HB2080

Oklahoma HB2080 modifies rules for share or deposit accounts payable on death, specifying beneficiary eligibility and distribution procedures.

Oklahoma HB2080 amends provisions regarding share or deposit accounts payable on death. It specifies that designated beneficiaries must be trusts, individuals, or tax-exempt nonprofit organizations. Upon the account owner's death, funds are distributed to living beneficiaries or their contingent beneficiaries if primary ones are deceased. Credit unions must notify customers of these provisions. The act also details scenarios where funds are held for estates or contingent beneficiaries and outlines the validity of receipts for distribution.