SECTION 735:80-3-10. Banks, savings and loans or other financial institutions; reporting requirements

(a)   Any deposit with a banking or financial organization, including deposits that are automatically renewable, or a mutual investment certificate, or any other interest in a banking or financial organization, is presumed abandoned unless the owner has, within the previous five (5) years (15 years in the case of automatically renewable time deposits):

(1)   In the case of a deposit, increased or decreased the amount of the deposit or presented the passbook for the crediting of interest;

(2)   Communicated in writing with the banking or financial organization indicating an interest in the property;

(3)   Owned other property to which paragraph (1) or (2) of this subsection is applicable and, if the banking or financial organization communicated in writing with the owner in regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property are regularly sent; or

(4)   Had another relationship with the banking or financial organization concerning which the owner has:

(A)   Communicated in writing with the banking or financial organization; or

(B)   Otherwise made contact with the banking or financial organization, and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship are regularly sent.

(b)   For the purpose of this Section, property includes, but is not limited to, undelivered shares and the interest or dividends associated with them.

(c)   Any property described in 60 O.S. §652 (d), that is automatically renewable, such as a certificate of deposit having rollover provisions, is matured for purposes of that Section upon the expiration of its initial time period. But in the case of any renewal to which the owner consents by communicating in writing with the banking or financial organization at or about the time of renewal, or otherwise indicates consent, as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration date of the last time period for which consent was given. However, loss of contact with the owner will be considered to have occurred if the statement or any communication mailed by the bank, savings and loan, or other financial institution has come back undelivered. If, at the time for delivery to OST provided by the Uniform Unclaimed Property Act, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery shall be extended until the time when no penalty or forfeiture would result. Automatically renewable time deposits may be retained, at the holder's option, or delivered to OST.

(d)   The following categories of property normally held by a bank or financial institution shall be subject to reporting under the Uniform Unclaimed Property Act (the Act):

(1)   Checking or demand accounts, savings accounts or matured time deposits, including any interest or dividend thereon. Any charges withheld must be withheld at the express or implied consent of the owner.

(2)   Monies paid toward the purchase of shares or other interest or any deposit thereon. Any charges withheld must be withheld at the express or implied consent of the owner.

(3)   Certified checks, travelers checks, cashier checks, drafts, certificates of deposit and expense and vendor checks. If cashier checks or certified checks are reported, the bank or financial institution shall include on the report if known, the names and last known addresses of the payee(s), payor(s) and the purchaser(s).

(4)   Monies or personal property removed from a safe-deposit box or other safekeeping repository not otherwise declined by the State Treasurer pursuant to 60 O.S. §677, or surplus amounts arising from the sale of such contents.

(5)   Any other intangible personal property not otherwise covered by the Act. [See: 60 O.S. 652]

[Source: Transferred from 710:80-3-10 at 60 O.S., § 688, eff 7-1-99 (see Editor’s Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 21 Ok Reg 2879, eff 7-11-04; Amended at 22 Ok Reg 2661, eff 7-11-05]