Senate Bill 1450 Summary

• Amends the Uniform Unclaimed Property Act (60 O.S. 2011) to add "education" as a qualifying benefit type for distributions from trusts and custodial funds.

• Requires claimants of deceased owners' property to provide certified probate documents, trust instruments, or death certificates (for property valued at $5,000+) and affidavits (for property $10,000 or less) before State Treasurer releases funds.

• Authorizes State Treasurer to decline acceptance of low-value unclaimed property and weapons found in safe deposit boxes, with weapons transferred to local law enforcement.

• Permits State Treasurer to sell and convert securities to cash if claimants fail to transfer securities within 90 days of claim approval.

• Removes the 80% minimum investment requirement for state funds while maintaining investment authority under good business practices (62 O.S. 2011).