OK HB2080

Amends Oklahoma statute 6 O.S. 2021, Section 2025 to modify payable-on-death (P.O.D.) account procedures for credit unions, allowing deposits to be payable to trusts, individuals, or nonprofit organizations exempt under IRC Section 501(c)(3).

Permits account owners with a single primary P.O.D. beneficiary to designate one or more contingent beneficiaries to receive funds if the primary beneficiary predeceases the account owner; prohibits contingent beneficiaries when multiple primary beneficiaries exist.

If the sole primary beneficiary predeceases the account owner and contingent beneficiaries are designated, funds pass to living contingent beneficiaries in equal shares rather than to the estate of the deceased primary beneficiary.

If a beneficiary dies before the account owner, the deceased beneficiary's share is divided among surviving beneficiaries or distributed to contingent beneficiaries if applicable; if no beneficiaries survive, funds go to the account owner's estate.

Requires credit unions to provide written notice to members creating P.O.D. accounts regarding distribution procedures and applies provisions to all deposit account types including savings, transaction, certificate of deposit, and M.M.D.A. accounts; effective November 1, 2025.