Oklahoma § 46-315 Duties and liabilities of financial institutions.

Oklahoma Statutes

§ 46-315 — Duties and liabilities of financial institutions.

Oklahoma·Title 46 Mortgages

A.A financial institution shall not be required to: 1. Designate an account as a home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution's account contracts or systems or in any other way; 2. Track the use of money withdrawn from a home buyer savings account; 3. Allocate funds in a home buyer savings account among joint account holders or multiple qualified beneficiaries; or 4. Report any information to the Oklahoma Tax Commission or any other governmental agency that is not otherwise required by law.

B.A financial institution is not responsible or liable for: 1. Determining or ensuring that an account satisfies the requirements to be a home buyer savings account; 2. Determining or ensuring that funds in a home buyer savings accoun

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A. A financial institution shall not be required to: 1. Designate an account as a home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution's account contracts or systems or in any other way; 2. Track the use of money withdrawn from a home buyer savings account; 3. Allocate funds in a home buyer savings account among joint account holders or multiple qualified beneficiaries; or 4. Report any information to the Oklahoma Tax Commission or any other governmental agency that is not otherwise required by law. B. A financial institution is not responsible or liable for: 1. Determining or ensuring that an account satisfies the requirements to be a home buyer savings account; 2. Determining or ensuring that funds in a home buyer savings account are used for eligible costs; or 3. Reporting or remitting taxes or penalties related to the use of a home buyer savings account. C. Upon being furnished proof of the death of the account holder and such other information required by the contract governing the home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract governing the account.

Oklahoma § 46-315 (Duties and liabilities of financial institutions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.