OK HB1772

Amends Oklahoma Uniform Transfers to Minors Act (58 O.S. 2011, Section 1221) to allow minors to request financial institution intervention if custodian fails to transfer deposit account funds when the minor reaches the required age.

Minor's written request must state that they have reached the age for release and the custodian has refused to distribute remaining funds after being asked.

Financial institution may send written demand to custodian to transfer funds; if custodian does not distribute within 30 days of the demand, the financial institution may close the account and pay funds directly to the minor.

Financial institution is protected from liability or recourse from any parties when releasing funds to the minor under these circumstances.

Effective date: November 1, 2015.