs for notice. The bill also adjusts compensation limits for individuals assisting claimants and clarifies documentation requirements, especially for deceased owners, allowing the use of small estate affidavits from other states. The act is scheduled to take effect on November 1, 2025.

Statutes affected:
Introduced: 60-661, 60-674.2
House Committee Substitute for Senate Bill: 60-668, 60-674.2
Floor (House): 60-668, 60-674.2
Floor (Senate): 60-661, 60-674.2
Engrossed: 60-661, 60-674.2
Amended And Engrossed: 60-668, 60-674.2, 60-661
Enrolled (final version): 60-668, 60-674.2
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 60-668, 60-674.2