A. There is hereby created in the State Treasury a revolving fund for the State Treasurer to be designated the "Unclaimed Property Clearinghouse Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of monies deposited to the fund pursuant to Section 668 of this title. All monies accruing to the credit of the fund are appropriated to the State Treasurer. The State Treasurer may budget and expend monies from the fund for the purpose of making payment for the mailing, publication and sale costs associated with abandoned property, and to persons, firms, or corporations who are regularly engaged in the business of notifying states about property which may be subject to the provisions of unclaimed property statutes of those states. The State Treasurer may enter into contracts with these persons, firms or corporations performing these services, which services may include the examination of any party subject to examination under the Uniform Unclaimed Property Act. The State Treasurer may delegate all necessary authority to act in the State Treasurer's behalf to such persons, firms or corporations to enforce the provisions of the Uniform Unclaimed Property Act.

B. The State Treasurer shall be authorized to expend monies from the Unclaimed Property Clearinghouse Fund in payment of a reasonable fee not to exceed fifteen percent (15%) of the delivered funds to a person, firm, or corporation contracting with the State Treasurer providing information leading to the delivery of unclaimed property held by a holder to the State Treasurer. Such payment shall not be made until the funds have been deposited with the State Treasurer.

C. The State Treasurer is authorized to purchase services, including legal services, in order to locate and effect the delivery of property and related owner information to assist the State Treasurer in the Treasurer's duties related to the administration of the Uniform Unclaimed Property Act. The purchase of such services, other than legal services, shall be chosen by a solicitation of proposals on a competitive basis, but shall be exempt from the provisions of The Oklahoma Central Purchasing Act.

Added by Laws 1990, c. 102, § 2, operative July 1, 1990. Amended by Laws 1999, c. 10, § 15, eff. July 1, 1999; Laws 2001, c. 133, § 8, emerg. eff. April 24, 2001; Laws 2004, c. 318, § 7, eff. July 1, 2004; Laws 2009, c. 433, § 4, eff. Nov. 1, 2009; Laws 2019, c. 150, § 3, eff. July 1, 2019.