{"data":{"id":"us-ok/okla.-stat.-tit.-56-56-4001.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 56, § 56-4001.1","heading":"Definitions","body":"As used in this act:\n\n1. \"ABLE\" means achieving a better life experience;\n\n2. \"ABLE account\" means an individual trust account or savings\n\naccount owned by the designated beneficiary of the account and\n\nestablished to pay qualified disability expenses as prescribed in\n\nthis act. Money and assets in the accounts established under the\n\nOklahoma ABLE program or an ABLE program in any other state shall\n\nnot be considered for the purpose of determining eligibility to\n\nreceive, or the amount of, any assistance or benefits from local or\n\nstate means-tested programs;\n\n3. \"Account owner\" means a resident of this state, designated\n\nas eligible to be a beneficiary pursuant to Section 529A of the\n\nInternal Revenue Code;\n\n4. \"Contracting state\" means a state without a qualified ABLE\n\nprogram of its own, which contracts with another state having such a\n\nprogram;\n\n5. \"Contribution\" means any payment directly allocated to an\n\nABLE account for the benefit of a designated beneficiary;\n\n6. \"Designated beneficiary\" means:\n\na. with respect to an account, the individual who is the\n\nowner of the ABLE account and who either established\n\nthe account at a time when he or she was eligible or\n\nwho has succeeded the former designated beneficiary in\n\nthat capacity,\n\nb. if the designated beneficiary is not able to exercise\n\nsignature authority over his or her ABLE account or\n\nchooses to establish an ABLE account but not exercise\n\nsignature authority, references to the designated\n\nbeneficiary with respect to his or her actions include\n\nactions by the designated beneficiary's designated\n\nrepresentative under a power of attorney or, if none,\n\na parent or legal guardian of the designated\n\nbeneficiary, and\n\nc. in the case of a change in beneficiaries described in\n\nsubsection E of Section 5 of this act, the individual\n\nwho is the new beneficiary;\n\n7. \"Designated representative\" means an individual who is\n\nauthorized to act on behalf of the designated beneficiary if the\n\ndesignated beneficiary is a minor or has a guardian, conservator or\n\nother fiduciary who has been appointed for purposes of managing that\n\nbeneficiary's financial affairs;\n\n8. \"Disability certification\" means, with respect to an\n\nindividual, a certification by the individual or the parent or\n\nguardian of the individual that:\n\na. the individual has a medically determinable physical\n\nor mental impairment, which results in marked and\n\nsevere functional limitations, and which can be\n\nexpected to result in death or which has lasted or can\n\nbe expected to last for a continuous period of not\n\nless than twelve (12) months, or is blind within the\n\nmeaning of Section 1614(a)(2) of the Social Security\n\nAct, and\n\nb. a copy of the individual's diagnosis relating to the\n\nindividual's relevant impairment or impairments,\n\nsigned by a physician meeting the criteria of Section\n\n1861(r)(1) of the Social Security Act, can be\n\nprovided;\n\n9. \"Eligible individual\" means, for a taxable year, an\n\nindividual who either:\n\na. is entitled during that taxable year to benefits based\n\non blindness or disability under the Social Security\n\nAct, or\n\nb. is the subject of a disability certification filed for\n\nsuch taxable year;\n\n10. \"Financial institution\" means any bank, commercial bank,\n\nnational bank, savings bank, savings and loan association, credit\n\nunion, insurance company, brokerage firm or other similar entity\n\nthat is authorized to do business in this state;\n\n11. \"Internal Revenue Code\" means the Internal Revenue Code of\n\n1986, as amended;\n\n12. \"Program\" means the Oklahoma ABLE Savings Plan established\n\nunder this act and implemented by the State Treasurer;\n\n13. \"Qualified disability expenses\" means any expenses related\n\nto the eligible individual's blindness or disability which are made\n\nfor the benefit of an eligible individual who is the designated\n\nbeneficiary, including education, housing, transportation,\nof\n\n1986, as amended;\n\n12. \"Program\" means the Oklahoma ABLE Savings Plan established\n\nunder this act and implemented by the State Treasurer;\n\n13. \"Qualified disability expenses\" means any expenses related\n\nto the eligible individual's blindness or disability which are made\n\nfor the benefit of an eligible individual who is the designated\n\nbeneficiary, including education, housing, transportation,\n\nemployment training and support, assistive technology and personal\n\nsupport services, health, prevention and wellness, financial\n\nmanagement and administrative expenses, legal fees, expenses for\n\noversight and monitoring, funeral and burial expenses and other\n\nexpenses approved under Section 529A of the Internal Revenue Code;\n\n14. \"Qualified withdrawal\" means a withdrawal from an account\n\nto pay the qualified disability expenses of the designated\n\nbeneficiary of the account, but only if the withdrawal is made in\n\naccordance with this act; and\n\n15. \"Partner ABLE program\" means a qualified ABLE program\n\nestablished by another state or consortium of states which the State\n\nTreasurer has contracted or entered into an agreement with to\n\nfacilitate access to a qualified ABLE program.","path":["OK Code","Title 56"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os56.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e7fefac6e38647a465024277717ff5469134a0f7aa5aa5c169691ac4031dbae9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-56-56-4000","next":"us-ok/okla.-stat.-tit.-56-56-4001.2"},"notice":"GroundRules: Original legal text. Not legal advice."}