After the payment of the actual itemized allowable expenses of the operation of a motor license agency have been determined and paid, including reasonable business losses of whatever nature not resulting from the actual negligence or malfeasance of said agent, there shall be set aside by the motor license agent an operating reserve to provide for the continued operation of a motor license agency at that same location or by the same appointed motor license agent. The amount of such reserve shall be not more than ten percent (10%) of an average of the annual agency fees for the most recent five-year period or of an average of the agency fees for the period in operation if less than five (5) years. The amount of the reserve of each motor license agency shall be determined at the end of each calendar year and any amount over the ten-percent reserve shall be forwarded to the Oklahoma Tax Commission before April 1 of each year to be distributed in the same manner as provided for other motor license agency monies. The reserve shall be used to pay any allowable expenses of the agency. A review of the operating reserve of any agency shall be made whenever such a review of the taxes and fees received and expenditures made by the agency is required by the State Auditor and Inspector pursuant to subsection D of Section 1146 of this title.

Added by Laws 1985, c. 179, § 48, operative July 1, 1985; Amended by Laws 1987, c. 158, § 4, emerg. eff. June 25, 1987; Amended by Laws 1993, c. 300, § 2, eff. September 1, 1993.