House Bill No. 2080 amends Section 2025 of Title 6 of the Oklahoma Statutes, which governs the distribution of share and deposit accounts payable upon the death of the account owner. The bill modifies the provisions regarding how deposits are payable on death, specifying that funds shall be distributed to designated Payable on Death (P.O.D.) beneficiaries or, if they are not living, to the deceased account holder's estate. It clarifies the roles of primary and contingent beneficiaries, stating that if a primary beneficiary predeceases the account owner, their share will be distributed to surviving beneficiaries or contingent beneficiaries, rather than automatically going to the deceased beneficiary's estate.

Additionally, the bill introduces new requirements for credit unions, including the necessity to provide written notice to members creating a P.O.D. account about the distribution of proceeds. It also specifies that the validity of receipts and the rights of account owners remain intact until their death, allowing them to manage their accounts fully. The act is set to take effect on November 1, 2025.