Okla. Stat. tit. 46, § 46-313: Designation of account – Designation of beneficiary

A. After the effective date of this act, any individual may

open an account with a financial institution and designate the

account, in its entirety, as a home buyer savings account to be used

to pay or reimburse a qualified beneficiary's eligible costs for the

purchase of a single-family residence in this state.

B. An account holder shall designate, no later than April 15 of

the year following the tax year during which the account is

established, a home buyer as the qualified beneficiary of the home

buyer savings account. The account holder may designate himself or

herself as the qualified beneficiary and may change the designated

qualified beneficiary at any time; provided, however, there shall

not be more than one qualified beneficiary at any one time.

C. An individual may jointly own a home buyer savings account

with another person if the joint account holders file a joint income

tax return.

D. An individual may be the account holder of more than one

home buyer savings account. However, an account holder cannot have

multiple accounts that designate the same qualified beneficiary.

E. An individual may be designated as the qualified beneficiary

on more than one home buyer savings account.

F. Only cash and marketable securities may be contributed to a

home buyer savings account. Subject to the limitations of

subsection B of Section 6 of this act, persons other than the

account holder may contribute funds to a home buyer savings account.

There is no limitation on the amount of contributions that may be

made to or retained in a home buyer savings account.