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Can you summarize OKST Title 60, Chapter 13?
Property > Uniform Unclaimed Property Act
Short Summary
The Uniform Unclaimed Property Act in Oklahoma imposes obligations on holders of unclaimed property. It applies to a wide range of entities, including persons, business associations, banking organizations, financial organizations, insurance companies, utilities, museums, and other legal or commercial entities. The act specifies that it does not relieve a holder of a duty that arose before the effective date of the act to report, pay, or deliver property. Holders who did not comply with the previous law are subject to the enforcement and penalty provisions that were in effect before the act. The act requires holders to file an initial report that includes all items of property that would have been presumed abandoned during the ten-year period preceding the effective date of the act. Museums are exempt from the provisions of the act, but they have the option to comply with it by fulfilling the requirements. The act also addresses the transfer of administration of the Uniform Unclaimed Property Act from the Oklahoma Tax Commission to the State Treasurer. It outlines the responsibilities and transition process for the State Treasurer to assume complete administration and management over the program. The State Treasurer may enter into cooperative arrangements with other state agencies for services related to the administration of the act. The act also establishes penalties for non-compliance, including interest, civil penalties, and misdemeanor charges. The State Treasurer has the authority to waive or remit the interest or penalty under certain circumstances and may establish amnesty programs to encourage compliance.
Whom does it apply to?
The act applies to holders of unclaimed property, including persons, business associations, banking organizations, financial organizations, insurance companies, utilities, museums, and other legal or commercial entities.
What does it govern?
The provided legal document content pertains to the Uniform Unclaimed Property Act in Oklahoma. This act imposes obligations on holders of unclaimed property.
What are exemptions?
Museums are exempt from the provisions of the act, but they have the option to comply with it by fulfilling the requirements. The act does not apply to any property held, due and owing in a foreign country and arising out of a foreign transaction.
What are the Penalties?
A person who fails to pay or deliver property within the prescribed time may be required to pay interest at an annual rate of 10% on the property or value thereof. Additionally, there are civil penalties for willful failure to render reports, deliver property, or perform required duties, ranging from $100 per day up to $5,000. Willful failure to pay or deliver property may result in a civil penalty equal to 25% of the value of the property. Furthermore, willful refusal to pay or deliver property after written demand by the State Treasurer is considered a misdemeanor and may lead to a fine of $500 to $5,000, imprisonment for up to 6 months, or both. The State Treasurer has the authority to waive or remit the interest or penalty under certain circumstances, and may also establish amnesty programs to encourage compliance with the Uniform Unclaimed Property Act.
Jurisdiction
Oklahoma