OK SB246

Increases the maximum aggregate deposit amount that can be transferred to known heirs of a deceased account owner from $5,000 to $20,000 under 6 O.S. 2001, Section 906

Allows banks or credit unions to transfer funds to known heirs upon receipt of an affidavit sworn by the heirs establishing jurisdiction, relationship, and that the deceased left no will

Banks and credit unions are discharged from liability to any other parties, including heirs, creditors, or the estate when transferring funds based on a valid affidavit

Establishes criminal penalty of up to $3,000 fine and/or six months imprisonment for knowingly submitting a false affidavit, with restitution required to the rightful beneficiary

Effective date: November 1, 2011