Section 257 - Permitted uses of individual development accountsIndividual development accounts may be used for any of the following qualified purposes:
1. Qualified acquisition costs with respect to a qualified principal residence for a qualified home buyer, or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due;2. Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan;3. Postsecondary educational expenses paid directly to an eligible educational institution;4. Amounts paid directly to an individual retirement account or education IRA established pursuant to federal law in the name of the IDA account holder or an immediate family member thereof; and5. Qualified acquisition costs with respect to purchase of an automobile, or costs of repair of an automobile, if paid directly to a licensed automobile dealer or repair shop.Okla. Stat. tit. 56, § 257
Added by Laws 1998 , SB 1350, c. 429, § 7, eff. 11/1/1998.