Bill Text For HB1942 - Introduced

 1|                          STATE OF OKLAHOMA                            |
  |                                                                       |
 2|             1st Session of the 57th Legislature (2019)                |
  |                                                                       |
 3|HOUSE BILL 1942                      By: Strom                         |
  |                                                                       |
 4|                                                                       |
  |                                                                       |
 5|                                                                       |
  |                                                                       |
 6|                            AS INTRODUCED                              |
  |                                                                       |
 7|       An Act relating to property; amending 60 O.S. 2011,             |
  |       Sections 668, 669 and 670, which relate to the                  |
 8|       Uniform Unclaimed Property Act; modifying provisions            |
  |       related to duties of the State Treasurer; providing             |
 9|       exception with respect to certain balance amount in             |
  |       the Unclaimed Property Fund; providing for transfer             |
10|       of designated amount to the Oklahoma Post-Secondary             |
  |       Education and Training Expenses Revolving Fund;                 |
11|       creating fund; providing for apportionment of monies;           |
  |       specifying purposes of fund; prescribing method for             |
12|       expenditure of monies; providing for codification;              |
  |       providing an effective date; and declaring an                   |
13|       emergency.                                                      |
  |                                                                       |
14|                                                                       |
  |                                                                       |
15|                                                                       |
  |                                                                       |
16|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:                  |
  |                                                                       |
17|    SECTION 1.     AMENDATORY     60 O.S. 2011, Section 668, is        |
  |                                                                       |
18|amended to read as follows:                                            |
  |                                                                       |
19|    Section 668.  A.  There is hereby created in the State Treasury    |
  |                                                                       |
20|the "Unclaimed Property Fund", the principal of which shall            |
  |                                                                       |
21|constitute a trust fund for persons claiming any interest in any       |
  |                                                                       |
22|property delivered to the state under the Uniform Unclaimed Property   |
  |                                                                       |
23|Act and may be invested as hereinafter provided and shall not be       |
  |                                                                       |
24|expended except as otherwise provided in the Uniform Unclaimed         |
  |                                                                       |
   Req. No. 5693                                                   Page 1
___________________________________________________________________________

 1|Property Act by this act.  All funds received under the Uniform        |
  |                                                                       |
 2|Unclaimed Property Act, including the proceeds from the sale of        |
  |                                                                       |
 3|abandoned property under Section 667 of this title, shall forthwith    |
  |                                                                       |
 4|be deposited by the State Treasurer in the Unclaimed Property Fund,    |
  |                                                                       |
 5|herein created, except that the State Treasurer may before making      |
  |                                                                       |
 6|any deposit to the fund deduct:                                        |
  |                                                                       |
 7|    1.  All costs in connection with the sale of abandoned property;   |
  |                                                                       |
 8|    2.  All costs of mailing and publication in connection with any    |
  |                                                                       |
 9|abandoned property including the cost of custody services for          |
  |                                                                       |
10|unclaimed securities;                                                  |
  |                                                                       |
11|    3.  Reasonable service charges not to exceed four percent (4%)     |
  |                                                                       |
12|of the monies accruing to the state under the Uniform Unclaimed        |
  |                                                                       |
13|Property Act, which may be used to defray the administrative costs,    |
  |                                                                       |
14|including costs necessary to retain legal counsel to ensure            |
  |                                                                       |
15|compliance with the Uniform Unclaimed Property Act, or to acquire      |
  |                                                                       |
16|computer hardware and software to be used exclusively to help          |
  |                                                                       |
17|administer the unclaimed property program; and                         |
  |                                                                       |
18|    4.  An amount equal to fifteen percent (15%) of the funds          |
  |                                                                       |
19|accruing to the state pursuant to a contract with the State            |
  |                                                                       |
20|Treasurer providing information leading to the delivery of unclaimed   |
  |                                                                       |
21|property held by a holder to the State Treasurer to be deposited in    |
  |                                                                       |
22|the Unclaimed Property Clearinghouse Fund.                             |
  |                                                                       |
23|    B.  Before making a deposit to the Unclaimed Property Fund, the    |
  |                                                                       |
24|State Treasurer shall record the name and last-known address of each   |
  |                                                                       |
   Req. No. 5693                                                   Page 2
___________________________________________________________________________

 1|person appearing from the holders' reports to be entitled to the       |
  |                                                                       |
 2|abandoned property and of the name and last-known address of each      |
  |                                                                       |
 3|insured person or annuitant, and with respect to each policy or        |
  |                                                                       |
 4|contract listed in the report of a life insurance corporation, its     |
  |                                                                       |
 5|number, the name of the corporation, and the amount due.  The record   |
  |                                                                       |
 6|shall be available for public inspection at all reasonable business    |
  |                                                                       |
 7|hours.                                                                 |
  |                                                                       |
 8|    SECTION 2.     AMENDATORY     60 O.S. 2011, Section 669, is        |
  |                                                                       |
 9|amended to read as follows:                                            |
  |                                                                       |
10|    Section 669.  The Except as otherwise provided by this act, the    |
  |                                                                       |
11|State Treasurer is hereby vested with authority and the                |
  |                                                                       |
12|responsibility for the control and management of all monies in the     |
  |                                                                       |
13|Unclaimed Property Fund as provided for in the Uniform Unclaimed       |
  |                                                                       |
14|Property Act.  It shall be the duty of the State Treasurer to take     |
  |                                                                       |
15|such steps as may be necessary to preserve the principal of monies     |
  |                                                                       |
16|accruing to the Unclaimed Property Fund as a trust for persons         |
  |                                                                       |
17|claiming any interest in any property delivered to the state           |
  |                                                                       |
18|pursuant to the provisions of the Uniform Unclaimed Property Act.      |
  |                                                                       |
19|    SECTION 3.     AMENDATORY     60 O.S. 2011, Section 670, is        |
  |                                                                       |
20|amended to read as follows:                                            |
  |                                                                       |
21|    Section 670.  The State Treasurer shall determine, from time to    |
  |                                                                       |
22|time, what amount of unclaimed property in custody should be           |
  |                                                                       |
23|retained as a reserve in order to ensure that all claims presented     |
  |                                                                       |
24|by persons legally establishing a right to any unclaimed property      |
  |                                                                       |
   Req. No. 5693                                                   Page 3
___________________________________________________________________________

 1|shall be paid promptly.  In making such determination, the State       |
  |                                                                       |
 2|Treasurer shall take into account the following:                       |
  |                                                                       |
 3|    1.  The actual experience of other states having unclaimed         |
  |                                                                       |
 4|property laws, as to the amount of claims presented and established    |
  |                                                                       |
 5|as compared to the total amount of property taken into state           |
  |                                                                       |
 6|custody;                                                               |
  |                                                                       |
 7|    2.  Such actuarial or other experience or statistics as may be     |
  |                                                                       |
 8|available to show the frequency of the discovery of missing persons    |
  |                                                                       |
 9|or their unknown heirs;                                                |
  |                                                                       |
10|    3.  Any other discoverable and relevant data having a tendency     |
  |                                                                       |
11|to establish the amount of reserve necessary for the purpose stated    |
  |                                                                       |
12|in this section.                                                       |
  |                                                                       |
13|    The State Treasurer, after having found and determined the         |
  |                                                                       |
14|reserve necessary as stated in this section, shall pay all amounts     |
  |                                                                       |
15|in custody in excess of the necessary reserve into the State           |
  |                                                                       |
16|Treasury to the credit of the General Revenue Fund.                    |
  |                                                                       |
17|    When monies are deposited to the credit of the General Revenue     |
  |                                                                       |
18|Fund, all rights of any owner of unclaimed property to resort          |
  |                                                                       |
19|against the money so paid into the General Revenue Fund shall          |
  |                                                                       |
20|terminate, but the right of any person legally establishing a claim    |
  |                                                                       |
21|to any property right which has been taken into the custody of the     |
  |                                                                       |
22|State Treasurer shall be preserved and the value thereof shall be      |
  |                                                                       |
23|paid from such reserve.                                                |
  |                                                                       |
24|                                                                       |
  |                                                                       |
   Req. No. 5693                                                   Page 4
___________________________________________________________________________

 1|    SECTION 4.     NEW LAW     A new section of law to be codified     |
  |                                                                       |
 2|in the Oklahoma Statutes as Section 668.2 of Title 60, unless there    |
  |                                                                       |
 3|is created a duplication in numbering, reads as follows:               |
  |                                                                       |
 4|    Effective with the fiscal year ending June 30, 2020, and at the    |
  |                                                                       |
 5|end of each fiscal year thereafter, the State Treasurer shall          |
  |                                                                       |
 6|transfer an amount from the Unclaimed Property Fund equal to the       |
  |                                                                       |
 7|lesser of Thirty Million Dollars ($30,000,000.00) or thirty percent    |
  |                                                                       |
 8|(30%) of the monies in the Unclaimed Property Fund which are in        |
  |                                                                       |
 9|excess of the amount determined by the State Treasurer to be           |
  |                                                                       |
10|required pursuant to the provisions of Section 670 of Title 60 of      |
  |                                                                       |
11|the Oklahoma Statutes to the "Oklahoma Post-Secondary Education and    |
  |                                                                       |
12|Training Expenses Revolving Fund" created pursuant to Section 5 of     |
  |                                                                       |
13|this act to be used for the purposes of providing assistance to        |
  |                                                                       |
14|persons in obtaining an associate degree from a community college or   |
  |                                                                       |
15|other institution within The Oklahoma State System of Higher           |
  |                                                                       |
16|Education, or attending classes at a career-technology center or for   |
  |                                                                       |
17|the provision of scholarships in order to offset the costs of          |
  |                                                                       |
18|attending an institution within The Oklahoma State System of Higher    |
  |                                                                       |
19|Education.                                                             |
  |                                                                       |
20|    SECTION 5.     NEW LAW     A new section of law to be codified     |
  |                                                                       |
21|in the Oklahoma Statutes as Section 24-201 of Title 70, unless there   |
  |                                                                       |
22|is created a duplication in numbering, reads as follows:               |
  |                                                                       |
23|    There is hereby created in the State Treasury a revolving fund     |
  |                                                                       |
24|for the State Department of Education to be designated the "Oklahoma   |
  |                                                                       |
   Req. No. 5693                                                   Page 5
___________________________________________________________________________

 1|Post-Secondary Education and Training Expenses Revolving Fund".  The   |
  |                                                                       |
 2|fund shall be a continuing fund, not subject to fiscal year            |
  |                                                                       |
 3|limitations, and shall consist of all monies received by the State     |
  |                                                                       |
 4|Department of Education from the transfer of monies from the           |
  |                                                                       |
 5|Unclaimed Property Fund pursuant to Section 4 of this act.  All        |
  |                                                                       |
 6|monies accruing to the credit of said fund are hereby appropriated     |
  |                                                                       |
 7|and may be budgeted and expended by the State Department of            |
  |                                                                       |
 8|Education for the purpose of providing assistance to persons in        |
  |                                                                       |
 9|obtaining an associate degree from a community college or other        |
  |                                                                       |
10|institution within The Oklahoma State System of Higher Education, or   |
  |                                                                       |
11|attending classes at a career-technology center or for the provision   |
  |                                                                       |
12|of scholarships in order to offset the costs of attending an           |
  |                                                                       |
13|institution within The Oklahoma State System of Higher Education.      |
  |                                                                       |
14|Expenditures from said fund shall be made upon warrants issued by      |
  |                                                                       |
15|the State Treasurer against claims filed as prescribed by law with     |
  |                                                                       |
16|the Director of the Office of Management and Enterprise Services for   |
  |                                                                       |
17|approval and payment.                                                  |
  |                                                                       |
18|    SECTION 6.  This act shall become effective July 1, 2019.          |
  |                                                                       |
19|    SECTION 7.  It being immediately necessary for the preservation    |
  |                                                                       |
20|of the public peace, health or safety, an emergency is hereby          |
  |                                                                       |
21|declared to exist, by reason whereof this act shall take effect and    |
  |                                                                       |
22|be in full force from and after its passage and approval.              |
  |                                                                       |
23|                                                                       |
  |                                                                       |
24|    57-1-5693      MAH    01/14/19                                     |
  |                                                                       |
   Req. No. 5693                                                   Page 6
© 2010-21 eCapitol, LLC. ALL RIGHTS RESERVED.

As provided by this agreement access to bill tracking / capitol news services is restricted to the registered User. The User shall have no right to divulge, publish, loan, give or sell any of the information provided under this agreement. Information retrieved from system may not be reproduced, transmitted, transcribed, stored in a retrieval system or translated into any language in any form by any means without the written permission of eCapitol, LLC. All other rights reserved. If a person uses a copyrighted work without permission of the rights holder, he or she is open to a charge of copyright infringement. Additional terms and conditions governing the access to and use of eCapitol website and the services and materials provided by eCapitol are set forth in the eCapitol Subscriber Agreement posted on the eCapitol website.