The bill amends Section 61.8 of Title 74 of the Oklahoma Statutes, which governs the Long-Range Capital Planning Commission. It aims to streamline the process for state agencies regarding the leasing, purchasing, and transferring of real property. Key changes include the requirement for state agencies to receive approval from the Office of Management and Enterprise Services before entering into leases or making purchases, with specific provisions for properties owned by the Oklahoma Historical Society. Additionally, the bill introduces a new exemption for the Grand River Dam Authority and updates statutory language by replacing "State of Oklahoma" with "state" in relevant sections.

Furthermore, the bill mandates that the Office of Management and Enterprise Services publish an annual report detailing the sale of previously state-owned properties, the reduction in leased space, and the status of the Maintenance of State Buildings Revolving Fund. It also allows for the liquidation of underutilized properties with environmental issues, enabling the acceptance of bids below 90% of appraised value under certain conditions. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.