This bill authorizes the state board of regents to sell and convey real property valued at $5,000,000 or less without requiring further legislative approval. The board must have the property appraised by three disinterested appraisers to determine its market value and is required to adopt policies to implement this process. Additionally, the board must submit an annual report to the legislature detailing any real property sales that occurred in the previous fiscal year.

The bill stipulates that all proceeds from these sales must be remitted to the state treasurer and deposited into the appropriate special revenue fund for the state board of regents or the respective state educational institution. Furthermore, any sales conducted under this new provision will not be subject to certain existing laws regarding property sales. The act will take effect upon its publication in the statute book.