Oklahoma § 56-257 Permitted uses of individual development accounts.

Oklahoma Statutes

§ 56-257 — Permitted uses of individual development accounts.

Oklahoma § 56-257

Title 56Poor Persons

This text of Oklahoma § 56-257 (Permitted uses of individual development accounts.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 56, § 56-257 (2026).

Text

Individual development accounts may be used for any of the following qualified purposes: 1. Qualified acquisition costs with respect to a qualified principal residence for a qualified home buyer, or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due; 2. Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan; 3. Postsecondary educational expenses paid directly to an eligible educational institution; 4. Amounts paid directly to an individual retirement account or education IRA established pursuant to federal law in the name of

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Individual development accounts may be used for any of the following qualified purposes: 1. Qualified acquisition costs with respect to a qualified principal residence for a qualified home buyer, or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due; 2. Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan; 3. Postsecondary educational expenses paid directly to an eligible educational institution; 4. Amounts paid directly to an individual retirement account or education IRA established pursuant to federal law in the name of the IDA account holder or an immediate family member thereof; and 5. Qualified acquisition costs with respect to purchase of an automobile, or costs of repair of an automobile, if paid directly to a licensed automobile dealer or repair shop.