This bill establishes new reporting requirements for certain institutions of higher education in Oklahoma regarding funding received from foreign sources. It defines key terms such as "contract," "covered institution," "foreign source," and "reportable funding." Each covered institution is mandated to submit a detailed report on the first day of each calendar quarter, outlining all reportable funding received from foreign sources during the previous quarter. The report must include the amount of funding, a description of its purpose, details about the foreign source, and any associated contracts or agreements. Additionally, the report will be a public record and must be posted on the institution's website, with copies sent electronically to the Governor and relevant legislative committees.

The bill also imposes penalties for noncompliance, allowing for fines of up to $10,000 for willful failure to report required funding. The fines and any unreported funding will be deposited into the General Revenue Fund, and the Attorney General is authorized to investigate instances of noncompliance. The provisions of this bill do not apply to payments made by individuals for tuition and related fees. The Oklahoma State Regents for Higher Education are tasked with creating rules to implement these requirements, and the act is set to take effect on July 1, 2025, with an emergency clause for immediate enforcement upon passage.