SECTION 710:60-9-90. Deposit of monies

(a)   Funds due the Oklahoma Tax Commission. A motor license agent shall deposit all monies which the agent is required to account for and pay over to the Commission in an Oklahoma Tax Commission Motor License Agency Account (designated for each agency) within one (1) banking day of collection. The motor license agent is to enter all required deposit information into the Oklahoma Tax Commission's deposit entry system by the end of the same business day the deposit is made to the bank. The monies belonging to the Oklahoma Tax Commission are not to be deposited to any account except the Oklahoma Tax Commission Motor License Agent Account.

(b)   Motor license agent fee retention. The fees to be retained by the motor license agent as compensation shall not be deposited in the Oklahoma Tax Commission Motor License Agent Account. Should the motor license agent not have enough cash receipts to withhold the statutorily authorized agent's fee for the transactions reflected in the deposit being made, the motor license agent may designate on the Oklahoma Tax Commission Motor License Agent Account deposit slip the amount necessary to make up the difference as "Less Cash Received". Only the amount necessary to allow for the retention of the statutorily authorized motor license agent's fees for the transactions reflected in the deposit being made may be deducted from the Oklahoma Tax Commission deposit.

[Source: Amended at 24 Ok Reg 2375, eff 6-25-07; Amended at 25 Ok Reg 2063, eff 7-1-08; Amended at 33 Ok Reg 1081, eff 8-25-16]