{"data":{"id":"us-ok/okla.-stat.-tit.-46-46-315","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 46, § 46-315","heading":"Duties and liabilities of financial institutions","body":"A. A financial institution shall not be required to:\n\n1. Designate an account as a home buyer savings account, or\n\ndesignate the qualified beneficiaries of an account, in the\n\nfinancial institution's account contracts or systems or in any other\n\nway;\n\n2. Track the use of money withdrawn from a home buyer savings\n\naccount;\n\n3. Allocate funds in a home buyer savings account among joint\n\naccount holders or multiple qualified beneficiaries; or\n\n4. Report any information to the Oklahoma Tax Commission or any\n\nother governmental agency that is not otherwise required by law.\n\nB. A financial institution is not responsible or liable for:\n\n1. Determining or ensuring that an account satisfies the\n\nrequirements to be a home buyer savings account;\n\n2. Determining or ensuring that funds in a home buyer savings\n\naccount are used for eligible costs; or\n\n3. Reporting or remitting taxes or penalties related to the use\n\nof a home buyer savings account.\n\nC. Upon being furnished proof of the death of the account\n\nholder and such other information required by the contract governing\n\nthe home buyer savings account, a financial institution shall\n\ndistribute the principal and accumulated interest or other income in\n\nthe account in accordance with the terms of the contract governing\n\nthe account.","path":["OK Code","Title 46"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os46.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a8c418acd34c9fabb8dfd356c7e7b93aa9d133ca2fa1e81fa82902ebc90ffd3c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-46-46-314","next":"us-ok/okla.-stat.-tit.-46-46-316"},"notice":"GroundRules: Original legal text. Not legal advice."}