Okla. Stat. tit. 60, § 60-674.1
This is the official text of Okla. Stat. tit. 60, § 60-674.1, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Limitation on service fees for recovery of funds or
Official statutory text
property - Mineral proceeds as payment for services prohibited.
A. No person who:
1. Informs a potential claimant of any unclaimed funds or other
property, tangible or intangible, held pursuant to the Uniform
Disposition of Unclaimed Property Act that such claimant may be
entitled to claim such unclaimed property; or
2. Files a claim for any funds or other property, tangible or
intangible, on behalf of a claimant of such funds or property,
shall contract for or receive from the claimant, for services, an
amount that exceeds twenty-five percent (25%) of the value of the
funds or property recovered.
If the funds or property involved are mineral proceeds, the
amount for services shall not include a portion of the underlying
minerals or any production payment, overriding royalty, or similar
payment.
In the event the claimant of such funds or property is deceased
and did not personally agree to the fee in writing, a fee for
recovery can only be collected from each identified heir, devisee or
legatee that has affirmatively agreed to that fee in writing.
The agreement shall be in writing and signed by the claimant
either by manual signature or electronic signature.
B. The provisions of this section shall apply to contracts
executed on or after November 1, 2021.
A. No person who:
1. Informs a potential claimant of any unclaimed funds or other
property, tangible or intangible, held pursuant to the Uniform
Disposition of Unclaimed Property Act that such claimant may be
entitled to claim such unclaimed property; or
2. Files a claim for any funds or other property, tangible or
intangible, on behalf of a claimant of such funds or property,
shall contract for or receive from the claimant, for services, an
amount that exceeds twenty-five percent (25%) of the value of the
funds or property recovered.
If the funds or property involved are mineral proceeds, the
amount for services shall not include a portion of the underlying
minerals or any production payment, overriding royalty, or similar
payment.
In the event the claimant of such funds or property is deceased
and did not personally agree to the fee in writing, a fee for
recovery can only be collected from each identified heir, devisee or
legatee that has affirmatively agreed to that fee in writing.
The agreement shall be in writing and signed by the claimant
either by manual signature or electronic signature.
B. The provisions of this section shall apply to contracts
executed on or after November 1, 2021.
Status: in_force · Read it on the official government site
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