SB1082: Unclaimed Money: New Law Delays Access to Property Sale Funds for Owners

New law shifts handling of excess property funds away from local counties

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What does SB1082 want to accomplish?

SB1082 updates the rules about how county treasurers handle money from selling property that wasn't paid for.

Here’s what it does:

1. No Special Claims: People or businesses can't claim money from property sales unless they're the ones the money is really meant for. This means third parties, like recovery agents or those with limited power of attorney, can't get involved in claiming these funds.
2. Unclaimed Money: If money from a property sale isn't claimed within one year, it will go to the state's Unclaimed Property Fund, not just stay with the county.

These changes are meant to stop people from unfairly taking money that should go to the original property owners and make sure unclaimed funds are handled properly.

Who will benefit from this law?

✔️Property Owners: Original property owners will be protected because third parties cannot claim money from property sales that should rightfully belong to them.

✔️County Treasurers: The law provides clearer rules on handling and transferring unclaimed funds, making their job easier and more straightforward.

✔️State Residents: Excess funds that aren't claimed will be put into the state's Unclaimed Property Fund, which can help ensure these funds are managed properly and possibly returned to rightful owners eventually.

✔️Taxpayers: By preventing misuse of funds and ensuring proper handling of unclaimed money, the law helps ensure that public funds are used appropriately and efficiently.

What are some concerns people might have about this law?

⚠️Delay in Funds for Claimants: If money from a property sale is not claimed within a year, it goes to the state’s Unclaimed Property Fund. This might delay access to these funds for the original property owners if they don’t claim them in time.

⚠️Increased Workload for County Treasurers: County treasurers may face more work to ensure that all excess funds are properly tracked and transferred to the Unclaimed Property Fund.

⚠️Possible Confusion: The new rules might create confusion for individuals or businesses involved in property sales, especially if they are not aware of the new regulations.

⚠️Administrative Costs: The process of transferring unclaimed funds to the state might involve additional administrative costs and resources for the county.

⚠️Potential Legal Disputes: The prohibition of third parties claiming funds might lead to legal disputes or challenges, especially if individuals or businesses feel they have a right to the money.

⚠️Impact on Recovery Agents: Recovery agents or similar professionals who previously might have had a role in claiming these funds could lose business opportunities due to the new restrictions.

⚠️Less Local Control: Funds that used to stay within the county might now be handled by the state, which could reduce local control over these resources.

⚠️Complexity for Claimants: Property owners might find the process of reclaiming funds from the state’s Unclaimed Property Fund more complicated than dealing with county treasurers directly.

This bill is making its way through the legislative process. When introduced, it was set to go into effect at the end of 2023. It remains in committee.

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SB1251: New Law Gives Refund of Property Taxes to Oklahoma Families

➡️Is this something that you think Oklahomans need? How will it benefit the county you live in?

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