{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3970.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3970.3","heading":"Definitions","body":"As used in this act:\n\n1. \"Account\" means an individual trust account or savings\n\naccount established as prescribed in this act;\n\n2. \"Account owner\" means the person or other entity allowable\n\nunder Section 529 of the Internal Revenue Code designated at the\n\ntime an account is opened as having the right to withdraw monies\n\nfrom the account before the account is disbursed to or for the\n\nbenefit of the designated beneficiary;\n\n3. \"Affinity program\" means any supplemental feature to the\n\nOklahoma College Savings Plan that offers additional value for plan\n\nparticipants including, but not limited to, rebate contributions\n\nfrom affiliated credit cards;\n\n4. \"Board\" means the Board of Trustees of the Oklahoma College\n\nSavings Plan;\n\n5. \"Designated beneficiary\" means:\n\na. with respect to an account, the person designated at\n\nthe time the account is opened as the person whose\n\nhigher education expenses are expected to be paid from\n\nthe account,\n\nb. in the case of a change in beneficiaries described in\n\nSection 3970.7 of this title, the individual who is\n\nthe new beneficiary, or\n\nc. in the case of an interest in the program created by\n\nthis act purchased by the State of Oklahoma or a local\n\ngovernment in this state, or an agency or\n\ninstrumentality of such state or local government, or\n\nan organization described in Section 501(c)(3) of the\n\nInternal Revenue Code and exempt from taxation under\n\nSection 501(a) of that Code as part of a scholarship\n\nprogram operated by such government or organization,\n\nthe individual(s) receiving such interest or\n\nscholarship;\n\n6. \"Eligible educational institution\" means an institution as\n\ndescribed in Section 481 of the Higher Education Act of 1965 (20\n\nU.S.C. 1088), and is eligible to participate in a program under\n\nTitle IV of that Act;\n\n7. \"Financial institution\" means any bank, commercial bank,\n\nnational bank, savings bank, savings and loan association, credit\n\nunion, an insurance company, brokerage firm, or other similar entity\n\nthat is authorized to do business in this state;\n\n8. \"Internal Revenue Code\" means the Internal Revenue Code of\n\n1986, as amended;\n\n9. \"Member of family\" means an individual who bears a\n\nrelationship to another individual which is a relationship described\n\nin Section 529 of the Internal Revenue Code;\n\n10. \"Nonqualified withdrawal\" means a withdrawal from an\n\naccount other than one of the following:\n\na. a qualified withdrawal,\n\nb. a withdrawal made as a result of the death or\n\ndisability of the designated beneficiary of an\n\naccount,\n\nc. withdrawal that is made on the account of a\n\nscholarship or the allowance or payment described in\n\nSection 529 of the Internal Revenue Code, received by\n\nthe designated beneficiary to the extent the amount of\n\nthe refund does not exceed the amount of the\n\nscholarship, allowance, or payment, or\n\nd. a rollover or change of designated beneficiary as\n\npermitted by subsection F of Section 3970.7 of this\n\ntitle;\n\n11. \"Program\" means the Oklahoma College Savings Plan\n\nestablished under this act;\n\n12. \"Qualified higher education expenses\" means expenses that\n\nmeet the definition of qualified higher education expenses under\n\nSection 529 of the Internal Revenue Code; and\n\n13. \"Qualified withdrawal\" means a withdrawal from an account\n\nto pay the qualified higher education expenses of the designated\n\nbeneficiary of the account, but only if the withdrawal is made in\n\naccordance with this act.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a8321216fa8f2a42d528f442ec79301df007128866f2f272882db5794032d17f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3970.2","next":"us-ok/okla.-stat.-tit.-70-70-3970.4"},"notice":"GroundRules: Original legal text. Not legal advice."}