OK HB1508

Amends 12 O.S. 2011, Section 83 to allow court-ordered monies recovered on behalf of minors under 18 years of age (exceeding $1,000 after costs and attorney fees) to be deposited into qualified College Savings Plan accounts under Section 529 of the Internal Revenue Code of 1986, in addition to traditional federally insured banking institutions.

Permits deposits into Section 529 accounts in whole or in part, with the amount and withdrawal procedures subject to court authorization and federal or state tax law requirements.

Requires that until the minor reaches 18 years of age, all withdrawals from deposited funds must be made solely by court order in the original case.

Exempts the requirement if a legal guardian was appointed for the minor prior to the award; allows a subsequently appointed guardian to petition the district court to transfer funds to their control, subject to reasonable safeguards.

Effective date: November 1, 2015.