This bill amends Section 2025 of Title 6 of the Oklahoma Statutes, which governs share or deposit accounts payable on death. Key modifications include clarifying the distribution of account proceeds to beneficiaries upon the account owner's death, specifying that funds shall be payable to designated Payable on Death (P.O.D.) beneficiaries or, if they are not living, to the deceased account holder's estate. The bill also introduces provisions for contingent beneficiaries, allowing account owners to designate them in cases where the primary beneficiary is deceased. Additionally, it outlines the process for distributing funds if no beneficiaries are alive at the time of the account owner's death.

The bill further updates the language regarding the validity of receipts and the notice requirements for credit unions when creating P.O.D. accounts. It emphasizes that the receipt of the named beneficiary or the legal representative of the account owner's estate will serve as a valid release for the credit union upon payment. The effective date for these changes is set for November 1, 2025.