Bill No. 531 amends the Oklahoma Alcoholic Beverage Control Act, focusing on the licensing requirements for corporations and limited liability companies (LLCs) in the alcoholic beverage industry. Key changes include the requirement for corporations to submit a certificate of good standing from the Office of the Secretary of State and a list of stockholders owning more than fifteen percent (15%) of the stock, reducing the previous threshold from fifty-one percent (51%). The bill also stipulates that individuals who have been officers, directors, or stockholders in a corporation with a revoked or suspended license cannot own stock in any other corporation seeking a license for twelve months following the revocation or suspension. Similar requirements are introduced for LLCs, including the submission of a certificate of good standing and details about members with significant ownership interests.

Additionally, the bill clarifies the rights and obligations of licensees, prohibiting certain licensees and significant stakeholders from holding financial interests in package stores or wholesalers. It also introduces provisions regarding the sale and distribution of alcoholic beverages, including a ban on consignment sales and the extension of credit to specific licensees. The bill updates the name of the regulatory body from the ABLE Commission to the Alcoholic Beverage Laws Enforcement Commission and specifies that certain deliveries made in error or due to product defects are not violations of the law. These changes are set to take effect on November 1, 2025.