Senate Bill No. 550 introduces new legal definitions and provisions regarding adult cabaret performances and story hours hosted by drag performers in Oklahoma. The bill defines "adult cabaret performance" as any performance featuring topless or exotic dancers that is deemed harmful to minors, and it establishes that it is unlawful to engage in or authorize such performances in locations where minors could be present. Violators of this provision face felony charges, with penalties including imprisonment for one to five years and fines ranging from $5,000 to $20,000. Additionally, the bill makes it unlawful to organize a story hour for minors hosted by a drag performer if the performance is harmful to minors, with violators facing misdemeanor charges punishable by up to one year in jail and fines between $500 and $1,000.

The bill also includes a preemption clause, stating that its provisions will override any conflicting local ordinances or regulations that were established prior to the bill's effective date. An emergency clause is included, allowing the act to take effect immediately upon passage and approval. This legislation aims to regulate performances that may be considered inappropriate for minors and to ensure that local laws do not contradict the state-level regulations established by this bill.