The bill amends Section 549 of Title 57 of the Oklahoma Statutes, which pertains to inmate trust funds and the powers of the State Board of Corrections. Key modifications include the insertion of "of the Department of" before "Corrections" in the context of the Construction Division, and the addition of "or life" to clarify exemptions for inmates serving life sentences without the possibility of parole regarding mandatory savings. The bill also updates statutory language, removes obsolete terms, and specifies that funds from inmate accounts can be used for filing civil or criminal actions, with a clear delineation of how inmate wages are to be apportioned for various purposes, including mandatory savings and costs of incarceration.

Additionally, the bill outlines the powers of the State Board of Corrections to manage inmate funds, including the ability to invest these funds in interest-bearing accounts and the requirement to remit a portion of the interest to the Crime Victims Compensation Revolving Fund. It establishes rules for the collection of costs of incarceration from inmate accounts, specifying the percentage that can be charged based on the source of the funds. The act is set to take effect on November 1, 2025.