Senate Bill No. 341 amends the Railroad Revitalization Act by updating the powers and duties of the Department of Transportation regarding the sale and management of state-owned railroad properties. Key changes include modifying the process for selling lease-purchase properties, allowing the Department to enter into agreements for the sale or lease of railroad assets, and establishing a request for proposal process prior to any sale. The bill specifies that if an operator under a lease-purchase agreement exercises the purchase option, it must be approved by the Transportation Commission. Additionally, the response period for proposals has been extended from ninety to one hundred twenty days, and the Department may conduct an economic impact study of the proposals.

The bill also includes updates to statutory language and references, such as changing "State of Oklahoma" to "this state" and replacing "Secretary" with "Director" in various contexts. It establishes that all proceeds from the sale of railroad assets will be deposited into the Oklahoma Railroad Maintenance Revolving Fund and outlines penalties for members of the Department who engage in business transactions for profit. The act is set to take effect on July 1, 2025, and an emergency clause is included to ensure its immediate implementation upon passage and approval.