The bill amends the Railroad Revitalization Act by updating the powers and duties of the Department of Transportation as outlined in 66 O.S. 2021, Section 304. Key changes include the modification of the process for the sale of state-owned railroad properties, which now requires a request for proposal (RFP) process with a response period extended from ninety to one hundred twenty days. Additionally, the bill specifies that if an operator under a lease-purchase agreement exercises the purchase option, it must be approved by the Transportation Commission. The bill also updates statutory language and references, ensuring clarity and compliance with current legal standards.

Furthermore, the bill establishes that all proceeds from the sale of railroad assets will be deposited into the Oklahoma Railroad Maintenance Revolving Fund. It introduces stricter regulations regarding conflicts of interest for Department members, making it unlawful for them to engage in business transactions with the Department for profit, with violations classified as a felony. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.