Bill No. 572 amends the Oklahoma Center for the Advancement of Science and Technology (OCAST) regulations regarding the technology business financing program. The bill introduces a new provision that mandates the cessation of this program on the effective date of the act, which is set for November 1, 2025. It requires that any remaining funds from the program be transferred to the State Treasurer and credited to the General Revenue Fund. Additionally, at the end of each fiscal year, any royalties, fees, interest, profits, or other payments generated from the program must also be transferred to the State Treasurer for the same purpose.

The bill also outlines the original purpose of the technology business financing program, which was to provide funding and assistance to qualified Oklahoma enterprises for the commercialization of new products and technologies. However, with the cessation of the program, the focus shifts to ensuring that any remaining financial resources are redirected to support the state's general revenue needs. This legislative change reflects a significant shift in the state's approach to technology business financing and resource allocation.