SB 999: Property; modifying provisions of the Uniform Unclaimed Property Act. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 3 edits

MINOR

The bill was converted from a House version to a Senate version, which involved renumbering sections and updating the title page. The substantive definitions of key terms like 'Financial organization' and 'Holder' were modified to include additional entities such as financial organizations, insurance companies, and utilities, thereby expanding the scope of who is regulated under the Unclaimed Property Act.

Scope change

The bill's scope was expanded by redefining 'Financial organization' and 'Holder' to explicitly include financial organizations, insurance companies, and utilities, ensuring these entities are subject to the act's requirements.

DEFINITION

The definition of 'Financial organization' was updated to include savings and loan associations, building and loan associations, and credit unions.

The definition of 'Holder' was expanded to explicitly include financial organizations, insurance companies, and utilities in addition to banks and other traditional holders.

TECHNICAL

The document was renumbered and re-titled to reflect its status as the Senate Floor Version, replacing the House of Representatives version.

House Committee Substitute for Senate Bill → Floor (House) · 2 edits

MINOR

The bill text was updated to reflect its progression from the Senate Committee to the House Floor, changing the title header and adding new sponsors. The substantive definitions within the bill remain unchanged, though the formatting of the line numbers and indentation was adjusted to match the House version's style.

TECHNICAL

Updated the document header to indicate it is the 'House of Representatives - Floor Version' and added additional House sponsors (Hilbert, Moore, and West).

Adjusted line numbering and indentation throughout the text to align with House formatting standards, while preserving the original legal content.

Proposed Policy Committee Substitute 1 → House Committee Substitute for Senate Bill · 3 edits

MINOR

The bill was completely rewritten by the House Committee to update the title page and reorganize the definitions section. The most significant substantive change is the addition of a new definition for 'Museum,' which expands the scope of the Unclaimed Property Act to include institutions like historical societies and libraries. Other changes include minor formatting adjustments to the bill header and renumbering of existing definitions.

Scope change

The bill's scope has expanded to explicitly include 'Museums' (such as historical societies, landmarks, and libraries) as entities subject to the Unclaimed Property Act, whereas the previous version did not contain this specific definition.

DEFINITION

Added a new definition for 'Museum' to include historical societies, landmarks, parks, and libraries under the Unclaimed Property Act.

TECHNICAL

Replaced the 'Proposed Policy Committee Substitute' title page with a 'Committee Substitute' title page, indicating the bill has passed the House Committee.

Adjusted line numbers and formatting throughout the document to reflect the committee's edits.

Proposed Committee Substitute (full committee) 1 → Proposed Policy Committee Substitute 1 · 3 edits

MINOR

The bill was reclassified from an 'Oversight' to a 'Policy' committee substitute, indicating a shift in legislative focus from monitoring to establishing rules. Several definitions were renumbered and slightly modified, such as expanding the definition of 'Intangible property' to include mineral lease payments. These changes clarify the legal framework for unclaimed property but do not alter the bill's core scope or funding requirements.

Scope change

The bill's scope remains focused on unclaimed property law, though the definition of 'Intangible property' was expanded to include specific mineral lease payments.

DEFINITION

The definition of 'Intangible property' was updated to explicitly include payments related to mineral leases, bonuses, and rentals.

Definitions for 'Financial organization' and 'Holder' were renumbered and slightly rephrased for clarity.

TECHNICAL

The bill title and committee designation were changed from 'Proposed Oversight' to 'Proposed Policy'.

Enrolled (final version) → Proposed Committee Substitute (full committee) 1 · 5 edits

MODERATE

The bill was completely rewritten by the House committee, replacing the original text with a new version that retains the core subject of unclaimed property but significantly alters the description of required actions and definitions. The new text expands the State Treasurer's duties to include furnishing legal documents to specific persons, expands record-keeping requirements before deposits, and modifies how claims are handled, including new provisions for voiding claims and using small estate affidavits. While the underlying law remains the Uniform Unclaimed Property Act, the specific operational details and definitions have been substantially changed.

Scope change

The bill's scope remains focused on the Uniform Unclaimed Property Act, but the specific procedures for handling claims, record-keeping, and property distribution have been modified.

REQUIREMENT

The description of the bill's purpose was updated to reflect new requirements for furnishing legal documents to certain persons and expanded record-keeping obligations for the State Treasurer before making deposits to the Unclaimed Property Fund.

New provisions were added regarding the voidance of claims under specific circumstances and the requirement for certain claim forms to be submitted.

The text now includes specific requirements for exemptions prior to delivering property or making payments, as well as modifications to when property of a deceased person may be paid or delivered to a claimant.

DEFINITION

Definitions for terms such as 'Apparent owner', 'Banking organization', 'Business association', 'Claimant', 'Claimant's representative', 'Domicile', 'Financial organization', 'Holder', 'Insurance company', 'Intangible property', 'Last-known address', 'Memorandum', 'Mineral proceeds', 'Museum', 'Owner', 'Person', 'State', and 'State Treasurer' were reorganized and slightly reworded, though the core meanings appear largely consistent.

TECHNICAL

The document header was changed from 'Enrolled Senate Bill' to 'Proposed Oversight Committee Substitute,' indicating this is a revised version introduced by the House committee rather than the final enacted version.

Engrossed → Enrolled (final version) · 3 edits · May 28, 2025

MINOR

The bill transitioned from an 'Engrossed' draft to its final 'Enrolled' version, incorporating additional sponsors and a detailed summary of its provisions. The substantive text of the Uniform Unclaimed Property Act definitions remains consistent, though the final version includes a comprehensive summary of the bill's intent, covering procedures for claims, safe deposit box releases, and electronic record-keeping.

Scope change

The bill's scope is now explicitly defined in the enrolled version to include amendments to specific sections of the Oklahoma Statutes regarding the Uniform Unclaimed Property Act, along with provisions for safe deposit box releases and electronic records.

TECHNICAL

Added a detailed summary of the bill's provisions and a list of additional sponsors (Hilbert, Moore, and West) to the header.

Adjusted page numbering and formatting markers to reflect the final enrolled status of the legislation.

SCOPE

Included a comprehensive summary paragraph outlining the bill's purpose, such as defining terms, directing the State Treasurer to provide legal documents, and establishing procedures for claim approvals and denials.

Amended And Engrossed → Engrossed · 1 edit · May 20, 2025

MINOR

The bill text was reorganized from a House amendment format to the final Senate version, removing the 'Amendment No. 1' strike-and-replace instruction and integrating the new statutory language directly. The substantive definitions for terms like 'Intangible property' and 'Mineral proceeds' remain consistent with the previous version, indicating no new policy changes were introduced in this specific revision.

TECHNICAL

The document structure was converted from an amendment proposal to the final enacted bill text, removing procedural strike-out markers and page headers while keeping the core legal definitions intact.

Introduced → Amended And Engrossed · 3 edits · May 20, 2025

MINOR

The bill was substantially rewritten to modernize the Uniform Unclaimed Property Act. Key changes include updating the list of referenced statutes, adding new co-authors, and significantly expanding the definition of a 'Museum' to include institutions that study archives or catalogues property. The text also appears to be reorganized with new formatting and page numbering.

Scope change

The bill's scope was updated to reference different sections of existing laws (e.g., changing references from Section 657.3 to 668) and expanded the definition of eligible institutions to include museums that study archives.

DEFINITION

The definition of 'Museum' was expanded to explicitly include institutions that 'study archives or catalogues property,' broadening the scope of what qualifies as a museum under the act.

TECHNICAL

New co-authors (Hilbert, Moore, and West) were added to the bill, and the text was restructured with new headers and page numbering indicating it is an engrossed house amendment.

The bill text was updated to reference different sections of the Oklahoma Statutes (e.g., 60 O.S. 2021, Section 668 instead of 657.3) and updated the summary of the act's purpose to reflect new provisions regarding electronic records and safe deposit boxes.

Property; modifying provisions of the Uniform Unclaimed Property Act. Effective date.

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