SECTION 735:80-5-1. Charges and deductions that may be withheld

(a)   Charges shall not be deducted from unclaimed intangible property unless:

(1)   A reasonable notice of service charges or deductions is given to the owner at the time the account is opened; or

(2)   A schedule of service charges or deductions has been mailed to the owner; or

(3)   A statement concerning such charges has been incorporated in the rules, regulations, or bylaws of the holder.

(b)   Such charges or fees may not be excluded, withheld, or deducted from property subject to the Uniform Unclaimed Property Act if, under its policy or procedure, the holder would not have excluded, withheld or deducted such charges or fees in the event the property had been claimed by the owner prior to being reported or remitted to OST.

(c)   If charges are deducted from property, a holder shall include or attach as a part of the report filed pursuant to the Uniform Unclaimed Property Act:

(1)   The value or amount of each item or property before any charges are deducted therefrom;

(2)   The amount of the charges deducted from each item and the date or dates on which such charges were deducted.

(3)   Policy that the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.

(4)   Such other information or documentation that substantiates the deduction of the charges.

[Source: Transferred from 710:80-5-1 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]