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 property types and identification codes before deposits are made to the Unclaimed Property Fund. It also establishes that claims must be submitted using a specific form, with non-compliance resulting in claim voidance. Additionally, if a will or trust is discovered in a safe deposit box, the State Treasurer is required to provide copies to individuals who can prove the death of the testator or settlor.

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 process, including hearings for evidence presentation. Approved claims must be paid without deducting notice costs, and the burden of proof lies with the claimant. The legislation also sets a maximum fee for services related to claims at 25% of the recovered value, with specific documentation requirements for deceased owners and the acceptance 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