Oklahoma College Savings Plan; expanding options for making contributions to a 529 Savings Plan. Effective date.

Summary

The bill updates the Oklahoma College Savings Plan to allow contributions by cash or digital peer‑to‑peer payment networks, lets account owners change beneficiaries within a family, and permits transfers to other accounts or out‑of‑state 529 programs. It also sets a 5% penalty for non‑qualified withdrawals and lets the state or charities open scholarship accounts without naming a beneficiary. The changes aim to make saving for higher education easier and to protect the plan’s tax‑advantaged status.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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