Section 315 - Duties and liabilities of financial institutionsA. 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 Track the use of money withdrawn from a home buyer savings account;3. Allocate funds in a home buyer savings account among joint account holders or multiple qualified beneficiaries; or4. 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; or3. 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.Okla. Stat. tit. 46, § 315
Added by Laws 2019 , c. 186, s. 5, eff. 1/1/2020.