SECTION 735:80-9-2. Interest/penalty; amended reports

(a)   Interest/penalties may be assessed against unclaimed property reported to OST, under the following conditions: [See: 60 O.S. §680]

(1)   When the holder fails to remit items reported as unclaimed property;

(2)   When the holder fails to remit in full or submits a partial remittance for items reported as unclaimed property;

(3)   When the date of last transaction given for the owner on the report indicates that the item should have been reported and remitted in prior years.

(b)   For items reported and not remitted, interest/penalty may be assessed beginning with January 1, 1983, or the date that the property should have been remitted, whichever is later, through the date the remittance is received by OST from the holder.

(c)   For items that should have been remitted in prior years, interest/penalty may be assessed beginning with January 1, 1983, or the date on which the property should have been remitted, whichever is later, through the date the remittance is received by OST from the holder.

(d)   For items remitted to OST under protest, interest/penalties will cease on the date the remittance and accompanying written protest is received by OST.

(e)   If the holder protests the assessment, a copy of the assessment and the written protest submitted by the holder shall be forwarded to the hearing examiner designated by the Treasurer, who shall set up a date and time for an administrative hearing on the matter. Interest/penalties will continue to accrue on unpaid items as set forth in the assessment until such time as the Treasurer renders a decision and/or all other legal action regarding the assessment is completed, and the remittance is received by OST from the holder.

(f)   Application for waiver of interest or penalty shall be in a form as prescribed by the Treasurer. The Treasurer may, at the Treasurer's discretion, waive the interest or penalty for reasonable cause if the imposition of interest or penalty would be deemed to be inequitable. Reasonable cause includes, but is not limited to, the following reasons:

(1)   Natural disasters;

(2)   Acts of war or terrorism;

(3)   Initial report filed by the holder which was not induced by an examination from the State Treasurer or one of its auditors;

(4)   Report filed by the holder using an electronic medium for the first time;

(5)   Significant changes in holder personnel;

(6)   Report and remittance was made within 30 days of the due date;

(7)   Penalty amount in excess of the reported amount; or,

(8)   Penalty assessed in error.

(g)   The holder of unclaimed property has the burden of proving reasonable cause.

[Source: Transferred from 710:80-9-2 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 22 Ok Reg 2661, eff 7-11-05]