Licensed Operator Indemnity Fund. A.
1.There is hereby created the Oklahoma Motor License Agent Indemnity Fund. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of annual assessments levied on licensed operators. All monies accruing to the credit of the funds are hereby appropriated and may be expended, in amounts and as authorized by the Legislature, by the Office of Management and Enterprise Services. The purpose of the fund is to ensure that Service Oklahoma recovers tax revenue and the Corporation Commission recovers apportioned vehicle registration fees, not remitted to either because of negligence, malfeasance or fraud by a licensed operator. In addition, claims arising from licensed operator errors and omissions may be paid from monies
Free access — add to your briefcase to read the full text and ask questions with AI
Licensed Operator Indemnity Fund. A. 1. There is hereby created the Oklahoma Motor License Agent Indemnity Fund. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of annual assessments levied on licensed operators. All monies accruing to the credit of the funds are hereby appropriated and may be expended, in amounts and as authorized by the Legislature, by the Office of Management and Enterprise Services. The purpose of the fund is to ensure that Service Oklahoma recovers tax revenue and the Corporation Commission recovers apportioned vehicle registration fees, not remitted to either because of negligence, malfeasance or fraud by a licensed operator. In addition, claims arising from licensed operator errors and omissions may be paid from monies in the fund in excess of Five Hundred Thousand Dollars ($500,000.00). Upon final determination by Service Oklahoma of a tax revenue shortage or liability of a licensed operator whose Service Oklahoma location has been closed, or by the Corporation Commission of apportioned vehicle registration fee shortage, a claim in the amount of such liability may be made by either Service Oklahoma or the Corporation Commission against the fund. The claim shall be paid out of the fund by the Office of Management and Enterprise Services. At least sixty (60) days' written notice shall be given to the delinquent licensed operator before any such claim is paid. The Office shall have the power to seek restitution to the fund from any licensed operator whose liability was paid out of the fund. The monies in the fund shall be invested by the State Treasurer and the interest shall be deposited in the fund. Beginning January 1, 2023, all funds to be deposited in the Oklahoma Motor License Agent Indemnity Fund shall be deposited in the Oklahoma Licensed Operator Indemnity Fund. 2. There is hereby created the Oklahoma Licensed Operator Indemnity Fund. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of annual assessments levied on licensed operators. Beginning January 1, 2023, all monies accruing to the credit of the fund are hereby appropriated and may be expended in amounts and as authorized by the Legislature and by the Office of Management and Enterprise Services. The purpose of the fund is to ensure that Service Oklahoma recovers revenue fees not remitted to it because of negligence, malfeasance, or fraud by a licensed operator. In addition, claims arising from licensed operator errors and omissions may be paid from monies in the fund in excess of Five Hundred Thousand Dollars ($500,000.00). Upon final determination by Service Oklahoma of a tax revenue shortage or liability of a licensed operator whose Service Oklahoma location has been closed, or by the Corporation Commission of apportioned vehicle registration fee shortage, a claim in the amount of such liability may be made by either Service Oklahoma or the Corporation Commission against the fund. The claim shall be paid out of the fund by the Office of Management and Enterprise Services. At least sixty (60) days' written notice shall be given to the delinquent licensed operator before any such claim is paid. The Office of Management and Enterprise Services shall have the power to seek restitution to the fund from any licensed operator whose liability was paid out of the fund. The monies in the fund shall be invested by the State Treasurer and the interest shall be deposited in the fund. B. Each fiscal year, the Office of Management and Enterprise Services shall collect and deposit into the fund an annual assessment from all licensed operators that have been operating for a period of not less than one (1) year. Such assessments shall be payable by each licensed operator on a quarterly basis. The amount on which the assessment shall be based shall be determined annually for each licensed operator by Service Oklahoma by dividing the volume of tax monies collected each fiscal year by the licensed operator by the number of reporting periods required by Service Oklahoma. The assessments shall be in the following amounts: 1. Each licensed operator which has been in operation for more than three (3) years and subject to the assessment pursuant to this subsection shall pay such assessment as follows: a. when the fund contains less than Five Hundred Thousand Dollars ($500,000.00) on June 30 of any year, the assessment shall be one percent (1%) of the amount determined for the licensed operator by Service Oklahoma, and b. when the fund contains Five Hundred Thousand Dollars ($500,000.00) or more on June 30 of any year, Service Oklahoma shall reduce or suspend the assessment for such licensed operators if Service Oklahoma determines that the fund is fiscally sound and meets the needs for which the fund is established. Provided, however, if the fund contains less than Five Hundred Thousand Dollars ($500,000.00) at any time during the fiscal year for which Service Oklahoma has reduced or suspended the assessment hereunder, Service Oklahoma shall immediately issue an assessment pursuant to subparagraph a of this paragraph in an amount equal to the amount which would have been paid during the remaining quarters of the fiscal year; and 2. Each licensed operator which has been in operation for less than three (3) years but more than one (1) year shall pay the assessment in an amount equal to one percent (1%) of the amount determined for the licensed operator by Service Oklahoma until the licensed operator reaches the end of its third year of operation. At such time, such licensed operator shall be subject to the assessment specified in subparagraph a of paragraph 1 of this subsection. C. Any assessments required by subsection B of this section, shall be paid in quarterly amounts and due on September 30, December 30, March 30 and June 30 of each year. Such payments shall be deemed delinquent after October 15, January 15, April 15 and July 15 of each year. Licensed operators who are delinquent in remitting any quarterly payment for their operating Service Oklahoma locations in excess of fifteen (15) days after the date of the delinquency shall be subject to dismissal. D. No annual assessment shall exceed One Thousand Two Hundred Dollars ($1,200.00).
Added by Laws 1987, c. 158, § 3, emerg. eff. June 25, 1987. Amended by Laws 1991, c. 169, § 1, eff. July 1, 1991; Laws 1994, c. 329, § 11, eff. July 1, 1994; Laws 1996, c. 312, § 1, eff. Sept. 1, 1996; Laws 1998, c. 78, § 1, emerg. eff. April 8, 1998; Laws 2008, c. 168, § 7, emerg. eff. May 12, 2008; Laws 2012, c. 304, § 203; Laws 2022, c. 282, § 181, emerg. eff. May 19, 2022.