Oklahoma § 46-315 - Duties and liabilities of financial institutions

§ 46-315. Duties and liabilities of financial institutions

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 Track the use of money withdrawn from a home buyer savings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

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.

Added by Laws 2019, c. 186, § 5, eff. Jan. 1, 2020.