Senate Bill No. 550 establishes new legal definitions and prohibitions 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 specifically prohibits such performances from occurring in public spaces or locations visible to minors. 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 or authorize a story hour for minors hosted by a drag performer if the performance is considered harmful to minors, with violators facing misdemeanor charges and penalties of 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 existing local ordinances or regulations that conflict with its terms. This legislation is deemed an emergency measure, allowing it to take effect immediately upon passage and approval.