This page addresses key areas of interest regarding Oklahoma unclaimed property and escheatment laws and regulations.
Key Oklahoma Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in Oklahoma is October 31st for all holders except life insurance companies, who must report by April 30th. Early reporting is permitted with prior written approval from the administrator.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Oklahoma’s unclaimed property laws and regulations. Holders reporting to Oklahoma are required to submit their reports electronically for reports that contain 15 or more properties. Written reports may be submitted for reports containing fewer than 15 properties.
Oklahoma Due Diligence Requirements
Oklahoma requires holders to send due diligence notifications for any property with a value of $50 or more, except for royalties and dividends and any other property representing one of a recurring number of payments, in which case due diligence is required, regardless of value. Due diligence letters must be sent each reporting cycle to the apparent owner of the property at the last known address no less than 120 days prior to filing an annual report.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Oklahoma Dormancy Periods
Dormancy periods in Oklahoma vary by property type. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Oklahoma for common property types include:
- Wages/Payroll, Salary – 1 Year
- Unredeemed Gift Certificates – 5 Years
- Money Orders (Non-Bank) – 7 Years
Oklahoma Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The Oklahoma unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Oklahoma can be a stressful process that consumes valuable internal resources, especially if you are reporting in other jurisdictions as well. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.