When any cashier's check or other exchange has been issued by any state or national bank in the State of Oklahoma, made payable to the State of Oklahoma or any agency thereof, and such cashier's check or other exchange has not been presented for payment and paid by the bank of issue within three (3) years from the date of issuance, claim of the state thereto is hereby asserted and the bank of issuance is hereby made the agent of the state, and pursuant to such agency, the state or national bank issuing the same or the successor thereof shall pay the amount of any such cashier's check or other exchange to the State Treasurer of the State of Oklahoma who shall deposit the same to the credit of a special fund or account subject to the further provisions of this act.

The State Auditor and Inspector shall prepare necessary forms for the reporting of such outstanding cashier's checks and other exchange items, which forms shall be mailed to the said state and national banks on or before the first day of August of each year. The said banks shall complete said forms, under oath, as to all such unpaid items which had remained outstanding for three (3) full years on June 30th immediately preceding, and shall return said completed forms, with remittances indicated made payable to the State Treasurer of Oklahoma, to the State Auditor and Inspector on or before the first day of September of such year. Failure of any such bank to comply with the foregoing provisions shall subject such delinquent bank to a penalty of Ten Dollars ($10.00) for each and every day after September 15th of such year by reason of such delinquency, which penalty shall be levied as a tax for the benefit of the General Revenue Fund of the State and collected by warrant of the State Treasurer in the manner provided for warrant of the Oklahoma Tax Commission under the Uniform Tax Procedure Act but such warrant, including penalties, may not issue prior to January 1st next thereafter.

All such banks shall permit the State Auditor and Inspector or his duly authorized deputy access to their records to ascertain whether any such cashiers check or exchange has been issued and remains outstanding and unpaid.

The State of Oklahoma shall save harmless any such bank making payment under the provisions of this act to the State Treasurer if the original cashiers check or other exchange is later presented for payment and the same is paid, in the following manner: upon presentation to the State Auditor and Inspector of claim duly authenticated with full and satisfactory proof of redemption by payment of the original cashier's check, draft or other exchange, the State Treasurer shall draw his voucher or order payable to such bank, and the said State Treasurer shall pay the same out of any undistributed balance remaining to the credit of the special fund aforesaid.

To the extent discernable, the State Auditor and Inspector shall notify the state agency named in the remittance forms returned by the bank of the amount and of any other identifying data contained as to each item named; and upon presentation by such agency to the State Auditor and Inspector of claim duly authenticated and proof of right thereto the State Treasurer shall draw his voucher or order for the amount thereof found proper, to be paid to such agency out of such special fund.

After May 15th and before June 15th next thereafter it shall be the duty of the State Treasurer to close such special account, other than a reserve for any pending claims as aforesaid, by distributing or paying into the permanent common school fund of the state all sums remaining that are identifiable as having been destined for the Commissioners of the Land Office but unclaimed by said Commission because its exact nature is not discernable, and the excess thereafter remaining in such special fund or accounts shall be distributed to and paid into the General Revenue Fund of the state.

Laws 1947, p. 387, § 1; Amended by Laws 1949, p. 416, § 1; Amended by Laws 1979, c. 47, § 59, emerg. eff. April 9, 1979.