SB 1108 Summary

• Amends 60 O.S. 2011, Section 670 to dedicate the first $10,000,000 from unclaimed property reserves to the "Oklahoma Teachers' Cost of Living Benefits Adjustment Fund (COLA)" in the Office of the State Treasurer.

• Maintains the requirement that the State Treasurer retain sufficient unclaimed property as a reserve to ensure all legally established claims are paid promptly.

• Directs all unclaimed property amounts exceeding the necessary reserve to be paid into the State Treasury's General Revenue Fund, while preserving all property owners' rights to claim their unclaimed property from the reserve.

• Effective July 1, 2013, with an emergency clause for immediate implementation.