Bill modernizing college savings plan becomes law

OKLAHOMA CITY – A bill modernizing Oklahoma’s college savings plan has been signed into law by the governor. Senate Bill 1989, by Sen. Nikki Nice, D-Oklahoma City, and Rep. Mike Osburn, R-Edmond, updates Oklahoma statutes so that families can take advantage of apps when depositing money into Oklahoma’s 529 college savings plan accounts.

“We want to encourage more families to save for their children’s education, and that means meeting them where they are in the digital age,” Nice said. “Fewer people are using paper checks these days – instead, they use apps like Venmo, Cash App, Apple, and Google Pay. I want to thank Representative Osburn for his work on this legislation in the House, and I appreciate both chambers and the governor for helping make it more convenient for families to save for their children’s college.”

Established in 2000, Oklahoma’s 529 college savings plan has helped almost 100,000 students and their families save for college. SB 1989 takes effect on Nov. 1, 2026.

“Senate Bill 1989 is a smart, forward-looking update to help Oklahoma’s college savings system keep pace with the way Oklahomans manage their finances today,” Osburn said. “By allowing families to contribute to 529 accounts through modern digital payment platforms, we’re making it easier and more convenient for parents, grandparents, and loved ones to invest in a child’s future. Every step we can take to encourage financial planning and educational opportunity is a win for Oklahoma families.”

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For more information, contact:  Sen. Nikki Nice at 405-521-5531 or Nikki.Nice@oksenate.gov