Bill No. 2080 amends Section 2025 of Title 6 of the Oklahoma Statutes, which governs share and deposit accounts payable on death. The bill modifies the provisions regarding how deposits are payable upon the death of the account owner, specifying that funds shall be distributed to designated 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 going to the deceased beneficiary's estate. The bill also introduces new requirements for notice to account holders regarding the distribution of proceeds.

Additionally, the bill updates the terminology used in the statute, replacing terms like "named beneficiary" with "deceased account holder" and "customer" with "member." It establishes that all designated primary beneficiaries will have equal shares and outlines the conditions under which a credit union may convert an interest-bearing account to a non-interest-bearing account if funds are not claimed within a specified timeframe. The act is set to take effect on November 1, 2025.