The bill amends the Uniform Unclaimed Property Act in Oklahoma, focusing on updating definitions and procedures related to unclaimed property. Notable changes include the clarification of the term "business association," which is now defined as "nonpublic" instead of "non-public." The bill also introduces new requirements for the State Treasurer, mandating that information about unclaimed property, such as the apparent owner, last-known address, and property type, be made publicly available on a state-hosted website. Additionally, the State Treasurer is required to provide a summary of property remitted and returned to owners at the end of each fiscal year.

The legislation enhances the claims process for individuals seeking to recover unclaimed property by allowing the State Treasurer to request additional information from claimants and establishing a timeline for responses. Claimants or their representatives can request a hearing if their claims are denied or if there is no determination after a specified period. The bill also clarifies the process for claims submitted by a claimant's representative, ensuring payments are made according to their agreement. It specifies that contents of safe deposit boxes will be released directly to claimants or their representatives, with any liens satisfied beforehand. The bill removes references to the term "act" for clarity and sets an effective date for these changes as November 1, 2026.

Statutes affected:
Introduced: 60-651, 60-668, 60-674