Senate Bill No. 572 proposes the cessation of the technology business financing program managed by the Oklahoma Center for the Advancement of Science and Technology (OCAST). The bill amends Section 5060.20a of Title 74 of the Oklahoma Statutes, introducing new provisions that require the program to cease on the effective date of the act, which is set for November 1, 2025. Upon cessation, any remaining funds from the program will be transferred to the State Treasurer and credited to the General Revenue Fund. Additionally, any royalties, fees, interest, profits, or other payments generated from the program will also be transferred to the State Treasurer at the end of each fiscal year.

The bill outlines that the technology business financing program was initially designed to provide funding and assistance to qualified Oklahoma enterprises for the commercialization of new products and technologies. However, with the new amendments, the program will no longer operate, and all financial resources associated with it will be redirected to the state's general revenue, effectively terminating the program and reallocating its funds.