A. A financial institution shall not be required to:
1. Designate an account as a home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution's account contracts or systems or in any other way;
2. Track the use of money withdrawn from a home buyer savings account;
3. Allocate funds in a home buyer savings account among joint account holders or multiple qualified beneficiaries; or
4. Report any information to the Oklahoma Tax Commission or any other governmental agency that is not otherwise required by law.
B. A financial institution is not responsible or liable for:
1. Determining or ensuring that an account satisfies the requirements to be a home buyer savings account;
2. Determining or ensuring that funds in a home buyer savings account are used for eligible costs; or
3. Reporting or remitting taxes or penalties related to the use of a home buyer savings account.
C. Upon being furnished proof of the death of the account holder and such other information required by the contract governing the home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract governing the account.
Added by Laws 2019, c. 186, § 5, eff. Jan. 1, 2020.
Structure Oklahoma Statutes
§46-1. Absolute deed as mortgage.
§46-1.1. Deed of trust subject to mortgage laws.
§46-2. Conveyance by holder of deed intended as security as assignment.
§46-5. Mortgage follows property passing by succession or will.
§46-6. Formalities similar to deeds.
§46-8. Grant intended as mortgage recorded as mortgage.
§46-10. Separate instrument recorded.
§46-11. Defeasance must be recorded.
§46-12. Assignment - Unrecorded - Payment.
§46-15. Holder must release - Penalty - Definitions.
§46-18. Certificate of county treasurer.
§46-20. Issuance of title protection document - Notice - Waiver.
§46-44. Notice of intent to foreclose by power of sale.
§46-45. Notice of sale - Time and place of sale.
§46-46. Sale of property - Postponed, continued, changed or relocated sale.
§46-47. Closing of sale - Deed.
§46-48. Disposition of sale proceeds.
§46-49. Termination of power of sale proceeding.
§46-202. Indefinite reference to mortgage in subsequent deed or mortgage - Effect.
§46-203. Indefinite reference defined.
§46-311. Short title - Oklahoma First-Time Home Buyer Savings Account Act.
§46-313. Designation of account – Designation of beneficiary.
§46-314. Duties of account holders.
§46-315. Duties and liabilities of financial institutions.
§46-316. Deduction from taxable income – Exclusion from taxable income.