The bill amends Section 3970.7 of the Oklahoma College Savings Plan to expand the options for making contributions to accounts. Notably, it allows contributions to be made not only in cash but also through digital peer-to-peer payment networks and digital payment networks. The bill also updates statutory language and references, ensuring that the program operates effectively and aligns with current practices. Additionally, it introduces guidelines to prevent excess contributions beyond what is necessary for qualified higher education expenses, including requirements for contributors to certify the total balances across multiple accounts for a designated beneficiary.

Furthermore, the bill permits the State of Oklahoma, local governments, and certain organizations to open accounts to fund scholarships without the need to designate a beneficiary at the time of account opening. Each scholarship recipient will be considered a designated beneficiary under the Oklahoma College Savings Plan Act. The bill is set to take effect on November 1, 2026, and includes provisions for the Board to establish penalties for nonqualified withdrawals and to maintain separate records for each account.