Okla. Stat. tit. 41 § 115

A. Any damage or security deposit required by a landlord of a tenant must be
kept in an escrow account for the tenant, which account shall be maintained in
the State of Oklahoma with a federally insured financial institution.
Misappropriation of the security deposit shall be unlawful and punishable by a
term in a county jail not to exceed six (6) months and by a fine in an amount
not to exceed twice the amount misappropriated from the escrow account.
B. Upon termination of the tenancy, any security deposit held by the landlord
may be applied to the payment of accrued rent and the amount of damages which
the landlord has suffered by reason of the tenant's noncompliance with this act
and the rental agreement, all as itemized by the landlord in a written statement
delivered by mail to be by return receipt requested and to be signed for by any
person of statutory service age at such address or in person to the tenant if he
can reasonably be found. If the landlord proposes to retain any portion of the
security deposit for rent, damages or other legally allowable charges under the
provisions of this act or the rental agreement, the landlord shall return the
balance of the security deposit without interest to the tenant within forty-five
(45) days after the termination of tenancy, delivery of possession and written
demand by the tenant. If the tenant does not make such written demand of such
deposit within six (6) months after termination of the tenancy, the deposit
reverts to the landlord in consideration of the costs and burden of maintaining
the escrow account, and the interest of the tenant in that deposit terminates at
that time.
C. Upon cessation of a landlord's interest in the dwelling unit including,
but not limited to, termination of interest by sale, assignment, death,
bankruptcy, appointment of receiver or otherwise, the person in possession of
the tenants' damage or security deposits at his option or pursuant to court
order shall, within a reasonable time:
1. Transfer said deposits to the landlord's successor in interest and notify
the tenants in writing of such transfer and of the transferee's name and
address; or
2. Return the deposits to the tenants.
D. Upon receipt of the transferred deposits under paragraph 1 of subsection C
of this section, the transferee, in relation to such deposits, shall have all
the rights and obligations of a landlord holding such deposits under this
act.
E. If a landlord or manager fails to comply with this section or fails to
return any prepaid rent required to be paid to a tenant under this act, the
tenant may recover the damage and security deposit and prepaid rent, if any.
F. Except as otherwise provided by the rental agreement, a tenant shall not
apply or deduct any portion of the security deposit from the last month's rent
or use or apply such tenant's security deposit at any time in lieu of payment of
rent.
G. This section does not preclude the landlord or tenant from recovering
other damages to which he may be entitled under this act.