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Official Oklahoma Unclaimed Property 496 Up Form

The Oklahoma Unclaimed Property 496 Up form is a crucial document for reporting unclaimed property as mandated by the Oklahoma State Treasurer's Unclaimed Property Division. It outlines a comprehensive checklist, including property type codes, abandonment periods, and verification processes, ensuring efficient and accurate submissions by entities holding assets presumed abandoned. To reclaim or report property, take the first step by filling out the required details by clicking the button below.

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Outline

The Oklahoma Unclaimed Property 496 Up form, revised as of June 11, 2013, serves a crucial function in the administration of unclaimed assets in the state. Crafted under the oversight of the Oklahoma State Treasurer Unclaimed Property Division, this document furnishes a comprehensive structure through which entities can report property presumed abandoned. The form demands identification details such as the name and address of the holder company, alongside changes in these details if applicable, ensuring a clear line of accountability and accuracy in reporting. It meticulously categorizes various types of unclaimed property through property type codes and abandonment periods, encompassing a wide array of assets from checking accounts to royalties and insurance benefits. Additionally, it specifies different holding periods for different asset types, a pivotal feature designed to align with the nuanced provisions of the Oklahoma Unclaimed Property Law. Corporations, associations, financial institutions, and other entities are mandated to utilize this checklist to evaluate and prepare their reports, enhancing the form’s utility as a verification and compliance tool. This rigorous approach not only aids in the accurate identification and reporting of unclaimed property but also underscores the legal obligations of entities in possession of such property, thereby reinforcing the mechanisms for asset recovery and rightful ownership reinstatement.

Form Sample

Form Number 496-UP -Revision 06/11/2013

OKLAHOMA STATE TREASURER UNCLAIMED PROPERTY DIVISION

REPORT OF UNCLAIMED PROPERT – VERIFICATION AND CHECKLIST

Verification for Period Ended _______________, ______

Provide the name of the holder company reporting for the period indicated. List the prior name(s), FEI(s), or address(es) if the company has had a change in these items during the time period in which it has held the property being reported.

Name ________________________________________________________	State of Incorporation______________________________________
_____________________________________________________________	Date of Incorporation _______________________________________
Address ______________________________________________________	Federal Employer ID#_______________________________________
_____________________________________________________________

Every person, corporation, or other business association, banking or financial organization, life insurance corporation, utility, court or public authority must complete the following checklist before filing their Oklahoma Unclaimed Property Report. This checklist includes by way of illustration, but not limitation, those items which are covered by Sections of the Oklahoma Unclaimed Property Law.

Please complete the checklist by indicating the items being reported. A “Yes” must be enumerated on Unclaimed Property Form 497-UP-2.

			Property Type Codes and Abandonment Periods
					Account Balances Due
Yes	No	Code Description		Yr	Yes	No	Code	Description	Yr
___	___	AC01	Checking Accounts	5	___	___	AC06	Security Deposits	5
___	___	AC02	Savings Accounts	5	___	___	AC07	Unidentified Deposits	5
___	___	AC03	Matured CD or Saving Certificate	5	___	___	AC08	Suspense Accounts	5
___	___	AC04	Christmas Club Funds	5	___	___	AC99	Aggregate Account Balances	5
___	___	AC05	Money on Deposit to Secure Fund	5
					Court Deposits
___	___	CT01	Escrow Funds	1	___	___	CT04	Suspense Accounts	1
___	___	CT02	Condemnation Awards	1	___	___	CT05	Other Court Deposits	1
___	___	CT03	Missing Heirs’ Funds	1	___	___	CT99	Aggregate Court Deposits	1
					Health Savings Plan
___	___	HS01	Health Savings Account	5	___	___	HS02	Suspense Accounts	5
					Insurance
___	___	IN01 Individual Policy Benefits or Claim Payments		5	___	___	IN06	Unidentified Remittances	5
___	___	IN02 Group Policy Benefits or Claim Payment		5	___	___	IN07	Other Amounts Due Under Policy Terms	5
___	___	IN03 Proceeds Due Beneficiaries		5	___	___	IN08	Agent Credit Balances	5
___	___	IN04 Proceeds from Matured Policies,		5	___	___	IN09	Proceeds from Demutualization	2
			Endowments, or Annuities		___	___	IN10	Shares of Stock from Demutualization	2
___	___	IN05 Premium Refunds		5	___	___	IN99	Aggregate Insurance Property	5
				IRA’S (TRADITIONAL/ROTH)
___	___	IR01 Traditional IRA – Cash		7**	___	___	IR05	Roth IRA – Cash	7**
___	___	IR02 Traditional IRA – Mutual Fund		7**	___	___	IR06	Roth IRA– Mutual Funds	7**
___	___	IR03 Traditional IRA – Securities		7**	___	___	IR07	Roth IRA– Securities	7**
** IRA’s are reportable 7 years after the participant has attained the age of 70 1/2.
				Mineral Proceeds and Mineral Interests
___	___	MI01	Net Revenue Interest	5	___	___	MI06	Bonuses	5
___	___	MI02	Royalties	5	___	___	MI07	Delay Rentals	5
___	___	MI03	Overriding Royalties	5	___	___	MI08	Shut‐In Royalties	5
___	___	MI04	Production Payments		___	___	MI09	Minimum Royalties	5
___	___	MI05	Working Interest	5
			Miscellaneous Checks and Intangible Personal Property
___	___	MS01	Wages, Payroll, and Salary	1	___	___	MS11	Refunds Due	5
___	___	MS02	Commissions	5	___	___	MS12	Unredeemed Gift Certificates	5
___	___	MS03	Worker’s Compensation Benefits	5	___	___	MS13	Unclaimed Loan Collateral	5
___	___	MS04	Payment for Goods and Services	5	___	___	MS14	Pension & Profit Sharing Plans	7**
___	___	MS05	Customer Overpayments	5	___	___	MS15	Dissolution or Liquidation	1
___	___	MS06	Unidentified Remittances	5	___	___	MS16	Misc Outstanding Checks	5
___	___	MS07	Un‐refunded Overcharges	5	___	___	MS17	Misc Intangible	5
___	___	MS08	Accounts Payable	5	___	___	MS18	Suspense Liabilities	5
___	___	MS09	Credit Balance ‐ Accounts Receivable	5	___	___	MS99	Aggregate Misc Property	5
___	___	MS10	Discounts Due	5
				Safe Deposit Boxes and Safekeeping
___	___	SD01	Safe Deposit Box Contents	5	___	___	SD03	Other Tangible Property	5
___	___	SD02	Other Safekeeping	5

					Securities
Yes	No	Code	Description	Yr	Yes	No	Code	Description	Yr
___	___	SC01	Dividends	3	___	___	SC13	Funds for Liquidation/Redemption	3
___	___	SC02	Interest (Bond Coupons)	3				of Un‐surrendered Stocks or Bonds
___	___	SC03	Principal Payments	3	___	___	SC14	Debentures	3
___	___	SC04	Equity Payments	3	___	___	SC15	US Government Securities	5
___	___	SC05	Profits	3	___	___	SC16	Mutual Fund Shares	3
___	___	SC06	Funds Paid to Purchase Shares	3	___	___	SC17	Warrants (Rights)	3
___	___	SC07	Funds for Stocks and Bonds	3	___	___	SC18	Matured Bond Principal	3
___	___	SC08	Shares of Stock Returned by Post Office	3	___	___	SC19	Dividend Reinvestment Plans	3
___	___	SC09	Cash for Fractional Shares	3	___	___	SC20	Credit Balances	3
___	___	SC10	Un‐exchanged Stock of Successor Corp	3	___	___	SC21	Common Stock	3
___	___	SC11	Other Certificates of Ownership	3	___	___	SC22	Convertible Securities	3
___	___	SC12	Underlying Shares or Other	3	___	___	SC23	Preferred Securities	3
			Outstanding Certificates		___	___	SC24	Fixed Income Securities	3
					___	___	SC25	Real Estate‐Based Securities	3
				Trust, Investment, and Escrow Accounts
___	___	TR01	Paying Agent Accounts	5	___	___	TR04	Escrow Accounts	5
___	___	TR02	Undelivered or Uncashed Dividends	5	___	___	TR05	Trust Vouchers	5
___	___	TR03	Funds Held in Fiduciary Capacity	7	___	___	TR99	Aggregate Trust Property	5
					Uncashed Checks
___	___	CK01	Cashier’s Checks	5	___	___	CK10	Expense Checks	5
___	___	CK02	Certified Checks	5	___	___	CK11	Pension Checks	5
___	___	CK03	Registered Checks	5	___	___	CK12	Credit Checks or Memos	5
___	___	CK04	Treasurer’s Checks	5	___	___	CK13	Vendor Checks	5
___	___	CK05	Drafts	5	___	___	CK14	Checks Written Off to Income	5
___	___	CK06	Warrants	5	___	___	CK15	Other Outstanding Official Checks	5
___	___	CK07	Money Orders	7	___	___	CK16	CD Interest Checks	5
___	___	CK08	Traveler’s Checks	15	___	___	CK99	Aggregate Uncashed Checks	5
___	___	CK09	Foreign Exchange Checks	5
					Utilities
___	___	UT01	Utility Deposits	1	___	___	UT04	Capital Credit Distribution	5
___	___	UT02	Membership Fees	1	___	___	UT99	Aggregate Utility Property	1
___	___	UT03	Refunds or Rebates	1

Please indicate the primary business activity of your company ________________________________________________________________________

Did you file a report of unclaimed property last year: YES ______ NO ______ If no, please explain: _______________________________________

Holder Contact: ___________________________________________________________________ Telephone Number: ________________________

Claim Person: ___________________________________________________________________ Telephone Number: ________________________

Address:__________________________________________________________________________________________________________________

State of ___________________________________________________:

County of _________________________________________________: SS

I, _________________________________________________________________, being first duly sworn, on oath depose and state that I have caused to be prepared

and have examined this report consisting of ________ pages totaling $ ____________, ______________ shares, and ____________ safekeeping items as to property

presumed abandoned under the Oklahoma Unclaimed Property Law for the year ending as stated, that I am duly authorized to execute this verification by the holder and by law and that I believe that said report is true, correct and complete as of said date, excepting for such property as has since ceased to be abandoned.

Signature ________________________________________________________________ Title _________________________________________________

Subscribed and sworn to before this _______________ day of ___________________________, _________________.

Notary Signature: _________________________________________________________________________________

My Commission Expires the __________________ day of _____________________________, _________________.

Mail reports and make checks payable to:

Oklahoma State Treasurer

Unclaimed Property Division

2300 N Lincoln Blvd., Rm. 217

Oklahoma City, Oklahoma 73105‐4895

Reporting: (405) 521‐4275

▼ PDF Form

Form Breakdown

Fact	Detail
Form Number and Revision Date	496-UP, Revised on 06/11/2013
Governing Body	Oklahoma State Treasurer Unclaimed Property Division
Purpose	Report of Unclaimed Property - Verification and Checklist
Governing Law	Oklahoma Unclaimed Property Law
Verification Period	Holder company reporting for specified period
Checklist Categories	Includes, but is not limited to: Account Balances, Court Deposits, Health Savings Plan, Insurance, IRA’s, Mineral Proceeds, Miscellaneous Checks, Safe Deposit Boxes, Securities, Uncashed Checks, and Utilities
Contact Information Required	Holder contact, claim person, telephone numbers, and addresses

Detailed Instructions for Using Oklahoma Unclaimed Property 496 Up

Filling out the Oklahoma Unclaimed Property 496 Up form is a critical step for organizations holding assets that have gone unclaimed. This form is essential for reporting these unclaimed properties to the Oklahoma State Treasurer, ensuring compliance with state regulations. It is a detailed process that requires attention to accuracy to ensure the correct reporting and eventual reclamation of property by rightful owners. The steps below are designed to assist in the completion of the form clearly and accurately.

Begin by entering the verification period end date in the space provided at the top of the form.
Provide the name of the holder company responsible for the unclaimed property. Include any previous names, FEI(s), or addresses if there have been changes during the holding period.
Indicate the state of incorporation for the holder company and fill in the date of incorporation accordingly.
Input the holder's current address, ensuring it is complete and includes any necessary suite or unit numbers.
Enter the Federal Employer Identification Number (FEIN) of the holder company accurately.
Review the checklist provided within the form, marking "Yes" or "No" to indicate the types of property being reported. Be sure to note the property type codes and abandonment periods accurately for each item.
Below the checklist, specify the primary business activity of your company in the provided space.
Indicate whether a report of unclaimed property was filed last year by marking "YES" or "NO." If no, provide an explanation in the space provided.
Fill in the contact details for the holder, including the name, telephone number, and addresses for both the Holder Contact and Claim Person.
Sign and date the verification section at the bottom of the form once all information has been reviewed for accuracy. The signature must be that of an individual authorized to execute this verification on behalf of the holder company.
Ensure the form is notarized by having a notary public sign and date the form, including their commission expiration date.
Compile the reported pages, shares, and safekeeping items totals at the bottom of the form, ensuring they accurately reflect the contents of your report.
Mail the completed form and any applicable checks payable to the “Oklahoma State Treasurer Unclaimed Property Division” at the address provided on the form.

Completing the Oklahoma Unclaimed Property 496 Up form with diligence is essential for organizational compliance and the facilitation of returning property to its rightful owners. Accuracy in reporting not only adheres to legal standards but also plays a significant role in maintaining organizational integrity and trustworthiness. It is advisable to keep a copy of the submitted form and any correspondences for your records.

FAQ

What is the Oklahoma Unclaimed Property 496 UP form used for?

The Oklahoma Unclaimed Property 496 UP form is a vital document designed for businesses and organizations to report unclaimed property to the Oklahoma State Treasurer. Unclaimed property refers to various types of property or accounts within businesses that have remained unclaimed by the rightful owners for a specific period. This can include, but is not limited to, checking accounts, savings accounts, unpaid wages, dividends, and proceeds from insurance policies. The form serves as a comprehensive checklist and verification mechanism, ensuring that entities comply with the Oklahoma Unclaimed Property Law by reporting these assets accurately. By facilitating this process, the form plays a crucial role in the efforts to return unclaimed funds to their rightful owners or heirs.
Who is required to file the Oklahoma Unclaimed Property 496 UP form?

Various entities are mandated to file the Oklahoma Unclaimed Liability 496 UP form. This includes individuals, corporations, other business associations, banks or financial organizations, life insurance corporations, utilities, courts, or public authorities. Essentially, any organization that holds assets or property that could potentially become unclaimed within the parameters defined by Oklahoma law must complete this form. It is a comprehensive directive aimed at ensuring all possible unclaimed properties are reported and eventually, can be returned to the rightful owners or their heirs. The form facilitates a detailed reporting process, including information on the types of unclaimed property held, and serves as a declaration confirming the accuracy and completeness of the information provided.
How often should the Oklahoma Unclaimed Property 496 UP form be filed?

Filing frequency for the Oklahoma Unclaimed Property 496 UP form depends on the specific directives of the Oklahoma State Treasurer's Office. However, it is generally expected that this form be submitted annually to report unclaimed property held by an entity during the previous year. This annual reporting requirement ensures a continual effort to identify and process unclaimed properties, aligning with the statutory deadlines and abandonment periods outlined in Oklahoma's Unclaimed Property Law. The due diligence process, as mandated by law, typically requires entities to attempt to contact the owners of unclaimed property before reporting it to the state. Once reported, these assets are taken into the custody of the state to be reunited with their owners or heirs, making the timely filing of this form crucial.
What are the consequences of failing to file the Oklahoma Unclaimed Property 496 UP form?

Failing to file the Oklahoma Unclaimed Property 496 UP form or not reporting unclaimed property can lead to several consequences imposed by the Oklahoma State Treasurer's Office. Entities that neglect or refuse to report unclaimed property as required by law may face fines, penalties, and even interest charges on the value of the unreported property. These sanctions are designed to encourage compliance with the Unclaimed Property Law, ensuring that holders of unclaimed assets undertake their due diligence and reporting responsibilities seriously. Furthermore, persistent non-compliance could result in audits, legal actions, and reputational damage for the entities involved. Therefore, it is in the best interest of all holders of potential unclaimed property to understand their obligations and fulfill them promptly and accurately.

Common mistakes

When filling out the Oklahoma Unclaimed Property 496 Up form, people commonly make several mistakes that can impact the processing of their submission. These errors may delay the identification and claim of unclaimed property. Recognizing and avoiding these missteps can streamline the process and ensure compliance with state requirements.

Incorrect or Incomplete Holder Information: One common mistake is not providing complete details about the holder company, such as the full legal name, state of incorporation, and Federal Employer Identification Number (FEI). Additionally, if there have been any changes in name, FEI, or address, these are often omitted.
Failure to Indicate Property Type Codes Correctly: The form requires specific property type codes and abandonment periods to be identified for each item being reported. Mistakes or omissions in this section can lead to misclassification of property types or incorrect abandonment periods being applied.
Omission of Required Signatures and Dates: The verification section at the end of the report requires a signature from an authorized individual and a notary public, along with the current date. Skipped or improperly executed signatures and dates may invalidate the submission.
Inaccurate Reporting of Abandoned Property Amounts: Accurately reporting the total amounts, shares, and safekeeping items is crucial. Errors in these figures can cause discrepancies in the records and issues in the rightful return of property to owners.
Overlooking Previous Submission References: If a report was filed in the previous year, indicating this along with providing any pertinent details or changes since the last report is imperative. Failing to reference previous submissions or provide updates can result in incomplete historical information and tracking difficulties.

To sum up, ensuring accuracy, completeness, and adherence to the form’s instructions is central to the successful submission of the Oklahoma Unclaimed Property 496 Up form. Those reporting unclaimed property should take special care to review their form for these common mistakes before submitting it to the Oklahoma State Treasurer Unclaimed Property Division.

Documents used along the form

When dealing with the intricacies of claiming or reporting unclaimed property in Oklahoma, understanding the ancillary documentation that commonly accompanies the Oklahoma Unclaimed Property 496 UP form is vital. These documents are crucial for both the verification process and to ensure compliance with state laws. The following listed documents often play a supportive role in the filing process, helping to clarify, authenticate, and expedite claims or reports.

Holder Notice Report: This form serves as a preliminary notification to the state by a holder (an entity that holds property that may belong to someone else) of potentially unclaimed property. It's an important step before submitting the final report.
Due Diligence Letter: Prior to reporting unclaimed property, holders are required to make a final attempt to contact the rightful owner(s) of the property. This letter serves as that attempt and must follow specific guidelines set forth by the state.
Power of Attorney (POA) and Declaration of Representative: If a holder or claimant is being represented by another individual, a POA and declaration form must be completed, authorizing that representation.
Notarized Affidavit for Claimants: Claimants must often provide a notarized affidavit verifying their claim to the unclaimed property. This serves as a legal statement of their right to the property.
Proof of Ownership Documentation: To establish rightful ownership of the unclaimed property, claimants must provide documentation such as account statements, original certificates, or letters of entitlement.
Death Certificate and Estate Documentation: In cases where unclaimed property belongs to a deceased individual, the claimant must provide a death certificate along with documents proving their right to claim the property on behalf of the deceased’s estate.
Merger and Acquisition Documentation: If the property's original holder has undergone mergers or acquisitions, documentation detailing these corporate changes must be provided. This helps trace the lineage of the property to its current holder.
Safe Deposit Box Inventory Sheet: When reporting or claiming items from a safe deposit box, an inventory sheet detailing the contents must be included. This helps identify specific items and determine their value.
Securities Transaction Documentation: For unclaimed securities, detailed transaction records, including purchase, sale, and transfer documents, are required to establish ownership and the right to claim.
IRS W-9 Form: Claimants may need to provide a completed W-9 form for tax purposes, particularly when claiming cash or securities that have appreciated in value.

Understanding and gathering the appropriate documents when interacting with the Oklahoma Unclaimed Property Division is crucial for a smooth process. Whether you are a holder reporting unclaimed property or a claimant seeking to recover what is rightfully yours, being prepared with the necessary paperwork will facilitate a more efficient resolution. It's advisable to consult the Oklahoma State Treasurer’s website or office for the most current forms and detailed guidance on completing each document. Compliance with these requirements not only aligns with legal obligations but significantly enhances the likelihood of a successful claim or report.

Similar forms

The Federal Tax Return Form, similar to the Oklahoma Unclaimed Property 496 UP form, requires detailed financial and identification information about the entity filing the form. Both demand extensive data about revenues, identification numbers, and historical financial activities, ensuring compliance with legal standards and facilitating the assessment of financial responsibilities or entitlements.

State Business License Renewal applications, much like the 496 UP form, necessitate the current data and history of the business’s operational status, including changes in addresses, names, or tax identification numbers. The renewal process, akin to unclaimed property reporting, demands regular updating to reflect the entity's current operating condition and compliance with state regulations.

The Annual Report Filings for corporations mirror the structured reporting in the 496 UP form by requiring detailed accounts of a company’s structure, financial status, and changes over the reporting period. Both forms serve to keep respective state departments informed about the status and activities of corporations within their jurisdiction.

Insurance Claim Forms share similarities with the unclaimed property form by detailing amounts due under policies, identifying claimants, and describing the type of property or policy under consideration. Each requires a precise documentation of entitlements or obligations, ensuring proper allocation or claim of assets.

Bank Account Closure Forms, akin to the 496 UP, require detailed information about the account holder and the nature of the funds held. Both forms facilitate the transfer or handling of funds deemed unclaimed or in need for closure, ensuring rightful ownership or disposition under regulatory requirements.

The Employee W-2 Form, while serving a different primary function, shares similarities with the 496 UP form in its requirements for detailed reporting of financial amounts and entity identification. Both play crucial roles in financial record-keeping and compliance with regulatory requirements, ensuring accurate reporting of financial data to the appropriate bodies.

Property Title Transfer Forms, similar to the 496 UP, involve a detailed account of ownership and the status of the property, whether tangible or intangible. These forms ensure a clear and legal transition of ownership, requiring comprehensive data to prevent disputes and ensure rightful possession.

Utility Deposit Refund Applications resemble the 496 UP form in their process for reclaiming funds owed to individuals or entities. Both involve detailed identification of the claimant and the specific property or funds in question, navigating through regulatory processes to rightfully return assets deemed unclaimed.

Investment Account Application Forms share the necessity for detailed personal and financial information with the 496 UP form. Both require a thorough documentation of assets, identification numbers, and the historical context of the funds or securities involved, ensuring accurate and lawful financial management.

Lost Stock Certificate Affidavit Forms, similar to sections of the 496 UP concerning securities, demand detailed information about the certificate holder, the nature of the securities, and the circumstances under which they became unclaimed. Both processes aim to rectify situations where assets have become disconnected from their rightful owners, requiring rigorous documentation to safeguard ownership rights.

Dos and Don'ts

When preparing to submit the Oklahoma Unclaimed Property 496-UP form, attention to detail is crucial to ensure compliance and accuracy. Below are considerations to keep in mind, categorized into things you should and shouldn't do.

Things You Should Do:

Verify all company information: Ensure that the company name, previous names, Federal Employer ID number, and addresses are current and accurately reflect any changes that occurred during the reporting period.
Complete the checklist accurately: Mark "Yes" on Form 497-UP-2 for all items being reported. Carefully review the property types, codes, and abandonment periods to confirm they match the unclaimed property you are reporting.
Review the report thoroughly before submission: Confirm that all entries on the report are true, correct, and complete. The person signing the form should be authorized to do so and must verify the accuracy and completeness of the report.
Ensure the form is properly notarized: The signature of the person completing the form must be notarized. Verify that the notary has signed the form and that their commission expiration date is included.

Things You Shouldn't Do:

Ignore previous changes in company information: Failing to update prior names, FEI numbers, or addresses can lead to confusion and may delay the processing of unclaimed property reports.
Leave sections incomplete: Avoid skipping sections or questions in the checklist. An incomplete form may be considered invalid, which could potentially lead to penalties or fines.
Estimate or guess information: Do not estimate the value of properties or provide guesses for any required information. Accuracy is essential for the integrity of the unclaimed property report.
Postpone obtaining a notary signature: Delaying the notarization of the form can result in missing the submission deadline. Ensure the form is fully executed and ready for submission well ahead of the due date.

By carefully adhering to these guidelines, those responsible for filling out and submitting the Oklahoma Unclaimed Property 496-UP form can do so with confidence, knowing their report meets the state's requirements for accuracy and completeness.

Misconceptions

There are several misconceptions regarding the Oklahoma Unclaimed Property 496 Up form that need clarification to ensure accurate and compliant reporting. The list below addresses some of the most common misunderstandings.

Only financial institutions need to file. It's a misconception that only banks or financial institutions must report unclaimed property. In reality, all entities, including but not limited to corporations, business associations, utility companies, insurance companies, and courts, are required to file if they hold unclaimed property.
Reporting unclaimed property is an annual requirement for every business. While it may seem like a yearly task, the requirement to report unclaimed property is based on whether an entity actually possesses property that has reached its dormancy period, not merely an annual obligation.
Small businesses are exempt from reporting. Regardless of size, all businesses holding unclaimed property are obligated to report it. Size does not exempt a business from complying with unclaimed property laws in Oklahoma.
Only large amounts of unclaimed property must be reported. There is a common belief that only substantial amounts of unclaimed property need to be reported. However, Oklahoma law requires the reporting of unclaimed property regardless of the amount, including small balances.
The form is only applicable to out-of-state companies. Some may think the 496 Up form is only for out-of-state entities. This is incorrect, as the form is designed for any holders of unclaimed property, irrespective of their location, as long as the property belongs to owners where Oklahoma is the last known address.
Only cash needs to be reported. This misconception overlooks the fact that the 496 Up form and Oklahoma Unclaimed Property Law cover a wide range of property types, including stocks, refunds, payroll checks, and more, not just cash balances.
The form requires immediate payment transfer to the state. While the form does culminate in the reporting and eventual transfer of unclaimed property to the state, it is initially about identifying and verifying unclaimed property. Payment and transfer details are part of the final steps after the verification process.
Filing the form waives the holder’s rights to the unclaimed property. Submitting the 496 Up form and transferring property to the state does not strip the holder of rights per se. It shifts the responsibility to the state to hold the property until claimed by the rightful owner, ensuring compliance and protection for both the holder and the owner.

Understanding these misconceptions is crucial for entities that are required to report unclaimed property in Oklahoma. It ensures compliance with state laws and contributes to the proper management and return of property to its rightful owners.

Key takeaways

Filling out and using the Oklahoma Unclaimed Property 496-UP form is an important task for holders of unclaimed property in Oklahoma. Here are key takeaways to ensure the process is handled properly:

The form is specifically designed by the Oklahoma State Treasurer's Unclaimed Property Division for reporting unclaimed property.
Companies must provide detailed information, including their name, the state of incorporation, date of incorporation, address, and Federal Employer ID number, ensuring accurate identification.
Changes in the holder's company name, FEIs, or address(es) during the time the property has been held must be reported on the form.
There is a checklist included in the form, covering various types of unclaimed property such as account balances, court deposits, insurance benefits, IRAs, mineral proceeds, and more, which must be completed comprehensively.
The form categorizes unclaimed property by types, indicated with specific property type codes and includes the abandonment period for each type, aiding in the classification of reports.
A variety of property types are acknowledged, from checking accounts to safe deposit box contents, highlighting the broad scope of what is considered unclaimed property.
Holders are required to indicate whether they have filed a report of unclaimed property in the previous year, fostering ongoing compliance.
Contact information for the holder and a claim person must be provided, ensuring clear channels of communication.
Verification of the report's accuracy is mandatory, including a statement by the reporter that the information is true, correct, and complete to the best of their knowledge, with the requirement of a signature and title.
The form concludes with a space for notarization, underscoring the importance of the legal verification process.
Reports and payments must be mailed to the Oklahoma State Treasurer Unclaimed Property Division, with the provided address and contact numbers for reporting, streamlining the submission process.

Properly filling out and submitting the 496-UP form is crucial for reporting unclaimed property in Oklahoma. Doing so not only complates legal requirements but also helps in returning properties to their rightful owners. It's essential for holders to pay attention to the details, ensuring the process is completed accurately and efficiently.

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