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 specifies that a "drag performer" is someone who adopts a flamboyant persona. The bill makes it unlawful for individuals to engage in or organize such performances that could be viewed by minors, with penalties including felony charges and fines ranging from $5,000 to $20,000 for violations. Additionally, organizing a story hour for minors hosted by a drag performer that is harmful to minors is classified as a misdemeanor, punishable by up to one year in jail and fines between $500 and $1,000.

Furthermore, the bill includes a preemption provision, stating that its provisions will override any existing local ordinances or regulations that conflict with it. This means that any local laws that were adopted prior to the bill's effective date will not be enforceable if they contradict the new state law. The bill is declared an emergency measure, allowing it to take effect immediately upon passage and approval.