HB 2080 — Banks and trust companies; share or deposit accounts; payable on death; effective date.

ENGROSSEDAn Act ENROLLED HOUSE BILL NO.

Blair of the House and Wingard of the Senate 5 7 An Act relating to banks and trust companies;

BESUBJECT: IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Banks and trust companies BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

ENGR.1.

H.

B.

NO.

2080 Page 1 1.

If any named a primary beneficiary is not living predeceases the account owner, the share of that primary beneficiary shall instead be held for or paid to the estate of that deceased beneficiary unless contingent beneficiaries have been designated by the account owner as allowed by paragraph 4 of this subsection be ENGR.distributed pursuant to either paragraph 4, 5, or 8 of this subsection, whichever is applicable;

H.

B.

NO.

2080 Page 2 distributed pursuant to either paragraph 4, 5, or 8 of this subsection, whichever is applicable;

beneficiary is not living and one or more contingent beneficiaries have been designated as allowed by paragraph 4 of this subsection, the funds shall be held for or paid to the contingent beneficiaries who are alive at the time of the account owner's death in equal shares, and shall not belong to the estate of the deceased primary beneficiary or the estateENR. of the deceased account holder.

If neither the only primary beneficiary is not living, and a nor any contingent beneficiary or contingent beneficiaries have been designated as allowed by paragraph 4 of this subsection, but one or more designated contingent beneficiaries are also not living, the share that ENGR.

2080 Page 32 otherwiseestate would belong to any deceased contingent beneficiary is living at the time of the account owner's death, the funds shall instead be held for or paid to the estate of that deceased contingent beneficiary account owner'sholder. estate;

If neither the only primary beneficiary is not living, and a nor any contingent beneficiary or contingent beneficiaries have been designated as allowed by paragraph 4 of this subsection, but one or more designated contingent beneficiaries are also not living, the share that otherwise would belong to any deceased contingent beneficiary is living at the time of the account owner's death, the funds shall instead be held for or paid to the estate of that deceased contingent beneficiary account owner's estate;

In the event of the death of a beneficiary prior to the death of the account owner, the share ENGR.of that beneficiary shall go to the estate of that beneficiary unless one or more contingent beneficiaries have been designated to take the place of that beneficiary as provided in paragraph 4 of this subsection.

H.

B.

NO.

2080 Page 4 of that beneficiary shall go to the estate of that beneficiary unless one or more contingent beneficiaries have been designated to take the place of that beneficiary as provided in paragraph 4 of this subsection.

9.ENR.

H.

B.

NO.

2080 Page 3 9.

No change in the designation of a named beneficiary shall be valid unless executed by the owner of the fund and in the form ENGR.and manner prescribed by the credit union;

H.

B.

NO.

2080 Page 5 and manner prescribed by the credit union;

The provisions of this section shall apply to all forms of deposit accounts including, but not limited to, share accounts, ENGR.transaction accounts, savings accounts, certificates of deposits, negotiable order of withdrawal (N.O.W.) accounts, and M.M.D.A.

H.

B.

NO.

2080 Page 6 transaction accounts, savings accounts, certificates of deposits, negotiable order of withdrawal (N.O.W.) accounts, and M.M.D.A.

PassedENR. the House of Representatives the 25th day of March, 2025.

7 Presiding Officer of the House of Representatives Passed the Senate the ___ day of __________, 2025.