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OK HB2723
Bill
Status
2/1/2016
Primary Sponsor
Emily Virgin
Click for details
AI Summary
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Amends 12 O.S. 2011, Section 83 to allow court-ordered funds recovered on behalf of minors exceeding $1,000 (after costs, medical bills, and attorney fees) to be deposited into qualified Section 529 College Savings Plan accounts
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Withdrawals from 529 accounts must follow procedures prescribed by federal or state tax law, in addition to existing court-ordered withdrawal requirements for minors under 18
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Existing deposit options remain available, including federally insured banks, credit unions, savings and loan institutions, court-approved trust company investments, and structured settlement annuities
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Provisions do not apply if a legal guardian was appointed before the monetary award; guardians appointed afterward may petition the district court to transfer funds to their control subject to reasonable safeguards
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Effective date: November 1, 2016
Legislative Description
Civil procedure; payments to minors; Internal Revenue Code; Section 529; College Savings Accounts; effective date.
Last Action
CR; Do Pass Judiciary and Civil Procedure Committee
2/10/2016