Oklahoma Senate Bill SB153

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21
• Report Pass: 2/2/21
• Engrossed: 3/3/21
• Refer: 3/22/21
• Report Pass: 3/30/21
• Enrolled: 4/14/21
• Passed: 4/20/21

Caption

Trusts; authorizing use of trust instrument for deposit of certain recovered monies. Effective date.

Impact

The proposed amendments are designed to enhance financial security for minors receiving significant monetary awards from court decisions. By specifying that funds over $1,000 must be managed through secure accounts and programs such as the Oklahoma College Savings Plan, the bill places an emphasis on protecting the financial interests of minors until they reach adulthood. This legislative change could lead to a more structured approach in managing financial awards for minors, ensuring that their monetary recovery is safeguarded until they can access it.

Summary

Senate Bill 153, also known as the Trusts bill, aims to amend existing trust law concerning how recovered funds for minors are managed. Specifically, it addresses the deposit of funds awarded to individuals under the age of eighteen in cases involving legal proceedings. The bill permits these funds to be placed in federally insured banking institutions or invested according to court-approved methods, ensuring that they are conserved for the minor's future needs. This includes provisions for structured settlements that allow funds to be managed in the form of annuities.

Sentiment

Overall sentiment around SB153 reflects a supportive view towards improving the management of finances for minors. Legislators have voiced recognition of the need for careful stewardship of recovered funds, particularly in protecting vulnerable populations such as children. There seems to be broad bipartisan support for measures that improve financial accountability and ensure that funds are used appropriately for the benefit of minors. However, discussions may have highlighted the ongoing challenges in balancing access and control over funds with protective measures.

Contention

While no significant points of contention were recorded in the discussions, the implications of guardianship and the court's role in determining fund management could lead to debates regarding bureaucratic oversight versus the autonomy of families. The provision allowing for court approval before withdrawals may prompt discussions around access to funds and the related complexities family guardians face in managing these funds on behalf of minors.