Section 674.1 - Limitation on service fees for recovery of funds or property - Mineral proceeds as payment for services prohibitedA. 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; or2. 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 that 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.
B. The provisions of this section shall apply to contracts executed on or after November 1, 2021.Okla. Stat. tit. 60, § 674.1
Amended by Laws 2021 , c. 326, s. 1, eff. 11/1/2021.Added by Laws 1990, HB 2248, c. 301, § 1, emerg. eff. 5/1/1990.