{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.41a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.41a","heading":"Deposit accounts with minors – Authority to control –","body":"Loans to minors prohibited.\n\nA. Except as otherwise provided by this section, an association\n\nlawfully doing business in this state may enter into a deposit\n\naccount with a minor as the sole and absolute owner of the account\n\nand may pay checks and withdrawals and otherwise act with respect to\n\nthe account on the order of the minor. A payment or delivery of\n\nrights to a minor who holds a deposit account evidenced by a receipt\n\nor acquittance signed by the minor discharges the association to the\n\nextent of the payment made or rights delivered.\n\nB. If the minor is the sole and absolute owner of the deposit\n\naccount, the disabilities of minority are removed for the limited\n\npurposes of enabling:\n\n1. The minor to enter into a depository contract with the\n\nassociation; and\n\n2. The association to enforce the contract against the minor,\n\nincluding collection of overdrafts and account fees and submission\n\nof account history to account reporting agencies and credit\n\nreporting bureaus.\n\nC. A parent or legal guardian of a minor may deny the minor's\n\nauthority to control, transfer, draft on, or make withdrawals from\n\nthe minor's deposit account by notifying the association in writing.\n\nOn receipt of the notice by the association, the minor may not\n\ncontrol, transfer, draft on, or make withdrawals from the account\n\nduring minority except with the joinder of a parent or legal\n\nguardian of the minor.\n\nD. If a minor with a deposit account dies, the receipt or\n\nacquittance of the minor's parent or legal guardian discharges the\n\nliability of the association to the extent of the receipt of\n\nacquittance, except that the aggregate discharges under this\n\nsubsection may not exceed Three Thousand Dollars ($3,000.00).\n\nE. Subsection A of this section does not authorize a loan to\n\nthe minor by the bank, whether on pledge of the savings account of\n\nthe minor or otherwise, or bind the minor to repay a loan made\n\nexcept as provided by subsection B of this section or other law,\n\nunless the depository institution has obtained the express consent\n\nand joinder of a parent or legal guardian of the minor. This\n\nsubsection does not apply to an inadvertent extension of credit\n\nbecause of an overdraft from insufficient funds, returned checks or\n\ndeposits, or other shortages in a depository account resulting from\n\nnormal banking operations.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5502ec4c83a00330ff00fd4c95cc11ed14b47160fc7a87a91f304282b2c12231","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.40a","next":"us-ok/okla.-stat.-tit.-18-18-381.42"},"notice":"GroundRules: Original legal text. Not legal advice."}