Okla. Stat. tit. 46, § 46-315
This is the official text of Okla. Stat. tit. 46, § 46-315, part of Oklahoma’s Stat. tit. 46, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 46,." Browse the sections below, each linked to its official government source.
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Duties and liabilities of financial institutions
Official statutory text
A. A financial institution shall not be required to:
1. Designate an account as a home buyer savings account, or
designate the qualified beneficiaries of an account, in the
financial institution's account contracts or systems or in any other
way;
2. Track the use of money withdrawn from a home buyer savings
account;
Oklahoma Statutes - Title 46. Mortgages Page 31
3. Allocate funds in a home buyer savings account among joint
account holders or multiple qualified beneficiaries; or
4. Report any information to the Oklahoma Tax Commission or any
other governmental agency that is not otherwise required by law.
B. A financial institution is not responsible or liable for:
1. Determining or ensuring that an account satisfies the
requirements to be a home buyer savings account;
2. Determining or ensuring that funds in a home buyer savings
account are used for eligible costs; or
3. Reporting or remitting taxes or penalties related to the use
of a home buyer savings account.
C. Upon being furnished proof of the death of the account
holder and such other information required by the contract governing
the home buyer savings account, a financial institution shall
distribute the principal and accumulated interest or other income in
the account in accordance with the terms of the contract governing
the account.
1. Designate an account as a home buyer savings account, or
designate the qualified beneficiaries of an account, in the
financial institution's account contracts or systems or in any other
way;
2. Track the use of money withdrawn from a home buyer savings
account;
Oklahoma Statutes - Title 46. Mortgages Page 31
3. Allocate funds in a home buyer savings account among joint
account holders or multiple qualified beneficiaries; or
4. Report any information to the Oklahoma Tax Commission or any
other governmental agency that is not otherwise required by law.
B. A financial institution is not responsible or liable for:
1. Determining or ensuring that an account satisfies the
requirements to be a home buyer savings account;
2. Determining or ensuring that funds in a home buyer savings
account are used for eligible costs; or
3. Reporting or remitting taxes or penalties related to the use
of a home buyer savings account.
C. Upon being furnished proof of the death of the account
holder and such other information required by the contract governing
the home buyer savings account, a financial institution shall
distribute the principal and accumulated interest or other income in
the account in accordance with the terms of the contract governing
the account.
Status: in_force · Read it on the official government site
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