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47-1143.1.


47-1143.1.
   
   A. 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 motor
   license agencies. 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 Department of Central Services. The purpose
   of the fund is to ensure that the Oklahoma Tax Commission recovers tax
   revenue not remitted to the Commission because of negligence,
   malfeasance or fraud by a motor license agent. In addition, claims
   arising from tag agent 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 the Tax Commission of a tax revenue
   shortage or liability of a motor license agent whose agency has been
   closed, a claim in the amount of such liability may be made by the Tax
   Commission against the fund. The claim shall be paid out of the fund
   by the Department. At least sixty (60) days' written notice shall be
   given to the delinquent motor license agent before any such claim is
   paid. The Department shall have the power to seek restitution to the
   fund from any motor license agent 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 Department shall collect and deposit into the
   fund an annual assessment from all motor license agencies that have
   been operating for a period of not less than one (1) year. Such
   assessments shall be payable by each motor license agency on a
   quarterly basis. The amount on which the assessment shall be based
   shall be determined annually for each motor license agency by the Tax
   Commission by dividing the volume of tax monies collected each fiscal
   year by the agency by the number of reporting periods required by the
   Tax Commission. The assessments shall be in the following amounts:
   
   1. Each motor license agency 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 motor license agency by
   the Tax Commission, and
   
   b. when the fund contains Five Hundred Thousand Dollars ($500,000.00)
   or more on June 30 of any year, the Tax Commission shall reduce or
   suspend the assessment for such agencies if the Commission 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 the Tax Commission has reduced or suspended the assessment
   hereunder, the Tax Commission 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 motor license agency 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
   motor license agency by the Tax Commission until the agency reaches
   the end of its third year of operation. At such time, such agency
   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. Motor
   license agents who are delinquent in remitting any quarterly payment
   for their operating agencies 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).
   

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