This bill establishes new reporting requirements for 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 quarterly report detailing all reportable funding received from foreign sources, including the amount, type, purpose, and details about the foreign source. These reports will be public records, posted on the institutions' websites, and electronically submitted to the Governor and relevant legislative committees.

Additionally, the bill imposes penalties for noncompliance, allowing for fines of up to $10,000 for willful failures to report required information. The fines and any unreported funding will be deposited into the General Revenue Fund. The Attorney General is granted the authority to investigate instances of noncompliance, and the Oklahoma State Regents for Higher Education are empowered to create rules for implementing these provisions. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate enforcement upon passage.