{"data":{"id":"us-ok/okla.-stat.-tit.-56-56-4001.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 56, § 56-4001.4","heading":"Establishment of accounts – Contributions -","body":"Withdrawals.\n\nA. The program shall be operated through the use of accounts.\n\nAn account may be established to save for the qualified disability\n\nexpenses of the account owner by:\n\n1. Completing an application in the form prescribed by the\n\nTreasurer;\n\n2. Paying the one-time application fee established by the\n\nTreasurer;\n\n3. Making the minimum contribution required by the Treasurer or\n\nby opening an account; and\n\n4. Designating a single ABLE account per beneficiary, except in\n\nthe case of rollovers or program-to-program transfers.\n\nB. Any person may make contributions to an account after the\n\naccount is opened.\n\nC. Contributions to accounts may be made only in cash.\n\nD. Account owners may withdraw all or part of the balance from\n\nan account on sixty (60) days' notice, or a shorter period as may be\n\nauthorized by the Treasurer, under rules prescribed by the\n\nTreasurer. These rules shall include provisions that will generally\n\nenable the Treasurer or program manager to determine if a withdrawal\n\nis a nonqualified withdrawal or a qualified withdrawal. The rules\n\nmay, but need not, require one or more of the following:\n\n1. Account owners seeking to make a qualified withdrawal or\n\nother withdrawal that is not a nonqualified withdrawal shall provide\n\ncertifications, copies of bills for qualified disability expenses or\n\nother supporting material; and\n\n2. Withdrawals not meeting certain requirements shall be\n\ntreated as nonqualified withdrawals by the program manager.\n\nE. An account owner may change the designated beneficiary of an\n\naccount to an individual as provided under Section 529A of the\n\nInternal Revenue Code.\n\nF. An account owner may make the changes, transfers and\n\nwithdrawals described in Section 529A of the Internal Revenue Code\n\nto an account that is owned by the account owner. If a change of\n\nbeneficiary or transfer causes the total account balance for all\n\naccounts under the program for the new beneficiary to exceed the\n\nmaximum account balance limit, the excess amount shall be rejected\n\nand returned to the account owner as provided in Section 529A of the\n\nInternal Revenue Code.\n\nG. Each account for each designated beneficiary shall be\n\nmaintained separately from each other account under the program.\n\nH. Separate records and accounting shall be maintained for each\n\naccount for each designated beneficiary.\n\nI. An account owner may direct the investment of any\n\ncontributions to an account or the earnings from the account only as\n\npermitted by Section 529A of the Internal Revenue Code.\n\nJ. If the Treasurer terminates the authority of a financial\n\ninstitution to hold accounts and accounts must be moved from that\n\nfinancial institution to another financial institution, the\n\nTreasurer shall select the financial institution and type of\n\ninvestment to which the balance of the account is moved unless the\n\nInternal Revenue Service provides guidance stating that allowing the\n\naccount owner to select among several financial institutions that\n\nare then contractors would not cause a plan to cease to be a\n\nqualified state tuition plan.\n\nK. No account owner may use an interest in an account as\n\nsecurity for a loan. Any pledge of an interest in an account is of\n\nno force and effect.\n\nL. The Treasurer shall adopt guidelines and procedures to\n\nprevent contributions on behalf of a designated beneficiary in\n\nexcess of those allowed pursuant to Section 529A of the Internal\n\nRevenue Code to pay the qualified disability expenses of the\n\ndesignated beneficiaries.\n\nM. The financial institution(s) shall make all reports and\n\ninformational returns as required by the Internal Revenue Service,\n\nthe Oklahoma Tax Commission and other pertinent federal and state\n\nlaws and regulations.\n\nN. The program manager shall make such reports with respect to\n\ncontributions, distributions and other matters that the Treasurer\nsability expenses of the\n\ndesignated beneficiaries.\n\nM. The financial institution(s) shall make all reports and\n\ninformational returns as required by the Internal Revenue Service,\n\nthe Oklahoma Tax Commission and other pertinent federal and state\n\nlaws and regulations.\n\nN. The program manager shall make such reports with respect to\n\ncontributions, distributions and other matters that the Treasurer\n\nmay require pursuant to federal and state law reporting\n\nrequirements. The statement shall identify the contributions made\n\nduring a preceding twelve-month period, the total contributions made\n\nthrough the end of the period, the value of the account as of the\n\nend of this period, distributions made during this period and any\n\nother matters that the Treasurer requires be reported to the account\n\nowner.","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":"cc1dd83adf1fccb82c9a0f9a44a9067715ab2136e6c94f853d291f06395e7afa","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-56-56-4001.3","next":"us-ok/okla.-stat.-tit.-56-56-4001.5"},"notice":"GroundRules: Original legal text. Not legal advice."}