State Treasurer enforces limits on claim processing fees for unclaimed property

On February 5, 2025, the Oklahoma State Legislature introduced Senate Bill 999, a significant piece of legislation aimed at reforming the handling of unclaimed property in the state. This bill seeks to protect residents from excessive fees charged by third-party claimants who assist individuals in recovering unclaimed funds or property.

One of the key provisions of Senate Bill 999 is the establishment of a cap on the fees that can be charged by individuals or companies that help claimants recover unclaimed property. Specifically, the bill stipulates that these fees cannot exceed 25% of the value of the recovered funds or property. This measure is designed to ensure that claimants retain a larger portion of their rightful assets, addressing concerns that many residents have faced regarding predatory practices in the unclaimed property recovery industry.

The bill also includes exceptions to this fee cap, allowing for higher charges in cases where a judicial order is necessary to document entitlement or when a claimant sells their interest in the unclaimed property. Additionally, the legislation clarifies that fees for services related to mineral proceeds will not include a portion of the underlying minerals or any production payments, further protecting the interests of Oklahoma residents involved in the state's significant oil and gas industry.

Debate surrounding Senate Bill 999 has highlighted the balance between consumer protection and the rights of those who provide recovery services. Supporters argue that the bill is a necessary step to safeguard vulnerable claimants from exploitation, while opponents express concerns that the fee cap may deter legitimate recovery services from operating effectively.

The implications of this bill extend beyond just financial considerations. By regulating the unclaimed property recovery process, Senate Bill 999 aims to foster greater transparency and fairness in the system, potentially leading to increased public trust in state-managed funds. As the bill progresses through the legislative process, its impact on both individual claimants and the broader economic landscape in Oklahoma will be closely monitored.

In conclusion, Senate Bill 999 represents a proactive approach to addressing the challenges faced by residents in recovering unclaimed property. As discussions continue, the outcome of this legislation could significantly influence how unclaimed funds are managed and accessed in Oklahoma, ultimately benefiting the community at large.